110 investors bid for Nigeria's power plants

No fewer than 110 investors have expressed interest in the 10 power plants of Niger Delta Power Holding Company (NDPHC) Ltd, currently under construction.

Mr James Olotu, the Managing Director of NDPHC, made this known at a news conference.

Olotu said the plants are Alaoji Generation Company Nigeria Ltd, Benin Generation Nigeria Ltd, Calabar Generation Nigeria Ltd, Egbema Generation Company Nigeria Ltd and Gbarian Generation Company Ltd.

The others are Geregu Generation Company Ltd, Ogorode Generation Ltd., Olorunsogo Generation Company Ltd, Omoku Generation Ltd, and Omotoso Generation Company Ltd.

He said the envelops for the 110 expression of interest had been collated for the 80 per cent shareholding divestment of the power station infrastructure currently being delivered by NDPHC.

Olotu said the collection of bids closed at 5 p.m. at the NDPHC headquarters and the Bureau of Public Enterprises office in Abuja which were the two designated centres for submission of bid envelopes.

The opening of the bid envelops would be done on Monday under security cover, after which they would be analysed, he added.

Olotu said the bid transaction would be completed in January, while the physical transfer of assets would be done later in 2014.

The managing director said five out of the 10 power stations had reached 95 per cent completion while one had attained 90 per cent completion with the remaining four at 85 per cent completion.

Olotu gave the assurance that the NDPHC would complete construction of the 10 plants before handing them over to successful bidders.

The project was initiated in 2004 by former President Olusegun Obasanjo as part of efforts by the Federal Government to boost power supply in the country.