FG puts up power generating companies for sale
The federal government through the Bureau of Public Enterprises (BPE) has announced its decision to sell the five power generation companies constructed under National Integrated Power Project (NIPP).
The BPE in a document signed by the Director-General, Alex Okoh, and made available to the media on Sunday called on investors to bid for the 100 per cent shareholding of the government in any of the companies.
The document said that it was in continuation of the ongoing reforms of the Nigerian Electricity Supply Industry and consistent with the Nigerian Electric Power Policy and Electric Power Sector Reform (EPSR) Act, 2005.
It also said that the Board of Directors of Niger Delta Power Holding Company (NDPHC) and the National Council on Privatisation had approved the sale of the five companies through a competitive bidding process.
It however, did not say how much was expected to be realised from the sales.
The companies constructed under the NIPP are located in Kogi, Edo, Cross River, Ondo and Ogun.
It listed the five in-service generation plants to be Geregu Generation Company Ltd with gross installed capacity at ISO condition of 506 Megawatts (MW) and Benin (Ihovbor) Generation Company Ltd with 507 MW.
Others are Calabar Generation Ltd with 634MW, Omotosho Generation Ltd with 513MW and Olorunsogo Generation Company Ltd with 754MW.
According to the document, prospective investors are expected to submit separate Expressions of Interest (EoI) for each generation company.
“Each bidder must be an experienced power generation company that owns and/or operates utility size power plants.
“In case of a consortium, at least one of the consortium members must be an experienced power generation company (the “Technical Partner”).
“The technical partner shall be responsible for providing operation, maintenance and management services under a long term agreement.”
The BPE had during its 2021 budget defence at the National Assembly, disclosed plans by the federal government to sell some generation companies.
BPE was created through the Public Enterprises (Privatisation and Commercialisation) Act 1999, to diversify the economy and strengthen the private sector as Nigeria’s engine of growth and economic driver.
(NAN)
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