SAN FRANCISCO, November 04, (THEWILL) – The Federal Government will on Thursday sign the sale of Afam Power Plant to Transcorp Power Consortium. The Director-General, Bureau of Public Enterprises, Alex Okoh has disclosed.
The BPE boss said the successful investor would make part payment and subsequently clear the balance. He added that “the preferred bidder is Transcorp Power Consortium. They also run the Transcorp Ughelli Power Plant. They won the bid out of a very strong field of about 12 prospective investors.
“So, tomorrow, we will do the signing ceremony at the Office of the Vice President and then, they (Transcorp) go ahead 15 days after to pay the 25 per cent of that N105bn. And subsequently they will pay the 75 per cent.”
“Just as an indication of some of the activities that we have heightened up, tomorrow we are going to be doing the signing ceremony for the sale of Afam Power Plant to the preferred bidder. That alone will fetch the Federal Government a total sum of N105bn.”
In October 2019, the National Council on Privatisation approved Transcorp Power Consortium as the preferred bidder for the Afam Electricity Generation Company (Afam Power Plc and Afam Three Fast Power Limited) with a bid price of N105.3bn (about $343.6m).
On the recent allegation by the National Assembly that the Bureau diverted N2.5bn, Okoh said the BPE was still responding adequately to the development. “It is not totally correct. If you read the headline and the story you will find out that there is some discordance between them. We are engaging the National Assembly to resolve the issue”, he added.
