FG Plans to Auction Five Power Plants for $1 Billion

Sources familiar with the matter clarified that, based on international benchmarks, the value of these plants should surpass $5 billion. However, the BPE reportedly intends to sell these facilities at a slightly higher price, specifically around $1.1 billion.

Ignatius Ayewoh, the acting Director-General of BPE, confirmed the ongoing nature of the transaction in a phone conversation with some news men, stating, "It is not concluded."

Ayewoh did not disclose the specific cost of the five power plants, citing his current engagement in a meeting and unable to provide additional details.

Nevertheless, reliable sources within the bureau identified the five power plants as follows: the 434 megawatts gas-fired Geregu II power plant in Kogi; the 451MW Omotosho II plant in Ondo; and the 750MW Olorunshogo II plant in Ogun State. The list also includes the 563MW Odukpami power plant in Calabar, Cross River State; and the 451MW Benin-Ihovbor plant in Edo State.

Further details from reputable sources within the bureau revealed that the Omotosho plant, equipped with four power-generating turbines, is expected to be sold at approximately $85 million. Meanwhile, the Olorunshogo NIPP, also featuring four turbines, carries a price tag of $170 million.

The Benin-Ihovbor plant, boasting five power-generating turbines, is slated for sale at $420 million. The Calabar Odukpami plant, with five turbines, is valued at around $260 million, and the Geregu plant, equipped with four turbines, is listed at $215 million.

“These are Siemens turbines and each of the turbine can generate about 115MW of electricity,” one of the sources, who pleaded not to be named due to lack of authorisation, stated.