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Tag: Abdulsalami

  • Buhari, Babangida, Abdulsalami, extol Saraki’s virtues

    Buhari, Babangida, Abdulsalami, extol Saraki’s virtues

    Former Nigerian leaders, Ibrahim Babangida, Muhammadu Buhari and Abdulsalami Abubakar were in Ilorin, Kwara State, on Monday to commiserate with the family of the late Dr. Olusola Saraki.

    Former Chairman of the Economic and Financial Crimes Commission, Nuhu Ribadu, Scribe of the Arewa Consultative Forum, Senator Lawal Shuiabu and a one- time chairman of the All Nigeria Peoples Party, Yusuf Ali had earlier condoled with the bereaved family.

    Buhari, who had earlier visited the Ilofa road home of the late politician, said his death was not only a loss to Kwara State but to the country as a whole.

    “I don’t have the accurate vocabulary to quantify this loss. All I can say is for God to grant him eternal rest,” Buhari added.

    Former speaker of the House of Representatives, Alhaji Aminu Bello Masari accompanied Buhari.

    Babangida, who spoke in Hausa language said: “Saraki’s death is not a loss to the people of Ilorin alone but to Nigerians at large.”

    He has touched so many lives. In fact, I’m a beneficiary of the late Saraki’s humour, he tried so much.”

    General Babangida in company of Abubakar and the former secretary to the federal government, Alhaji Baba Gana Kingibe, urged Nigerian leaders to be associated with good deeds.

    “Saraki came to this life and we saw what he did. People talked about his deeds and it is my belief that with these testimonies, God will grant him eternal rest,” the former military president said.

     

  • Abdulsalami’s group loses Eko, Ikeja power firms

    Abdulsalami’s group loses Eko, Ikeja power firms

    NCP gives preferred bidders 15-day ultimatum

     

    Integrated Energy Distribution and Marketing – a firm promoted by former Head of State Gen. Abdulsalami Abubakar – yesterday lost out as the core investor in the Eko and Ikeja electricity distribution companies.

    The company was named the core investor for four of the 10 electricity distribution firms (DISCOs) put up for sale by the National Council for Privatisation (NCP).

    The two are the most lucrative of the firms.

    But yesterday, when the NCP renamed the preferred bidders for the privatised firms, it gave only the Ibadan and Yola distribution firms to Integrated Energy Distribution and Marketing firm.

    NCP Technical Committee chairman Mr. Atedo Peterside announced the preferred bidders in Abuja on behalf of the Federal Government.

    Government also announced the preferred bidders of the electricity generation companies, bringing the privatisation of the power sector into a milestone.

    There are stringent conditions for the preferred bidders.

    New Electricity Distribution Company (NEDC/ICEPCO) is the preferred bidder for Ikeja Distribution Company. West Power and Gas is the preferred bidder for the Eko Distribution Company.

    Vigeo Power Consortium, besides winning the Benin Disco, is the reserved bidder for Ikeja Disco. Its contender for Benin Disco – Southern Electricity Distribution Company – was disqualified for submission of multiple bids.

    Oba Otudeko’s Honeywell Energy Resources International Limited is the reserve bidder for Eko Disco.

    Sir Emeka Offor’s Interstate Electrics Limited beat Eastern Electric Nigeria Limited, owned by the five South eastern states, which was approved as the reserved bidder for the Enugu Disco.

    The Afam Generation Company and Kaduna Distribution Company are yet to get preferred bidders.

    The five generating companies also got preferred bidders.

    The process, however, drew criticisms from some quarters.

    At the sixth meeting of the council yesterday, successful bidders were given 15 days to make financial commitments through their banks.

    The companies are expected to be handed over to the preferred bidders at the conclusion of the transaction within the next six months at which the companies are expected to have made full payment.

    Besides, NCP disqualified Southern Electricity Distribution Company for submission of multiple bids for Benin Disco.

    Amperion Power Distribution Company Limited with a bid of $132,000,000, is the preferred bidder for the core investor sale of 51% shares of Geregu Power Plc.

