Given the imperative of finalizing industry agreements and the Multi-Year Tariff Order (MYTO), the Bureau of Public Enterprises (BPE) has revised the transaction timeline for the privatisation of the successor companies created from the Power Holding Company of Nigeria (PHCN.)
Recall that the industry regulator, Nigerian Electricity Regulatory Commission {NERC} and other key stakeholders are working towards finalising the industry agreements and MYTO. Moreover, a lot of work is being undertaken to set up the Bulk Trader and conclude the subsidy structure.
Based on these factors and with the intention of creating the optimal environment for the investors, the Bureau decided to revise the transaction timeline after consultations with the key stakeholders in the electric power sector. The revised timeline also includes an extension of the deadline to confirm the intention to bid and pay the due fee for purchasing the Requests for Proposals {RfP} documents.
Under the revised timeline, draft industry agreements will be posted on August 15, 2011. The deadline for bidders to confirm intention to bid and pay $20,000 for purchase of RFP documents is August 26, 2011.
The issuance of RFP and Information Memorandum documents will be undertaken on September 1, 2011. The access to virtual data room begins on September 1, 2011.
The Pre-Due Diligence Conference will hold on September 16, 2011 while bidders’ site visits are scheduled for between September 19, 2011 and January 16, 2012.
The transaction and industry review conference will hold between October 4 and 5, 2011 whilst the Pre-Bid Conference is scheduled for November 21, 2011.
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The deadline for submission of bids for the generation companies is January 16, 2012 whereas the deadline for the submission of bids for distribution companies is January 30, 2012. The bid evaluation process for the distribution firms will be completed on February 14, 2012 while that for the distribution companies is February 28, 2012.
In another development, the Secretary to the Government of the Federation (SGF), Senator Anyim Pius Anyim, has pledged to fast track the process that would lead to the passage of the pending reform bills.
Receiving the management team of the Bureau of Public Enterprises (BPE), led by its Director-General, Ms.BolanleOnagoruwa, in his office, the SGF noted that government’s good intention to divest from public enterprises would be a mirage if the necessary legal and regulatory instruments were not put in place to provide comfort to stakeholders and investors.
He said that the present administration was keen on the successful privatization of enterprises in the country and that was why soon after assumption of office,” I demanded to know the bills that were pending for passage to aid privatization and I have discovered seven of them”.
According to him, the passage of the bills would lead to the setting up of regulatory bodies to regulate activities in the various sectors, stressing that privatization cannot succeed without regulatory bodies.
The pending bills include the Railway Bill; Road Reform Bill, National Transport Commission Bill, Postal Bill, Inland Waterways Bill, Ports and Harbour Bill and the Competition and Consumer Protection Bill.
While promising to assist the Bureau to succeed in its mandate, he pledged to meet with the management team from time to time to ensure the success of its mandate.
Earlier, Director-General of the BPE, Ms BolanleOnagoruwa, had told the SGF that the visit was to congratulate him on his appointment and to sensitize him on the workings of the Bureau; given his role as the Chairman of the Policy and Monitoring Committee (PMC) of the National Council on Privatisation (NCP).
