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[ MAIN ]NEWSPOWER & ENERGY

PHCN: BPE Gives Strict Warning to Bidders Who Fail to Meet Payment Deadline

The Bureau of Public Enterprises (BPE), has given strict warnings to investors who fail to comply to the payment terms of PHCN within six months from the date the mandatory 25 per cent bid payment was made.

The Director General of BPE, Mr. Benjamin Dikki, who gave this warning yesterday while speaking on Nigerian Television Authority (NTA) Channel 10 programme in Lagos, at the weekend, said defaulters of these terms of payment will be penalised.

Dikki, according to a statement yesterday by the Bureau’s spokesman, Mr. Chigbo Anichebe, said the investors were expected to fully take over the power assets after paying the balance of 75 per cent bid price since they had made the mandatory 25 per cent payment assured them that power supply would improve when the private investors take over.

He expressed the confidence that all the investors were serious businessmen, who have the required financial means to pay the bid price.

The BPE boss urged that the investors be given time to increase capacity as “they (investors) will after take over, re-tool and bring in new machinery like turbines which are not easily bought off the shelf to put power on proper footing”.

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