As the Federal Government formally hands over the successor companies of the Power Holding Company of Nigeria to private investors on Friday (today) amid threats from the disengaged workers, The PUNCHhas exclusively learnt that the sum of N1.278bn will be spent on “special security arrangements” for the protection of the privatised power assets nationwide.
The arrangement is to beef up security around the PHCN successor companies nationwide so as to ensure a smooth handover to the core investors. According to the breakdown, SSS will get N115m; the NSCDC will get N239.9m, while the Nigerian Army will get N186.6m and an additional N737.1m as outstanding debt. The money will be drawn from the special funds set aside from the proceeds of the sale of the firms.
Source: Punch