Against expectations that the firm being backed by a former Head of State, Gen, Abdusalami Abubakar, Integrated Energy Distribution and Marketing Limited, will get at least two of the biggest power distribution companies in the country, it has been given only the Ibadan Electricity Distribution Company.

The company had led other bidders for the Eko, Ikeja and Ibadan distribution companies, considered to be the biggest and most commercially viable in the country, when the bids were earlier opened on October 16, 2012.

However, the National Council on Privatisation on Monday, in approving the outcome of the financial bid opening for the Power Holding Company of Nigeria’s successor generation and distribution companies, named Integrated Energy as the winner for the Ibadan Electricity Distribution Company with NEDC/KEPCO approved as the reserve bidder.

Significantly, the consortium being backed by the Ekiti, Delta, Edo and Ondo State governments to acquire 60 per cent stake in the Benin Distribution Company, Southern Electricity Distribution Company, was disqualified for submitting two different bids in violation of the rules.

Instead, the company went to Vigeo Power Consortium.

One of the rules guiding the privatisation process states that no company can be allowed to win more than two bids.

In addition, no company will be allowed to win both the Ikeja and Eko Electricity Distribution Companies, which collectively generate about 45 per cent of the total revenue of the Power Holding Company of Nigeria.

Instead of giving the Abuja Electricity Distribution Company to Interstate Electronics Limited, being promoted by business mogul, Mr. Emeka Ofor, which emerged the top bidder by offering Average Technical, Commercial and Collection loss reduction of 21.62 per cent, NCP awarded the company to Kann Consortium Utility Company Limited.

The Eko Distribution Company went to West Power & Gas, which came third behind Integrated Energy and New Electricity Distribution Company Consortium, while Honeywell Energy Resources International Limited, which came fourth in the bid opening round, was approved as the reserve bidder.

For the Enugu Distribution Company, Interstate Electrics Limited was named as the preferred bidder, while Eastern Electric Nigeria Ltd was approved as the reserve bidder.

For the Ikeja Distribution Company, New Electricity Distribution Company/KEPCO emerged as the preferred bidder, while Vigeo Power Consortium was approved as the reserve bidder.

The Jos Distribution Company has Aura Energy Limited as the preferred bidder.

Sahelian Power SPV Limited was named as the preferred bidder for the Kano Distribution Company; 4Power Consortium emerged as the preferred bidder for the Port Harcourt Distribution Company.

For the Yola Distribution Company, Integrated Energy Distribution & Marketing Limited was named as the preferred bidder.

However, the bidders that offered the highest amounts of money for the electricity generation companies were approved as the winners.

With the approval, the highest ranked bidder for each of the companies is required to post an additional bid security (Preferred Bidder’s Bank Guarantee) in the form of a Letter of Credit or bank guarantee for 15 of the transaction values within 15 business days of notification by the Bureau of Public Enterprises.

The approval was given at the sixth meeting of the NCP for the year, presided over by its Chairman, Vice-President Namadi Sambo, at the Presidential Villa, Abuja.

The Chairman, NCP Technical Committee, Mr. Atedo Peterside, briefed State House correspondents at the end of the meeting.

He said the NCP approved Amperion Power Distribution Company Limited with a bid of $132m as the core investor in Geregu Power Plc.

He said the council also approved Mainstream Energy Solutions Limited, which offered an annual fee of $50,760,665.18 and a commencement fee of $257m as the preferred bidder for the concession of the Kainji Hydro Power Plc.

According to Peterside, the NCP also approved North-South Power Limited, which offered an annual fee of $23,602,484.87 and a commencement fee of $111,654,534 as the preferred bidder for the concession of Shiroro Hydro Power Plc.

He said, “The privatisation body also approved that Transcorp/Woodrock/Sumbion/Medea/PSL/Thomassen, with a bid of $300,000,000, is the preferred bidder for the core investor sale of 100 per cent shares of Ughelli Power Plc.

“NCP also approved that Amperion Power Distribution Company Limited, with a bid of $252,000,000, as the reserve bidder for the core investor sale of 100 per cent shares of Ughelli Power Plc.

“NCP approved that CMEC/EURAFRIC Energy JV Consortium, with a bid of $201,000,000, is the preferred bidder for the core investor sale of 100 per cent shares of Sapele Power Plc.

