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FG To Sell Three Power Plants For N434bn - Politics - Nairaland

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FG To Sell Three Power Plants For N434bn by Islie: 10:12am On Nov 16
Lll.....Investors to take over Geregu, Omotosho, Calabar plants


....Lagos, Abuja, Jos, PH stadia to be concessioned

The Federal Government has revealed that it was making arrangement to sell Geregu, Omotosho and Calabar power plants for N434 billion in 2021. The government also hinted of its plan to concession National Art Theatre, Tafawa Balewa Square and all the River Basin Development Authorities at N836

million. Similarly, the federal authorities said that it would concession the National Stadium, Lagos; Moshoo

Abiola Stadium, Abuja; Jos International Stadium and Adokiye Amiesimaka Stadium in Port Harcourt at N100 million each.

These proposals were contained in a document presented by the Bureau of Public Enterprises (BPE), to the Senate during a budget defence session in Abuja. According to the breakdown, Geregu power plant, which it was learnt was constructed at the cost of $10 billion, would be sold for N140.7 billion, Omotosho Power Plant will go for N151.4 billion and Calabar Power Plant to be sold for N143.4 billion.

The document further revealed that the proceeds of the three power plants would be paid into Niger Delta Power Holding Company (NDPHC). Also, while the National Art Theatre will be concessioned for N200 million, Tafawa Balewa Square will be concessioned for N436 million and all the River Basin Development Authorities will go for N200 million.

However, the BPE is expected to appear before the Senate Committee on Privatization and Commercialization to elucidate on the details and its revenue projection in 2021, which consists of sales of power plants and concession of government-owned properties.

The committee, which is chaired by Senator Theodore Orji, has also demanded an investigation into the sale of some of the Federal Government’s shares in the Afam and Geregu Power Plants to ensure that the country is not short-changed in the transaction.

The committee has also asked the Director General of BPE, Alex Okoh, to provide members with copies of the agreements, reports and approvals from the National Council on Privatization over the transactions of the Afam and Geregu power plants for review.

Orji said: “We also found that in Geregu Power Plant, the core investor already owned 51% shares and that the transaction emanated from a request by the investor for additional 29% of FGN residual 49% shares.

“There was no competition and only BPE and their appointed transaction advisers know how the value was determined and sold for N13 billion. “Afam Power Plant, it was mentioned that there are actually two different Power Plants i.e. Afam Power Plant and Afam Fast Power (a brand new plant) built by Seimens yet to be commissioned. Reports have it that it cost about $1 million to build a megawatt of power plant a megawatt of power plant.” Geregu Generation Company Limited is located in Ajaokuta, Kogi State.

The Geregu Power Plant has a unique configuration of three gas turbines (Siemens V94.2 Gas Turbines) with capacity of 506.1 MW (ISO) and 434MW (Net). Omotosho Generation Company Limited is located in Okitipupa, Ondo State. The plant has a configuration of four gas turbines (GE Frame 9E Gas Turbines) with 512.8 MW (ISO) and 451MW (Net) capacity.

The Calabar Generation Company Limited, located in Calabar, Cross River State is five gas turbines (GE Frame 9E Gas Turbines) with 634.5MW (ISO) and 562MW (Net) capacity.

https://www.newtelegraphng.com/fg-to-sell-three-power-plants-for-n434bn/

2 Likes 2 Shares

Re: FG To Sell Three Power Plants For N434bn by Johnrake69: 10:13am On Nov 16
Madness... Assets built with about 4 Trillion will be sold at about 10% of the value. It's sad. We keep selling off national assets for crumps and leaving huge debt profile.

We can't leave the economy of this country in the hands of the private sector.

Onlinesmart:
Government have no business in business.

Who told you Government has no business in business?

We should be careful how we push this capitalism narrative. What the society needs transcends beyond profit.

Why has America the capitalist headquarters of the world maintained United States postal service that has made losses of about $70 billion in the past 11 years?

Why haven't they sold it to DHL or Ups?

