The Federal Government has announced its intention to formally hand over the privatized power plants to the private sector investors by Monday.

This was disclosed by Vice President Namadi Sambo on Monday while in a special forum on financing the power sector reforms for economic development, supported by the Central Bank of Nigeria and sponsored by Nigerian Deposit Money Banks.

CEOAFRICA news desk gathered from the statement of Sambo, who was also the Chairman of the National Council on Privatization that all labour issues with workers of the Power Holding Company of Nigeria had been resolved, adding that the payment of severance, pensions and gratuities of all 47,913 workers would be settled on Friday (yesterday).

He said, “At the inception of the privatisation programme, a total of 25 generating companies and 54 distribution companies sent in bids. After a rigorous and screening process, five bidders for the Gencos and 10 bidders for the Discos were successful.

“The relevant government agencies have since February 2013 signed the transaction document. The winning bidders have also paid their bids in two instalments of 25 per cent and 75 per cent by the end of August 2013.

“With their full payment of the transaction amount, the stage is now set for the formal handing over of the generation and distribution companies on Monday 30 September, 2013.

“Another major success of the transaction was the successful resolution of all labour issues. The agreement reached is being implemented and payment of severance, pensions and gratuities of all the 47,913 workers of the PHCN is planned to be completed today.”

He said the FG was also implementing an extensive programme for the upgrading and expansion of power transmission capacity and called on the banking sector to support in financing power projects in the country.