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FG finalizes plans to sell Yola Disco, two power Gencos

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The federal government will re-sell the Yola Electricity Distribution Company (Disco), which was returned to it in 2015 by a core investor as a result of the Boko Haram insurgency, and two additional gas-fired power generation plants.

It was gathered from a document sighted at the Bureau of Public Enterprises (BPE) that the agency has received approval from the federal government through the National Council on Privatisation (NCP) to re-sell the Yola Disco through a competitive bidding process to be managed by the BPE.

Also up for sale are the 987.2 megawatts (MW)-capacity Afam power plant and the 240MW Afam Three Fast Power Limited (ATFPL), which the government initiated in 2016. From the BPE document, it was learnt that the agency has invited core investors to express interest in acquiring the government’s 60 per cent shareholding in Yola Disco, and 100 per cent shareholding in the Afam Genco.

BPE explained that its preference for bidders of the Disco would be the existing power distribution companies or core investor groups with power distribution companies as equity investors. For Afam Power Plc and ATFPL, the document suggested they would be jointly privatised through competitive bidding.

Source: THIS DAY

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