A Review of the Nigerian Energy Industry

Nigeria’s earning from sale of PHCN assets hit $156m

19 March 2013, Abuja – The Federal Government has so far realized a total of $156.5 million from the sale of the assets of the Power Holding Company of Nigeria, PHCN, under its privatisation programme for the power sector.

This is the amount paid to the Federal Government by five bidders for the PHCN assets, including 10 power distribution companies, DISCOs, and five generating companies, GENCOs, put up for sale by the government.

A statement from the Bureau of Public Enterprises, BPE, Monday, disclosed a breakdown of the figure showed that Amperion Power Company Limited, the preferred bidder for Geregu Power Plc, has paid $33 million; Integrated Energy Distribution & Marketing Company, the preferred bidder for Ibadan and Yola Distribution Companies, paid $42.25 million and $14.75 million for Ibadan and Yola Discos respectively; NEDC/KEPCO, the preferred bidder for Ikeja Distribution Company ($32.75 million) and West Power & Gas, the preferred bidder for Eko Distribution Company ($33.75 million).

According to the statement, the payments came 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.

Other bidders for the PHCN assets, also known as PHCN successor companies, are Vigeo Consortium for Benin DISCO, 4Power Consortium for 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), 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).

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  • We expect that the monies realised will be used to extend the gas supply lines and ensure that the new power plants get feed stock.