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Wednesday, September 26, 2012

FG To Sell Power Firms To Elumelu, Otedola, Others

No fewer than $1.62 billion (about N254.39 billion) was placed on the table to enable the Bureau of Public Entreprises, BPE, conclude the long awaited privatisation of six generation companies unbundled from the Power Holding Company of Nigeria, PHCN.

Five firms on Tuesday emerged bid winners, offering a total sum of N107bn for five electricity generation companies. The bid winners are Transnational Corporation of Nigeria (Plc), Amperion Consortium, CMEC/Eurafric Energy Consortium, Mainstream Energy Solutions Limited and North-South Power Company Limited. At the financial bids’ opening conducted in Abuja by the National Council on Privatisation, Transcorp emerged the preferred bidder for the Ugheli thermal power plant with an offer of $300m to beat its closest rival, Amperion, which offered $252m. The former Managing Director, United Bank for Africa Plc, Mr. Tony Elumelu, is the chairman of Transcorp, with his Heirs Holdings having substantial equity in the conglomerate. Amperion Consortium, however, matched the reserve bid price of $132m for the 414 megawatts Geregu power plant, though it initially offered $128.52m as the sole bidder for the plant.

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