Integrated Energy Distribution and Marketing Limited, a firm in which the former Head of State, Gen. Abdusalami Abubakar, is the chairman, is in the lead to acquire three of the juiciest electricity distribution companies in the country.
The electricity distribution companies are Eko, Ikeja and Ibadan.
Integrated Energy Distribution and Marketing was prequalified to take control of the companies at the opening of bids submitted by 20 firms jostling for controlling stakes in 10 electricity distribution companies put up for privatisation by the Federal Government on Tuesday in Abuja.
Although frontline bidders for the companies emerged, clear winners of the bids had yet to emerge, as the rules for the bidding employed by the Bureau of Public Enterprises prescribed that the bidders would still be subjected to further tests.
Although some bidders emerged top contenders in a number of companies, one of the rules 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.
Based on the rules, the National Council on Privatisation, led by Vice-President Namadi Sambo, will still subject the top contenders to scrutiny before announcing the eventual winners.