Bankowner:


Just curious.

Who owns Penstock Limited?

Why was Mainstream Energy Solutions Limited, the initial bidder, bypassed?

Why wonder? .... didn't you read Penstock paid 50% of the concessionaire fee? ... whatever that is? ... before being handed control of the $1.3 b project? Can't you see it wasn't about who was shortlisted ... it was about who first paid the concessionaire fee ... ehmmm .... or part of it.
This country needs a military coup... and some greedy people to be ehmmm ... taken care of

DonFreshmoney:
Penstock company is owned by a politician in this tinubu regime..

I can bet my 2 eyes on this

And Mainstream Energy solution is owned by ordinary Nigerian abi?

Bankowner:
Just curious.

Who owns Penstock Limited?

Why was Mainstream Energy Solutions Limited, the initial bidder, bypassed?

Maybe the did not meet the bid requirements.
May Price bid too low.
Until we read the Bid Report, we only but can assume.

Originalsly:


Why wonder? .... didn't you read Penstock paid 50% of the concessionaire fee? ... whatever that is? ... before being handed control of the $1.3 b project? Can't you see it wasn't about who was shortlisted ... it was about who first paid the concessionaire fee ... ehmmm .... or part of it.
This country needs a military coup... and some greedy people to be ehmmm ... taken care of

That is the requirement for the concessinaire.
It is a price based concessionaire.
You raise 50percent of the fee on said date. That is the requirement.

Babangidapikin:
So you are saying the three preferred bidders didn't meet the criteria abi you just wasted their time and gave it to whom you want. If they sue us now, it's Nigeria money you would use to compensate them ...

U dey mind them.. and they’ll sue

Paraman:


https://punchng.com/fg-hands-over-zungeru-power-plant-to-concessionaire/?utm_source=telegram&utm_medium=social

Penstock Limited is a subsidiary of Mainstream Energy Solutions

Bankowner:
Just curious.

Who owns Penstock Limited?

Why was Mainstream Energy Solutions Limited, the initial bidder, bypassed?

Penstock Limited is a subsidiary of Mainstream Energy Solution Limited. The company (Penstock) was registered by Mainstream to manage the Zungeru hydro project.

Bankowner:
Just curious.

Who owns Penstock Limited?

Why was Mainstream Energy Solutions Limited, the initial bidder, bypassed?

Some political manoeuvre just took place!

Anyhow, Mainstream, funny enough, has affiliations with APC, at least in Niger State.

I've never heard of Penstock....I hope it's not an SPV.

Okay. The answer by Aristo3146 makes more sense, but I'm sure some new players will have more stakes/control through Penstock.

badoh:

And Mainstream Energy solution is owned by ordinary Nigerian abi?

For where .. it’s owned by Col Sani Bello rtd…one of the richest Nigerians ever.. but he’s very private. He was the biggest Naija investor in MTN. Pascal Edozie convinced him to write a big cheque. He was a former governor of Kano State. he was Aguiyi Ironsi’s ADC .Tinubu’s right hand man. He also owns Penstock Nig ltd

Bankowner:
Just curious.

Who owns Penstock Limited?

Why was Mainstream Energy Solutions Limited, the initial bidder, bypassed?

Penstock limited? Can't find it online...the one I see stated it's based in Abuja

Our journalists should do better. A small digging should reveal that Penstock limited is a subsidiary of Mainstream Limited.
https://www.reuters.com/business/energy/nigerian-company-begins-operating-13bln-chinese-funded-power-plant-2024-01-25/

DonFreshmoney:
Penstock company is owned by a politician in this tinubu regime..

I can bet my 2 eyes on this

Penstock is subsidiary of mainstream energy ltd

Paraman:
Seun

Mynd44

fergie001

This chidish thing just broke rule 2

Please, I'm even tired of this site. Ban me please

mrdharkchild:


Please, I'm even tired of this site. Ban me please

This site do not need chidish and abusive things like you. No sane adult will attack someone on the social media.

