The federal government has disclosed plans to re-sell the Yola Electricity Distribution Company as well as privatise the Afam Power Plant. The proceeds from the sale are expected to be utilised in funding part of the 2018 budget.
The Director General of the Bureau of Public Enterprises (BPE), Mr. Alex Okoh, revealed this in Lagos yesterday, during a forum organised by the Stakeholders’ Engagement Committee of the National Council on Privatisation (NCP) and the BPE. Yola Disco was returned to the federal government in 2014, following a force majeure that was declared by the previous core investors.
According to Okoh, the federal government had estimated that the Yola Disco and Afam Power Plant would be sold next month. “We had some delays in the appointment of advisers. But the new timeline for the sale of Afam and Yola Disco is now January 2019,” the BPE boss explained.
He added, “The NCP and the BPE are expected to generate and fund the 2018 budget to the tune of about N300 billion. Essentially, this will come from proceeds of privatisation and commercialisation activities of the bureau. That includes the sale of Afam Power Plant, the three plants under the National Integrated Power Project Programme. These three are the power plant in Geregu, the plant in Calabar and the Omotosho Power Plant.”
Source: THIS DAY