The Director-General, Bureau of Public Enterprises (BPE), Alex Okoh on Wednesday, said the Federal Government would officially sign the sale of Afam Power Plant to the preferred bidder, Transcorp Power Consortium for N105 billion.
Okoh disclosed this while speaking to journalists in Abuja.
According to him, the official signing ceremony will hold Thursday at the Office of the Vice President.
He hinted that the National Council on Privatisation (NCP) had in October last year 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 N105.3 billion (about $343.6 million).
“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, 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 N105 billion”, he said.
According to him, the successful investor would make part payment and subsequently clear the balance.
“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 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 N105 billion. And subsequently, they will pay the 75 per cent,” he added.
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