PHCN Finally Privatised, NCP Announces Results Of Bids - Politics - Nairaland
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| PHCN Finally Privatised, NCP Announces Results Of Bids by taharqa: 11:53pm On Oct 29, 2012 |
Another milestone was recorded in the ongoing privatisation in Nigeria’s power on Monday with the announcement of the preferred and reserved bidders for the five generating and eleven distribution companies unbundled from the Power Holding Company of Nigeria (PHCN) by the National Privatisation Council. Atedo Peterside, Chairman Technical Committee NCP, listed successful bidders of the 11 power generation companies to include Amperion Power Distribution Company Limited with a bid of USD$132,000,000 as the preferred bidder for the core investor sale of 51 per cent shares of Geregu Power Plc; Mainstream Energy Solutions Limited which offered an annual fee of USD$50,760,665.18 and a commencement fee of USD$257,000,000 as the preferred bidder for the concession of Kainji Hydro Power Plc. Shiroro Hydro Power Plc, went to North-South Power Ltd which offered an annual fee of USD$23,602,484.87 and a commencement fee of USD$111,654,534 as the preferred bidder. NCP also approved Transcorp/Woodrock/Sumbion/Medea/PSL/ Thomassen with a bid of USD$300,000,000 as the preferred bidder for the core investor sale of 100 per cent shares of Ughelli Power Plc and Amperion Power Distribution Company Limited with a bid of USD$252,000,000 is the reserve bidder for the core investor sale of 100 per cent shares of Ughelli Power Plc. The other successful investors announced for the generation companies include CMEC/EURAFRIC Energy JV Consortium with a bid of USD$201,000,000 as the preferred bidder for the core investor sale of 100 per cent shares of Sapele Power Plc; JBN-NESTOIL Power Services Ltd with a bid of USD$106,500,000 as the reserve bidder for the core investor sale of 100 per cent shares of Sapele Power Plc; and Amperion as the preferred bidder for Geregu Power Plc. Also approved by NCP was Feniks Electricity Limited as the reserve bidder for Ughelli Power Plc subject to their bid being revised to match the reserve price. For the distribution companies in which 60 per cent sales was approved, NCP approved preferred and reserve bidders as follows: Abuja Distribution Company: KANN Consortium Utility Company Ltd as preferred bidder; Benin Distribution Company: Vigeo Power Consortium as the preferred bidder; Eko Distribution Company: West Power & Gas as the preferred bidder; Honeywell was approved as the reserve bidder; Enugu Distribution Company: Interstate Electrics Ltd as the preferred bidder; Eastern Electric Nigeria Ltd was approved as the reserve bidder; Ibadan Distribution Company: Integrated Energy Distribution & Marketing Ltd as the preferred bidder; NEDC/KEPCO was approved as the reserve bidder; Ikeja Distribution Company: New Electricity Distribution Company (NEDC)/KEPCO as the preferred bidder; Vigeo Power Consortium was approved as the reserve bidder; Jos Distribution Company: Aura Energy Ltd as the preferred bidder Kano Distribution Company: Sahelian Power SPV Ltd as the preferred bidder; Port Harcourt Distribution Company: 4Power Consortium as the preferred bidder; Yola Distribution Company: Integrated Energy Distribution & Marketing Ltd as the preferred bidder. [b]“After the approval of the results of the financial bids by Council, the highest ranked bidder for each Generation or Distribution Company will be required to post an additional bid security (“Preferred Bidder’s Bank Guarantee”) in the form of a Letter of Credit or Bank Guarantee for fifteen percent (15 per cent) of the transaction value within fifteen (15) business days of notification from the Bureau of Public Enterprises. The Preferred Bidder’s Bank Guarantee shall be from a Standard & Poor (S&P) or Moody & Fitch “A” rated foreign bank with a correspondent bank in Nigeria or a Nigerian bank rated “A” by a Rating Agency approved by SEC and be valid through twenty-one (21), calendar days after the stipulated proposal validity period or any extended proposal validity period”, Peterside said while briefing journalists at the end of the NCP meeting presided over by Vice President Namadi Sambo. “The designated Preferred Bidder will be invited for negotiations with BPE. Within fifteen (15) Business Days after signing of the Sale and Purchase Agreement, the Shareholders’ Agreement or the Performance Agreement ‘whichever is earlier, or at a mutually agreed earlier time, the Bidder shall make a down payment of twenty-five percent (25%) of the share purchase price. ”Within six (6) months after signing of the Sale and Purchase Agreement or the Shareholders’ Agreement, whichever is earlier or mutually agreed upon time, the Bidder will be required to pay the outstanding seventy five per cent (75%) of the share purchase price to complete the transaction. ”Upon receipt of payment, the Preferred Bidder’s Bank Guarantee will be returned to the bidder within a maximum of four (4) weeks”. The companies will be handed over to the successful bidders after the completion of payment and the handover of the successor company will conclude the transaction.[/b] http://pmnewsnigeria.com/2012/10/29/successful-bidders-for-nigerias-power-firms-unveiled/ 3 Likes |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by amosy007: 12:24am On Oct 30, 2012 |
Well.. As long as they provide 24/7 electricity .. They are welcome 2 Likes |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by Nobody: 1:35am On Oct 30, 2012 |
