Chairman, Association Of Online Media Practitioners, Wole Arisekola, has urged President Muhammadu Buhari, to revisit the privatisation of the Power Holding Company of Nigeria (PHCN).

The former power generating and distribution company, Power Holding Company Nigeria (PHCN), was privatized under the government of former President Olusegun Obasanjo.

But Arisekola, who is also the publisher of Street Journal, an online news magazine, in a press release issued at the weekend, said the exercise has not done the nation any good, saying it has not achieved it’s objective.

“Besides enriching themselves, taking over government’s huge investment at almost nothing, there is nothing the Distribution Companies (DISCOs)  have got to show for the exercise”, it stated.

He further alleged that beneficiaries of the exercise grabbed government assets and ran away from several liabilities including PHCN debts to some contractors even as he blamed them for “the sack of numerous Nigerians and replacing them with family members and friends of officials”.

The publisher further accused some of those who took over the remains of PHCN of buying new vehicles with government money they found in  the accounts immediately they took over the new PHCN.

“One of the top four reasons why Nigerians voted for Buhari was my conviction then that he will undo this fraud and robbery called privatisation. If anything, the situation has been worse since the fraudulent privatization”, he stated.