Dangote Power, owned by business mogul, Aliko Dangote, and Western Metal Products Company Limited (WEMPCO Group), a metal manufacturing company with interests in the energy sector, were among the companies that failed to meet the July 17 deadline given to investors bidding for six power generation under the privatisation programme.
Also, Supertech, a company said to be linked to a former Minister of Information and chieftain of the Peoples Democratic Party, Professor Jerry Gana, did not make the Tuesday deadline set by the Bureau of Public Enterprises (BPE) for the submission of bids.

In keeping with its revised timeline for the privatisation exercise, the BPE had given bidder till July 17 to submit their technical and financial proposals, as well as a $2 million bid bond from each of the bidders, for the power assets.
However, Consortiums such as JBN-Nestoil Power Services Ltd, comprising Nestoil Plc (an affiliate company of Century Power) and Julius Berger Nigeria (through Julius Berger Investments) – the investment arm of Julius Berger Nigeria Plc, were among the 25 bidders that BPE confirmed yesterday met the deadline.
Also a consortium associated with the Chairman of Forte Oil, Mr. Femi Otedola, bidding alongside Chinese investors, was said to have submitted their bids on time.
Given an update on the privatisation exercise, Head, Public Communications at the BPE, Mr. Chukwuma Nwokoh said the next stage is the harvest of the bidders’ technical and financial proposals which has July 31, 2012 as deadline for distribution companies.
The BPE said that the evaluation of the technical bids will take place between August 14 and 28, 2012, while the National Council on Privatisation (NCP) will approve the results of the technical evaluation on/or before September 11, 2012.
However, the deadline for the shortlisted bidders for generation companies to submit their letters of credit has been fixed for September 18, 2012, while October 2, 2012 is for shortlisted bidders for distribution companies.
Consequently, NCP’s approval will pave way for the opening of financial bids of the shortlisted investors.
The BPE will between September 25, 2012 and October 10, 2012, open the financial bids of prospective investors for
the privatisation of the successor companies created from the PHCN, while the NCP
will on/or before October 23, 2012, announce the preferred bidder for the 17 successor companies.