Nigeria stands to earn over N200 billion from the privatisation of the 18 successor companies created from the unbundling of the Power Holding Company of Nigeria (PHCN), Director General of the Bureau of Public Enterprises (BPE), Ms. Bolanle Onagoruwa said.
The BPE boss, who made the revelation on Monday at a management retreat held in Abuja, explained that the bulk of the revenue would come at the conclusion of the on-going power sector reforms and privatisation of PHCN successor companies.
A statement from the BPE yesterday said the privatisation of the Olorunsogo power plant would be consummated in a month's, adding that over N1.2 billion has so far been garnered as privatisation proceeds for 2012.
Onagoruwa further said the process of the privatisation of the PHCN was donor-funded and therefore not subjected to the delays in the release of the transaction budget.
She highlighted the outstanding activities from the work plan which, according to her is the next key milestone, is the submission of the technical and financial proposals of bidders slated for July 17, 2012 for generating companies and July 31 for distribution companies.
She said:"The evaluation will commence immediately and for Gencos (generation companies) this will be concluded by August 14, 2012 while that for Discos (distribution companies) 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."
According to the timelines, 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 it is scheduled for October 10, 2012. 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, 2012 for the Discos."