PHCN Headquarters, Abuja

By James Emejo

The Bureau of Public Enterprises (BPE) has thrown more light on criteria that must be met before the preferred bidder’s bank guarantee earlier submitted to it by successful bidders for Power Holding Company of Nigeria (PHCN) successor generation and distribution companies would be returned to them.

The privatisation agency, in a statement signed by its spokesman, Chukwuma Nwokoh, a copy which was made available to THISDAY Thursday, said the bank guarantee would only be returned upon payment of the 25 per cent of the purchase price of the assets.

The latest clarification stands to correct earlier statement issued on October 29 in the wake of the approval of the preferred bidders by the National Council on Privatisation (NCP).

The BPE had informed that the preferred bidder’s bank guarantee submitted to the Bureau by preferred bidders would be returned only after full payment for the companies.

“The correct position as reflected in “Commercial 6” of the Request for Proposals (RFP) issued to bidders is that upon the payment of the 25 per cent of the purchase price, the preferred bidder’s bank guarantee will be returned to the bidder,” the statement clarified.