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Government targets $4.3bn from sale of power plants

24 March 2014, 15:20

Abuja - The Federal Government will generate $4.3 billion from the sale of seven out of the 10 generating power plants being executed by the Niger Delta Power Holding Company (NDPHC).

Governor Emmanuel Uduaghan of Delta made this known when he briefed State House correspondents on the outcome of a meeting of the Joint Transaction Board. The board comprises Board of the National Council on Privatisation (NCP) and the NDPHC.

Uduaghan, an NDPHC board member, said the amount would be generated from the sale of the plants to the preferred bidders of seven National Integrated Power Plants (NIPP), owned by the NDPHC.

He said the preferred bidder for Benin Generation Company was EMA Consortium with a bid of $580 million, while the reserved bidder was Index Consortium which bidded $575million.

Similarly, EMA Consortium also won Calabar Generation Company with a bid price of $625million, as against Nebula Power Generation Consortium which bided $623.75 million.

He said Dozzy Integrated Power Limited won the Egbema Generation Company with a bid of $415. 08 million, while AITEO Condortium was the reserved bidder at $392 million.

Seoul Electric Power Limited, he added, won Geregu Generation Company with a bid of $690.2 million, while YellowStone Electric Limited was the reserved bidder at $613.1 million.

The Ogorode Generation Company was won by Daniel Poer Consortium at a bid of $532.78 million dollars followed by ESOP Power Limited which offered $510 million.

Uduaghan said that the preferred bidder for Olorunsogo Generation Company was ENL Consortium Limited at bid price of $751.24 million. Reserved bidder was Index Consortium at $730 million.

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

He said the board under the chairmanship of Vice President Namadi Sambo had approved the sale of the affected plants to the preferred bidders.

The governor said that the vice president directed that the sale of the three other plants, namely Alaoji Generation Company, Omoku Generation Company and Gbarain Generation Company affected by litigation instituted by Messrs Ethiope Energy Limited should be stepped down, until the matter was resolved.

The Director-General of the Bureau for Public Enterprises, Benjamin Dikki, said the bid winners were required to provide an ‘Unconditional Bank Guarantee’ of 15 percent of the offer.

According to him, the preferred bidders will provide the unconditional bank guarantee within 15 business days of official notification to them.


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