Government to Make N197.25 Billion from the Sales of PHCN Distribution Companies (DISCOs)

As the sales of the Power Holding Company of Nigeria (PHCN) continues, information emerging from the National Council on Privatisation (NCP), which is headed by the Vice President, Namadi Sambo, has revealed that the envisaged total proceeds from the sale of 60 per cent of the 10 distribution companies (DISCOs) being offered for sale is N197.25 billion.

The companies bidding for the 10 distribution companies include Interstate Electrics Ltd, KANN Consortium Utility Ltd, Vigeo Power Consortium, Southern Electricity Distribution Company, Integrated Energy Distribution and Marketing Ltd, New Electricity Distribution Company Consortium, West Power and Gas, Honeywell Energy Resources International Ltd, SEPCO-Pacific Energy Consortium, OANDO Consortium, Western Consortium, Sahelian Power SPV, Aura Energy, and 4Power Consortium.

At the end of the bidding process, results showed that Integrated Energy Distribution and Marketing Ltd, which is being promoted by former head of state, retired General Abdulsalami Abubakar, won management of the Eko Distribution Company with about N20.7bn above average of other bids. The company also won the bids to operate the Ikeja, Ibadan and Yola distribution companies, making it the company with the highest wins in the process.

In all, six firms have won the bids to operate ten electricity distribution companies across the country.