Lagos — Transcorp Power Consortium promoted by the Nigerian businessman, Tony Elumelu, has won the bid for Afam Power Plc.
The National Council on Privatisation, NCP on Tuesday, declared the firm winner after it emerged the most preferred financial bidder.
Chairman of the technical committee of the NCP, M.K. Ahmed, said Transcorp Consortium had submitted a bid to acquire the power company for N105.3 billion, beating the likes of Diamond Stripes which offered N102.4 billion as the first runner up.
The Chief Executive Officer, Economic Associates, Ayo Teriba, who represented the NCP Chairman, said the first runner up bidder was also the reserve bidder “in case the winner fails to meet the payment deadline.”
Quest Electricity, which was the sole bidder for Yola Electricity Distribution Company, YAEDC, emerged winner of the bid with an offer of N19 billion.