FG Set to Sell Electricity Generating Companies to Otedola, Tony Elumelu, 3 others

Of the five firms that emerged bid winners on Tuesday for five electricity generation companies owned by the country put up for sale, two are headed by businessman Femi Otedola and Tony Elumelu, former head of UBA. The bid winners are Transnational Corporation of Nigeria (Plc), Amperion Consortium, CMEC/Eurafric Energy Consortium, Mainstream Energy Solutions Limited and North-South Power Company Limited.
At the proceedings of the bidding which was conducted in Abuja by the National Council on Privatization, Transcorp emerged the preferred bidder for the Ugheli thermal power plant with an offer of $300m to beat its closest rival, Amperion, which offered $252m.The former Managing Director, United Bank for Africa Plc, Mr. Tony Elumelu, is the chairman of Transcorp, with his Heirs Holdings having substantial equity in the conglomerate.
Also, Amperion Consortium, with $132m, won the bid for the 414 megawatts Geregu power plant, though it initially offered $128.52m as the sole bidder for the plant. Amperion is made up of Israeli-based BSG Resource Limited, State Grid Corporation of China and Forte Oil Plc, in which billionaire businessman, Mr. Femi Otedola, is the major stakeholder.

Meanwhile, the Chairman, Technical Committee, National Council on Privatisation (NCP), Mr. Atedo Peterside, who supervised the opening of the bids for the generation companies also said “The privatisation of the distribution companies is also on track and so we should reassemble here on October 16 for the commercial bids opening for the Discos.”