$559.44 Million Paid from 14 Bidders For Power Companies

The Bureau of Public Enterprises (BPE) on Thursday confirmed the receipt of the sum of $559,445,573.96 from 14 bidders for 15 Power Holding Company of Nigeria (PHCN) successor companies.

The confirmation, which was contained in a statement issued by the BPE, came ahead of Thursday’s deadline for preferred bidders for the successor companies to make the mandatory 25 percent payment of the offer value of their bids.

The statement reads, “The BPE, on March 21, 2013, received $31million from 4Power Consortium; being the mandatory 25 percent of the bid value for Port-Harcourt Distribution Company; $31.5 million from Interstate Electrics Limited; being the mandatory 25 percent of the bid value for Enugu Distribution Company; and $27,913,633.50 from North-South Power Company; being the mandatory 25 percent of the bid value for Shiroro Power Plc.

“Earlier, Vigeo Consortium, the preferred bidder for Benin Distribution Company, had paid USD $32.25million; Transcorp/Woodrock Consortium, the preferred bidder for Ughelli Power Plc, paid $75 million; CMEC/EUAFRIC Energy JV, the preferred bidder for Sapele Power Plc, paid $50,249,965; Kann Consortium, the preferred bidder for Abuja Distribution Company, paid $41 million; Aura Energy, the preferred bidder for Jos Distribution Company, paid $20,464,968.15; Mainstream Energy Ltd, the preferred bidder for Kainji Power Plc, paid $59,467,500; and Sahelian Power SPV, the preferred bidder for Kano Distribution Company, paid $34.25million.

“Other bidders are: Amperion Power Company Limited, the preferred bidder for Geregu Power Plc, which paid USD$33 million; Integrated Energy Distribution & Marketing Company, the preferred bidder for Ibadan and Yola Distribution Companies, which paid USD$42.25 million and USD$14.75 million for Ibadan and Yola Discos respectively; NEDC/KEPCO, the preferred bidder for Ikeja Distribution Company, which paid USD$ 32.75 million; and West Power & Gas, the preferred bidder for Eko Distribution Company, which paid USD$33.75 million.”

Recall that the final approval of the preferred bidders by the National Council on Privatisation, NCP, and its announcement for the successor companies was done on October 23, 2012.

The Nigerian electricity industry has been unbundled into generation and distribution companies and a single transmission company with a view to encouraging private sector participation and attracting foreign and local investment into the Nigerian power sector to ensure economic and reliable electricity supply.