“NCP approved that JBN-NESTOIL Power Services Limited, with a bid of $106,500,000, is the reserve bidder for the core investor sale of 100 per cent shares of Sapele Power Plc.”

Peterside added that given that Amperion was the preferred bidder for Geregu Power Plc, the council also approved that Feniks Electricity Limited would be the reserve bidder for Ughelli Power Plc, subject to its bid being revised to match the reserve price.

He said having cleared the NCP approval hurdle, the highest ranked bidders for the generation and distribution companies would be required to post an additional bid security in the form of a Letter of Credit or bank guarantee for 15 per cent of the transaction values within 15 business days of notification from the BPE.

Peterside said the preferred bidders’ bank guarantee should be from a Standard & Poor’s or Moody & Fitch “A” rated foreign bank with a correspondent bank in the country or a Nigerian bank rated “A” by a rating agency approved by the Securities and Exchange Commission, and be valid for 21 days after the stipulated proposal validity period or any extended proposal validity period.

He explained that the designated preferred bidders would be invited for negotiations with the BPE.

He said, “Within 15 business days after signing of the Sale and Purchase Agreement, the Shareholders’ Agreement or the Performance Agreement, whichever is earlier, or at a mutually agreed earlier time, the bidder shall make a down payment of 25 per cent of the share purchase price.

“Within six months after signing of the Sale and Purchase Agreement or the Shareholders’ Agreement, whichever is earlier or mutually agreed upon time, the bidder will be required to pay the outstanding 75 per cent of the share purchase price to complete the transaction.

“Upon receipt of payment, the preferred bidder’s bank guarantee will be returned to the bidder within a maximum of four weeks.

“After the completion of payment, the handover of the successor company to the preferred bidder will conclude the transaction.”

On the opposition of some state governors to the choice of the preferred bidder for Benin distribution company, Peterside said nobody had been able to make a specific allegation of wrongdoing against the NCP, adding that the exercise was transparent.

http://www.punchng.com/news/abdusalamis-company-loses-lagos-power-firms-gets-ibadan/

Who cares who gets any of the power firms? All what we want to see is constant supply of electricity.

Cool, Its time for these corrupt Politicians to reinvest their loot in the country. Let there be light.

I can only imagine how much money this guy will make.

Wetin make we do nah?

ope o.

How can one aboki come from nowhere to run the whole power show in yoruba land.

Impossicant!!!

Virgin Finder: ope o.

How can one aboki come from nowhere to run the whole power show in yoruba land.

Impossicant!!!

Its better for unification. If Aboki owns assets in the west, they will work for peaceful co-existence.

Okay, so much money.

Is this nollywood or bollywood, when will they commence activities or effect take action

Billyonaire: Its better for unification. If Aboki owns assets in the west, they will work for peaceful co-existence.

Abeg where u go ur school...I won sabi d teacher wey teach you conflict resolution!

Ranks007:

Abeg where u go ur school...I won sabi d teacher wey teach you conflict resolution!

Aboki Islamic Catholic High School, Ogbomosho

Who cares? just give us 24hrs power.....

Virgin Finder: ope o.

How can one aboki come from nowhere to run the whole power show in yoruba land.

Impossicant!!!

Daz Aboki 4 u deal with it hahahaha dat wat u get wen u tink some1 tink lyk a cow b4 u knw it he owns u mutherfukers.

First of all,Abdulsalam is a Guari not a hausa.And he get it because he is smarter than u low life.Call him aboki if u like,dat will not change d fact,dat he is better than u,ur father and his father b4 him.Ten generation of ur family will not be close to his sh-ite.Fucking bigot.

Ibrahim mr fish: First of all,Abdulsalam is a Guari not a hausa.And he get it because he is smarter than u low life.Call him aboki if u like,dat will not change d fact,dat he is better than u,ur father and his father b4 him.Ten generation of ur family will not be close to his sh-ite.Fucking bigot.

Dont be so upset. I thought "Aboki" means "friend". Your name is Ibrahim yet you seem not to know the meaning of Aboki.

