On the 1st of November 2013, the Federal Government of Nigeria formally handed over acquisition certificates to private sector operators, marking the privatization of core assets in the power sector. That will be eight years on Monday 1st November 2021.
At least 18 utility firms were unbundled under the defunct Power Holding Company of Nigeria (PHCN) with all but the Transmission Company of Nigeria (TCN) given to private firms to manage and turn them around.
On that day in 2013, five Generation Companies (GenCos) with another transaction later in 2014, were privatized; among these, three of them – Kainji, Jebba, and Shiroro hydropower plants were concessioned. Yet, 10 Distribution Companies (DisCos) with another transaction later in 2014, were also privatized, making it 11. TCN was given out as a management contract to Manitoba Hydro International Nigeria Limited (MHINL) for three years, extended for another year.