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Nigeria: Completion deadline for NIPP power plant sales extended

Niger Delta Power Holding Company (NDPHC) wrote to preferred bidders earlier this month informing them of the extension of their bank guarantees to January 2016. The extension is optional and allows bidders to drop out without penalty, although this will result in the forfeit of their preferred bidder status and trigger negotiations between NDPHC and the reserve bidder. However, few industry sources expect this option to be exercised. “If a company has achieved preferred bidder status, why would they want to drop out unless they are in financial trouble?” law firm Dentons’ senior counsel Raj Kulasingam told African Energy.

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