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Monday, 17 June 2013 00:00
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Government re-affirms commitment to power sector reforms

As part of efforts to guarantee effective and sustainable power supply in Nigeria, the Federal Government on Wednesday in London, assured power investors of maximum support in ensuring that power business succeeds in the country.

The Road Show to kick-start the international investment drive for the divestment of government stakes in the generation assets of the Niger Delta Power Holding Company (NDPHC), which started in Lagos, has moved to London for the Privatisation of 10 NIPP power plants and would move to Honk Kong and New York subsequently.

Speaking at the NDPHC Roadshow in London on Wednesday, The Minister of Power, Prof. Chinedu Nebo, spoke on how the power sector reform is taking shape.

“The essence of the privatisation of the power plants is in conformity of the President Goodluck Jonathan administration’s objective in ensuring effective and qualitative power supply in the country.

“This London Road show is to kick-start the international investment drive for the divestment of government stakes in the generation assets of the Niger Delta Power Holding Company (NDPHC)

“To provide you some background as to how we got here, two important tools that led to the reforms of the sector, the Nigerian Electric Power Policy (2001) and the subsequent Electric Power Sector Reform Act 2005 were products of about five years’ work by sterling experts in the field of electricity and utility reforms.The Act was a necessary foundation for charting a new course for a sector that had delivered far below the most liberal expectations of Nigerians,” he said.

 “Privatisation of all public generation and distribution companies is one of the pillars of the efforts of the Federal Government of Nigeria (FGN) to reform the Power Sector.
The recent privatisation of the Power Holding Company of Nigeria successor electricity distribution and generation companies is a testament to the commitment of the FGN to the reform process.” Nebo said.

He added that the present privatisation process provides a huge opportunity for international investors who are seeking for viable investment opportunities that have the concomitant benefit of adding great value to the economic well-being of the people of the land. This golden opportunity promises to dwarf the great economic revolution occasioned by the telecoms industry in Nigeria.

According to the Chairman, Senate Committee on Privatisation, Senator Gbenga Obadara, “We are in the best position to market Nigeria’s products. We will provide security for your investment in Nigeria and we are giving enough assurance of opportunities to investors in the country.

“Investors have been expressing interest in the 10 gas-fired power plants with a combined design capacity in excess of 5,453 megawatts," he said.

According to him, 53 per cent of the NDPHC plants is owned by states and the local governments, while the Federal Government owns the remaining 47 per cent.” he said.

Managing Director, NDPHC, James Olotu said the 80 per cent of the shares of the 10 power plants are to be sold to investors. The plants are Omotoso in Ondo State (450MW), Sapele in Delta (450MW), Geregu in Kogi (434MW), Olorunsogo in Ogun (750MW) and Ihovbor in Edo (450MW). Others are Gbarain in Bayelsa (225MW), Alaoji in Abia (450MW), Calabar in Cross River (561MW), Egbema in Imo (338MW) and Omoku in Rivers (225MW).

 Also speaking at the occasion, the Director General of the Bureau of Public Enterprises (BPE) Mr. Benjamin Ezra- Dikki said that the privatisation of the 10 power plants will be very transparent.

 He said that Federal Government owns about 47 per cent of the investment in the Independent Power Project, adding that the projects will be jointly handled by Niger Delta Power Holding (NDPHC) and Bureau for Public Enterprise.

 "We are going to be collaborating together, we also urge investors to give support to the ongoing privatisation.” he said.

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