29 July 2008 - The privatisation of the Power Holding Company of Nigeria will continue, says minister of state for energy, Fatima Ibrahim.
Speaking at the inauguration of the company’s transitional board, she said the new board would not halt the privatisation, but would address the deteriorating condition of PHCN’s 18 successor companies. They would ensure that the companies were viable enough for private investors through revamping and restructuring them.
The new board, which has a three-year tenure, have been tasked to institutionalise probity, accountability, performance targets and customer care.
"The Federal Government expects the board to leverage on the financial provisions contained in the 2008 appropriation and other emerging initiative to arrest the rapid deterioration of the power infrastructure and facilitate the attainment an average generation capacity of 6000mw by 2009 and 10,000mw by 2011," she said.
When asked on arrangements for the declaration of the state of emergency in the power sector, the minister reassured reporters that “everything has been put in place” but that the exact timing was as yet unknown.