2021: FG to Sell 4 Power Plants/Stadiums, Other Nation Projects for N434B

2021:FG to Sell 4 Power Plants/Stadiums, Other Nation Projects for N434B: As 2021 approaches, the Federal Government headed by Mohammedu Buhari will concession some of Nigeria’s biggest national Assets to finance the 2020 National Budget

Apparently, some of the National Assets put up for sell include Omotosho, Geregu, and Calabar power plants for N434 billion

There are plans already in place to sell Tafawa Balewa Square, National Art Theatre, and all the River Basin Development Authorities at N836M

According to newtelegraphng, Abuja, Abiola Stadium, Adokiye Amiesimaka Stadium in Port Harcourt and Jos International Stadium will be sold at N100M Each

“These proposals were contained in a document presented by the Bureau of Public Enterprises (BPE), to the Senate during a budget defense session in Abuja.

“According to the breakdown, Geregu power plant, which it was learnt was constructed at the cost of $10 billion, would be sold for N140.7 billion, Omotosho Power Plant will go for N151.4 billion and Calabar Power Plant to be sold for N143.4 billion.

“The document further revealed that the proceeds of the three power plants would be paid into Niger Delta Power Holding Company (NDPHC). Also, while the National Art Theatre will be concessioned for N200 million, Tafawa Balewa Square will be concessioned for N436 million and all the River Basin Development Authorities will go for N200 million.

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“There was no competition and only BPE and their appointed transaction advisers know how the value was determined and sold for N13 billion.

“Afam Power Plant, it was mentioned that there are actually two different Power Plants i.e. Afam Power Plant and Afam Fast Power (a brand new plant) built by Seimens yet to be commissioned.

“Reports have it that it cost about $1 million to build a megawatt of power plant a megawatt of power plant.” Geregu Generation Company Limited is located in Ajaokuta, Kogi State.

“The Geregu Power Plant has a unique configuration of three gas turbines (Siemens V94.2 Gas Turbines) with capacity of 506.1 MW (ISO) and 434MW (Net).

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“Omotosho Generation Company Limited is located in Okitipupa, Ondo State. The plant has a configuration of four gas turbines (GE Frame 9E Gas Turbines) with 512.8 MW (ISO) and 451MW (Net) capacity.

“The Calabar Generation Company Limited, located in Calabar, Cross River State is five gas turbines (GE Frame 9E Gas Turbines) with 634.5MW (ISO) and 562MW (Net) capacity”

Source:

https://www.newtelegraphng.com/fg-to-sell-three-power-plants-for-n434bn/

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