The Federal Government will make about $1.6bn from the sale of 10 electricity generation plants under the National Integrated Power Project once the ongoing process for their sale is successfully completed, The Punch reports.

It was learnt that about $4bn had so far been invested in the 10 power plants by the Niger Delta Power Holding Company, while the preferred bidders had offered to pay $5.6bn for the facilities. It was further gathered that the NDPHC had also spent about $1.5bn on distribution assets, while $2bn had so far been invested in transmission infrastructure.

The Managing Director, NDPHC, Mr. Chiedu Ugbo, said on the sidelines of a power stakeholders’ meeting that a lot of projects had been put in place by the company in order to enhance generation and distribution of power across the country.

He explained that the $5.6bn offer from investors for the 10 NIPP generation plants was for 80 per cent equity in the facilities, adding that the Federal Government had mandated his team to provide power to Nigerians.