    Mainstream Energy Solutions Limited, which offered an annual fee of $50,760,665.18 and a commencement fee of $257,000,000, is the preferred bidder for Kainji Hydro Power Plc.

    For Shiroro Hydro Power Plc, NCP approved that North-South Power Ltd which offered an annual fee of $23,602,484.87 and a commencement fee of $111,654,534, is the preferred bidder.

    The privatisation body also approved that Transcorp/Woodrock/Sumbion/Medea/PSL/ Thomassen with a bid of $300,000,000, is the preferred bidder for the Ughelli Power Plc.

    Amperion Power Distribution Company Limited with a bid of $252,000,000 is the reserved bidder for the Ughelli Power Plc.

    CMEC/EURAFRIC Energy JV Consortium is the preferred bidder for the Sapele Power Plc. It bidded $201,000,000.

    JBN-NESTOIL Power Services Ltd, with a bid of $106,500,000 is the reserved bidder for the Sapele Power Plc.

    Amperion is the preferred bidder for Geregu Power Plc. The Feniks Electricity Limited is the reserved bidder for Ughelli Power Plc, subject to their bid being revised to match the reserved price.

    For the Distribution Companies (DISCOs) in which 60 % sales was approved, the preferred and reserved bidders are: Abuja Distribution Company: KANN Consortium Utility Company Ltd as preferred bidder; Benin Distribution Company: Vigeo Power Consortium as the preferred bidder;

    Eko Distribution Company: West Power & Gas is the preferred bidder;

    Honeywell was approved as the reserved bidder; Enugu Distribution Company: Interstate Electrics Ltd is the preferred bidder; Eastern Electric Nigeria Ltd was approved as the reserve bidder; Ibadan Distribution Company: Integrated Energy Distribution & Marketing Ltd is the preferred bidder;

    NEDC/KEPCO was approved as the reserved bidder; Ikeja Distribution Company: New Electricity Distribution Company (NEDC)/KEPCO is the preferred bidder; Vigeo Power Consortium is the reserved bidder; Jos Distribution Company: Aura Energy Ltd as the preferred bidder

    Kano Distribution Company: Sahelian Power SPV Ltd is the preferred bidder; Port Harcourt Distribution Company: 4Power Consortium is the preferred bidder; Yola Distribution Company: Integrated Energy Distribution & Marketing Ltd is the preferred bidder.

    Peterside, with whom is Mrs. Bola Onagoruwa, Director General, Bureau for Public Enterprises (BPE), at the end of the council meeting which was presided over by Vice President Namadi Sambo, said the council also approved the next steps for the conclusion of the privatisation of the generation and distribution companies.

    He said: “After the approval of the results of the financial bids by Council, the highest ranked bidder for each Generation or Distribution Company will be required to post an additional bid security (“Preferred Bidder’s Bank Guarantee”) in the form of a Letter of Credit or Bank Guarantee for 15 per cent (15%) of the transaction value within fifteen (15) business days of notification from the Bureau of Public Enterprises.

    The Preferred Bidder’s Bank Guarantee shall be from a Standard & Poor (S&P) or Moody & Fitch “A” rated foreign bank with a correspondent bank in Nigeria or a Nigerian bank rated “A” by a Rating Agency approved by SEC and be valid through 21, calendar days after the stipulated proposal validity period or any extended proposal validity period.

    “The designated Preferred Bidder will be invited for negotiations with BPE. Within 15 business days after signing of the Sale and Purchase Agreement, the Shareholders’ Agreement or the Performance Agreement ‘whichever is earlier, or at a mutually agreed earlier time, the Bidder shall make a down payment of 25% of the share purchase price.

    “Within six months after signing of the Sale and Purchase Agreement or the Shareholders’ Agreement, whichever is earlier or mutually agreed upon time, the Bidder will be required to pay the outstanding 75% of the share purchase price to complete the transaction. Upon receipt of payment, the Preferred Bidder’s Bank Guarantee will be returned to the bidder within a maximum of four weeks.

    “After the completion of payment, the handover of the successor company to the Preferred Bidder will conclude the transaction.”

