27 September 2012

Nigeria: Workers Reject N110 Billion Price for Five Power Stations

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.

Copyright © 2012 Daily Trust. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.