The Federal Government on Friday named successful bidders for seven out of the 10 power plants built under the National Integration Power Projects by the Niger Delta Power Holding Company Limited.
At the end of the exercise, the government is expected to rake in $4.253bn from the sales. Governor Emmanuel Uduaghan of Delta State disclosed this to State House correspondents at the end of the fourth joint meeting of the NDPHC and the National Council on Privatisation presided over by Vice President Namadi Sambo at the Presidential Villa.
According to the results of the financial bids ratified at the meeting, EMA Consortium emerged the preferred bidder for Benin Generation Company with $580m with Index Consortium emerging reserved bidder with its offer of $575m. EMA Consortium also won the bid for Calabar Generation Company with $625m and Nebula Power Generation Consortium as the reserved bidder with $623.75m.
For Egbema Generation Company, Dozzy Integrated Power Limited emerged winner with $415.075m while AITECO Consortium emerged reserved bidder with $392m. Seoul Electric Power Limited won the bid for Geregu Generation Company with its $690.2m bid while YellowStone Electric Limited emerged reserved bidder with $613.11million. For Ogorode Generation Company, Daniel Power Consortium was named winner with $531.777m and ESOP Power Limited reserved bidder with $510 million.
ENL Consortium won the bid for Olorunsogo Generation Company with $751.240m and Index Consortium reserved bidder with $730m. Omotosho Electric Power won the bid for Omotosho Generation Company with $659.999m and ENL Consortium emerged the reserved bidder with $645.156m. In all, Uduaghan put the optimal sales value (preferred bids) of the plants at $4.253 billion and the least sales value (reserved bids) at $4.089bn.
Minister of Power, Prof. Chinedu Nebo, said winners could not be announced for the remaining three power plants because a bidder, Ethiope Energy Limited, has dragged the Federal Government to court on the matter. The three affected plants are Alaoji, Omoku and Gbarain. Nebo said the government would take the opinion of the Attorney-General of the Federation, Mr. Muhammed Adoke (SAN), on the matter before a decision would be taken.
The minister said the firm went to court because his financial bids were not opened as a result of its disqualification at the due diligence stage. The Director-General of the Bureau of Public Enterprise, Mr. Benjamin Dikki, said the winners would be notified to provide preffered bidders guarantee amounting to 15 per cent of the cost within 15 days.
He said after all processes might have been completed, the formal handing over of the plants would be done after full payment. Forty-two firms were shortlisted for the financial bids opening of the 10 power plants. They were picked from the 66 proposals for the offer of sales of 80 percent of the shares in each of the 10 generating companies.