FG To Ink Sale Of N105bn Afam Power Plant Today

The Federal Government will today, Thursday, ink the 105bn Afam Power Plant sale agreement with the preferred bidder, Transcorp Power Consortium.

The signing ceremony for the official sale is expected to hold at the Office of the Vice President, Prof. Yemi Osinbajo.

The National Council on Privatisation chaired by Osinbajo had in October 2019, 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).

The Director-General of Bureau of Public Enterprises (BPE) confirmed this on Wednesday while giving updates on the organisation’s efforts since the outbreak of COVID-19 pandemic.

He told reporters in Abuja that the signing of the N105bn deal was part of the work being done by his organisation.

Okoh 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 (Thursday) 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.”

FG To Ink Sale Of N105bn Afam Power Plant Today

According to the BPE boss, the successful investor would make part payment and subsequently clear the balance.

He said, “The preferred bidder is Transcorp Power Consortium. They also run the Transcorp Ughelli Power Plant. They won the bid out of a very strong field of about 12 prospective investors.

“So, tomorrow (Thursday), we will do the signing ceremony at the Office of the Vice President and then, they (Transcorp) go ahead 15 days after to pay the 25 per cent of that N105bn. And subsequently they will pay the 75 per cent.”

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