Originally published September 30, 2013
Nigeria’s Federal Government Monday in Abuja handed over share certificates and licences to new core owners of 15 of the 18 PHCN successor companies.
The ceremony, held at the Banquet Hall of the Presidential Villa, was presided over by President Goodluck Jonathan with the Vice-President and Chairman of the National Council on Privatisation, Namadi Sambo, in attendance.
Despite holding the world’s ninth largest gas reserves, Nigeria only produces a tenth of the amount of electricity as South Africa for a population three times the size.
The Power Holding Company of Nigeria (PHCN) keeps the lights on for only a few hours a day, forcing those who can afford it to rely on expensive diesel generators that burn up billions of dollars from the Africa’s second largest economy.
Despite slow and costly…
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