FG to sanction any power investor that fail to deliver

The Federal Government has said that it will  sanction any core power investor that does not deliver on performance agreement stipulated by the government.

The Vice president Arc Namadi Sambo  who is  also chairman National Council of Privatization, gave the warning  over the  weekend during the official handing - over of  Geregu 11 Power plant in Ajaokuta Local Government area of Kogi State to the new investor, Amperion Power Distribution company.

Sambo  who was represented by a member of the NCP Barrister  Yunus Usman( SAN)  warned  investors taken over the power plant to adhere strictly to the terms of agreement in the privatization arrangement.

According to him, "Both BPE and Nigeria Electricity regulatory Commission will continually monitor the operations of the successor companies   and would not hesitate to sanction any core investor that does not deliver on the performance agreement that was executed with the government'".

The vice president said  the challenge ahead is to  ensure that the successor company that is being handed over the power stations to  transformed it to a world class company in terms of quality of service delivery, social corporate responsibility, customers' satisfaction and profitability.

He added that  the reform in the power sector is a necessary tools for laying a solid foundation for sustainable power generation and service, saying that the handing over mark the concluding stage of the transaction for four generation companies and 10 distribution companies

Earlier , the Managing Director of Geregu Power Plant, Engr Adeyemi Adenuga has appealed to Amperion Power Distribution Company to find a means of recupping monies from power consumers owned the company over the power already distributed.

He said that at the end of 2013 market operator owed the station the sum of N15.93billion, stressing that the situation has been a big challenge to the station making it difficult to meet certain maintenance schedules on time forcing the station to be unable to carry out some inspections in the hot gas path inspection.
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