Integrated Energy Distribution, a firm linked to former Military ruler, General Abdulsalami Abubakar, has emerged core investor of Eko, Ikeja, Ibadan and Yola electricity distribution companies, defeating OANDO Consortium owned by Wale Tinubu.<\/p>\n
This is even as the Federal Government has generated a whooping N197.25 Billion as proceeds from the sale of its 60 per cent of its stake in 10 electricity distribution companies privatized out of 11.<\/p>\n
Integrated defeated Honeywell Energy Resources International Limited, owned by Oba Otudeko; and Oando Consortium, headed by, Wale Tinubu, to win the bid for Eko DISCO.<\/p>\n
The Integrated Energy Distribution & Marketing Limited, believed to be owned by former Head of State, Abdusalam Abubakar, has been declared the preferred bidder for four distribution companies (DISCOs).<\/p>\n
Chairman, Technical Committee on National Council on Privatization, Mr.
\nAtedo Peterside, made this disclosure in Abuja during opening of the commercial bids for the privatization of PHCN successor distribution companies.<\/p>\n
In the case of Kaduna Distribution Company, he noted that \u201cnone of the two bids received for company met the technical requirements.<\/p>\n
According to him, the Bureau of Public Enterprise will invite fresh bids from all the pre-qualified bidders, in accordance with the \u2018Plan\u2019 approved by the NCP in respect of the privatization of any unsold successor company.<\/p>\n
\u201cPlan B entails inviting fresh bids from all the shortlisted bidders that paid the required $20,000 fee for the bid documents,\u201d he said.<\/p>\n
Peterside, who presided over the bidding process, explained that there was an adoption of Aggregate Technical, Commercial and Collection (ATC&C) loss Reduction for the choice of the core investors.<\/p>\n
He said, \u201cI wish to comment on the choice of the ATC&C loss reduction proposal as a basis. For core investor selection. The use of this method for the selection of core investors for distribution companies is a clear departure from the NCP\u2019s usual practice of awarding companies to the bidder who makes the highest financial offer to purchase an asset after being technically qualified.<\/p>\n
\u201cFurthermore, ATC&C loss level will provide Nigerian consumers and other stakeholders with specific parameters with which to measure the outcome of the power sector reform and privatization.\u201d<\/p>\n
From the bidding process, the Integrated Energy Distribution and Marketing Limited emerged the core investor for the distribution company with 22.51 per cent ATC&C, while KEPCO offered 21. 43 per cent.<\/p>\n
Abubakar is the Chairman of Integrated Energy Distribution and Marketing Limited, the same firm that won the bid for Eko Distribution Company with 21.43 per cent ATC&C while KEPCO offered 20.43 per cent.<\/p>\n","protected":false},"excerpt":{"rendered":"
Integrated Energy Distribution, a firm linked to former Military ruler, General Abdulsalami Abubakar, has emerged core investor of Eko, Ikeja, Ibadan and Yola electricity distribution companies, defeating OANDO Consortium owned…<\/p>\n","protected":false},"author":1,"featured_media":5105,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-5100","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n