PHCN Privatization : How FG lost N387m tax to Canadian Company



Yakubu's confirmation, 2021 budget, PIB, others top agenda as Senate resumes Nov 24

By Henry Umoru

 THE Senate has uncovered  how the  Federal government lost N387 million, withholding Tax to Canadian Company , CPCS Transcom Limited,  during the privatization of defunct  Power Holding Company of Nigeria (PHCN).

The details of the contract for the provision of transaction advisory Services  regarding 18 successors companies of defunct PHCN was contained in a query by the  Office of Auditor General of the Federation, OAUGF which was submitted to the Senator Matthew Urhoghide, Peoples Democratic Party, PDP, Edo South led Senate Committee on Public Accounts.

The Senator Urhoghide led  Committee is relying on the query raised by the Office of the Auditor General of the Federation in the 2015 report and brought before it for probe and subsequent presentation to the Senate at Plenary.

According to OAUGF,  CPCS Transcom Limited was appointed as sole consultant Privatization Advisory Services of the Distribution and General Company created out…

Source: Vanguard Newspaper