The federal government has so far received the sum of $156.50 million from the five preferred bidders for the successor firms of the Power Holding Company of Nigeria (PHCN) as part of the mandatory 25 per cent of the bid value of the respective assets.
According to a statement from the Bureau of Public Enterprises (BPE), which was made available to THISDAY Monday, a breakdown of the total remittances showed that Amperion Power Company Limited, the preferred bidder for Geregu Power Plc had paid $33 million; Integrated Energy Distribution & Marketing Company, which won the bid for Ibadan and Yola Distribution Companies paid $42.25 million and USD$14.75 million respectively while NEDC/KEPCO, the preferred bidder for Ikeja Distribution Company, paid $32.75 million.
Others include West Power and Gas, the preferred bidder for Eko Distribution Company which paid $33.75 million.
The payment came ahead of the Thursday, March 21 deadline for all the bidders to make the mandatory 25 per cent payment in line with the Share Purchase Agreement for the transactions.
However, payments were still being awaited from other bidders including 4Power Consortium (Port-Harcourt Disco); Aura Energy Limited (Jos Disco); Interstate Electrics Limited (Enugu Disco); KANN Consortium Utility Company Limited (Abuja Disco), Sahelian Power SPV Limited (Kano Disco), Vigeo Consortium(Benin Disco); Transcorp Consortium (Ughelli Power Plc); CMEC/EUAFRIC Energy JV (Sapele Power Plc); Mainstream Energy Solutions Limited (Kainji Power Plc); and North-South Power Company (Shiroro Power Plc).
The National Council on Privatisation (NCP) had on October 23, 2012 given the final approval of the preferred bidders to advance into the next stage of the privatisation exercise.
The Nigerian electricity industry had been unbundled into generation and distribution companies and a single transmission company with a view to encouraging private sector participation and attracting foreign and local investments into the Nigerian power sector to ensure economic and reliable electricity supply.