Power

Eastern Electric heads to court over Enugu Disco

Sep 18, 2013

The intrigues over the privatisation of Enugu Electricity Distribution Company yesterday assumed a new dimension as Eastern Electric Limited, the reserve bidder for the asset has approached a Federal High Court sitting in Abuja to restrain the National Council on Privatisation (NCP) and the Bureau of Public Enterprises (BPE) from handing over the asset to…

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Nigeria’s power reform in order – IFC

Sep 17, 2013

International Finance Corporation, a member of the World Bank, has said that the federal government has demonstrated substantial political will to put the Nigerian power sector on a sustainable path. Bernard Sheahan, Global Director and Natural Resources Department, IFC/World Bank Group, who disclosed this, said there would be a meteoric progress for power sector reforms…

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Reserve bidder petitions BPE over Enugu Disco

Sep 17, 2013

The reserve bidder for the Enugu Electricity Distribution Company, Eastern Electrics, has petitioned the Bureau of Public Enterprises over the failure of the privatisation agency to invite it for negotiations following the failure of the preferred bidder, Interstate, to meet the payment deadline. Similarly, the BPE will on Tuesday (today) meet with the core investors,…

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Interstate earmarks N41.66bn to upgrade Enugu Disco

Sep 17, 2013

Interstate Electrics, the core investor for the Enugu Electricity Distribution Plc has unveiled a N41.66 billion budget for the upgrade of the asset over the next five years. The company in its capital investment proposal to the Bureau of Public Enterprises (BPE), had stated that its investments would seek to reduce technical, commercial and collection…

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PHCN’s investors grumble over assets handover

Sep 16, 2013

Investors in the Power Holding Company (PHCN) successor firms are grumbling. They are yet to take over the companies after paying the bid price on August 21. The modalities for their takeover of the firms spread across the country are still being worked out. Besides, labour issues are yet unresolved. “The entire arrangement is unclear,”…

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I‘ve no hand in sale of Enugu Disco – Dame Jonathan

Sep 16, 2013

The office of the First Lady has denied reports in an online publication that the First Lady, Dame Patience Jonathan, was behind the crisis in the sale of Enugu Distribution Company, saying it is ‘speculative journalism at its worst’ and should be ignored. Reacting to the publication that the First Lady, and the Vice President…

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Investors demand interest payment after delay in handover of power assets

Sep 16, 2013

Following the failure by the Bureau of Public Enterprises (BPE) to hand over the power distribution and generation assets to the core investors that met the August 21 deadline for the payment of the 75 per cent of the transaction value of the assets, the investors have written to the privatisation agency, demanding payment of…

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Ministry clears air on Zungeru power project cost

Sep 15, 2013

The Federal Ministry of Power has described as “unfair” insinuations that the contract award for the Zungeru Hydroelectric Power Project was excessively high. The ministry made this rebuttal in a statement at the weekend while responding to a recent newspaper publication (not The Nation) which attempted a cost analysis of the contract and concluded that…

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BPE generates N251.5bn from 122 privatised firms

Sep 15, 2013

The Bureau of Public Enterprises, BPE, generated N251.5billion from 122 privatised firms handled from 1999 -2012, the Director-General, Benjamin Ezra Dikki, has disclosed. Dikki, who spoke while receiving a team from the Standard & Poors’ and Fitch Rating Agencies on a visit to the Bureau, said out of the amount, N147billion was remitted to the…

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Second edition of Power Nigeria to take place in October 2013

Sep 13, 2013

Nigerians most deprived of grid-based electricity in the world; government embraces renewable resources to generate 40,000 megawatts by 2020. Lagos, Nigeria, 16th September, 2013: The Nigerian government has set a target of generating 10,000 megawatts of electricity by the end of 2013 and 40,000 megawatts by 2020 to combat the growing power crisis in the…

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