The Bureau of Public Enterprises, BPE, has offered to sell the Omotosho power plant in Ondo State to CMEC-Pacific consortium.
The sale transaction is through a debt-equity swap process that will see the major project financier taking over the plant.
Presenting the offer letter to the Chairman of CMEC-Pacific, Mr. Adeleke Adedeji, the acting Director General of the BPE, Mr. Benjamin Ezra Dikki, said that it was in fulfillment of the decision of the National Council on Privatisation (NCP) which approved the sale at its last meeting which held February 28, 2013.
According to a BPE statement yesterday, the NCP had approved that CMEC-Pacific pays $217.5m (N33.6bn) for the power plant. However, the net total amount accruable to the Federal Government for the plant would be $ 82.3m (N12.7bn) given that $30.3m (N4.6bn) would be deducted from the capital cost for the construction of a switch yard for the Transmission Company of Nigeria, TCN.
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