     

  • Abdulsalami’s group wins Ikeja, Ibadan PHCN firms

    Abdulsalami’s group wins Ikeja, Ibadan PHCN firms

    Fed Govt makes N19.25b from sale of 10 electiricty distribution companies

    Integrated Energy Distribution & Marketing, a firm owned by former Head of State Gen. Abdusalami Abubakar emerged yesterday the core investor of the Eko, Ikeja, Ibadan and Yola electricity distribution companies.

    The Federal Government raked in N197.25billion from the sale of its 60% equity in 10 of the 11 electricity distribution companies (DISCOs) in the unbundled Power Holding Company of Nigeria (PHCN).

    The Chairman of the Technical Committee, National Council on Privatisation (NCP), Mr. Atedo Peterside, broke the news in Abuja during the opening of the commercial bids of the privatisation of PHCN successor distribution companies.

    In the case of Kaduna Distribution company, he noted, “neither of the two bids received was technically qualified”.

    “Therefore, the Bureau of Public Enterprises (BPE) will invite fresh bids from all the pre-qualified bidders, in accordance with the ‘Plan’ approved by the NCP in respect of the privatisation of any unsold successor company. Plan B entails inviting fresh bids from all the shortlisted bidders that paid the required $20,000fee for the bid documents.”

    Peterside, who presided over the bidding, explained that there was an adoption of Aggregate Technical, Commercial and Collection (ATC&C) loss Reduction for the choice of the core investors.

    He added: “I wish to comment on the choice of the ATC&C loss reduction proposal as a basis for core investor selection. The use of this method for the selection of core investors for distribution companies is a clear departure from the NCP’s usual practice of awarding companies to the bidder who makes the highest financial offer to purchase an asset after being technically qualified. Furthermore, ATC&C loss level will provide Nigerian consumers and other stakeholders with specific parameters with which to measure the outcome of the power sector reform and privatisation.”

    Intergrated Energy Distribution & Marketing Limited won the bidding with 22.51% ATC&C. Its closest bidder, KEPCO, offered 21. 43% ATC&C.

    Gen. Abubakar is the chairman, Integrated Energy Distribution & Marketing Limited, which also won the bidding for Eko Distribution Company with 21.43% ATC&C. KEPCO offered 20.43% ATC&C.

    Integrated Energy Distribution Company&Marketing Limited won the bid for Ibadan Distribution Company with 17.46% ATC&C. Western Consortium bidded 14.37%ATC&C.

    The bid for Enugu Distribution Company was won by Interstate Electrics Nigeria Limited, which offered 20.83%. Its only rival Eastern Electric Nigeria (EEN) Limited, offered 15.99% ATC&C.

    Interstate Electric Limited won the bid for Abuja Distribution Company with 21.62%. Its rival KANN Consortium Utility, offered 18.45%.

    Among the companies in the Interstate Electric Limited is Mr. Emeka Offor’s Chrome Group.

    For the Benin Distribution Company, Vigeo Power Consortium won the bid with an offer of 21.78%. Southern Electricity Distribution Company offered 17.72% AT&C.

    Gbolade Osibodu is the promoter of Vigeo group.

    The only bidder for Jos Distribution Company, Aura Energy Limited, won with 16.22% ATC&C.

    Sahelian Power SPV Limited won the bid for Kano Distribution Company with 22.12%. Integrated Power Distribution & Marketing Limited won the bid for Yola Distribution Company with 18.58%.

    In the case of Port-Hacourt, 4Power Consortium emerged core investor, with 19.55%.

    Companies that make up Sahelian Power SPV Limited that won Kano Electricity Distribution Company include Sahelian Energy & Integrated Services Limited; Kayseri Ve Civari Elektrik T.A.S (KCETAS); Dantata Investment and Security Company Limited; Incar Power Limited; and Highland Electricity Limited.

    For Aura Energy Limited, which is the preferred bidders for Jos Electricity Distribution Company, the consortium is made up of Aura Energy Limited and Aydem Elektrik Dagitim A.S. of Turkey.

