The hurdle is not yet over for the winners of the generation and distribution firms unbundled from the Power Holding Company of Nigeria (PHCN).
They will be required to pay $1.6678billion being the balance of 75 per cent value of the assets for which they submitted bids, before the assets will be handed over to them. They have six months to do so.
Besides, even if a preferred bidder pays before six months, the asset will not be handed over to the bidder until the Federal Government settles its liabilities, such as payment of severance package to PHCN workers.
The Bureau of Public Enterprises (BPE) yesterday said the preferred bidders for the 15 PHCN successor companies have met the deadline for the payment of the mandatory 25 per cent of the offer value of their bids. It added that as at the March 21, 2013 deadline, it had received $559,445,573.96 from 14 bidders for the 15 successor companies.
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