The Bureau of Public Enterprises (BPE) on Monday said it received a total of five bids on Friday, March 15, 2019—being the deadline for the submission of technical and financial proposals for the acquisition of the Yola Electricity Distribution Company (YEDC) and Afam Electricity Generation Company (Afam Power Plc & Afam Three Fast Power Limited) by prospective core-investors.
According to the BPE in a statement, two firms – Quest Electricity Nigeria Limited and Sandstream Nigeria – submitted proposals to acquire the Yola Disco while DiamondStripes Consortium, Unicorn Power Generation Consortium and Transcorp Power, sought to acquire the Afam Genco.
Sandstream submission was however found to be non-responsive as it failed to include a bank guarantee in line with the requirements in the Requests for Proposal (RfPs). Accordingly, the representative of the firm took the bid back.
Speaking at the event, Director General of the BPE, Mr. Alex A. Okoh assured the bidders that the evaluation of their bids would be subjected to the highest level of integrity culminating into the financial bids opening of the successful bidders.
In the statement signed by the bureau’s spokesperson, Amina Tukur Othman, Okoh said the Evaluation Committee would meet immediately to discuss and finalise the scoring criteria before commencing the evaluation process on Monday and end on Thursday, March 21, 2109.
It would be recalled that although Yola Distribution Company was successfully privatised and handed over to the core investor in 2013, a force majeure was declared in 2015 by the core investor citing insecurity in the North-East region of the country.
Following this, the company was duly repossessed by the Federal Government. The transaction for Afam Power Generation Company on the other hand fell through due to the delay in signing the Gas Supply Agreement (GSAA) and the Gas Transportation Agreement (GTA).
In 2017, the National Council on Privatisation (NCP) gave approval for a fresh transaction to privatise the two power companies.
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