Prof. Chinedu Nebo
Preferred bidders for power assets scaled the first hurdle, by paying 25 per cent of their bid prices last week, but raising funds for the remaining 75 per cent is the most daunting challenge facing them, write Chika Amanze-Nwachuku and Chineme Okafor
The investors that won the bids for 15 of the successor companies carved out of the Power Holding Company of Nigeria (PHCN) last Thursday, scaled yet another hurdle as all the 14 preferred bidders met the March 21 deadline for the payment of the 25 percent of the offer value of their bids.
Preferred bidders for power assets scaled the first hurdle, by paying 25 per cent of their bid prices last week, but raising funds for the remaining 75 per cent is the most daunting challenge facing them, write Chika Amanze-Nwachuku and Chineme Okafor
The investors that won the bids for 15 of the successor companies carved out of the Power Holding Company of Nigeria (PHCN) last Thursday, scaled yet another hurdle as all the 14 preferred bidders met the March 21 deadline for the payment of the 25 percent of the offer value of their bids.
The National Council on Privatisation (NCP) had given the investors only 21 working days to pay the mandatory 25 per cent of their bid prices for the electricity firms and to pay the balance of 75 per cent within six months at a date agreed to by both sides to close the transactions.
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