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Investors pay N73bn for PHCN successor firms

By on March 21, 2013

ELEVEN bidders for the successor companies of Power Holding Company of Nigeria, PHCN, have paid $469, 031,940.46 (about N73,638,014,580 billion), representing the mandatory 25 percent of the offer of their bids.

The deadline for the payment of the initial deposit expires today.

It was learnt that the Bureau of Public Enterprises, BPE, received payments from seven investors yesterday, to beat the deadline. Five others paid earlier.

The bidders that paid the mandatory 25 percent of the bid value, yesterday are: Vigeo Consortium, the preferred bidder for Benin Distribution Company, which paid USD $32.25; Transcorp/Woodrock Consortium, $75 million for Ughelli Power Plc;

CMEC/EUAFRIC Energy JV, $50,249,965 for Sapele Power Plc; Kann Consortium, $41 million for Abuja Distribution Company; Aura Energy, $20,464,968.15, for Jos Distribution Company; Mainstream Energy Ltd, $59,467,500, for Kainji Power Plc; and Sahelian Power SPV, $34.25million for Kano Distribution Company.

Other bidders that had earlier paid the mandatory 25 percent are Amperion Power Company Limited, USD$33 million for Geregu Power Plc; Integrated Energy Distribution & Marketing Company, USD$42.25 million for Ibadan and Yola Distribution Companies and for Ibadan and Yola Discos respectively; NEDC/KEPCO, the preferred bidder for Ikeja Distribution Company, USD$ 32.75 million and USD$14.75 million, respectively; and West Power & Gas, USD$33.75 million for Eko Distribution Company.

Payment is expected from Power Consortium (Port-Harcourt Disco); Interstate Electrics Limited (Enugu Disco); and North-South Power Company (Shiroro Power Plc).

National Council on Privatisation, NCP, had on October 23, 2012 announced its approval of the preferred bidders for the PHCN successor companies.