331 firms jostle for ownership of PHCN

The Bureau of Public Enterprises, BPE, has harvested a total of 331 Expressions of Interest, EOIs, in the privatisation of the successor companies created out of the Power Holding Company of Nigeria, PHCN.

One hundred and seventy four firms applied on March 6, 2011 acquire the four thermal stations and the two hydro stations. One hundred and fifty seven companies also indicated their interests in acquiring the 11 distribution companies, according to a statement by the agency’s spokesman, Mr Chukwuma Nwoko, in Abuja, yesterday.

The BPE had between December 13 and 20, 2010 published adverts in local and foreign media inviting prospective core investors to express interest in the 11 distribution companies unbundled from the PHCN. The BPE also invited prospective core investors to express interest in the four thermal power stations and as concessionaires for the two hydro power stations. The initial deadline for receipt of EOIs was Friday, February 18, 2011.

But following representations by prospective investors who attended the five-city Electric Power Investors’ Forum which was to court world class investors to participate in the privatisation of the successor companies, the Federal Government extended the deadline for the submission of EOIs to Friday, March 4, 2011.

The core investor sales to be carried out through international competitive bidding will cover the 11 electricity distribution companies in the country.

They are Abuja Electricity Distribution Company Plc; Benin Electricity Distribution Company Plc; Enugu Electricity Distribution Company Plc; Eko Electricity Distribution Company Plc; Ibadan Electricity Distribution Company Plc; and Ikeja Electricity Distribution Company Plc. Others are Jos Electricity Distribution Company Plc; Kaduna Electricity Distribution Company Plc; Kano Electricity Distribution Company Plc; Port Harcourt Electricity Distribution Company Plc; and Yola Electricity Distribution Company Plc.