TheNigerianVoice Online Radio Center

Investors paid $156.5m for five PHCN successor companies

By The Citizen
Listen to article


Four bidders have so far paid $156.5m for five successor companies carved out of the Power Holding Company of Nigeria, the Bureau of Public Enterprises has said.

In a statement made available to our correspondent in Abuja on Monday, the Director of Public Affairs, BPE, Mr. Chigbo Anichebe, reiterated that the deadline for the bidders to pay the 25 per cent of their bid prices for the companies remained March 21, 2013.

A breakdown of those who had paid for the companies showed that Amperion Power Company Limited, the preferred bidder for Geregu Power Plc, had paid $33m; while Integrated Energy Distribution & Marketing Company paid $42.25m and $14.75m for the Ibadan and Yola Distribution Companies, respectively.

NEDC/KEPCO, the preferred bidder for the Ikeja Distribution Company, on the other hand, has paid $32.75m; while the West Power & Gas, the preferred bidder for Eko Distribution Company, has paid $33.75m.

'This is coming ahead of the Thursday, March 21, 2013 deadline for all the bidders to make the mandatory 25 per cent payment in line with the Share Purchase Agreement for the transactions,' Anichebe said.

Other bidders for the PHCN successor companies are 4Power Consortium (Port Harcourt Disco); Aura Energy Limited (Jos Disco); Interstate Electrics Limited (Enugu Disco); KANN Consortium Utility Company Limited (Abuja Disco), Sahelian Power SPV Limited (Kano Disco); Vigeo Consortium (Benin Disco); Transcorp Consortium (Ughelli Power Plc); CMEC/EUAFRIC Energy JV (Sapele Power Plc); Mainstream Energy Solutions Limited (Kainji Power Plc); and North-South Power Company (Shiroro Power Plc).

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