Business NewsTHE National Council on Privatisation (NCP) has approved core investor sale strategy for the privatisation of the eleven distribution companies created out of Power Holding Company of Nigeria (PHCN.)
The decision was taken at the body's third meeting for 2010 which held at the Presidential Villa, Abuja in a meeting chaired by Vice President Mohammed Namadi Sambo. In a statement made available to National Daily in Abuja, NCP also approved that bidders be selected on the basis of efficiency improvement, that is, the reduction of Aggregate Technical, Commercial and Collection (ATCC) losses that they would achieve over a five-year period, and the bidder whose bid yields the highest net present value in terms of consequential benefits becomes the preferred bidder.
The privatization council took into consideration the fact that the current ATCC losses sustained by the various distribution companies are estimated at between 40 and 50 percent of the power wheeled to them. This level of losses is unsustainable and if not halted will continue to make the Nigerian Electricity Supply Industry (NESI) absolutely unviable for full and unsubsidised private sector participation.
Business News
Power: NCP approves Core Investor Sale Strategy
BOSG distributestractors to farmers for 2010 farming season
… Purchases N500m pesticides to control quella birds
THE Borno State Government has procured 300 new brand tractors with their implements at the cost of N3 billion.
It has also purchased chemicals and pesticides worth N500 million and distributed to all the 27 LGCs for the control of quella birds which have continued to destroy crops both during the dry and raining season farming across the state.
The outgoing State Commissioner of Agriculture and Natural Resources, Alhaji kashim Shettima stated this while handing over the affairs of the ministry to his successor, Engineer Mustapha Alkali Gajibo at the ministry's chamber.
Capital Market Crisis: Shareholders groups' under fire
•Experts caution on excesses
•Seek stiff regulatory measures
SHAREHOLDERS groups' actions have been going on for some time in the country with relatively little attention. Keen observers monitoring events of these groups vis a vis the impacts they make during critical situations are quick to point out that most of these groups' activities smack of hypocrisy, and greed. These unfortunate characteristics have made them handy and pliable tools in the hands of influential Nigerians whose sole aim is self enrichment.
Debt crises deepen at FAAN
THE controversies of several debt issues still lingering among the Federal Airports Authority of Nigeria (FAAN), airlines and some other agencies has deepened recently as the authority now becomes a debtor to other government regulatory bodies.
The agency recently fell at loggerhead with the Power Holding Company of Nigeria (PHCN) over a huge debt owed PHCN by the agency, which almost resulted to PHCN cutting off the flow of electricity power supply into the agency's Port Harcourt airport.
The Managing Director of FAAN, Mr. Richard Aisuebeogun lamented that some government agencies and airlines, which continued to explore the growing and lucrative Nigerian market, owe the Authority on services rendered to them, including recovery of electricity charges, which has constituted its indebtedness to PHCN over time. Mr. Aisuebeogun said in Lagos that his management has put in place measures to resolve any differences between the Authority and PHCN over power supply to the airport.
UNILAG targets $500m endowment fund
THE University of Lagos has set a very high standard for itself. It is planning to raise a whopping $500million endowment fund for institutional development in the next five years.
Mrs B. Aware, director, office of advancement, Unilag dropped this hint during the Endowment scholarship Awards/ Partners Forum of the tertiary institution held on Tuesday at its Multipurpose Hall in Akoka, Yaba.
Speaking at the occasion, Aware stated that on Friday, December 11, 2003, Chief Afe Babalola, the then Pro-chancellor and chairman of council of Unilag launched a five-year endowment fund campaign. The aim was to enable the university raise funds from public spirited individuals, groups, corporate bodies and government agencies.
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