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42 firms make the cut to bid for 80 per cent shares of 10 power plants

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42 firms make the cut to bid for 80 per cent shares of 10 power plants

By Segun Odeleye

Forty -two firms have been shortlisted for the financial bids opening of the 10 power plants built under the National Integration Power Projects by the Niger Delta Power Holding Company Limited.

This was disclosed to state house correspondents by the Benue governor, Gabriel Suswam at the end of the third joint meeting of the NDPHC and the National Council on Privatisation, presided over by Vice President Namadi Sambo, at the Presidential Villa, Abuja on Friday.

He said that in all, 66 proposals were submitted for the offer of sales of 80 per cent of the shares on each of the 10 companies. It was from that list that the 42 firms were chosen.

According to Gov. Suswam: “The evaluation team carried out the evaluation exercise following the approved  evaluation criteria and  guidelines and subsequent due diligence reports have now been approved and reviewed by the joint transaction board.

“Of the 66 proposals received, 54 proposals met the criteria to be technically qualified, based on the findings of the subsequent due diligence exercise. Forty-two proposals have qualified for the financial bids opening.

“Consequently, of the 66 proposals submitted, a total of 24 have either failed the technical evaluation or the due diligence assessment.

“The number of proposals received and qualified for each of the Niger Delta power generating companies will be  subsequently published, each of the companies that qualified will be published subsequently.“

He said that the NDPHC will publish the names of those who are qualified for the benefit of the general public.

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