Ibrahim Bademosi Babangida,Otedola,Tony Elumelu etc companies today won the bids to take over PHCN (NEPA).
The bid conducted at Transcorp Hotel Abuja by the National Council on Privatization chaired by IBTC founder Atedo Peterside along side the DG BPE Ms Onogoruwa.. It also means that the Kainji Dam and Shiroro Dam are no longer owned by PHCN. They won the bid for five plants costing $1.62 billion (about N254.39 billion). The Transcorp and Wood Rock, with Elumelu as chairman, won the bid for Ughelli Power Plc with a bid price of $300 million. The consortium beat two competitors: Amperion Power Distribution Ltd with a bid price of $252million which was, however, declared reserved bidder and Feniks Electricity which wanted to pay $54million for the plant. The Transcorp Consortium has over 35 years worldwide power sector experience in Africa, Europe and Middle East. Similarly, North-South Power, said to be promoted by a former Head of State based in Minna, Niger State won the concession bid for Shiroro Power Plc with a bid price of $23.602 million fixed annual fee and a commencement fee of $111.664 million.
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