19 firms conduct due diligence on Afam Power, Yola Disco

Nineteen prospective investors are currently conducting due diligence on Afam Power Plc and Yola Electricity Distribution Company, The PUNCH has learnt.

While seven of the companies are currently examining the data on Afam Power Plc, twelve are examining the data and assets of Yola Electricity Distribution Company in order to determine what exactly is on offer for sale by the Federal Government.

Director of Energy at the Bureau of Public Enterprises, Mr Yunana Malo, confirmed the development in a telephone interview with our correspondent.

Malo also denied the allegation by a member of the House of Representatives that the privatisation agency planned to sell Afam Power Plc for scrap or a dilapidated asset.

He said that if there was a plan to sell the power firm for scrap, it would not have been necessary to advertise the planned sale of the company.

Malo said, “There is no truth in the allegation that we plan to sell Afam for scrap. If there was such a plan, we would not have advertised the process. We would have gone to those that would want to buy the plant for scrap. We are selling to those that will add value to the plant and not to those who want to balkanise it.

“We are currently at the level of due diligence. Obviously, we could not meet the schedule that was formally published. We are going to work out a detailed schedule when the break is over.”

The privatisation agency had said that it planned to realise N400 billion from the sale of the two power companies that were carved out from the defunct Power Holding Company of Nigeria and a few other assets to fund the 2018 budget.

Malo said that the plan to realise such an amount of money from the sale of the two companies and a few other ones was sufficient proof that there was no plan to dispose of the power generating company for scrap.

For both Afam Power Plc and Yola Disco, the current effort towards privatisation is a repeat exercise.

With a bid of $260.05m, Taleveras had on July 31, 2013, beaten TES Power to emerge the preferred bidder for Afam Power Plc, the last of the generating companies carved out from the defunct PHCN.

On December 23, 2013, Taleveras signed a Power Purchase Agreement with BPE for Afam but the transaction could not be concluded because of the inability of the government to sign a gas supply agreement with the company. Thereafter, the exercise was stalled.

On the other hand, following difficulty in running the Yola Disco due to activities of the Islamist terror group, Boko Haram, Integrated Energy and Distribution Marketing Company had asked the government to buyback its stake in the electricity distribution company.

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