PHCN Latest News- Elumelu,Otedola,IBB Takes Over PHCN

PHCN Latest News-

National Council on Privatisation (NCP) announced  five groups as the preferred bidders for PHCNPHCN Threatens to put the Nation into darkness. Read more ... »’s successor power24 hour Electricity Supply in June 2013, Jonathan. Read more ... » generation companies.
Three of the companies bidded for thermal plants namely Geregu Power Plc, Sapele Power Plc and Ughelli Power Plc. Two others bidded for Shiroro Power Plc and Kainji Power Plc hydro plants.

The technical bids, opened in Abuja, had the Minister of State for Power, Darius Ishaku, Chairmen of Privatisation and Power in the two chambers of the National Assembly, Chairman, Nigerian Electricity Regulatory Commission (NERC), Dr. Sam Amadi, Chairman, Technical Committee, National Council on Privatisation, Atedo Peterside and the Director-General, Bureau of Public Enterprises (BPE), Ms. Bolanle OnagoruwaNigeria Federal Govt Sacks Bolanle Onagoruwa, Director BPE. Read more ... », representatives of bidders as well as other key government officials in attendance.

Chairman of the Technical Committee (TC) of the NCP, Mr. Atedo Peterside, announced Amperion Consortium, where billionaire businessman, Mr. Femi OtedolaFemi Otedola Defeats House of Reps, Others in $3 Million Bribery Case. Read more ... », has an interest, with a bid offer of $132 million as the preferred bidder for Geregu Power Plc while Transcorp and Wood Rock/Symbion/Thomasen PSL Power Consortium, in which Mr. Tony Elumelu has a large interest, emerged the preferred bidder for Ughelli Power Plc with a bid price of $300 million.

Amperion Consortium emerged reserve bidder for the Ughelli power plants with its offer price of $252 million.

CMEC/Eurafric Energy won the bid for Sapele Power Plc with an offer of $201million, while JBN-Nestoil Power Services Ltd emerged reserved bidder with an offer of $106.5 million.

For the hydro plants, which are being concessioned for an initial period of 15 years, the bid for Kainji was won by Mainstream Energy Solutions Ltd which offered to pay an annual fee of $50,760,665 and are also expected to pay an upfront commencement fee of $237,870, 000.

The bid for Shiroro Power Plc was won by North South Power Company Ltd where former Military President, General Ibrahim Babangida (rtd), has an interest, at a fixed annual fee of $23,602,484 and a commencement fee of $111,654,534.30.

This process are part of the PHCN privatizationPHCN: new owners takes over today. Read more ... » exercise for increase in power supply in the country.