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Thu, Mar

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The Federal Government has assured that the sale of Afam Power Plant as well as Yola Disco would be done transparently. The assurance is coming after the government announced that it has appointed transaction advisers for the privatization of Power Generating and Distribution Companies, thus signaling the commencement of the sales of the companies.


Speaking during the joint kick-off meeting of the transaction advisers in Abuja, the Director General of the Bureau of Public Enterprises, BPE, Mr. Alex Okoh vowed that the Bureau will not compromise on transparency and integrity in the sale and management of public assets in the country.


Mr. Okoh also said the Bureau had raised the bar for privatisation transactions stressing that stakeholders would be carried along throughout the entire stages of the transactions.


He noted the criticism that trailed the initial privatisation of the power companies and said that the lessons learnt in the previous exercise would be applied to set a standard for the fresh transactions, adding that transparency and professionalism are key to all the Bureau’s transactions. On the emergence of FBN Quest Consortium as the sole transaction adviser for Yola and Afam Power Companies, he said there was nothing untoward about it, rather “it is in furtherance of the Bureau’s stance on transparency because the Consortium participated in the two distinct bidding processes for the selection of transactions advisers and emerged as the preferred bidder for Yola Power Company and reserved bidder for Afam Power Company”.


He explained that when negotiations with the preferred bidder- Energy Markets & Rates Consortium, EMRC, for advisory services for Afam Power Company transaction fell through, the Bureau made recourse to the reserved bidder – FBN Quest in line with best practice.

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