Most European countries today that we want to run to operate socialist economy to a large extent. You go to Germany today citizens are entitled to free education, subsidized housing and health care. England, Sweden, Denmark, Holland same thing. Price of food commodities has been at almost same rate in the last 20years.

Let them leave the economy in the hands of the private sector and see if they will have the stable economy they have today.

87 Likes 5 Shares

Re: FG To Sell Three Power Plants For N434bn by edoairways: 10:17am On Nov 16
Please add NTA too

245 Likes 8 Shares

Re: FG To Sell Three Power Plants For N434bn by ifex370(m): 10:18am On Nov 16
Lol... Can someone please rescue me before everything collapses. God please.

12 Likes

Re: FG To Sell Three Power Plants For N434bn by trutht828: 10:19am On Nov 16
When atiku was talking about selling all the refineries last time, morally corrupt crooks like silenced mannabbqgrills, silenced Simplyleo, helinues, yarimo, Baawaa, and the other miscreants said he wanted to sell them to his cronies.

We can also say buhari wants to sell the power plants to his cronies, can't we?

256 Likes 26 Shares

Re: FG To Sell Three Power Plants For N434bn by RuddyFusion(m): 10:21am On Nov 16
Hope they added Aso rock and our useless leaders to the list? Kukuma sell Nigeria make we rest

64 Likes 2 Shares

Re: FG To Sell Three Power Plants For N434bn by puremaker7(m): 10:23am On Nov 16
FG to sell Nigeria to China this is the news i'm waiting for.

96 Likes 4 Shares

Re: FG To Sell Three Power Plants For N434bn by SocialJustice: 10:29am On Nov 16
According to the breakdown, Geregu power plant, which it was learnt was constructed at the cost of $10 billion, would be sold for N140.7 billion
Nigeria!

41 Likes 2 Shares

Re: FG To Sell Three Power Plants For N434bn by baralatie(m): 10:29am On Nov 16
pardon my laf

ha

haha

hahaha

bubu

ha

8 Likes

Re: FG To Sell Three Power Plants For N434bn by Houseofglam7(f): 10:30am On Nov 16
Thank goodness nairaland is not federal government property embarassed

59 Likes 3 Shares

Re: FG To Sell Three Power Plants For N434bn by trutht828: 10:31am On Nov 16
SocialJustice:
Nigeria!

Crude oil will soon go out of demand

10 Likes 1 Share

Re: FG To Sell Three Power Plants For N434bn by baralatie(m): 10:33am On Nov 16
trutht828:
When atiku was talking about selling all the refineries last time, morally corrupt crooks like silenced mannabbqgrills, silenced Simplyleo, helinues, yarimo, Baawaa, and the other miscreants said he wanted to sell them to his cronies.

We can also say buhari wants to sell the power plants to his cronies, can't we?

haha

haha

ha

ho

5 Likes

Re: FG To Sell Three Power Plants For N434bn by ggood: 10:34am On Nov 16
after selling what will they do with the money

Nigeria backwardness does not have part two how can you supply Benin,Togo Niger Rep. light and your citizens die in darkness, I know how small businesses crumble because of darkness

30 Likes

Re: FG To Sell Three Power Plants For N434bn by baralatie(m): 10:35am On Nov 16
ggood:
after selling what will they do with the money
spend the money nau

19 Likes

Re: FG To Sell Three Power Plants For N434bn by helinues: 11:04am On Nov 16
They should sell it and share the money amongst Nigeria.

Na that time Dem go tell us they want to start another school feeding.

Yeye people

6 Likes

Re: FG To Sell Three Power Plants For N434bn by inoki247: 11:12am On Nov 16
This people go soon sell everybody Facebook account to yahoo boys with the way dey are going....

11 Likes 2 Shares

Re: FG To Sell Three Power Plants For N434bn by CodeTemplar: 11:30am On Nov 16
This is deeply puzzling.

Most of the power is generated by the north but all the ones for sale are in the south. They should just do another coup and stylishly appoint new colonial masters as military administrators. Nonsense.

