Fed Govt To Sell Geregu, 2 Plants For N434bn

The Federal government has said it will sell the Geregu, Omotosho and Calabar power plants for N434 billion to investors next year.

This is contained in a document presented by Alex Okoh, the Director-General, Bureau of Public Enterprises (BPE), to the Senate Committee on Privatization and Commercialization during the budget defence session.

According to the breakdown, Geregu power plant would be sold for N140.7bn, Omotosho power plant will go for N151.4bn and Calabar power plant for N143.4bn.

Economic Confidential reports that the three power plants were built under the National Integrated Power Projects (NIPP) by the Niger Delta Power Holding Company (NDPHC). The firm is owned by the three tiers of government.

While the 434 megawatts (MW) Geregu plant is in Kogi state, 450MW Omotosho is in Ondo and the 561MW Calabar plant is in Odukpani near Calabar in Cross River.

BPE is expected to reappear before the Senate committee this week for details on the proposed sale of the three power plants and its revenue projection for 2021.