The Bureau of Public Enterprises (BPE) has said that the new owners of Afam Power Plc and Kaduna Electricity Distribution Company (KEDC) would only assume full ownership when they made full payment.
A statement released by the Bureau, , quoted the Director-General of the BPE, Benjamin Dikki, as announcing the decision at the inauguration of Transitional Committees (TCs) for the two power companies.
Dikki said that so far, the core investors in the companies had only made 25 percent payment and as such they could only access information and acquaint themselves with the company for now.
“The establishment of the TCs is aimed at allowing the investors to interface with the management for smooth transition from a public oriented enterprise to a private sector driven one.
“It is also to engage them to understand the challenges and peculiarities of the company, however, they will not assume full ownership of the companies until full payment is made.
“They are only allowed access to information and to acquaint themselves with the workings of the company but not decision making, you should also not engage in any turf war with the management,’’ he said.
He said the practice of inaugurating TCs before complete takeover of a privatised company was initiated by the bureau due to the complex nature of the transaction.
He noted that the experience from the existing TCs had been rewarding and useful and expressed the hope that the two newly inaugurated committees would also be beneficial to the core investors.