BigIyanga:

If you have sense, you would know that our money was used to build that project that iis 25% and we also guarantee the loan 100%. What do we get in return nothing. Is there like soveriegn trust fund where our 25% of profits would be paid into? But cronies/investors will take 100%. Just like Dangote Refinery where we invested like $4bn with no ROI and also sold him FX at discounted official rate. Naija govt distributes pains and losses to masses … but passes on profits and ownership to buddies and crony capitalists .

What does Naija govt subsidize for poor Nigerians? Nothing

You’re right Nigerian government subsidizes nothing yet , we’re complaining fuel prices is almost #700, university students are complaining that school fees is 100+ from 21k
At some point Nigerian institutions pay 10k per session In the university and you complain nothing is subsidized while some private universities pay 300k -400k.

At some point a bag of cement was sold #800 now is 7k-8k if you built your house in that era government made it possible for you .

Nigeria have some terrible people, the worst are the educated ones with bitterness hidden underneath them , they spread falsehood.
At this point Nigerians will believe They was subsidy before.

Bankowner:
Just curious.

Who owns Penstock Limited?

Why was Mainstream Energy Solutions Limited, the initial bidder, bypassed?

They were bypassed because the company heads are already known economy thieves. And one of them is a major actor that looted subsidy during Buhari evil administration...

Are you OK now?

At least one hydro power plant completed if more are build then we are getting there bit by bit.

Paraman:


https://punchng.com/fg-hands-over-zungeru-power-plant-to-concessionaire/?utm_source=telegram&utm_medium=social

Useless Punch article, this is why Nigeria media fails Mainstream owns Penstock

Mainstream Energy Solution Ltd said its subsidiary Penstock Energy Ltd

Nigerian company begins operating $1.3 billion Chinese-funded power plant
By Isaac Anyaogu


LAGOS, Jan 25 (Reuters) - Nigeria's Mainstream Energy, which already runs two of the country's biggest hydroelectric plants, has begun operating a new Chinese-funded facility, nearly a year after winning the concession, the utility said on Thursday.
Mainstream Energy Solution Ltd said its subsidiary Penstock Energy Ltd is running the new 700 megawatts plant in Zungeru, central Nigeria, which has been built with a $1.3 billion loan from China.


Nigeria's privatisation agency, the Bureau of Public Enterprises (BPE), last February awarded the concession to Mainstream Energy, which will pay the Nigerian government $70 million annually over three decades to operate the plant.

"This is where the real work starts in ensuring that the asset is managed in accordance with international standards," Mainstream Energy CEO Audu Lamu, said in a statement on Thursday.


Over the last decade, China has been active in Nigeria, providing finance through its development bank to build infrastructure including rail, airports, and power generation plants.


The Mainstream Energy-run Kainji and Jebba hydroelectric plants have a combined output of 1,338 megawatts which accounts for about 33% of Nigeria's current 4,000 megawatts power generation.


Much more is needed as millions of households and businesses suffer frequent blackouts.

https://www.reuters.com/business/energy/nigerian-company-begins-operating-13bln-chinese-funded-power-plant-2024-01-25/

Power is the new industry for corruption

SalamRushdie:
Power is the new industry for corruption

At least we would get more power distributed

Bankowner:
Just curious.

Who owns Penstock Limited?

Why was Mainstream Energy Solutions Limited, the initial bidder, bypassed?

Same question I’m asking.

By the time Mainstream Energy Solutions Limited institute a legal action against the FG asking for $100B compensation for flouting the procurement procedure, una eye go clear.

I really don't understand why Penstock will be given the contract when they neither bided nor won. This is a a clear and flagrant disregard to the rule of law and public procurement principle.

This is the same way the nation has been embroidered in needless legal battles paying humongous amount in compensation.

Oh my God who did this to us?

Are we sure this is not deliberate.
Someone has just laid an invisible financial trap for our nation.
He hopes to cash out in coming months/years.

This post will serve as a reminder.

