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54 investors bid for PHCN’s 11 distribution outfits

By Omoh Gabriel, Business Editor

The Bureau of Public Enterprises, BPE, yesterday said that 54 potential investors have submitted bids for the 11 distribution companies about to be privatized.

The Bureau, in a release by its head of corporate communication, Mr. Nwokoh, gave the break down as follows: Abuja Electricity Distribution Company Plc, five bids;  Benin Electricity Distribution Company Plc, seven bids; Enugu Electricity Distribution Company Plc, four bids; Eko Electricity Distribution Company Plc, nine bids; Ibadan Electricity Distribution Company Plc, seven bids;  Ikeja Electricity Distribution Company Plc, ten bids; Jos, Kano and Kaduna Electricity Distribution Companies Plc two bids each; Port Harcourt and Yola  Electricity Distribution Companies Plc, three bids each.

The statement said: “In keeping with the timeline for the privatisation of the distribution companies created from the unbundling of Power Holding Company of Nigeria, PHCN, the Bureau of Public Enterprises on Tuesday, July 31, 2012, received technical and financial proposals from 54 potential investors interested in the privatisation exercise.

“It will be recalled that the revised timeline had July 31, 2012 as deadline for receipt of technical and financial bids from potential investors.

“Prospective core investors, who must be local and/or international power distributors or investors with power distributors as technical partners, will be responsible for operating the distribution companies, making the necessary investments to improve the distribution network and customer service in line with the objectives of the Federal Government of Nigeria.

The transaction timeline reveals that the evaluation of the technical bids will take place between August 14 and 28, 2012. The National Council on Privatisation (NCP) will approve the results of the technical evaluation by September 11, 2012.”


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