Nigeria kicks-off process to sell shares in 10 gas-fired NIPP plants

Bids were received for the power plants.

The Federal Government on Monday commenced the process to sell shares in the ten gas-fired independent power generation companies under the National Integrated Power Projects (NIPP) to investors interested in taking over the ownership and management of the power plants.

The plants are Alaoji Power Station in Abia State; Calabar Power
Station in Cross River State; Egbema Power Station in Imo State;
Geregu Power Station in Kogi State; Ihovbor Power Station in Edo
State; Olorunsogo Power Station Ogun State; Omoku Power Station in Rivers State; Omotosho in Ondo State; Gbarain Power station in Bayelsa State and Ogorode power station.

At the public event to formally open the bids received from
prospective bidders interested to buying the shares in these
companies, a total of 66 bids were received from various bidders for the plants.

Details of the submitted bids showed that 3 bids were received for Alaoji power station; Egbema, 4; Ogorode, 8; Omoku, 8; Geregu, 8.

Gbarain, 7; Omotosho, 13, while 5 each were received for Benin/Ihovbor in Edo, Olorunsogo and Calabar.

The Managing Director, Niger Delta Power Holding Company, James Olotu, said the completion of the event marked a significant milestone in the transaction schedule, adding that members of the transaction evaluation committee, which would immediately commence the evaluation of the bids in accordance with stipulated guidelines and approved parameters, would in the next two weeks complete the exercise to pave the way for the approval processes.

“Hopefully by the 23rd of this month the evaluation would have been completed for the approval processes to kick-start,” Mr. Olotu said, adding that everything would be done to ensure that the entire process was transparent and its integrity “not only Nigerianised, but internationalized.”

He identified the stipulated evaluation parameters to be used in
assessing the bids to include the technical competence of the bidding companies to successfully operate and manage the power plants of the capacity they are bidding for; the financial capability to actually invest in the plant of their choice, and the integrity of the bidding consortium.

He expressed satisfaction with the progress made so far in the bidding process, pointing out that most of the bidders met the primary requirements for bidding, which qualified them to move to the next stage of the process.

By the end of January next year, Mr. Olotu said the preferred bidder should emerge, after the financial bids opening exercise would have been completed.

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