Bureau of Public Enterprises reveals FGs Plan to Sell 5 power Plant.

Bureau of Public Enterprises has disclosed disclosed decision of the FG alongside the 36 state Governors to sell off 5 power plants.

According to reports reaching The FG and the 36 state governors agreed to sell the five power plants under the National Integrated Power Projects ( NIPP ) and use the proceeds to fund the 2023 budget.

This agreement is also reportedly coming after over 2 years of disputes and legal tussles regarding the sale of the NIPP plants managed by the Niger Delta Power Holding Company, NDPH.

The Director General of the Bureau of Public Enterprises, Alex Okoh, during an interview with journalists, disclosed that the United Bank for Africa, UBA, had secured a core investor to acquire a 60 per cent stake in Abuja Electricity Distribution Company, AEDC.

He also said efforts were being made to get competent investors to repossess the majority shares in the other four Discos that banks took over.

He added that the Federal Government was trying to restructure Nigeria’s healthcare delivery after the United Kingdom system and stated that there had been appreciable progress with the proposed sale of five NIPP power plants.

Okoh said, “The expectation (of BPE) in the fiscal plan for 2023 is N260bn, and the critical assets we are looking at are the power assets. Five of the NIPP plants; incidentally, we are reaching some understanding with the state governors for selling those five power plants.”

According to a report in April 2021, the National Council on Privatisation okayed the adoption of a fast-track strategy for the privatisation of the five power plants listed as Geregu, Omotosho, Olorunsogo, Calabar and Benin-Ihovbor.

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