Nigeria power privatisation takes step forward


Nigeria’s power sector is a step closer to being transferred into private hands as 13 of the preferred bidders for the Power Holding Company of Nigeria (PHCN) successor distribution and generation companies have now paid the outstanding 75% of the purchase price. This allows the process to move into the next phase, known as the Transitional Energy Market. However, the preferred bidder for Enugu distribution company, Interstate Electrics, a consortium which includes Chief Emeka Offor’s Chrome Consortium Energy and the Metropolitan Electricity Authority of Thailand, failed to meet the 21 August payment deadline, while the preferred bidder for the Shiroro power plant, North-South Power Company, was able to pay only $40m of the $100m outstanding by 21 August, but paid the remaining $60m on 28 August, closing the deal.