PHCN Privatization: Investors Get Deadline

As plans to privatize the Power Holding Company of Nigeria (PHCN) continues, the Bureau of Public Enterprises, has also set deadline for the submission of technical and financial bids for the power generation and distribution companies created out of the Power Holding Company of Nigeria.

This information has been made known by the head of Public Communications, BPE, Mr. Chukwuma Nwokoh, who has revealed that interested investors must come up with their bids for the power generation firms on or before Tuesday. However, the Federal Government has given prospective bidders for the power distribution companies till Tuesday, 31st July 2012, to submit their bids.

The generating companies up for sale are: Afam Generation Company; Geregu Generation Company; Kainji Generation Company; Sapele Generation Company; Ughelli Generation Company; and Shiroro Generation Company. Nwokoh has also assured that the move is in line with plans by the government to privatise the power sector, adding that the government will ensure that all processes leading to the privatisation exercise are transparent.

The National Council on Privatisation would make known the names of the preferred bidders for the PHCN successor companies before October 23, the BPE has disclosed.