Power Plays: Femi Otedola takes over Geregu Power Plant

by Isi Esene

Nigeria’s long road to a stable power supply appears to be shortening with the naming of preferred bidders for some of the power generation plants slated for privatization.

This announcement was made today in Abuja by representatives of the Bureau of Public Enterprises (BPE) who named a consortium which included Transcorp Plc as the preferred bidders for the Ughelli Paower Company with an offer of $300m.

Another group which includes Femi Otedola’s Forte Oil won the $132m bid for the Geregu Power plant.

The bidding for the remaining power plants which are located in strategic parts of the country is still ongoing in Abuja.

One comment

  1. Nigeria, journey so far.

    Several years of military dictatorship produced several billionaire military office looters who have been and are still participating in buying up of the country's assets through so called "privatization".

    There was the second republic, the free for all looting where illiterates and "semi-illiterates" were made administrators, storing millions and billions in briefcases and in their residences.

    The present "lootocracy" 1999 to 2012, period of 13 years has produced billionaire ex-president, governors, senators, assemblymen, chairmen and so on. In this same 13 years, it has been impossible to effect rehabilitation of a 100 kilometer federal road, a mushroom national airport or its link road, a much needed bridge and so on.

    The best looters and their associates or "fronts in crime" continue to buy up the national assets. Federal assets for all past treasury looters, families and associates.

    Money Laundering, the process of creating the appearance that large amounts of money obtained from serious crimes, such as treasury looting, drug trafficking or terrorist activity, originated from a legitimate source.

    The journey continues…………….

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