The National Council on Privatisation (NCP) has approved the sale of 70 percent of Egbin Power Plant in Lagos at the cost of $407.3 million to KEPCO, a Korean firm.
The council also approved Omotosho power plant in Ondo State and Olorunsogo power plant in Ogun State for sale to the Chinese firms constructing them.
Atedo Peterside, chairman, Technical Committee of NCP, who announced this to State House correspondents after the council ended its meeting chaired by Vice President Namadi Sambo at the Presidential Villa, Abuja, said the Geregu power plant value was increased to $600 million, as against $549 million valuation of 2007 when the Federal Government began negotiations to sell only 51 percent equity of the plant to the same firm.
Peterside disclosed that “it made more sense to NCP to offer the plants on right of first refusal to the Chinese firms since they would naturally understand the plants better and have agreed to a sale price the council considered reasonable enough”.
He disclosed that except for Afam plant “every other power plant owned by PHCN now has a core investor”.
Akin Akinfetiwa, CEO of Forte Oil, a partner of Amperium Consortium, presented a confirmation of payment of $33 million including local component of N519.12 million into NCP account, being 25 percent down payment for acquiring 51 percent of Geregu power plant.
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