Amperion Power Distribution Limited, a consortium made up of Israeli-based BSG Resource Limited, State Grid Corporation of China and Forte Oil Plc, in which billionaire businessman, Femi Otedola is the major stakeholder as the local partner has emerged the preferred bidder for 414mw Geregu Power in the financial bids for the power generation companies being sold under the privatisation programme of Federal Government opened today in Abuja.

The Consortium bid $132 million for the power plant located in Kogi State.

Amperion was the sole bidder for the Geregu plant and also submitted bid for Ughelli Power Station.

Femi Otedola with a humongous loan portfolio of $1.2 billion was last week named as Nigeria’s biggest debtor by the Central Bank of Nigeria.

Since CBN has also warned banks to steer clear of advancing further loans to him, questions were being raised on how he is going to pay his share of the bid for the power company.

However, Amperion bid for the Ughelli Power Company was unsuccessful as another consortium made up Transnational Company of Nigeria, Transcorp with offer of $300 million for the plant was declared the winner of the bid.

Transcorp is chaired by former Chief Executive Officer of UBA, Tony Elumelu, as his company Hiers Holdings has the single largest stake in the conglomerate.

Chinese Nigeria Power Consortium was declared winner of Sapele Power Plant with a bid of $201 million.

Mainstream Energy Solutions Limited won the contract to manage the Kainji Power Company with an offer of $50.8 million as fixed annual fees and $237.9 as commencement fees.

Also North-South Power, believed to be backed by former military President Ibrahim by Babangida was declared the preferred bidder for the Shiroro Power Plant with an offer of $111.7 million as fixed annual fees and $236.8 million as commencement fees.

However, the bid for Afam Power Plant, according to Atedo Peterside, Chairman, Technical Committee National Council of Privatisation was not opened as all the three bidders failed to meet the stipulated guidelines for the bids. All the winning bids are subject to the approval of the President.

“This is a milestone in the power privatisation process,” Darius Ishaku, Minister of State for Power, Ishaku, said during the bid opening ceremony in Abuja.

Same people ruling us

Same shit going on

Same fraud moving on

Same cheat around us

The rich will forever get richer

All the 3 winners have different pending cases to answer at the court of law,they have been arrested, get bailed and the case never get revisited again.

But here they are, dinning with the executives.

Who said there is Justice in NIgeria?

Only from God come Justice.

,

OYINBOGOJU: Same people ruling us

Same shit going on

Same fraud moving on

Same cheat around us

The rich will forever get richer

All the 3 winners have different pending cases to answer at the court of law,they have been arrested, get bailed and the case never get revisited again.

But here they are, dinning with the executives.

Who said there is Justice in NIgeria?

Only from God come Justice.

If you do not have any thing to say why dont you keep MUTE..

taharqa:

If you do not have any thing to say why dont you keep MUTE....look within you my frnd some other person didnt cause it #frustrations

Sorry friend

But don't they have pending cases of corruption to answer?

Better to proof me wrong instead of insulting my personalty.

OYINBOGOJU:

Sorry friend

But don't they have pending cases of corruption to answer?

Better to proof me wrong instead of insulting my personalty.

Who are they? Apart from Otedola who really does not have any case in court yet even if one of his companies was indicted recently, who are the other 'they' that have 'pending cases of corruption'?

Take note that Otedola is only part of a consortium; and by the way: ffucck Otedola(if he deserves it)

The first stage of electricity privatisation in Nigeria has not been without controversy but the with Tuesday’s announcement of winning bids for five power generation plants in an open process with international observers, the programme is back on track. Next up: distribution and transmission.

Among the winners in the generation round are companies from 13 countries including the US, Russia and China. The sale could net up to $1bn.

A consortium including Transcorp of Nigeria was the highest bidder for a single unit, offering $300m. Another group led by Forte Oil of Nigeria and including Shanghai Municipal Electric Power Company bid $132m. A group of Chinese, UK and Nigerian companies bid $201m for another unit.

The bidding process attracted 271 interested parties and generated 25 proposals from pre-qualified bidders before the final bids. The Bureau of Public Enterprises paid two local television stations to broadcast the process live, in an effort to instill confidence among the public and investors.

The chairman of the privatisation committee, Atedo Peterside, said in a statement:

It is heartening to report that the seven bidding consortia for the generating companies… includes owners and operators of some of the world’s largest and most efficient electricity thermal and hydro generating companies. Even if I say so myself, all well-meaning Nigerians would be comforted and pleased to know that it would be difficult to assemble a more qualified group of bidders for our generating companies.

