Lagos — Electricity workers in the country have described the $7 million (N110 billion) placed on five electricity generation companies as a rip-off and another attempt by the Federal Government to paralyze the power sector.

President of the Nigerian Union of Electricity Employees (NUEE), Comrade Mansur Musa told Daily Trust yesterday in a telephone interview that the bids for the companies were too low.

Five firms on Tuesday emerged bid winners, offering a total sum of N110bn for five electricity generation companies which are part of the 18 successor companies of the unbundled PHCN.

However, the chairman of the Nigerian Electricity Regulatory Commission (NERC), Dr Sam Amadi said the process was transparent but that the next challenge rest on the successful bidders to revive the ailing sector.

He spoke at a stakeholder consultation meeting in Abuja on the commission's new guidelines for power procurement.

General Secretary of the Senior Staff Association of Electricity and Allied Companies (SSEAC), Comrade Abiodun Ogunsegha also told Daily Trust that what went on during the bidding process was long anticipated.

For the Chartered Institute of Stockbrokers (CIS), the Nigerian public needs to be given 25 per cent equity participation in the companies being sold off, president of the association, Ariyo Olusekun said yesterday.

The bid winners are Transnational Corporation of Nigeria (Plc), Amperion Consortium, CMEC/Eurafric Energy Consortium, Mainstream Energy Solutions Limited and North-South Power Company Limited.