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The Federal Government of Nigeria has accomplished the official transfer of its rights on an electricity distribution facility based in Ibadan which is involved in delivering power to the customers in Oyo, Osun, Ogun, Ondo, Ekiti and some areas of Kogi, Kwara and Niger States to Integrated Energy Distribution and Marketing Company Limited.
The privately owned firm has acquired the ownership of the plant on Friday at a formal procedure at the Banquet Hall of Premier Hotel. During this ceremony, the Permanent Secretary in the Federal Ministry of Finance - Anastasia Daniel-Nwaobia has inked an accord and tendered a certificate of transfer of ownership to the new proprietor for the Federal Government. He was representing the Vice President Namadi Sambo at the event.
The Federal Government of Nigeria has accomplished the official transfer of its rights on an electricity distribution facility based in Ibadan which is involved in delivering power to the customers in Oyo, Osun, Ogun, Ondo, Ekiti and some areas of Kogi, Kwara and Niger States to Integrated Energy Distribution and Marketing Company Limited.
The privately owned firm has acquired the ownership of the plant on Friday at a formal procedure at the Banquet Hall of Premier Hotel. During this ceremony, the Permanent Secretary in the Federal Ministry of Finance - Anastasia Daniel-Nwaobia has inked an accord and tendered a certificate of transfer of ownership to the new proprietor for the Federal Government. He was representing the Vice President Namadi Sambo at the event.
The event was attended by the Oyo State Governor Abiola Ajimobi and his counterpart in the Ogun State.
According to Mr. Sambo, the initiative has been obligatory to revive the power sector and operate it efficiently. He added, The reform is a necessary tool for laying a solid foundation for sustainable power generation and service efficiency in the sector. The privatisation of the sector is a key component of the reform and is one of the pre-condition for the start up of a competitive electricity market in Nigeria.
It needs to be restated that the electric power reform program became imperative in order to improve efficiency, reduce losses and cost. No doubt, this reform will lead to increased access to electricity, engender private sector investment, improve infrastructure, and create employment for the growing population of our citizenry.
Olatunde Ayeni, who was standing for the Chairman of Integrated Energy, has stated that their accomplishment is attributable to the personal pledge and political will of President Goodluck Jonathan.
He added, This move marks the beginning of a new journey. It is to ensure that epileptic power supply does not paralyse economic development. He stated that the privatisation process was part of the on-going transformation agenda of the president.
Our vision is to transform into a world class organisation and a leader in the electricity distribution industry. The radiant smiles on the faces of our customers shall be the ultimate yardstick of our success.
Governor Amosun stated, In any nation, without getting the power right, there will be no progress. Within the next two years when they have settled down, we would look back and thank God. Government has no business handling power. It should be given to a private sector .
Mr. Ajimobi remarked, Nigerian government has realised that there is need to leave the whole process in the hands of sector. Private ownership is very important and would improve quality. The world is moving towards privatisation and Nigeria cannot afford to stay behind.
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