Korean firm coughs out $407m to acquire 70% in Egbin Plant

The National Council on Privatisation has approved the transaction on Egbin Power Plant in Lagos, announcing a Korean Firm, KEPCO, as the preferred bidder.
The firm is acquiring 70 per cent stake and is expected to cough out $407 million.
Briefing newsmen after the NCP meeting presided over by Vice President Namadi Sambo, the Chairman of the Technical Committee, Atedo Peterside, disclosed that the Egbin plant is worth $670 million.
In the same vein, Peterside said Council has reached an understanding with the Chinese firm that is constructing Omotosho and Olorunsogo Power Plants on completion.
The plants are valued at $166 million.
He explained that the firm was offered Right of First Refusal to acquire 51 per cent stake.
It will be recalled that the Bureau of Public Enterprises last week signed an agreement with 15 firms that emerged preferred bidders to take over of 10 Distribution Companies and five Generation Companies.
Speaking, the acting Director General of the BPE, Benjamin DIkki, said only Afam Power Plant and Kaduna Distribution Company are remaining to be sold.
Meanwhile, a firm owned by oil magnate, Femi Otedola, Amperion Consortium, that emerged the preferred bidder for Gereku Power Plant, has made payment of $33 million to the BPE, being 25 per cent expected to be paid within 15 days of signing the agreement.
The payment confirmation letter was presented to Peterside by a representative of the firm, Akin Akinfemiwa.