A Review of the Nigerian Energy Industry

PHCN firms: Deadline for payment of mandatory deposit expires today

21 March 2013, Abuja – The Bureau of Public Enterprises, BPE, Wednesday, received payments from seven investors for the purchase of the Power Holding Company of Nigeria, PHCN, successor companies being privatisied by the government.

In making the payments, the companies have beaten today’s deadline for all
investors to pay up a mandatory 25 percent of their bid value.

Companies that made payment, Wednesday, include Vigeo Consortium, the preferred bidder for Benin Distribution Company, which paid USD $32.25;
Transcorp/Woodrock Consortium ($75 million for Ughelli Power Plc), CMEC/EUAFRIC Energy JV ($50,249,965 for Sapele Power Plc), Kann Consortium ($41 million for Abuja Distribution Company), Aura Energy ($20,464,968.15 for Jos Distribution Company).

Others are Mainstream Energy Ltd, $59,467,500 for Kainji Power Plc and Sahelian Power SPV, $34.25million for Kano Distribution Company.

Bidders that had earlier paid the mandatory 25 percent are Amperion Power Company Limited, USD$33 million for Geregu Power Plc, Integrated Energy Distribution & Marketing Company (USD$42.25 million for Ibadan and Yola Discos), NEDC/KEPCO (USD$32.75 million for Ikeja Distribution Company) and West Power & Gas, USD$33.75 million for Eko Distribution Company.

Payments are still expected from Power Consortium (Port-Harcourt Disco); Interstate Electrics Limited (Enugu Disco); and North-South Power Company (Shiroro Power Plc).

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