24/7 power is all we want. 1 Like |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by Nobody: 1:42am On Oct 30, 2012 |
Gimmie electricity during the day please. can't do much without electricity  1 Like |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by Nobody: 1:45am On Oct 30, 2012 |
I am watching, this is the only reason I voted. I hope this finally works as should be. Now that electricity sector has been privatized, I am ready to relocate to any region that provides 247 electricity immediately. GEJ has finally done what I voted him for, that vote was not wasted. Which ever region gets steady supply will witness massive migration of industries, let the competition begin - GEJ, FRESH AIR 29 Likes |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by Nobody: 1:46am On Oct 30, 2012 |
24/7 service and no complains. Let this power thing just work for naija for once! |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by Nobody: 1:46am On Oct 30, 2012 |
It's long overdue. Power supply in Nigeria is a huge embarrasment. People r willing to pay for power they use. Nairalanders especially |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by SamMilla1(m): 1:51am On Oct 30, 2012 |
Nigerian govt and their bogus figures again. Since when did we start to use US Dollars in Nigeria? What is transcorp doing there again? Have they paid the money they stole from poor Nigerians in the name of selling shares? Oh i see, they stole our money to bid for our us. They own us now. 8 Likes |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by Nobody: 2:04am On Oct 30, 2012 |
ItsModella: 24/7 power is all we want. Just pray the opossite doesn't happen. Fingers Crossed on this. Let's see what the new folks bring to the table. 1 Like |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by holluwizzy: 2:19am On Oct 30, 2012 |
Obasanjo did his own scam with Train and Nepa Yar adua Died Trying Mr Egbere Jonathan is Playing NIgerians another Local Scam 24/7 power none interruption . I *smh* for Nigerians that fall mugu. Let us see the outcome first sha. 1 Like |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by UyiIredia(m): 2:34am On Oct 30, 2012 |
Nigerian officials have been treating the privatization issue as if it is the golden fleece that'll solve all our power problems. I hope it does but I have my doubts. 1 Like |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by Teejayphillip(m): 2:43am On Oct 30, 2012 |
I cross my leg,waitin 4 an absolution dat will neva com nor happen... Letz wait n Ơ̴̴͡.̮Ơ̴̴͡ ow d magic is bein performed.. |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by 1313(m): 2:52am On Oct 30, 2012 |
Am tired of all this long stories about unbundling of PHCN. Abeg give me light! |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by mastersr95(m): 3:00am On Oct 30, 2012 |
Hmmmmmm reading this news gives me butterfly in my stomach PLS GOD I PRAY WE GET IT RIGHT THIS TIME AND HAVE 24/7 UNINTERRUPTED POWER SUPPLY.....Relocating thingz straight  1 Like |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by Yungkida(m): 3:08am On Oct 30, 2012 |
I hope dis will be a great change.....  |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by taharqa: 3:21am On Oct 30, 2012 |
Sam Milla: Nigerian govt and their bogus figures again. Since when did we start to use US Dollars in Nigeria?Yea, some ppl must comment. Maybe u didnt read d article enough to realise that each consortium is made up of various local and foreign companies that are requird to make d requird payments tru Credit-rated International banks and their equally rated Nigerian counterparts, and that such international payments are usually denoted in US Dollas.. So u were one of those persons that made the investment decision to buy Transcorp shares some time back; investments been Risks which cud be profitable or a lost for the investor, its unfornate that d 2nd was d case for most people who investd in d private company at that time. Well, since the company now has amongst its portfolio an obviously profitable comp it is expectd that its share price wud subsequently head north; you wud benefit except you decided to sell your shares when it decreasd then, in which case u wud have been doubly FOOLISH..... Like i said b4, it is not a must to mk a comment on every topic 3 Likes |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by Nobody: 3:26am On Oct 30, 2012 |
This is good news. I hope and pray that ultimately 24/7 electricity will be the norm and that everyone will also be able to afford it. |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by iykak47: 3:44am On Oct 30, 2012 |
holluwizzy: Obasanjo did his own scam with Train and NepaDoes this mean the government should maintain the status quo? |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by Mary4life1(f): 4:00am On Oct 30, 2012 |
You guys will not like the outcome.yes,there would be light but it would be extremely expensive.the poor people will not afford it,school fees will increase,infact,there would be persistent inflation meaning that the price of everything would rise. 3 Likes |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by Nobody: 4:12am On Oct 30, 2012 |
