Wednesday, July 18, 2012

PHCN valuation not N200bn says NERC

CALABAR— NIGERIAN Electricity Regulatory
Commission, has denied allegation by National
Union of Electricity Employees, NUEE, that Power
Holding Company of Nigeria, PHCN, was valued for
N200 billion and that the ongoing privatization
process was shrouded in fraud.
General Secretary of NUEE and Deputy President of
Nigeria Labour Congress, Mr. Joe Ajaero, had
recently alleged that the purported valuation of
PHCN lacked transparency and that there was plot
by Federal Government to sell the company to its
cronies.
Speaking at the second seminar for Judges on
regulation in the electric power sector organised by
NERC in collaboration with National Judicial
Institute in Calabar, Cross River State, yesterday,
Chairman of the Commission, Dr. Sam Amadi, said
nobody had valued PHCN for N200 billion.
He said: "Nobody has valued the power sector to be
N200 billion, we are the one who did the asset
valuation based on the available asset. Two things
are clear, the whole process of selling the asset will
be transparent. The committee are there
evaluating them, after which the report will
published for Nigerians.
"I can assure you that NERC will not approve any
sell of public enterprises that is not transparent
and does not bring value to the Nigeria people. We
will not accept or approve any sweet heart deal and
back room deal, everything will be transparent and
if there are any questionable transaction and the
public write to us we will cancel that transaction,"
he said.
Dr. Amadi, said that before the privatization,
valuation of PHCN's assets would be done by
experts.
"The valuation for Port-Harcourt Company is
different from that of other distribution companies.
These are actual evaluation by experts. They will go
to the field, assess the transformers, give the value
and use the depreciation asset valuation method.

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