The Coalition of Northern Groups (CNG) has kicked against the move by Vice President Yemi Osinbajo to privatise the Calabar, Ihovbor, Olorunsogo, Omotosho and Geregu power plants held by Niger Delta Power Holding Company (NDPHC).Â
CNG said the move is a dubious, unreasonable and unacceptable act of injustice that is being perpetrated against Nigerians collectively and Northerners in particular.
Addressing journalists in Abuja, the spokesperson of, Abdul-Azeez Suleiman called for immediate stoppage of the process.Â
After giving the background on how NDPHC came about, the Group further said the government cannot privatise a company that the Federal government has 47 per cent share, while state and local government have 53 per cent shares.Â
CNG said that previous attempts to privatise NDPHC failed as some of the preferred bidders in the earlier transactions are in court with NDPHC and the subject of cancellation of the privatisation exercise is before the court for adjudication.
“Suddenly, at the 45th meeting of the Board of Directors held on Thursday, April 1, 2021, the Board approved the termination of the former preferred bidders with the approval of NCP.
“This was then swiftly followed by an approval by the NCP April 22, 2021, to proceed with the sale of 100% shares in the Calabar, Benin (Ihovbor), Omotosho, Olorunsogo and Geregu NIPP electricity generation assets.
“And at the 46th meeting of the Board of Directors, held on Friday, April 23, 2021, the Board considered the memorandum for the special budgetary intervention of $100,000,000.00 for improved off-take under Bilateral Contracts in furtherance of the drive to sell these NDPHC’s power assets”, Suleiman said.Â
CNG said it observed that the assets under consideration do not belong exclusively to the Federal Government but the three tiers of government.
“That the current privatisation plot, therefore, reneges on the initial understanding that after certain years of piloting the projects in Southern Nigeria, the assets were to be sold and the proceeds reinvested in setting up hydro generation assets in parts of northern Nigerian states for a similar length of time.
“That contrary to the original intent of the shareholders which was to re-invest proceeds from privatisation in developing renewable (hydro and solar) generation projects, this fresh privatization plot dubiously purports to divest the proceeds into funding the federal government budget deficit under the cover of the disruptive impact of the covid-19 pandemic on the nation’s economy, 2021 among many others.Â
CNG therefore said it will not remain silent and allow things that affect the North and potentially cause greater economic instability in the country to continue unchecked.
The Group also said that the current privatization move is part of the several schemes to cripple the North economically by shortchanging it in the NDPHC project.Â
On their demand, Suleiman said they “categorically declare that this move, and indeed any other move that expressly or impliedly seek to undermine the northern economy by deliberately reneging on mutually agreed terms stand unacceptable, and shall be vehemently resisted.
“We demand immediate and unconditional discontinuation of this or any subsequent move to privatize the said assets and immediate and complete reversal and observance of the initial agreement to revolve the power generation projects to the North.
“To categorically declare that the North would go to any length to challenge the continuance of this dubious plan without involving the region in the discourse to determine, in the context of the applicable policy, legal and regulatory framework, the appropriate legal framework or legislation under which the transactions will be implemented.Â
“We place all northern states governments in particular on notice that the North will hold them responsible for the extent of their complicity if they attempt to remain silent in the wake of this glaring dubious attempt to shortchange the region by swindling it out of a legitimate shareholding benefit that is now due.
CNG, however, urge all stakeholders and the northern public to raise their voices in the defense of northern interest against what it described as “round of fresh scheme by those who have made it a duty to ensure that the North remains backwards by undermining its economic and social fabrics to stimulate and encourage rampant poverty, and social problems under various guises including this one.
They also reminded their elected representatives at all levels that one day, they will be called to account for their neglect to stand up and speak out for the truth in this circumstance.
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