Nigeria has reached the final stage of its plan to sell five key power plants at a cost of $1.15 billion, with the bid winners soon to be announced.

The move is part of the government’s broader strategy to overhaul the energy sector, boost efficiency, and attract private investment.

With the bid process now complete, the sale marks a crucial step towards addressing the country’s chronic power shortages and fostering economic growth.

Adebayo Adelabu, the Minister of Power said the bidding process had been finalised and a final report submitted to the National Council of Privatisation (NCP) which has Kashim Shettima, Nigeria’s vice president, as its chairman.

“At the next NCP meeting, a final announcement of the preferred bidders will be made public,” Adelabu said at BusinessDay’s Powering Nigeria conference, Friday.

“The assets will not only increase revenue for the three levels of government, it will also bring better efficiency for the power sector,” Adelabu said.

He noted there are a few teething problems such as the bid quotes and payment mode and other issues which are already being resolved.

BusinessDay findings showed the five power plants include a 434 megawatts Geregu II gas-fired Kogi, the 451MW Omotosho II plant in Ondo, and the 750MW Olorunsogo II plant in Ogun State.

Others include the 563MW Odukpami power plant in Calabar, Cross River State; and the 451MW Benin-Ihovbor plant in Edo State.

The Benin-Ihovbor plant with five power-generating turbines would go for $420 million; Calabar Odukpami plant with five turbines would be sold at about $260 million; while the Geregu plant with four turbines would go for $215 million.

It was gathered that the Omotosho plant, which has four power-generating turbines, would be sold at about $85 million; while the Olorunsogo National Integrated Power Project (NIPP) with also four turbines would cost $170 million.

In December 2022, BusinessDay reported the federal government and the 36 state governors agreed to sell five power plants under the National Integrated Power Projects and use the proceeds to fund the 2023 budget.

The agreement came after over two years of disputes and legal tussles regarding the sale of the NIPP plants managed by the Niger Delta Power Holding Company (NDPH).

Alex Okoh, former director general, Bureau of Public Enterprises, had disclosed the agreement between the Federal Government and the States regarding the NIPP plants to journalists in Abuja during an interview. The disclosure was, however, opposed by various groups.

There have been discussions and plans for the sale of the NIPPs by the Bureau of Public Enterprises for several years, with the specific details and target sale amount evolving over time.

In April 2021, the National Council on Privatisation approved the sale of five NIPPs through a fast-track strategy. The estimated value of these five plants was not publicly disclosed at the time.

In March 2022, the Nigerian National Petroleum Corporation expressed interest in acquiring some NIPPs, indicating continued progress with the sale.

In December 2022, the former BPE boss, Okoh, confirmed an agreement between the Federal Government and states for the sale of five NIPPs.

Source: https://businessday.ng/energy/article/nigeria-seals-1bn-deal-on-five-power-plants/

They will claim to build, and later they will start selling the assets after failing as usual, people will still pay more to remain in darkness.

That's how the FG will be huffing and puffing for the next 4 years without any tangible achievements.

In the end, we will all act as if we are surprised that they failed.

Wasn't it obvious that this man in charge hasn't achieved success in any field before?

PresidObi:
They will claim to build, and later they will tey selling the assets after failing as usual, people will still.pay more to remain in darkness.

That's how the FG will be huffing and puffing for the next 4 years without any tangible achievements.

In the end, we will all act as if we are surprised that they failed.

Wasn't it obvious that this man in charge hasn't achieved success in any field before?

You guys terrible talent in making good news look like an already seen negative happenening is actually second to none

If the news was negative, you would drop a straightforward statement to attack the country but its positive like this, u have no reason to be happy and hopeful, so you'd rather twist and turn it into negativity

If only corruption will allow them to utilize this deal to its full potential for the benefit of the masses

EmperorCaesar:


You guys terrible talent in making good news look like an already seen negative happenening is actually second to none

If the news was negative, you would drop a straightforward statement to attack the country but its positive like this, u have no reason to be happy and hopeful, so you'd rather twist and turn it into negativity

Are you still here?

https://www.nairaland.com/8117580/reason-bateria-gave-us-political

I am still waiting for you.

Good move.. Let more competent players purchase and run the power plants

In December 2022, BusinessDay reported the federal government and the 36 state governors agreed to sell five power plants under the National Integrated Power Projects and use the proceeds to fund the 2023 budget.

Some proceeds of the sale should be used in strengthening the backbone of the power system i.e. transmission lines, stations, and distribution lines.

EmperorCaesar:


You guys terrible talent in making good news look like an already seen negative happenening is actually second to none

If the news was negative, you would drop a straightforward statement to attack the country but its positive like this, u have no reason to be happy and hopeful, so you'd rather twist and turn it into negativity

Where is the good news? Where is electricity?

PresidObi:


Where is the good news? Where is electricity?

You're here asking where is the electricity yet you're being bitter at a process that would create power efficiency. What is the colour of your problem?.

-Kiss the truth!

TimeManager:

You're here asking where is the electricity yet you're being bitter at a process that would create power efficiency. What is the colour of your problem?.

-Kiss the truth!

Where is electricity and he goes off rambling about bitterness

These guys are programmed robots, just trained to dodge the real questions.

PresidObi:


Where is electricity and he goes off rambling about bitterness

These guys are programmed robots, just trained to dodge the real questions.

Where's the electricity, he asked again?. Why are you being bitter about a process that would give you the electricity you ask for?. Use that thing inbetween your ears.

-Kiss the truth!

TimeManager:

Where's the electricity, he asked again?. Why are you being bitter about a process that would give you the electricity you ask for?. Use that thing inbetween your ears.

-Kiss the truth!

Eight years after Buhari tricked all of you, you still haven't got any wiser, thank God you're not a lady.

COMRADES are watching FG with keen interest right now, but will the process be transparent?

How transparent is this process?

The government must ensure competent companies are in charge.