NCP Approves Sale of Egbin, as Otedola Makes Part Payment for Geregu

 

Vice-President Namadi Sambo

Muhammad Bello

The National Council on Privatisation (NCP) Thursday approved the sale of a 70 per cent stake in the 1,320 megawatt Egbin power station to a Korean firm, KEPCO, which is partnering with local energy firm Sahara Energy, for $407.3 million.

This was one of the outcomes of Thursday’s meeting of the NCP chaired by Vice-President Namadi Sambo, at the close of which Amperion, a consortium that was selected the preferred bidder for Geregu power station, was confirmed to have paid $33 million, including N519.12 million into the NCP account, representing 25 per cent of the bid price for the power utility.

One of the members of the Amperion Consortium is Forte Oil Plc, a quoted oil marketing firm in which businessman, Femi Otedola, has considerable interest. Akin Akinfewa, Chief Executive Officer of Forte Oil, confirmed the payment of 25 per cent for Geregu.

Chairman of the Technical Committee of NCP, Atedo Peterside, who briefed journalists said the Egbin plant was currently valued at over $600 million, more than the $549 million it was valued at in 2007 when the Federal Government began negotiations to sell only 51 per cent equity of the plant

 

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