The Federal Government of Nigeria will today, Thursday, November 5, 2020 sign an agreement for the sale of Afam Power Plant for N105bn to the preferred bidder.
Energynewsafrica.com understands the signing ceremony which will take place at the Office of the Vice President, would lead to the official sale of the power generation company to the preferred bidder, Transcorp Power Consortium.
In October 2019, the National Council on Privatisation approved Transcorp Power Consortium as the preferred bidder for the Afam Electricity Generation Company (Afam Power Plc and Afam Three Fast Power Limited) with a bid price of N105.3bn (about $343.6m).
This was one of the major decisions taken by the council, chaired by the Vice President and Chairman of Council, Prof. Yemi Osinbajo, at the 2nd Meeting of the NCP for 2019 on October 14, 2019.
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Providing updates on what the Bureau of Public Enterprises had been doing since the outbreak of the COVID-19 pandemic, the Director-General, BPE, Alex Okoh, said the signing of the N105bn deal was part of the work being done by his organisation.
He said, “We had to review our activities as an agency upward instead of downward as a result of the COVID-19 issues.
“Just as an indication of some of the activities that we have heightened up, tomorrow we are going to be doing the signing ceremony for the sale of Afam Power Plant to the preferred bidder.
“That alone will fetch the Federal Government a total sum of N105bn.”
The BPE boss said the successful investor would make part payment and subsequently clear the balance.