- 19 Firms Jostle for Afam Power, Yola Disco
The Bureau of Public Enterprises on Thursday announced that 19 firms had indicated interest to acquire Afam Power Company and the Yola Electricity Distribution Company put up for sale by the Federal Government.
In a statement issued in Abuja by the Head, Public Communications, BPE, Amina Othman, the bureau said at the close of the submission of bids for the Expression of Interest for the two power companies that seven firms submitted bids to buy Afam, while 12 submitted for the Yola Disco.
Othman said within the period allowed for the Expression of Interest, which ended on Tuesday, 19 firms, including renowned players in the power industry, had indicated interest to acquire majority stake in the two power firms carved out from the defunct Power Holding Company of Nigeria.
She stated that the evaluation committee earlier set up by the bureau to scrutinise the bids was immediately after the expiry of the deadline inaugurated by the Director of Energy at the BPE, Mr Yunana Malo, to begin work.
The request for the Expression of Interest in the companies was made public by the BPE on August 16.
The Yola Disco was successfully privatised and handed over to the core investor in 2013. However, a force majeure was declared in 2015 by the core investor citing insecurity in the North-East region of the country.
Following this, the company was repossessed by the Federal Government.
The transaction for Afam Power, a generation company, on the other hand, fell through due to delay in signing the Gas Supply Agreement and the Gas Transportation Agreement.
In 2017, the National Council on Privatisation chaired by Vice-President Yemi Osinbajo, gave approval for a fresh transaction to privatise the two power companies.
