Wednesday, November 25, 2020

FG to sell Geregu, Omotosho and Calabar power plants for N434 billion next year

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, Abuja

The federal government has concluded deals to sell the Geregu, Omotosho and Calabar power plants for N 434 billion next year.

The government has also finalized plans to concession the National Stadium, Lagos, Moshood Abiola Stadium, Abuja, Jos International Stadium and the Adokiye Amiesimaka Stadium in Port Harcourt for N100 million next year.

In addition, in 2021, the government will concession the National Art Theater, Tafawa Balewa Square and all the River Basin Development Authorities for a sum of N836 million. The Government’s arrangements are contained in a document presented by the Bureau of Public Enterprises, BPE to the Senate during the defense of the 2021 budget in Abuja.

According to the breakdown, the Geregu power plant, which was known to be built at a cost of $ 10 billion, would be sold for N140.7 billion, Omotosho Power Plant will be sold for M151.4 billion, and Calabar will be sold. for N143.4 billion.

The government explained in the document that the proceeds from the three power plants will be paid to Niger Delta Power Holding Company (NDPHC)

The breakdown also showed that the National Theater of Art will be awarded for N200 million; Tafawa Balewa Square will be concessioned for N436 million and all the River Basin Development Authorities will go for N200 million.

Meanwhile, the BPE has been summoned to appear before Senator Theodore Orji, Popular Democratic Party, PDP, that Abia Central led the Senate Committee on Privatization and Marketing to shed more light on the details and its revenue projection in 2021, which consists of in energy sales. Plants and government property concession.

The committee has also demanded an investigation into the sale of some of the federal government’s shares in the Afam and Geregu power plants to ensure that the country does not fall short in the transaction.

The Senate Committee also asked BPE Director General Alex Okoh to provide members with copies of National Privatization Council agreements, reports and approvals on Afam and Geregu power plant transactions for review.

Orji said: “We also found that in Geregu Power Plant, the main investor already owned 51% of the shares and that the transaction emanated from an investor request for an additional 29% of the residual shares of 49% of FGN.

“There was no competition and only BPE and its designated transaction advisers know how the security was determined and sold for N13billion.

“Afam Power Plant It was mentioned that there are actually two (2) different power plants, that is, the Afam Power Plant and the Afam Rapid Power Plant (a new plant) built by Seimen that are yet to be He has launched. Reports say it costs about $ 1 million to build a megawatt of power plant for one megawatt of power plant. “

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