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/

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.

Please add NTA too

Lol... Can someone please rescue me before everything collapses. God please.

When atiku was talking about selling all the refineries last time, morally corrupt crooks like silenced , 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?

Hope they added Aso rock and our useless leaders to the list? Kukuma sell Nigeria make we rest

FG to sell Nigeria to China this is the news i'm waiting for.

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!

pardon my laf

ha

haha

hahaha

bubu

ha

Thank goodness nairaland is not federal government property

SocialJustice:
Nigeria!

Crude oil will soon go out of demand

trutht828:
When atiku was talking about selling all the refineries last time, morally corrupt crooks like silenced , 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

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

ggood:
after selling what will they do with the money

spend the money nau

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

This people go soon sell everybody Facebook account to yahoo boys with the way dey are going....

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.

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.

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.

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.

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.

LADIES AND GENTLEMEN IT IS TIME TO IMPEACH THIS ENEMY OF NIGERIA CALLED BULLHARY.

trutht828:
When atiku was talking about selling all the refineries last time, morally corrupt crooks like silenced , 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

Damnnn niggarrrr
Isoright

Awon apa ako tile ta!

Nigeria is gone

Na wa o
Never take a loan u have no strategy/proper plan for repayment

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.

i can't tell where this country is heading to but its too damn obvious that it isnt a good place at all

trutht828:
When atiku was talking about selling all the refineries last time, morally corrupt crooks like silenced , 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

OSHE

pls sell the country join