Shut up and fix the electricity situation!
donne4real | August 24, 2007
Read today in Tribune that the MD of the Electricity Managing Company is reporting that interest in PHCN (a.k.a Please Hold Candle Now) has been overwhelming. Who cares if the interest has been overwhelming. All the people want is power. Here is the report as it appeared in Tribune:
400 investors interested in buying PHCN - Agbogun
05.08.2007Four hundred local and international companies have indicated interest in investing in the PHCN as government hands off the ailing power sector. Dr Sam Agbogun, the Managing Director of the Nigeria Electricity Liabilities Managing Company (NELMCO), told the News Agency of Nigeria (NAN) in Abuja on Saturday that the surge followed an advert by the BPE.
“The interests are overwhelming. What we are doing now is to shortlist the genuine investors for further discussions on areas of interests and terms of such investments,” he said. The Managing Director said that the reforms’ strategy was to sell off the Generating Companies (GENCOs) and negotiate concessional agreements on the Distribution Companies (DISCOs).
According to him, the Transmission Companies (TRANSISCOs), will be retained to monitor other sectors. Agbogun, however, said that Nigerians must brace up to pay for services rendered as no investors would sink his money without returns. “What happened in the telecom industry will happen in the power sector too. Tariff must be reviewed so that it becomes cost reflective,” he said.
Agbogun condemned Nigerians’ culture of “not paying for services,” and identified that culture as PHCN’s major problem.
