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Current Status of the Reform Programme

2. Outline. IntroductionStatusTimelinesTransition ActivitiesPHCN Next steps. 3. Introduction. Presentation is intended to highlight current status in the implementation of sector reform under the auspices of BPE. Brief stakeholders on key activities and next steps. 4. Current Status of Reform.

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Current Status of the Reform Programme

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    1. Current Status of the Reform Programme By Bureau of Public Enterprises Presentation at the Nigeria Power Sector Key Stakeholders Retreat, Kaduna, 12-13 May 2006

    2. 2 Outline Introduction Status Timelines Transition Activities PHCN Next steps

    3. 3 Introduction Presentation is intended to highlight current status in the implementation of sector reform under the auspices of BPE. Brief stakeholders on key activities and next steps

    4. 4 Current Status of Reform Asset Transfer Finalised PHCNs 2004 Balance Sheet Updated Fixed Registers Drawn up Transfer Orders (legal backing for transfers) Aimed at granting legal backing for transfers Transfers include assets, liabilities, staff, contractual obligations, rights etc Awaiting gazetting

    5. 5 Current Status of Reform - 2 Transmission Company of Nigeria (TCN) Privatisation strategy Management Contract Addendum to advert currently running in national and international media Expires 12th June 2006 Some firms have expressed interest following initial advert Direct marketing of enterprise on-going

    6. 6 Current Status of Reform - 3 Labour Issues Stakeholders meeting/consultations involving PHCN Management, FMoF, FMP&S, PHCN Staff Unions etc Emphasis on issues arising from adoption of ROT projects Pension buy-out canvassed for settlement of pensions, gratuities, and severance packages AWD recommended optimal staffing levels for each PHCN BUs, new structure. (BPE studying the reports)

    7. 7 Current Status of Reform - 4 Special Purpose Entity (SPE) Commenced incorporation A liabilities management company with trading component Stranded liabilities and legacy debts of PHCN PPAs Decisions need to be made on: Funding Quantum of Debts and liabilities to be assumed Trading role of the SPE

    8. 8 Current Status of Reform - 5 Consultancies Advance stage in the procurement of corporate restructuring and privatization advisers. Working in tandem with WB to ensure early commencement of assignments

    9. 9 Timelines for conclusion of Reform Transfer date take off slated for 30th June 2006 Legal winding up of PHCN to commence 1st July 2006 Full autonomy for successor companies to be effective 1st July 2006 Interim license of successor companies to take effect from 1st July 2006 SPE to take off 1st July 2006 The privatization of successor companies of PHCN is scheduled as follows:

    10. 10 Transition Activities

    11. 11

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