billion (roughly 255 billion naira), was placed on five, of the six
power generation companies in Nigeria – in bids – to purchase them.
Afam Power Plc, Ughelli Power Plc, Geregu Power Plc, Sapele Power Plc,
Kainji Power Plc and Shiroro Power Plc, are the six power generation
companies in Nigeria, under the umbrella of Power Holding Company of
Nigeria Plc. Afam Power Plc was excluded from the list, because bids
for it did not pass the 75% required mark, according to the National
Council on Privatization (NCP).
Both local and foreign consortium companies have placed bids for these
plants. Transcorp & Woodrock/ Symbion/ Medea/ PSL/ Thomassen (Ughelli
Power Plc at $300million); CMEC/Eurafric Energy JV (for Sapele Power
Plc at $201million); Amperion Power Distribution Company Limited (for
Geregu Power Plc at $132million); Mainstream Energy Solutions Limited
(for Kainji Power Plc at $50.7million); and North-South Power Company
Limited (for Shiroro Power Plc at $23.6million), are bids and are
being processed by the NCP, for approval.
Nigeria has been plagued by electricity cuts over the years, but the
last few weeks have been better in more areas. The Federal Government
has resolved that privatization is the lasting solution, and this is
another step close.