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FG to Realize N 200 billion from Sale of Power Assets

By on June 21, 2012

The Federal Government expects to earn N 200 billion from the privatization of the power sector even as the successor companies take up assets formerly belonging to the Power Holding Company of Nigeria (PHCN).

The Director-General of the Bureau of Public Enterprises (BPE), Ms. Bolanle Onagoruwa disclosed this at a management retreat recently in Abuja.

She said the bulk of the revenue is expected to come at the close of the on-going power sector reform and privatisation of PHCN successor companies.

Giving an update on the privatisation of PHCN successor companies, the BPE boss said the privatisation of the companies was donor-funded and therefore not subjected to the delays in the release of the transaction budget.

She said, “The evaluation will commence immediately and for Gencos this will be concluded by August 14, 2012 while that for Discos will be concluded by August 31, 2012. NCP approval for the evaluation of the Gencos will be sought on August 28, 2012 while that of the Discos will also sought on September 11, 2012.

“The deadline for the submission of post-qualification security is slated for September 18, 2012 for the Gencos and October 2, 2012 for the Discos.The opening of the financial bids for the Gencos is September 25, 2012 while for Discos is slated for October 10. The final approval of the preferred bidders by NCP and its announcement for the successor companies is expected to be done on October 9, 2012 for the Gencos and October 23 for the Discos.”