jeff juwana
Moderator
The reserve bidder for Enugu Electricity Distribution Company, Eastern Electric Company, has stated its readiness to pay $126 million for the takeover of the company, which provides power to the South Eastern part of Nigeria.
Following the inability of Interstate Electrics to meet up with the deadline payment of 75 per cent of the bid price as at 5pm on Wednesday, the communication consultant of Eastern Electric Ltd, Mr C.Don Adinuba declared the willingness of the consortium to finance the payment.
The consortium was formed by the five South East state governments; Nestoil , a major indigenous operator in the upstream sector of the Nigerian petroleum industry; Aba Power Ltd and Geometric Power Ltd, led by former Power Minister Bart Nnaji and Diamond Bank founding chairman Pascal Dozie.
Other members are NRECA of the United States which operates in Latin America, Pakistan, Sudan, Bangladesh and controls 10 per cent of the United States 1 million Megawatt grid amounting to some 100,000MW, and the NETGroup of South Africa which operated Tanzanian power and maintains a significant presence in South Africa’s electricity business.
“We have a robust and matchless combination of global best practices and the best experience of emerging economies.
“We shall not have difficulty raising the funds. The Bureau of Public Enterprises is still holding on to our $10 million bank bond raised when we were bidding for Enugu Disco.
“As all Nigerians must have known, the 141MW Aba integrated power project built by Geometric Power and which cost over $450 million is about to be commissioned,” Adinuba said.
It will be recalled that bids last year by both the Dangote Group and Johnson-Arumeni’s Rockson Engineering which is handling a number of power projects for two generation companies for the government were rejected for submitting them five minutes late; thus indicating the Federal Government’s stance on defaulters.
With the failure of Interstate Electrics to pay for the Enugu Electricity Distribution Company, the legal battle between Geometric Power and Interstate over the latter’s attempt to acquire Aba and Ariaria Market Business Units of the Power Holding Company, PHCN, as part of its assets may have been brought to a close.
Following the inability of Interstate Electrics to meet up with the deadline payment of 75 per cent of the bid price as at 5pm on Wednesday, the communication consultant of Eastern Electric Ltd, Mr C.Don Adinuba declared the willingness of the consortium to finance the payment.
The consortium was formed by the five South East state governments; Nestoil , a major indigenous operator in the upstream sector of the Nigerian petroleum industry; Aba Power Ltd and Geometric Power Ltd, led by former Power Minister Bart Nnaji and Diamond Bank founding chairman Pascal Dozie.
Other members are NRECA of the United States which operates in Latin America, Pakistan, Sudan, Bangladesh and controls 10 per cent of the United States 1 million Megawatt grid amounting to some 100,000MW, and the NETGroup of South Africa which operated Tanzanian power and maintains a significant presence in South Africa’s electricity business.
“We have a robust and matchless combination of global best practices and the best experience of emerging economies.
“We shall not have difficulty raising the funds. The Bureau of Public Enterprises is still holding on to our $10 million bank bond raised when we were bidding for Enugu Disco.
“As all Nigerians must have known, the 141MW Aba integrated power project built by Geometric Power and which cost over $450 million is about to be commissioned,” Adinuba said.
It will be recalled that bids last year by both the Dangote Group and Johnson-Arumeni’s Rockson Engineering which is handling a number of power projects for two generation companies for the government were rejected for submitting them five minutes late; thus indicating the Federal Government’s stance on defaulters.
With the failure of Interstate Electrics to pay for the Enugu Electricity Distribution Company, the legal battle between Geometric Power and Interstate over the latter’s attempt to acquire Aba and Ariaria Market Business Units of the Power Holding Company, PHCN, as part of its assets may have been brought to a close.