The Nation Newspaper

Tag: Consortium

  • Fed Govt, GE, consortium sign agreement on rail concession

    AN international consortium led by the General Electric (GE) has signed an agreement with the Federal Government to proceed with the interim phase of the narrow-gauge railway concession.

    It  followed the award of preferred bidder status by the Federal Government in May 2017.

    Minister of Transportation Rotimi Amaechi described the event, which held in Washington D.C, United States (U.S.) over the weekend, as a milestone.

    He added that it has gone to signpost the commitment of the present government to drive the modernisation of the nation’s railway system.

    According to Amaechi, “This milestone project is an unprecedented commitment by the Federal Government, which, combined with the GE-led Consortium, would drive the modernisation of the rail infrastructure and add immense value to Nigeria’s long-term economic growth and productivity.”

    He described a modernised railway service as a catalyst for small and medium enterprises and would be a key and incalculable socio-economic benefits for the many Nigerian towns and villages through which the rail network will pass.

    GE Chief Executive Officer in Nigeria Lazarus Angbazo said his organisation is committed to a sustainable rail development for Nigeria.

    “We are delighted to have reached this crucial stage of the project to revamp and revitalise the country’s legacy rail infrastructure system. The consortium looks forward to commencing execution of this Interim Phase with the continued support of the Federal Government and the Ministry of Transportation. As operations begin, our strong partners, such as Transnet and SinoHydro, will bring their strong operating and development skills to the forefront.”

    Other companies on the GE consortium are SinoHydro, a leading infrastructure construction services corporation, Transnet, a leader in transportation and logistics infrastructure management and APM Terminals, a global port, terminal and intermodal inland services provider.

    In the interim phase of the rail concession, remedial works will be carried out on part of the narrow-gauge rail line system to make it technically and economically viable.

    A joint operation will be established between the consortium and the Nigeria Railway Corporation (NRC) with an initial supply of 10 locomotives and 200 wagons to augment the existing rolling stock.

    This programme is expected to increase the number of available locomotives, thus increasing the frequency of passenger and freight rail services.

  • Consortium lauds peaceful conduct

    A consortium of election observers in Anambra State has praised the smooth and peaceful conduct of the November 18 governorship election in the state.

    The observers – Independent Service Delivery Group (ISDMG) and the Nigeria Civil Society (NCS) – made the commendation yesterday at their separate media briefings in Awka, the state capital.

    They also hailed the Independent National Electoral Commission (INEC) for early distribution of materials and officials to the local government areas for the exercise.

    The Convener of Nigeria Civil Society Situation Room, Mr Clement Nwankwo, noted that there was buying and selling of votes between political parties and the electorate during the election.

    He said: “Situation Room is also disappointed with political leaders in the state whose conduct, carriage and disposition encouraged blatant buying and selling of votes to their citizens. This emerging impunity of vote-buying appears to be a dangerous trend in our elections and needs to be addressed urgently.

  • Consortium acquires Keystone

    Consortium acquires Keystone

    The Sigma Golf – Riverbank consortium was yesterday declared the new owners of Keystone Bank Limited.
    Sigma Golf – Riverbank consortium is made up of Sigma Golf Nigeria Limited and Riverbank Investment Resources, both entities set up by local investors.
    The Asset Management Corporation of Nigeria (AMCON), which announced the acquisition, said it followed the receipt of the regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
    Details of the deal were not immediately clear last night. The bank’s assets are estimated at N318 billion. It has two international units.
    Citigroup Inc.’s Nigerian unit and FBNQuest, a unit of FBN Holdings Ltd., served as AMCON’s advisers on the sale.
    A statement yesterday said: “The Asset Management Corporation of Nigeria is pleased to announce Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf – Riverbank consortium) as the new investors in relation to the acquisition of the entire issued and fully paid up ordinary shares of Keystone Bank Limited.”
    It added that the completion of the transaction was subject to the fulfillment of the conditions precedent as stated in the Share Sale and Purchase Agreement executed between AMCON and the Sigma Golf – Riverbank consortium.
    “This process started with interest shown by 18 parties cutting across local and international investors. The emergence of the Sigma Golf – Riverbank consortium resulted from a rigorous and competitive bidding process, which was coordinated for AMCON by Citibank Nigeria Limited and its affiliates and FBN Capital (Joint Financial Advisers), and Banwo & Ighodalo and Crosswrock Law (Joint Legal Advisers),” AMCON said.
    Keystone Bank was incorporated by the NDIC on August 3, 2011. AMCON subsequently capitalized Keystone Bank and appointed a Board of Directors and Executive Management team to lead the Bank.
    As at April 2016, Keystone Bank had staff strength of 1,753 employees, network of 154 branches, 9 cash centres and 315 Automated Teller Machines.
    Keystone Bank Limited is the last of the three bridged lenders bought by the AMCON after the CBN found the lender’s capital adequacy position below regulatory standard.
    The other two – Enterprise Bank Limited and Mainstreet Bank Limited – were acquired by Heritage Bank Limited and Skye Bank Plc.

  • Power bid: Consortium denies link with Babangida

    Power bid: Consortium denies link with Babangida

    Barely 24 hours after the Bureau of Public Enterprises conducted the bids for the Power Holding Company of Nigeria, one of the preferred bidders, North South Power Company Limited, on Wednesday condemned the news linking it with the former military President, Ibrahim Babangida.

    In a statement made available to The Nation, the management said the consortium was neither backed nor sponsored by the former military president as widely reported in the media.

    The statement, signed by Dr. Olubunmi Peters on behalf of the management, listed four companies registered in Nigeria and another one registered in the United States as well the Niger State Government, as members of the consortium.

    The companies are XS Energy Limited (Nigeria), BP Investment Limited (Nigeria), Urban Shelter Limited (Nigeria), Transatlantic Development and Investment Company (United States), Roads Nigeria Plc (Nigeria), and Niger State Government.

    The statement said, “The attention of the management of North South Power Company Limited has been drawn to some news report in the national dailies, that North South Power Company Limited is backed or sponsored by General Ibrahim Babangida.

    “Our original inclination was to ignore the publication, but in order to set the records straight, we wish to bring to the knowledge of the media that Gen. Babangida is not a promoter or sponsor of North South Power Company Limited

    “The consortium is also backed by their technical partners, China International Water Electric and China Three Gorges Corporation.”

    The North-South Power Company Limited emerged the preferred bidder for Shiroro Generating Plant for $23.602m.

    Transnational Corporation emerged the preferred bidder with an offer of $300m for the 100 per cent government’s equity in Ughelli Power Generation Plant. The consortium beat two other bidders: Amperion Consortium, which offered $252m and Feniks Electricity’s offer of $54m.

    The second thermal station, Sapele Power Generation Plant, was won by a consortium – CMEC/EUAFRIC Energy which beat German Construction giant Julius Berger Nigeria Plc with the highest bid offer of $201m.

    The third thermal station, Geregu plant was won by another consortium – Amperion Power Distribution Company for $132m. The group was a lone bidder for the plant.