32 Likes 4 Shares

Re: FG To Sell Three Power Plants For N434bn by phchep: 11:32am On Nov 16
OP pls correct these your post, adokiye amiesemaka stadium is a state own stadium build by Amaechi during his tenure as governor of rivers state, so there is no way federal government can concession what they don't owned. Pls OP always get full details b4 you post.

8 Likes 1 Share

Re: FG To Sell Three Power Plants For N434bn by CodeTemplar: 11:36am On Nov 16
SocialJustice:
Nigeria!
When I shout here and commend Oyedepo of Winners chapel I know what I am saying. That man built his church power plant at less than half a million dollar per megawatt. The more corporate bodies undertake projects the more peoples eyes will open to the civil rape going on.

50 Likes 3 Shares

Re: FG To Sell Three Power Plants For N434bn by Racoon(m): 11:38am On Nov 16
Power-they have not & can not provided, but now they want to sell power plants-to who? They borrowed monies yet no results.So who is fooling who?

Nigeria is closing its embassies and even withdrawing from international bodies because of financial crunch as a result of clueless economic policies.

9 Likes 1 Share

Re: FG To Sell Three Power Plants For N434bn by CodeTemplar: 11:39am On Nov 16
If every body should be empowered with I better pass (noiseless) at 200k each, we will have light sharply. All these building and mega depreciation before sales is scam.

3 Likes

Re: FG To Sell Three Power Plants For N434bn by IJOBA2: 11:48am On Nov 16
LADIES AND GENTLEMEN IT IS TIME TO IMPEACH THIS ENEMY OF NIGERIA CALLED BULLHARY.

10 Likes

Re: FG To Sell Three Power Plants For N434bn by IJOBA2: 11:50am On Nov 16
trutht828:
When atiku was talking about selling all the refineries last time, morally corrupt crooks like silenced mannabbqgrills, silenced Simplyleo, helinues, yarimo, Baawaa, and the other miscreants said he wanted to sell them to his cronies.

We can also say buhari wants to sell the power plants to his cronies, can't we?
YOU WILL NOT SEE THEM HERE, ESPECIALLY HELINUES

14 Likes

Re: FG To Sell Three Power Plants For N434bn by slawormiir: 1:11pm On Nov 16
Damnnn niggarrrr
Isoright

3 Likes 2 Shares

Re: FG To Sell Three Power Plants For N434bn by datola: 1:12pm On Nov 16
Awon apa ako tile ta!

1 Like 1 Share

Re: FG To Sell Three Power Plants For N434bn by Sunnycliff(m): 1:12pm On Nov 16
Nigeria is gone
Re: FG To Sell Three Power Plants For N434bn by Macsjebs(m): 1:12pm On Nov 16
shocked Na wa o
Never take a loan u have no strategy/proper plan for repayment

I got more than I bargained for at the wedding of a nairalander - it was indeed love at first smell. I was no where near the best dressed or most good looking, but my scent stole the show

For guys here still thinking, spending or ________ is the only way to get a lady, well, have u tried scenting heavenly. Kindly see reviews on the thread on my signature
Re: FG To Sell Three Power Plants For N434bn by PhillipPHD(m): 1:13pm On Nov 16
This portion of the National cake is the birthright of the Adeleke's and the Otedola's.

Davido and DJ Cuppy are about to get richer.

3 Likes

Re: FG To Sell Three Power Plants For N434bn by AlphaMajestic: 1:13pm On Nov 16
i can't tell where this country is heading to but its too damn obvious that it isnt a good place at all

5 Likes

Re: FG To Sell Three Power Plants For N434bn by Sunnycliff(m): 1:13pm On Nov 16
trutht828:
When atiku was talking about selling all the refineries last time, morally corrupt crooks like silenced mannabbqgrills, silenced Simplyleo, helinues, yarimo, Baawaa, and the other miscreants said he wanted to sell them to his cronies.

We can also say buhari wants to sell the power plants to his cronies, can't we?

If you talk they will say you are a wailer

5 Likes

Re: FG To Sell Three Power Plants For N434bn by DennisEche(m): 1:13pm On Nov 16
OSHE
Re: FG To Sell Three Power Plants For N434bn by fourboys: 1:13pm On Nov 16
pls sell the country join

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