FG targets Q1 2019 for Afam Power, Yola Disco sale

The Federal Government plans to realise the sale of Afam Power Plc and Yola Electricity Distribution Company in the first quarter of 2019, investigation has shown.

The Bureau of Public Enterprises had in September constituted an inter-ministerial committee for the screening of prospective investors who had expressed interest in the acquisition of 60 per cent stakes in the two companies.

Head, Public Communications, Amina Othman, said the BPE had in September confirmed that at the close of the submission of bids for the Expression of Interest for the two power companies, seven firms submitted bids to buy Afam while 12 submitted for Yola Disco.

Othman said within the period allowed for Expression of Interest, 19 firms including renowned players in the power industry had indicated interest to acquire majority stake the two power firms carved out from the defunct Power Holding Company of Nigeria.

It was learnt that although the privatisation had worked towards selling the two companies in December, it is now working towards achieving the target in the first quarter of 2019.

Source: The Punch



Read the latest energy industry news and researched articles
for oil and gas, power generation, renewable energy, events and more...