Super. But what of those controversies? Here’s a quick run-down:

Controversy 1: The Central Bank of Nigeria barred Nigerian banks from extending loans to 113 companies, some of which had submitted bids. However, the National Council on Privatisation said the blacklisting should not affect the bids.

Controversy 2: The consortia Mainstream and North-South had no competitors for their bids.

Controversy 3: One of the plants (Afam) is being re-tendered after the power minister Barth Nnaji resigned in August when it was revealed he had a stake in one of the consortia bidding.

Of the few listed companies taking part, Transcorp was up more than 4 per cent in Lagos.

http://blogs.ft.com/beyond-brics/2012/09/25/nigeria-power-privatisation-winners/#axzz27WtMR7t4


See there might be some issues with the process but I think they have done some work to ensure a measure of due process in the entire programme.

In any case, some consortiums(foreign and local ) have bought majority stakes(not the entire company by the way) or won concession over the dams plants for an extended period of time, and they have committed to paying real money(over a $1billion ). I do not think they would sit on this amount of investment if they fully acquired the plants, in fact I expect that they would even want to expand the plants and provide service for their customers(the public through the Transmission and Distribution companies) in order to make profit- that is exactly whats concerns me: the service provided(24/7 Power). Give me that and I care less who won the bid or who didnt...Give Nigerians constant Power Supply, and see the unbelievable heights we would soar. This is my PRIMARY concern

I am honestly EXTREMELY thrilled this process is actually materializing at last

taharqa:

Who are they? Apart from Otedola who really does not have any case in court yet even if one of his company was indicted, who are the other 'they' that have 'pending cases of corruption'?

Take note that Otedola is only part of a consortium; and by the way: ffucck Otedola(if he deserves it)

he doesn't have a case in court yet but he does have a case to answer?

Same goes for IBB and Elumelu

Anyway i say what i know,you can definitely type what you know too.

Nigeria Names Winning Bidders for Five State Power Plants
By Elisha Bala-Gbogbo - Sep 25, 2012 3:53 PM GMT+0100

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Nigeria named the preferred bidders that offered more than $700 million for five state power plants.

Transnational Corp. won with its $300 million bid for the 947- megawatt Ughelli power station, Atedo Peterside, chairman of the National Council of Privatization’s technical committee announced today in Abuja, the capital. China Machinery Engineering Corp. led a group of companies that pledged $201 million for the Sapele plant. Amperion Power Distribution Ltd., a group headed by Forte Oil Plc (FO) and China’s Shanghai Municipal Electric Power Co., offered $132 million for the Geregu plant.

Mainstream Energy Solutions Ltd., led by Russia’s RusHydro JSC, won the bid to manage the Kainji hydro plant with a $50.8 million offer. North-South Power Co. Ltd., a group led by China Three Gorges Corp., got the Shiroro hydro power plant concession with a $23.6 million offer, Peterside said.

Nigeria, Africa’s top oil producer, is selling majority stakes in power plants and letting private investors buy as much as 70 percent of 11 distribution companies spun out of the former state-owned utility as it seeks private investment to curb power shortages.

All the winning bids are “subject to the approval” of the National Council on Privatization headed by Vice President Namadi Sambo, Peterside said. Bidders have 15 days after the final approval to post a bank guarantee for 15 percent of the bid amount and pay 25 percent of their bid within another 15 days after the deal has been signed, he said.

The balance should be paid over six months or as agreed with the privatization agency.

Julius Berger Nigeria Plc (JBERGER), an affiliate of Bilfinger Berger AG, was selected as the reserve bidder for the Sapele power plant after offering $106.5 million, while Amperion Power was also picked as the reserve bidder for the Ughelli power station with a bid of $252 million, Peterside said.

http://www.bloomberg.com/news/2012-09-25/nigeria-names-winning-bidders-for-five-state-power-plants.html

OYINBOGOJU:

he doesn't have a case in court yet but he does have a case to answer?

Same goes for IBB and Elumelu

Anyway i say what i know,you can definitely type what you know too.

Elumelu have a case to answer? which ELumelu do you think they were talking about? This one is the former MD of UBA and not the lawmaker(who is his younger brother).

