General Abdulsalami Abubakar
•FG to issue $1bn bond for gas, electricity sectors
James Emejo and Chineme Okafor
As investors rush to beat the March 21 deadline for the payment of 25 per cent of the transaction value of the 15 power utilities being privatised by the Federal Government, two more companies – Integrated Energy Distribution and Marketing Limited and West Power and Gas Limited (WPG) – paid a total of $90.75 million to the Bureau of Public Enterprises (BPE) this week.
The 15 companies, comprising five generation companies (Gencos) and 10 distribution companies (Discos), were created from the unbundling of the Power Holding Company of Nigeria (PHCN) under the power sector reform and privatisation programme.
Integrated Energy, which won the bids for Yola and Ibadan Discos, sources in the BPE confirmed yesterday, paid $57 million for both assets on Wednesday. The sum, sources said, represents 25 per cent of the bid price for both utilities.
The firm, which is chaired by former military head of state, General Abdulsalami Abubakar, is fronted by the trio of Tunde Ayeni, a businessman and chairman of Skye Bank Plc; Captain Osa Okunbor; and Dr. Sola Ayandele. It will be expected to pay the balance of 75 per cent within the next six months.
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