Home / Olorunsogo / FG targets $4.25 billion from sale of Niger Delta power plants

FG targets $4.25 billion from sale of Niger Delta power plants

•Approves seven preferred bidders

The federal government is expected to rake in a total of $4.25 billion from the sale of Niger Delta power plants of the Niger Delta Power Holding Company, NDPHC, and the National Council on Privatization, NCP, have approved seven firms for the sale of the power plants. Delta State governor, Emmanuel Uduaghan, announced the result of the bid at the end of the joint transaction boards meeting presided over by Vice President Namadi Sambo at the Presidential Villa, Abuja.

Briefing State House correspondents after the meeting, Uduaghan said preferred bidder for Benin Generation Company is EMA Consortium with a bid price of $580 million while the reserved bidder is Index Consortium which did bid for $575million.

Similarly for Calabar Generation Company, EMA Consortium also won as the preferred bidder with a bid price of $625million while Nebula Power Generation Consortium followed as the reserved bidder with $623.75million.

The governor further said Dozzy Integrated Power Limited won the bid for Egbema Generation Company at a bid price of $415. 075 million while AITEO Condortium was the reserved bidder at $392 million. Seoul Electric Power Limited is the preferred winner for Geregu Generation Company at $690.2 million. YellowStone Electric Limited is the reserved bidder at a bid price of $613.1 million.

The bid for Ogorode Generation Company was won by Daniel Poer Consortium at $532.78 million.

The reserved bidder is ESOP Power Limited which offered $510 million. The preferred bidder for Olorunsogo Generation Company is ENL Consortium Limited at bid price of $751.24 million. Reserved bidder is Index Consortium at $730 million.

Omotosho Generation Company was Omotosho Electric Power at a bid price of $659.9 million. Reserved bidder is ENL Consortium Limited which offered $645.15 million.

Also speaking at the press briefing, the Minister of Power, Professor Chinedu Nebo, said that seven out of the ten firms that bidded for the ten power plants were announced yesterday because the firm that bidded for the remaining three power plants is in court over the bid process. He disclosed that the process was transparent as it was witnessed by international observers.

The minister explained that government wanted to ensure that the view of Attorney General of the Federation was received on the matter before the remaining results would be announced.

The Chairman of committee of the NCP, Atedo Peterside, said that the fact that one of the firms went to court had not taken away the transparency of the bidding process, stressing that even in elections, not all the losers would accept the result of the election.

Culled from :Here

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