FG Hands Over PHCN to New Owners
The Federal Government of Nigeria handed over the Eko Distribution Company, Marina, Lagos to the new owners, West Power and Gas Limited on November 1, 2013. On the same day in 10 different locations across the country, similar ceremonies involving the transfer of PHCN facilities to the new private investment firms were taking place. Chairman […]
AFC Leads in $170 Million Nigerian Power Privatisation
The Africa Finance Corporation (AFC) has provided a $170 million debt financing facility in conjunction with Guaranty Trust Bank Plc, to the Mainstream Energy Solutions Limited consortium(MESL), for the acquisition of the Kainji Power Plc in the first round of the Federal Government of Nigeria’s privatisation of power generation assets formerly owned by the Power […]
Nigeria Working To Improve Electricity Supply, Power Minister Says
The Minister of Power, Professor Chinedu Ositadinma Nebo, has given a midterm scorecard of President Jonathan’s administration on power, stating plans and achievements. He mentioned ongoing work, and made projections. He said, “The Electric Power Sector Reform (EPSR) Act of 2005 provided the platform for the reform of deregulating the Nigerian Electricity Supply Industry (NESI) from the […]
For Gas Supply to Bolster Electricity Generation, World Bank Provides $145 Million to Nigeria
The World Bank has announced $145 million in finance to Nigeria, to bolster gas supply for electricity generation – under its Partial Risk Guarantee (PRG) program. The Gas Supply and Aggregation Agreement (GSAA) was signed – yesterday, by the World Bank, the Power Holding Company of Nigeria (PHCN), Egbin Power PLC, Deutsche Bank and Chevron […]
Transcorp, Bid Winner for Ughelli Power Plant, Signs With BPE to Take Over
The official signing ceremony for the winning bidders of the privatization of the Power Holding Company of Nigeria (PHCN), was held yesterday at the Presidential Villa in Abuja. The ceremony, hosted by the Bureau for Public Enterprises (BPE) and presided over by Minister of Power Professor Chinedu Nebo, had representatives from the five generating and 10 […]