Nigeria's Bureau of Public Enterprises, or BPE, has started consulting advisers on the privatization of the 18 firms that make up the Power Holding Company of Nigeria, or PHCN, the bureau said in a statement Tuesday.
Nigeria
's
Bureau of Public Enterprises, or BPE, has started consulting advisers on the
privatization of the 18 firms that make up the Power Holding Company of
Nigeria
, or
PHCN, the bureau said in a statement Tuesday.
Bolanle Onagoruwa, the BPE's director general, said the privatization of the
firms--11 power distribution, six power generation and one transmission
company--is expected to be completed by May 2011.
Last week, President Goodluck Jonathan announced the full privatization of the
PHCN and said generation and distribution of electricity will be handled by the
private sector.
He said
Nigeria
's
transmission grid will still be owned by the federal government but managed by
the private sector.
Onagoruwa said the next stage of the reform is to start an electricity market,
adding: "The reform involves some level of liberalization, as we will
request investors to enter the market for the full privatization of the
PHCN."
She said some firms were invited to express interest in receiving requests for
proposal, or RFPs, to form an advisory consortium. Such a consortium must have
considerable experience of electricity sector project finance and
privatization, globally and in
Africa
, she
said.
She said six firms have indicated interest in receiving RFPs--African Finance
Corp., CPCS Transcorp, Goldman Sachs/StandbicBTC, IPA Energy, Lazard/UBA and
Standard Chartered Bank.
Onagoruwa said RFPs will this week be sent to the companies, which will have
five weeks to respond.
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