Vigeo pays $96.75m for Benin power firm

Energy Crisis Threatens the Western Power Grids22 August 2013, Lagos – Vigeo Power Limited, Wednesday, concluded the payment for the Benin Electricity Distribution Company, BEDC. It paid $96.75 million to the Bureau of Public Enterprises, BPE.

The company had earlier paid $32.25million – representing 25 per cent of the $129million bid price for the BEDC, covering Edo, Delta, Ondo and Ekiti States.

Chairman of the company, Mr Gbolade Osibodu, confirmed the payment. He said his company is taking over the power firm.

He assured that the staff would be given a chance to prove themselves in line with the company’s vision.

On how prepared the firm is to take possession, he said: “We have been around for 11 years now. As a turnaround management, we are well positioned to help drive the process taking into account the people and technology to ensure that we provide adequate services.”

The BPE also confirmed the payment.

Vigeo Power Ltd is one of the consortia that emerge as core investors in the Federal Government’s privatisation programme in the power sector, having clinched BEDC in the open and internationally-acclaimed competitive bid process held in 2012.

Vigeo Holdings Limited is the consortium lead and equity member, with Global Utilities Management Company Limited, GUMCO, as local technical partner and equity member, African Finance Corporation, AFC, as equity member and TATA Power Delhi Distribution Limited, TPDDL, as the foreign technical partner.

TPDDL will provide technical service for BEDC on the wire side while GUMCO provides technical service on the commercial side. PWC of India is the transaction advisers.
Vigeo Holdings is a multi business group with interest in major sectors of the Nigerian economy.

– Simeon Ebulu, The Nation

About the Author