The stage is now set to stop the noise and smoke pollution from different kinds of electricity generators in the country as private power companies have signed sale purchase agreement with the Federal Government to take over the generation and distribution of electricity in the country.
The National Council on Privatization (NCP) formally signed Sale and Purchase Agreement with the preferred bidders for the 10 Distribution Companies (DISCOS) and five Generation Companies (GENCOS) in line with the process of privatising the Power Holding Company of Nigeria (PHCN).
With the signing of the agreement, the DISCOS and GENCOS would be handed over to the preferred bidders upon down payment of 25 per cent of the share purchase price within 15 business days after signing, as well as payment of the outstanding 75 per cent within 90 working days after the signing. In 2005, the Federal Government commenced the process of reforming the power sector with the enactment of the Electricity Power Sector Reform Act that eventually paved way for the privatization of the PHCN successor companies.
At the beginning of the privatization of the Discos and Gencos in 2011, the Bureau of Public Enterprises (BPE) received 301 Expression of Interests (EOIs) and later shortlisted 207 firms that met the minimum qualification standards set but only 163 firms purchased bid ...
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