Federal Government Set To Sell Afam Power Plant At #105 Billion

Federal Government will today sign the agreement for the sale of Afam Power Plant for #105bn.

The signing ceremony, which is scheduled to hold at the Office of the Vice President, Prof. Yemi Osinbaji, would mean the official transfer of ownership of the power generation company to Transcorp Power Consortium.

The transfer of the plant to Transcorp Power Consortium as the preferred bidder was approved in 2019, by the National Council on the Privatization with a bid price of N105.3bn (about $343.6m).

The Vice President and Chairman of Council, Prof. Yemi Osinbajo, decided on this at the 2nd Meeting of the National Council for Privatization held on October 14, 2019.

The Director-General, Bureau of Public Enterprises, Alex Okoh, said that the signing of the deal was part of the work being done by his organisation, during the COVID-19, he also spoke on the presentation of hand washing machines to Model Secondary School, Maitama, by the BPE.

According to him, the Bureau of Public Enterprises, had to review their activities upward due to the pandemic. According to Mr Okoh, the sale of the power plant will fetch the Federal Government a sum of N105billion.

Mr Okoh stated that the successful investor would pay in part and make a balance of the payment subsequently.

In his words the preferred bidder is Transcorp Power Consortium, the company is also in charge of Transcorp Ughelli Power Plant. They were selected among 12 prospective investors.

However following allegation of diverted #2.5 billion levelled against the Bureau of Public Enterprises, by the National Assembly, Mr Okoh noted that the BPE are addressing it.He however disclaimed the allegation as false

Meanwhile, the Bureau has cleared the air on reports that it diverted N2.5 billion from the proceeds of the Power Holding Company of Nigeria (PHCN), saying that it is false.