FOR SALE: Geregu, Omotosho and Calabar power plants for N434 billion – FG announces

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Factual Pursuit of Truth for Progress

 

By Francis Ogwo

Some assets belonging to the Federal Government have been mapped out for sale and to concession in 2021. They include Geregu, Omotosho and Calabar power plants for N434 billion in 2021.

This was made public by the Bureau of Public Enterprises (BPE) in its 2021 Budget Defence in Abuja on Monday.

Part of the planned concession according to reports also include major sports stadia across the country including the National Stadium, Lagos, Moshood Abiola Stadium, Abuja, Jos International Stadium, Adokiye Amiesimaka Stadium and the National Art Theatre.

Details of the sales according to the BPE revealed that Geregu Power Plant would go for N140.7 billion, Omotosho Power Plant N151.4 billion and Calabar Power Plant N143.4 billion, the BPE said.

According to member of the Senate Committee on Privatization and Commercialization, Senator Theordore Orji, Geregu is already majority-owned by private investors.

“We also found that in Geregu Power Plant, the core investor already owned 51% shares and that the transaction emanated from a request by the investor for additional 29% of FGN residual 49% shares,” Orji noted.

Recall that in 2019, Femi Otedola expressed interest in investing up to $1billion into Geregu Power Plc as diversification of his business streaks.

The Chief Executive Officer of Geregu Power Plc, Akin Akinfemiwa, had also in June disclosed that they have invested the sum of 100 million dollars (USD) to carry out a major overhaul not only to ensure that the three turbines were operational at the nameplate capacity of 414MW but also to add an extra 21MW to bring the total nameplate and available capacity to 435MW.

Other private sector investors are expected to express interest in the huge concessions.

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