FG to sell three power plants for N344bn

The Bureau of Public Enterprises (BPE) has disclosed that Nigeria plans to sell the three power plants in Geregu, Omotosho and Calabar next year for about N434 billion.

The government privatisation agency in a document said Geregu power plant is billed to be sold for N140.7 billion; Omotosho Power Plant will be sold for N151.4 billion while Calabar plant will be available for sale for N143.4 billion.

The proceeds from the sale of the three power plants, the document stated, would be paid into the coffers of Niger Delta Power Holding Company (NDPHC).

The document further revealed that concessionaires in 2021 would pay the total sum of N836 million for National Arts Theatre and Tafawa Balewa Square both in Lagos, and all the River Basin Development Authorities across the country.

Further breakdown showed that while the National Arts Theatre would be concessioned for N200 million, Tafawa Balewa Square will go for N436 million while all the River Basin Development Authorities will be concessioned for N200 million.

Also, to be concessioned are the National Stadium, Lagos; Moshood Abiola Stadium, Abuja; Jos International Stadium, Jos, and Adokie Amiesiemaka stadium in Port Harcourt for N100 million.

It would be recalled that two weeks ago, Nigeria signed a transfer pact with Transcorp in a deal to saw the government ceding ownership of its biggest power generation plants, Afam Power Plant to the company at a cost of N105 billion to the government coffer.

“This investment by Transcorp in acquiring ‘Afam Power Plc’ and ‘Afam Three Fast Power’ is the first of many new investments planned in the sector across the value chain. We expect that under Transcorp’s ownership the operational capacity of the facility will be raised to its full capacity,” the VP said.

“We have seen the progress that Transcorp has made with the Ughelli Power Plant in raising the operational capacity significantly, since it acquired the plant in 2013, and we expect nothing less from the Afam acquisitions,” said Nigerian Vice President Yemi Osinbajo at the ceremony transferring ownership of the power plant to Transcorp.