What a pity.

badoh:

And Mainstream Energy solution is owned by ordinary Nigerian abi?

Lool..allow the guy to jonze make politicians dey cash out....

Penguin2:

Same question I’m asking.

Useless Punch article, this is why Nigeria media fails Mainstream owns Penstock

Mainstream Energy Solution Ltd said its subsidiary Penstock Energy Ltd

Chucks13:


They were bypassed because the company heads are already known economy thieves. And one of them is a major actor that looted subsidy during Buhari evil administration...

Are you OK now?

At least one hydro power plant completed if more are build then we are getting there bit by bit.

If you had used your brain and done basic research on Google instead of waffling on this stupid conspiracy theory, you would have noticed that.

Mainstream Energy owns Penstock Ltd

Nigerian company begins operating $1.3 billion Chinese-funded power plant
By Isaac Anyaogu


LAGOS, Jan 25 (Reuters) - Nigeria's Mainstream Energy, which already runs two of the country's biggest hydroelectric plants, has begun operating a new Chinese-funded facility, nearly a year after winning the concession, the utility said on Thursday.
Mainstream Energy Solution Ltd said its subsidiary Penstock Energy Ltd is running the new 700 megawatts plant in Zungeru, central Nigeria, which has been built with a $1.3 billion loan from China.


Nigeria's privatisation agency, the Bureau of Public Enterprises (BPE), last February awarded the concession to Mainstream Energy, which will pay the Nigerian government $70 million annually over three decades to operate the plant.

"This is where the real work starts in ensuring that the asset is managed in accordance with international standards," Mainstream Energy CEO Audu Lamu, said in a statement on Thursday.


Over the last decade, China has been active in Nigeria, providing finance through its development bank to build infrastructure including rail, airports, and power generation plants.


The Mainstream Energy-run Kainji and Jebba hydroelectric plants have a combined output of 1,338 megawatts which accounts for about 33% of Nigeria's current 4,000 megawatts power generation.


Much more is needed as millions of households and businesses suffer frequent blackouts.

https://www.reuters.com/business/energy/nigerian-company-begins-operating-13bln-chinese-funded-power-plant-2024-01-25/

sulaak:


Useless Punch article, this is why Nigeria media fails Mainstream owns Penstock

Mainstream Energy Solution Ltd said its subsidiary Penstock Energy Ltd

Thank you for the update.

But punch is really useless. An innocent reader would have thought they brought in a new bidder and displaced Mainstream Energy entirely.

That’s how they will set the country ablaze one day with half truths.

sulaak:


If you had used your brain and done basic research on Google instead of waffling on this stupid conspiracy theory, you would have noticed that.

Mainstream Energy owns Penstock Ltd

You see your problem you can't do without throwing insult and when someone reply you you will call your fellow online tyrants NL OP mistakenly hired by Seun Osewa.

If you dare throw anymore insult on me this morning I will bash you badly so you and your fellow OP tyrants can do your worst...

Penguin2:

Thank you for the update.

But punch is really useless. An innocent reader would have thought they brought in a new bidder and displaced Mainstream Energy entirely.

That’s how they will set the country ablaze one day with half truths.

I always cross-check Nigeria Media articles with international media

Chucks13:


You see your problem you can't do without throwing insult and when someone reply you you will call your fellow online tyrants NL OP mistakenly hired by Seun Osewa.

If you dare throw anymore insult on me this morning I will bash you badly so you and your fellow OP tyrants can do your worst...

Make you no vex. Please enjoy your morning and your day.

Dagah2:
I believe in Tinubu's government. Things will get better in the latter days!

I know you believe in devil too

DonFreshmoney:
Penstock company is owned by a politician in this tinubu regime..

I can bet my 2 eyes on this

and ur two eye will blind for talking wat u don't knw, olodo

Dagah2:
I believe in Tinubu's government. Things will get better in the latter days!

You are just too emotional...

I will remind you about your post in 2027 and beyond....

APC as a party has no plan for Nigeria..