    The 4Power Consortium, which is the preferred bidder for Port Harcourt Distribution Company has nine companies in the consortium including Taleveras Group of Companies Limited; Lilleker Brothers (Nigeria); Income Electrix Limited/CESC Limited Joint Venture; Skyview Power Technologies Limited; First Independent Power Company Limited; Akwa Ibom Investment and Industrial Promotion Council (AKIIPOC); Paradise Power Nigeria Limited; Bayelsa Electricity Company Limited; and CESC.

    According to Peterside, to qualify to have its commercial bid opened, each bidder was required to furnish, within 15 business days, official notification of its technical qualification, a post-qualification security in the form of a bank guarantee or a letter of credit.

    He noted that for Yola and Jos distribution companies, the post-qualification security required from each bidder is $5million.

    The chairman also noted that bidders for Benin, Eko, Enugu, Ikeja, Kano and Port-Hacourt distribution companies were expected to submit $10million bank guarantee or letter of credit. $15milliin is required for bidders from Abuja and Ibadan distribution companies.

    Continuing, he said “I am very glad to report that many bidding consortia for the distribution companies, whose commercial bids are opened today, include owners and operators of some of the most successful and efficient electricity distribution companies operating elsewhere in the world,” Peterside said, adding:

    “Nigerians should be comforted and pleased to know that it would be difficult to assemble a more qualified group of bidders for our distribution companies today other than the consortia that we have present in this room.“

    Director-General Ms Bolanle Onagoruwa said in the distribution sector, the government focused less proceeds from asset sales, even though it would receive substantial proceeds.

    She said: “We have emphasised the need for preferred bidders to display the ability to immediately bring in investments that will remove the high losers profile of all the 11 distribution companies.”

    The Minister of State for Power, Mr. Darius Ishaka, advised the loser to take advantage of other opportunities in the sector.

    Chairman of the Senate Committee on Privatisation, Senator Gbenga Obadara, noted that the business model of the winners must fit what they bid for.

    “We will not give these companies to incompetent people,” Obadara said.

  • Abdulsalami’s firm wins bid for power companies

    Abdulsalami’s firm wins bid for power companies

    ...FG rakes in N197.25b from  sales

    Integrated Energy Distribution and Marketing Company, a firm owned by former Head of State, Abdusalami Abubakar on Tuesday emerged the core investor of the Eko, Ikeja, Ibadan and Yola electricity distribution companies.

    Meanwhile, the Federal Government raked in N197.25billion as proceeds from the sale of its 60 per cent stake in 10 out of the 11 electricity distribution companies in the unbundled Power Holding Company of Nigeria.

    Chairman, Technical Committee on National Council on Privatization, Mr. Atedo Peterside, made this disclosure in Abuja during opening of the commercial bids for the privatization of PHCN successor distribution companies.

    In the case of Kaduna Distribution Company, he noted that “none of the two bids received for company met the technical requirements.

    According to him, the Bureau of Public Enterprise will invite fresh bids from all the pre-qualified bidders, in accordance with the ‘Plan’ approved by the NCP in respect of the privatization of any unsold successor company.

    “Plan B entails inviting fresh bids from all the shortlisted bidders that paid the required $20,000 fee for the bid documents,” he said.

    Peterside, who presided over the bidding process, explained that there was an adoption of Aggregate Technical, Commercial and Collection (ATC&C) loss Reduction for the choice of the core investors.

    He said, “I wish to comment on the choice of the ATC&C loss reduction proposal as a basis. For core investor selection. The use of this method for the selection of core investors for distribution companies is a clear departure from the NCP’s usual practice of awarding companies to the bidder who makes the highest financial offer to purchase an asset after being technically qualified.

    “Furthermore, ATC&C loss level will provide Nigerian consumers and other stakeholders with specific parameters with which to measure the outcome of the power sector reform and privatization.”

    From the bidding process, the Integrated Energy Distribution and Marketing Limited emerged the core investor for the distribution company with 22.51 per cent ATC&C, while KEPCO offered 21. 43 per cent.

    Abubakar is the Chairman of Integrated Energy Distribution and Marketing Limited, the same firm that won the bid for Eko Distribution Company with 21.43 per cent ATC&C while KEPCO offered 20.43 per cent.