A very jittery cabal is fighting to protect their loot. The private sector privatization was a scam through which the PDP transferred trillions of naira to the cabal. PHCN assets were recently refurbished for 3 trillion naira and gifted to the Cabal for 400 billion. That was a direct transfer of 2.5 trillion Nigerian naira to Elumelu’s Transcorp and other cabal coys.
Here is the comment by Nigeria’s Minister of power on behalf of the cabal:
Nigeria’s President-elect, Muhammadu Buhari, will be ”ill-advised” to reverse the power industry privatisation, Minister of Power, Chinedu Nebo, said on Wednesday.
Addressing journalists in Abuja, Mr. Nebo said the gains of the privatisation were very obvious and any attempt to reverse it will take Nigerians many decades back.
“I think the incoming government will be ill-advised to reverse privatisation and liberalisation of power generation, transmission and distribution because any attempt to do that would be to set Nigeria back many many many decades,” the minister said.