Nigeria’s federal government will Thursday sign an agreement with Transcorp Consortium, the preferred bidder of Afam Power Plant, with a bid sum of N105 billion (about $272m).

The Director-General of the Bureau of Public Enterprises (BPE), Mr. Alex Okoh, told journalists Wednesday in Abuja that the agreement-signing ceremony showed the fact that rather than being hamstrung by the negative impact of COVID-19, the privatisation agency scaled up its activities during the pandemic by concluding the sale process.

He stated: “We had to review our activities as an agency upward instead of downward as a result of the COVID-19 issues. We did not slow down but actually heightened activities basically to help generate revenue to support the fiscal plan for the year.

“And incidentally, tomorrow (Thursday) just as an indication of some of the activities that we have heightened up, we are going to be doing the signing ceremony for the sale of Afam Power Plant to the preferred bidder. That alone will fetch the federal government a total sum of N105 billion. So, we didn’t slow down our activities at all; business is continuing as usual for us.”

Okoh said the preferred bidder for the power plant also runs the Transcorp Ughelli Power Plant, adding that they won the bid out of a strong field of about 12 prospective investors.

“So, tomorrow, we will do the signing ceremony at the Office of the Vice President and then, they (Transcorp) go ahead 15 days after to pay the 25% of that N105 billion, and subsequently they will pay the 75%,” he added.

The Afam Plant and Yola Electricity Distribution Company are among nine power assets listed for sale this year alongside 10 other government-owned companies, all projected to yield over N260 billion (about $675m)

The Afam IV-V Power Station, located in Oyigbo Local Government Area of Rivers State, is owned by the defunct Power Holding Company of Nigeria (PHCN).

The National Council on Privatisation (NCP) had October 2019 approved Transcorp Power Consortium as the preferred bidder for the Afam Electricity Generation Company (Afam Power Plc and Afam Three Fast Power Limited) with a bid price of N105.3 billion.

Diamond Stripes Consortium was approved as the reserve bidder with a price of N102.3billion.

Meanwhile, the BPE has denied the allegation of diversion of the N2.5 billion (about $6.5m) PHCN funds to buy property in Aso Savings.

In a statement made available to THISDAY, the BPE debunked the reports, saying that on February 24, 2014, the agency got the approval of the Accountant-General of the Federation (OAGF) to establish a banking relationship with Aso Savings and Loans Plc.

It said: “Subsequently, the bureau made a placement in the sum of N2.5 billion in the account to facilitate access to cheap finance for the bureau’s staff housing scheme but the staff were not able to access the money.

“Following the federal government’s directive on 14th September, 2015 that all funds held with commercial banks be transferred to the bureau’s Treasury Single Account with the Central Bank of Nigeria, it was discovered that Aso Savings and Loans Plc could not meet its deposit repayment obligations, leading to a new repayment agreement.”

The statement added that despite the new arrangement, Aso Savings and Loans Plc. defaulted in meeting its obligations under the agreement, noting that as a result, the bureau has made several demands on ASL, which has not been met till date.

https://www.arise.tv/nigeria-signs-272m-power-plant-agreement-with-transcorp/

Built by GEJ. Next is sale of Alaoji Power Plant built by GEJ as well...

ascendo:
Built by GEJ. Next is sale of Alaoji Power Plant built by GEJ as well...

Huh?
All the 10 Fg owned power plants are build by GEJ.
You're not the only one that lives in Nigeria sir.


Anyways, if selling them will make us have better electricity.
I support it.

Seerade029:


Huh?
All the 10 Fg owned power plants are build by GEJ.
You're not the only one that lives in Nigeria sir.


Anyways, if selling them will make us have better electricity.
I support it.

Sorry sir, I know I wasnt the only one but 'he didnt build any infrastructure', we were told. What then are we selling so?

We have many power plants that are not working not because they spoilt.

If you know.. You know

Our problem is not power generation.

They should invest more in distribution please.

The amount is very very small compared to what we need for stable power so planning to loot this money under the guise of power plant is evil.

Welcome development

ascendo:


Sorry sir, I know I wasnt the only one but 'he didnt build any infrastructure', we were told. What then are we selling so?

He built infrastructures, but in the North, not in the south.

Have you been to the North? Go to the town of Nigerian past leaders and see what those northerners did for their state and town.
In fact in Niger state, they worship IBB till date.

But Obasanjo and Jonathan

ascendo:
Built by GEJ. Next is sale of Alaoji Power Plant built by GEJ as well...

Did you just say that Afam Power Plant was built by GEJ?

Afam Power Plant that has been there even before the Nigerian Civil War?

Okoroawusa:

Did you just say that Afam Power Plant was built by GEJ?

Afam Power Plant that has been there even before the Nigerian Civil War?

Google has the answer and even their website. The particular plant they're selling was built recently

ascendo:


Google has the answer and even their website. The particular plant they're selling was built recently

How many power plants are in Afam?

Built by GEJ. Next is sale of Alaoji Power Plant built by GEJ as well...

Okoroawusa:

How many power plants are in Afam?

Afam Plant
The Afam Power Plant is the newest and biggest of the FIPL’s projects. It is made up of 2 phases. The contract for Engineering, Procurement and Construction (EPC) of the first and second phases were awarded in 2010 and 2011 respectively to Saipem, a subsidiary of the Italian Oil giant, Eni. At present, Phase 1 is operational with an installed GE (formerly Alstom) GT13E2 gas turbine of 180MW capacity, exporting an average of 3500MWH per day into the national grid. The expectation is that phase 2 of the same type of unit would be installed and come online before the end of 2019. Natural gas for the operation of the Afam turbine is supplied from Shell Nigeria.

Afam is located in Oyigbo LGA of Rivers State. A relatively small community but is a power generation hub as it plays host to [b]4 power plants. FIPL’s Afam Power Plant, Shell’s Afam VI Power plant, Government’s Afam I-IV Power plant and the currently on-going construction of the Fast Power Plant. [/b]They also are host communities to the Shell Okoloma gas plant.

Source...http://fipl-ng.com/plants/

ascendo:


Afam Plant
The Afam Power Plant is the newest and biggest of the FIPL’s projects. It is made up of 2 phases. The contract for Engineering, Procurement and Construction (EPC) of the first and second phases were awarded in 2010 and 2011 respectively to Saipem, a subsidiary of the Italian Oil giant, Eni. At present, Phase 1 is operational with an installed GE (formerly Alstom) GT13E2 gas turbine of 180MW capacity, exporting an average of 3500MWH per day into the national grid. The expectation is that phase 2 of the same type of unit would be installed and come online before the end of 2019. Natural gas for the operation of the Afam turbine is supplied from Shell Nigeria.

Afam is located in Oyigbo LGA of Rivers State. A relatively small community but is a power generation hub as it plays host to [b]4 power plants. FIPL’s Afam Power Plant, Shell’s Afam VI Power plant, Government’s Afam I-IV Power plant and the currently on-going construction of the Fast Power Plant. [/b]They also are host communities to the Shell Okoloma gas plant.

Source...http://fipl-ng.com/plants/

So there are 4 power plants?

Are they concessioning all?

Okoroawusa:

So there are 4 power plants?

Are they concessioning all?

This my brother self... does the four power Plants belong to the government? Only one completed and another uncompleted belong to the government and the privatisation is for the completed one.

Abi you want them to sell the power Plant that belongs to Shell ni...?

ascendo:


This my brother self... does the four power Plants belong to the government? Only one completed and another uncompleted belong to the government and the privatisation is for the completed one.

Abi you want them to sell the power Plant that belongs to Shell ni...?

Ok...I get it