Press Release

12 firms submitted bids for Afam Power Company and seven (7) for the Yola Electricity Distribution Company (YEDC)

The Bureau of Public Enterprises (BPE) wishes to clarify that contrary to our earlier Press Statement,12 firms submitted bids for Afam Power Company and seven (7) for the Yola Electricity Distribution Company (YEDC) at the close of the submission of bids for the Expression of Interest (EOIs) for the acquisition of the two power companies. The earlier report indicated 7 bids for Afam and 12 for Yola.

It would be recalled that19 firms indicated interest to acquire the Afam Power Company and the Yola Distribution Company (YDC) put up for sale by the Federal Government at the close of the submission of bids for the Expression of Interest (EOIs) at 1 pm on Tuesday, September 26, 2018.

Among the companies that bid are renowned players in the power industry which the Evaluation Committee earlier set up by the Bureau to scrutinize the bids has already been inaugurated and commenced work. The request for expression of interest in the two companies was published by the BPE in national newspapers on August 16, 2018.

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.

Amina Tukur Othman

Head, Public Communications

September 28, 2018