Where was IBB mentioned as one of the bidders? plz dont tell me to look at the headlines but show me where it was actually stated in the article or any other article. If you do, then I might comment on him. For now, it is just speculation; and I dont have the time for that.

I apologize for the last line in my first post; I am removing it now. Thanks

taharqa:

Elumelu have a case to answer? which ELumelu do you think they were talking about? This one is the former MD of UBA and not the lawmaker(who is his younger brother).

Where was IBB mentioned as one of the bidders? plz dont tell me to look at the headlines but show me where it was actually stated in the article or any other article. If you do, then I might comment on him. For now, it is just speculation; and I dont have the time for that.

I apologize for the last line in my first post; I am removing it now. Thanks

As i must confess going by the unofficial news as I'm used to

Elumelu is not a clean man,as far as his younger has case to answer but lets leave that to the efcc if they can do deep investigation on that.

(Also North-South Power, believed to be backed by former military President Ibrahim by Babangida) Mere speculation but as Yoruba adage goes( If he is not,his name can't be mentioned) everybody knows IBB,even though he has power to quench all speclations.

I take no offense in your comment,

My Opinion

A person of questionable character must be steer off any contract from the FG if really there is war against corruption.

OYINBOGOJU: Same people ruling us

Same shit going on

Same fraud moving on

Same cheat around us

The rich will forever get richer

All the 3 winners have different pending cases to answer at the court of law,they have been arrested, get bailed and the case never get revisited again.

But here they are, dinning with the executives.

Who said there is Justice in NIgeria?

Only from God come Justice.

Don't be too sad, there is hope ahead. Our president has said that he is fighting corruption!

Biggyd2:


Don't be too sad, there is hope ahead. Our president has said that he is fighting corruption!

Indeed

Before nko? Na my uncle wan win am beforeCongrats to them sha. I didnt have high expectations of the process-I didnt need a prophet to tell me who the winners would be and who would continue to win it. As long as Light go dey house wella, i salute dem.

omicron: Before nko? Na my uncle wan win am beforeCongrats to them sha. I didnt have high expectations of the process-I didnt need a prophet to tell me who the winners would be and who would continue to win it. As long as Light go dey house wella, i salute dem.

Light day house well, i doubt that.

Anyway they just give me so many reasons to revoke all those license when i get to power.

thumb down

Now i understand why Barth Nnaji had to resign

c money

inteli: c money

Na so we dey see am

But dem dey tell us say money no dey.

I really dnt care who won d bid or not.. As long as i have 24hrs uninterrupted power supply.. Na dem sabi.

Even if devil won d bid just gimme d light or u stay out

amosy007: I really dnt care who won d bid or not.. As long as i have 24hrs uninterrupted power supply.. Na dem sabi.

Even if devil won d bid just gimme d light or u stay out

No one will give you the light without thinking of priice hike and probably rip you off........

Everything is over priced in Nigeria.

OYINBOGOJU:

No one will give you the light without thinking of priice hike and probably rip you off........

Everything is over priced in Nigeria.

nahhh
competition will force price down as time goes on

amosy007:
nahhh
competition will force price down as time goes on

You could be right as well

Nothing is impossible

amosy007:
nahhh
competition will force price down as time goes on

Sorry to wake you up from the dream world. There will be no competition. The power industry is not like telecoms where the husband and wife are at liberty to choose any network. The way I see it work is that a region (say Lagos or abc L.G.A) will get a company serving it and everybody in that region will have no other choice (apart from I-pass-my-neighbor generators). You'll all be stuck with the provider - good or bad; most likely rip-off tariffs without service improvement. Except if the complain is so much that the regulatory authority (which will be a toothless bulldog) steps in.

In essence what we will end up with is multiple NEPA/PHCN monopoly scattered throughout the federation.

I have always known they will sell to themselves or pawns acting for them. No surprises.

In fact someone posted this link on nairaland sometime ago http://nercng.org/index.php/document-library/func-startdown/50/
I think a time is coming when there won't be much difference (cost-wise) in running your gen and getting bills from PHCN (or whatever the name will be). Fixed rate is back at N500 for residential (R2) and will increase over ti well over N1000 in 2015. Same rate of rise can be seen on the main tariff (N/kWh). Unfortunately I couldn't read anywhere on the document where the minimum quality of service is stated for the providers to meet. The best I can get is a doc on consumer protection on the site that threatens to prosecute anyone PHCN staff requesting money from consumers.