In line with the payment mechanism for the privatisation of the Power Holding Company of Nigeria (PHCN) successor generation and distribution companies, the Bureau of Public Enterprises (BPE), yesterday received bank guarantees worth $335,854,986.15 from the preferred bidders for the enterprises.
At its sixth meeting for 2012 which held on October 29, 2012 at the Presidential Villa, Abuja, the National Council on Privatisation (NCP) had approved the payment mechanism for the PHCN successor generation companies (Gencos) and successor distribution companies (Discos). It involves the submission by the preferred bidders of additional bid security in the form of a letter of credit or bank guarantee for fifteen percent (15%) of the transaction value to the BPE.
In a statement, the BPE said the preferred bidders are required within 15 business days of notification from the BPE to submit a “Preferred Bidder’s Bank Guarantee.” The deadline for receipt of the bank guarantee was Friday, November 23, 2012.
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