Following the successful completion of the sales of the unbundled companies of the defunct Power Holding Company of Nigeria (PHCN), the 10 National Integrated Power Projects (NIPPs), jointly owned by the federal government, 36 states and local governments, remained the final leg in the completion of the power sector privatisation programme.
Eventually the transaction for the sale of the NIPPs reached the final stage recently when the bidding process produced preferred and reserved bidders for all the plants, with the bids above the reserved prices for each plant.
The 10 NIPPs include the 434mw Geregu II, 630mw Calabar, 378mw Egbema, 504mw Ihorvbor, 252mw Gbarain, 504mw Ogorode, 252mw Omoku, 1,076mw Alaoji, 750mw Olorunsogo and 500mw Omotosho plant which will add a combined 5,454mw of electricity to power generation capacity and provide employment for thousands of Nigerians.
The three tiers of government will rake in a total of $5,814, 002,617 from the sale of the 10 plants for divesting 80 per cent of their shares in the project under the management of the Niger Delta Power Holding Company (NPDHC) Ltd.
The bids were opened and announced by the chairman of the Joint Transaction Technical Committee (JTTC), Governor Gabriel Suswam and chairman, National Council of Privatisation Technical Committee, Atedo Peterside, supported by the director-general of the Bureau of Public Enterprise (BPE), Benjamin Dikki and managing director NPDHC, James Olotu.
At the end of the day, Seoul Electric Power emerged as the preferred bidder for Geregu II with a bid of $690,200 million, while Dozzy Integrated Power ltd emerged as the preferred bidder for Egbema with a bid of $415,075,000.
EMA Consortium emerged as the preferred bidder for Ihorvbor and Calabar with a bid of $580 and $625 million respectively, while Gbarain was got by KDI energy resources with a bid of $340 million and Daniel Power as preferred bidder for Ogorode having bid $531,777,777.
Shynobe international Ltd emerged preferred bidder for Omoku with $ 318,710,840 bid, while AITEO consortium, the sole bidder for Alaoji, emerged preferred bidder with a revised bid of $902 million after its initial bid of $680 million was said to be below the reserved price.
Olorunsogo has ENL Consortium as preferred bidder after bidding $751,240,000 while Omotosho Electric power is preferred bidder for Omotosho plant after bidding $659,999,000.
Already Omotosho and Geregu II have been commissioned and supplying power to the national grid while others are either awaiting commissioning or at near completion stage. The plants are all green field plants compared to the dilapidated PHCN utilities earlier sold.
While AITEO consortium which withdrew its bid for olorunsogo will forfeit its $1 million bid security, EMA consortium surprising bid a paltry$515 (five hundred and fifteen dollars) for Omotosho
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