ABUJA, Nigeria, April 28 (UPI) -- Nigeria's government is preparing to privatize three of the Power Holding Company of Nigeria's successor companies by the end of the year.
This Day reported Wednesday that the three PHCN distribution entities are in Port Harcourt and Lagos and include Port Harcourt's Eko company and Ikeja in Lagos.
A source in the president's office, speaking on condition of anonymity, told The Day the privatization proposal is a government pilot project to begin the eventual transfer of state ownership in other distribution companies to the private sector.
The official said: "The three PHCN successor entities are being considered as strong in terms of their commercial potentials and market value and government is planning to use them as a pilot scheme to kick-start its power sector reform package. Also there have been requests by some state governments in the South-South to acquire Port Harcourt distribution company."
The decision to privatize Port Harcourt Eko distribution company followed attempt by the state governments of Rivers, Cross Rivers, Akwa Ibom and Bayelsa to acquire the Port Harcourt energy company.
