The handing over of the Ibadan Electricity Distribution Company to the Integrated Energy Distribution and Marketing Company Limited was carried out on Friday under tight security. The venue of the exercise, the Premier Hotel, Ibadan, Oyo State was filled with the combined team of policemen and officials of the Nigeria Civil Defense and Security Corps (NCDSC) who were stationed at strategic locations.

Human and vehicular movements were checked as there was stop and search by the Nigerian Police force. The presence of the security personnel was to forestall any possible disruption by staffs of Power Holding Company Nigeria (PHCN) who were to collect their entitlements. There were reports that some of the sacked PHCN staff had threatened to disrupt the handing over exercise.

Meanwhile, the Federal Government has threatened to sanction any core investor in the energy sector that failed to deliver on the performance agreement. The Vice President and chairman of the National Council on Privatization (NCP),Namadi Sambo while speaking at the physical handover of Ibadan Electricity Distribution Company in Ibadan said that both the Nigerian Electricity Regulatory Commission and the BPE would continually monitor the operations of the successor companies.

He pointed out that the challenge faced by the core investors was to ensure that the successor company that was being handed over was transformed to a world class company of reference in terms of the quality of service delivery, social corporate responsibility, customers' satisfaction and profitability.

Represented by the Permanent Secretary, Federal Ministry of Finance, Mrs Mabi

Daniel, Sambo said that the team had the required technical, managerial and

resources to deliver on its mandate.

Speaking, the Vice Chairman, Olatunde Ayeni, who expressed satisfaction about the exercise, said the vision was to transform it to a world- class organization and a leader in the electricity distribution industry."We will be working hard so you can enjoy an even better level of electric service in future," he said.