A spokesman for Nnaji confirmed the minister had a stake in such a company, but said there was no conflict of interest because regulators had been informed.
The spokesman declined to say why Nnaji resigned, and no reason was given in the announcement of the resignation by the presidency.
“He didn’t like the totally wrongful accusations he had a conflict of interest in this process. These were planted by vested interests,” spokesman told Reuters.
“He would rather go about his private business.”
It is highly unusual for Nigerian politicians to resign over conflicts of interest in a country that still ranks low on the Transparency International corruption perceptions index.
Nigeria plans to sell off 11 distribution and six generation companies as part of plans to privatize PHCN.
Preferred bidders for the 17 successor companies are due to be announced on October 23, the Bureau of Public Enterprises (BPE) has said.
Report reaching us says Nigeria‘s Power Minister, Barth Nnaji has resigned.
The reason for his resignation was not known but it may have been due to intrigues that have overshadowed the Federal Government’s bid to privatise the Power Holding Company of Nigeria.
Discussions between government and representatives of PHCN workers in Abuja were deadlocked again on Tuesday.
A statement by Presidential spokesman, Reuben Abati said President Jonathan thanked Prof. Nnaji “for his services to the nation under the present administration and wishes him well in his future endeavours.”
More to come…