CEOAFRICA.com received a report that the Federal Government in Nigeria shall work to regulate electricity tariffs to protect consumer’s right.

The Chairman, Round Table Committee of 11 companies that bought Power Holding Company of Nigeria (PHCN), Mr. Ransom Owan, disclosed this in Port Harcourt yesterday.  He said companies which bought the PHCN had paid up as at August 21 and would soon commence operations.

According to sources, Owan said electricity prices were controlled and governed by the Nigerian Electricity Regulatory Commission as the consumer’s protector.

He also said customers would be treated like kings by the new PHCN owners since they stand to pay for the industry’s financial responsibilities.

 “Why won’t the consumer be king when generation, transmission and distribution of power are paid for by the consumer through rates that are controlled,’’ Owan said.

Owan also said that all existing staff of PHCN would be paid off 100 per cent by the Federal Government in line with labour unions demand.

He said the new owners of PHCN also had an agreement with the government to retain some PHCN employees for a period of six months for continuity.