- FG resolves Geometric, Enugu Disco tussle
By Ndubuisi Francis
The Bureau of Public Enterprises (BPE) has handed over the Afam Power Plant in Oyigbo Local Government of Rivers State to Transcorp Power Consortium, which emerged the preferred bidder of the power asset, with a bid offer of N105 billion.
At the handover ceremony in Abuja Thursday, which marked the final consummation of the transaction, the BPE Director General, Mr. Alex Okoh, said it was a significant milestone in the process of the privatisation of the last successor generation company of the defunct Power Holding Company of Nigeria (PHCN) and a culmination of several years of painstaking efforts by the National Council on Privatisation (NCP) and the BPE in the face of daunting challenges.
In a related development, the federal government has finally resolved the lingering tussle over the ownership of the Aba ring-fenced area between Geometric Power and Interstate Electric, owners of the Enugu Electricity Distribution Company (EEDC), with the signing of the Asset Sale Agreement (ASA) between the two companies.
Details later…
