By Clara Nwachukwu

With about 48 hours into the Thursday March 21 deadline, Vigeo Power Limited has paid $32.25 million to the Bureau of Public Enterprises, BPE, being 25 percent of the $129 million bid price for the Benin Electricity Distribution Company, BEDC.

The payment for the Benin DISCO, which covers electricity distribution in Edo, Delta, Ondo and Ekiti states brings to six the number of the power companies unbundled from the Power Holding Company of Nigeria, PHCN, which were recently put up for sale by BPE.

Although the Bureau said it could not confirm the payment, a top management of Vigeo Power, who spoke with Vanguard in confidence, insisted that the amount had been paid through its lead banker, StanbicIBTC.

The source told Vanguard on the telephone: “I am sure by tomorrow morning (today) BPE and NCP would have received the confirmation for payment. Our bank, Stanbic-IBTC has confirmed the payment to us and has even sent us the proof of transfer.”

Vigeo Power is one of the consortia that emerged as core investors in Federal Government’s privatisation programme in the power sector, having clinched BEDC in the open and internationally-acclaimed competitive bid process held in 2012.

Benin Disco bid was particularly controversial, as the state governors, who failed to clinch the company, criticised the exercise.

The governors were forced to accept their fate after it was disclosed that they flouted the rules of the game by submitting multiple bids for the same company contrary to the provisions of the guidelines for the submission of bids.

With regard to the delay in the payment, our source argued that the most important thing is to beat the deadline before the close of work on Thursday, and not necessarily a display of affluence by paying much earlier.

The source said: “It doesn’t make economic sense to pay a week ago or even a month ago because of the high interest rates accruable.

“No matter how long ago the money was paid, it will not make any difference to BPE as long as it is within the deadline.”