A Review of the Nigerian Energy Industry

FG urged to revisit Enugu Disco sale

Vice President Namadi Sambo 123 September 2013, Abuja – The Federal Government has been urged to revisit the sale of Enugu Electricity Distribution Company by applying strictly the due process in the controversial exercise.

The National Council on Privatisation on Friday approved the sale of the Enugu Electricity Distribution Company (EEDC) to Interstate Electric Limited, an action described as a disservice to the nation by Mr Osita Okechukwu a politician and policy analyst.

Okechukwu said it is unfortunate that a company that did not meet the preliminary requirement for the takeover of the firm should be allowed to handle the project that will have meaningful benefit to the nation.

He appealed to the Chairman of NPC and Vice President, Arch. Namadi Sambo, to use his good offices to protect the integrity of the privatization exercise as well as the reputation of the NCP, by redressing the manner the EEDC project was handled.

“One is at a loss how a company that failed woefully to pass the initial assessment litmus test of Consistency Test, got Negative Net Present Value (NPV) and to worsen matters, failed to pay up before the deadline, could be handed over the life line of enterprising and hard working Nigerians.

“We are witnesses of when the BPE disqualified bidders who were late by five minutes and the same BPE is today making a failed company a preferred bidder, instead of Eastern Electric,” he noted

Okechukwu who is the chairman of Conference of Political Parties in Nigeria, further said that the prime question, the vice president is to unravel, is at what stage did Interstate cleaned up the Negative Net Present Value and passed the Consistency Test to be qualified as a preferred bidder.

“In the interest of our dear country, whose image has been fouled at every junction, I once more appeal to His Excellency, Vice President Namadi Sambo to use the auspicious NCP meeting today to disqualify Interstate and invite the reserved bidder, Eastern Electric Limited,” he said.

– Daily Trust

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