Billyonaire: Aboki Islamic Catholic High School, Ogbomosho

Dat show u r funk ass. Mumu of d first oder

Exactly!

k2039: Who cares who gets any of the power firms? All what we want to see is constant supply of electricity.

muktar mtt: Daz Aboki 4 u deal with it hahahaha dat wat u get wen u tink some1 tink lyk a cow b4 u knw it he owns u mutherfukers.

did you read the opening article at all?

aboki lost the 2 juiciest discos of the 3 he won previously.

so what are you celebrating?

or do you want me to translate the opening post to hausa for your easier comprehension?

you be real abokine

The source of Abd's wealth with which he bid and bought one of the discos may be questionable in view of the fact that he was a political office holder no doubt; but investing the money in Nigeria is far better using same to invest in a foreign land.
Until the dawn of justice and accountability in Nigeria, I think ex-office holders should be encouraged to deploy their "loot" in the service of the fatherland through direct local investment(DLI) instead of perpetually waiting for the direct foreign investments (DFI) that Boko Haram and general insecurity of life and property would not allow to materialize.

Ibrahim mr fish: First of all,Abdulsalam is a Guari not a hausa.And he get it because he is smarter than u low life.Call him aboki if u like,dat will not change d fact,dat he is better than u,ur father and his father b4 him.Ten generation of ur family will not be close to his sh-ite.Fucking bigot.

i dont give a damn!!!

in our eyes y'all are aboki (Hausa,Fulani,Gwari) - one north.

you guys (abokis) threw the nation into the mess we are gradually and painstakingly trying to recover from.

bigot ko bigot ni.

Ibrahim mr fish: First of all,Abdulsalam is a Guari not a hausa.And he get it because he is smarter than u low life.Call him aboki if u like,dat will not change d fact,dat he is better than u,ur father and his father b4 him.Ten generation of ur family will not be close to his sh-ite.Fucking bigot.

He got it because his fellow ''aboki'' in the person of Nnamadi Sambo gave it to him.

He didn't "lose" them... It was the plan all along. There was a lot of behind-the-scene deal-cutting involved in this process. Privy to the details therein; Concessions were made, compromises were reached, and agreements were "agreed"..
It feels really good to be part of the winning team.. Labours and sacrifices rewarded, being on the biggest (successful) deal in Nigeria's history definitely adds inches to your c(o)ck i tellya! #SuperExcited!

Hate 'Aboki' or Love 'Aboki' .we couldn't giv a flying Phuck

'Abokii' will 4ever own Nigeria

We r like gods to u niggaz

Billyonaire: Cool, Its time for these corrupt Politicians to reinvest their loot in the country. Let there be light.

Reinvest the loot!

I beg who be the chairman of KEPCO

lacasa: Hate 'Aboki' or Love 'Aboki' .we couldn't giv a flying Phuck

'Abokii' will 4ever own Nigeria

We r like gods to u niggaz

We can understand the kind of gods you are talking about,the gods without eyes,worshipped by humans without brains.

Virgin Finder: ope o.

How can one aboki come from nowhere to run the whole power show in yoruba land.

Impossicant!!!

Ethnic bigots at work! Lol.

What of Adenuga running the telecoms show in the North? As the only indigenous telco Most northern state governments are using his system for secure communications. Isn't that the same.

What is important is were adequate technical evaluation done? can the company deliver? was the process transparent?, are we getting value for money? Is Abubakar a nominal Chairman (ie the promoters are just using his clout and name) or a major shareholder - is his investment source a proceed of crime? And what lessons can be learnt from this exercise and applied in future privatization? How are we keeping this legacy as a lesson for the future? etc.

Kx: The source of Abd's wealth with which he bid and bought one of the discos may be questionable in view of the fact that he was a political office holder no doubt; but investing the money in Nigeria is far better using same to invest in a foreign land.
Until the dawn of justice and accountability in Nigeria, I think ex-office holders should be encouraged to deploy their "loot" in the service of the fatherland through direct local investment(DLI) instead of perpetually waiting for the direct foreign investments (DFI) that Boko Haram and general insecurity of life and property would not allow to materialize.

And when will Nigeria ever experience the dawn of justice and accountability if we give political office holders the appeal to loot as long as the loot is reinvested in Nigeria?

take dat: And when will Nigeria ever experience the dawn of justice and accountability if we give political office holders the appeal to loot as long as the loot is reinvested in Nigeria?

That is why nigeria is arogue state Mr.You dont have leaders,what you have are rogues.And if you dont fight against it,it will remain like that.It is either you or them.

lacasa: Hate 'Aboki' or Love 'Aboki' .we couldn't giv a flying Phuck

'Abokii' will 4ever own Nigeria

We r like gods to u niggaz

mumu mallam

What is the different between prefered bidder and reservd bidder.