Mary 4 life: You guys will not like the outcome.yes,there would be light but it would be extremely expensive.the poor people will not afford it,school fees will increase,infact,there would be persistent inflation meaning that the price of everything would rise.Where did you get that from? Do you know that most products are expensive because of the costs incurred from using generators and other sources of power supply? That makes cost of production high. Once there is constant power supply, production costs will decrease gradually as the expenses made from other power sources drop. Prices will rise at first because the society has to adjust to the new system but over time the prices will drop and once this happens, firms will be willing to hire more people and invest in more capital as well. These are sacrifices that have to be made for the economy to develop. We cannot wait forever for the market to stabilize without doing anything. 13 Likes |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by stolenstone: 4:26am On Oct 30, 2012 |
omo so Barth Nnaji company no pick anything after taking the gentleman step of resigning?? Weep not child! 1 Like |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by fizeul(m): 4:29am On Oct 30, 2012 |
Hmmm.. Ok.. That's nice.. If my guess is right, the first thing these private companies will do is to start laying off workers. Increase in unemployment. Just my guess.. |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by Nobody: 4:35am On Oct 30, 2012 |
stolen stone: omo so Barth Nnaji company no pick anything after taking the gentleman step of resigning?? Weep not child!just imagine afta all d man did to me its nt on merit it is pour politics.i just hope and pray it works. |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by manny4life(m): 4:39am On Oct 30, 2012 |
stolen stone: omo so Barth Nnaji company no pick anything after taking the gentleman step of resigning?? Weep not child! He doesn't have to, entangling himself into the so-called Nigerian politics is not worthy of him. After all, his company is scheduled to begin operation in First Qtr 2013. In fact, whoever the distribution companies are for the SE should partner with him. Mary 4 life: You guys will not like the outcome.yes,there would be light but it would be extremely expensive.the poor people will not afford it,school fees will increase,infact,there would be persistent inflation meaning that the price of everything would rise. Extremely expensive? How do you figure? If electricity is simply based on demand/supply needs, laws will simply apply when time reach. As for you inflation figures, na wa for una o, throwing words around. Again, no matter how expensive it is, it will be nothing compared to what's been spent by individuals to fuel their generators. If electricity becomes a common commodity like staple food, what that does is, it drives economic growth and not the other way around like you claimed. Need I say if it becomes expensive, it's common economics demand will reduce and when that happens, they will be forced to sell at reduced rates. However, when economy is booming, you will be able to pay ANY price for electricity.... 1 Like |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by ROCKJ1(m): 4:46am On Oct 30, 2012 |
It will be well with us. 1 Like |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by kobikwelu(m): 4:54am On Oct 30, 2012 |
Truth..if we have stable poer supply.....Nigeria would be the place to be... Think of the massive economic explosion.... Companies would hire more (since less funds would go into power)...industries would expand.... The possibilities are limitless.. Praying.....praying.....praying if this happens, see me relocate..sharply 1 Like |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by akorlade(m): 5:02am On Oct 30, 2012 |
People start saving to get a back up power plan like solar panels and inverters cause the prize will be something else. Don't let anybody decieve ya with comparing this PHNC unbundling with GSM. 1 Like |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by dapo338(m): 5:14am On Oct 30, 2012 |
Some says electricity will be extremely high and majority won't afford it, well i want to do a little break down.... Imagine people that uses "i pass my neigbour" generator for home uses, atlease they buy 7k fuel monthly and commercial users atleast buys 10-12k monthly..... And there is no way their electricity tarriff will be high as this even if they make it more than 24hours. 1 Like |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by miqos02(m): 5:15am On Oct 30, 2012 |
Wish all succesfull companies the best |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by acidtalk: 5:19am On Oct 30, 2012 |
THIS WHOLE PROCESS IS FULL OF FRAUD!!! Atedo Peterside - This is Pathetic Transcorp - The resurrection of OBJ, Dangote, Onyiekwere and others dead company. Honeywell - Oba Otudeko don hammer again. Every single company on that list is "na we we". They very same players who controlled and Oil and Gas sector have taken over the Power sector. Nigerian youths any hope for you people breaking loose this generational boundage? 2 Likes |
| Re: PHCN Finally Privatised, NCP Announces Results Of Bids by Truckpusher(m): 5:22am On Oct 30, 2012 |
Mary 4 life: You guys will not like the outcome.yes,there would be light but it would be extremely expensive.the poor people will not afford it,school fees will increase,infact,there would be persistent inflation meaning that the price of everything would rise.That's the typical Nigerian attitude you got there,always negative abt everything even when it was clearly stated that it's been privatized to different companies that would want to make their money back because they are here for business. 3 Likes |
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