BPE: PHCN Sales Proceeds Lodged in CBN Privatisation Account

24 Dec BPE: PHCN Sales Proceeds Lodged in CBN Privatisation Account

The Bureau of Public Enterprises (BPE) has described as untrue reports that it diverted N14 billion sales proceeds of the defunct Power Holding Company of Nigeria (PHCN) into private banks.

The agency said the question of diversion did not arise as all the proceeds were paid into the Privatisation Proceed Account domiciled with the Central Bank of Nigeria (CBN).

In a statement signed by the Head, Public Affairs, Amina Tukur Othman, it said: “The truth of the matter is that the BPE did not and has not diverted proceeds of the PHCN privatisation as all the proceeds were paid into the Privatisation Proceed Account domiciled with the Central Bank of Nigeria (CBN).

“It must be noted that these proceeds were used to settle the severance benefits of staff of the defunct PHCN as agreed by the federal government and labour.”