Babangida, Otedola, Elumelu win power plant contracts

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Published on Tuesday, 25 September 2012 19:01

Written by Segun Adebowale

The companies of some prominent Nigerians have emerged preferred bidders for some of the power plants being privatised by the Federal Government.

Among the prominent Nigerians whose companies won the bids were former military President, General Ibrahim Badamasi Babangida; controversial businessman, Femi Otedola; and former helmsman of the United Bank for Africa, now Chairman of Heirs Holdings, Mr. Tony Elumelu.
While Amperion Power Distribution Limited, a consortium of Israeli-based BSG Resource Limited, State Grid Corporation of China and Forte Oil Plc, in which Otedola is the major stakeholder as the local partner, emerged the preferred bidder for 414mw Geregu Power Plant, Transcorp, chaired by Elumelu, won that of the Ughelli Power Company.
The bids were opened in Abuja on Tuesday.
Amperion Power Distribution Limited won the Geregu Power Plant bid for $132 million.
Transnational Company of Nigeria won the Ughelli bid with its offer of $300 million.
North-South Power Company, in which Babangida is said to have substantial interest, won the bid for the Shiroro Power Plant.
It offered $111.7 million.
Chinese Nigeria Power Consortium was declared winner of Sapele Power Plant with a bid of $201 million.
Mainstream Energy Solutions Limited won that of Kainji Power Company with an offer of $50.8 million as fixed annual fees and $237.9 as commencement fees.
The Minister of State for Power, Darius Ishaku, said of the bid: “This is a milestone in the power privatisation process.”