Over N200 billion will be realised from the privatisation of the 18 successor companies created from the unbundling of Power Holding Company of Nigeria, according to the Director General of the Bureau of Public Enterprises (BPE), Ms. Bolanle Onagoruwa.  

The BPE boss, who made the revelation on at a management retreat held in Abuja, explained that the bulk of the revenue would come at the conclusion of the on-going power sector reform and privatisation of PHCN successor companies.  

She added that the privatisation of Olorunsogo power plant would be consummated within a month.

Onagoruwa informed that over N1.2 billion has so far been garnered as privatisation proceeds for 2012.

Giving an update on the privatisation of PHCN successor companies which is donor-funded and therefore not subjected to the delays in the release of the transaction budget, Onagoruwa highlighted the outstanding activities from the work plan. The next key milestone, according to her, is the submission of the technical and financial proposals of bidders slated for July 17, 2012 for generating companies and July 31 for distribution companies.

This development will be followed by commencement of evaluation. Said she: “The evaluation will commence immediately and for Gencos this will be concluded by August 14, 2012 while that for Discos will be concluded by August 31, 2012. NCP approval for the evaluation of the Gencos will be sought on August 28, 2012 while that of the Discos will also sought on September 11, 2012.”   She added: “The deadline for the submission of post-qualification security is slated for September 18 2012 for the Gencos and October 2, 2012 for the Discos.  

The opening of the financial bids for the Gencos is September 25, 2012 while for Discos is slated for October 10, 2012.  The final approval of the preferred bidders by NCP and its announcement for the successor companies is expected to be done on October 9 2012 for the Gencos and October 23, 2012 for the Discos.”

On the seven pending reform bills, Onagoruwa explained that the Bills were approved by the National Council on Privatisation (NCP) in 2009 and sent to the Federal Executive Council (FEC). “The FEC sent them back to the BPE/Hon. Attorney General of the Federation/Minister of Justice for fine-tuning and interfacing with line ministries. The process of fine-tuning and interfacing with line ministries

The seven reform Bills are the Railway Bill; Inland Waterways Bill; Federal Competition and Consumer Protection Bill; Postal Bill; Road Sector Reform Bill; National Transport Commission Bill; and Ports & Harbour Reform Bill.

She said that the objectives of the seven reform Bills are:
•To provide an enabling legal and regulatory framework for the reform sought to be instituted;
•Allow for private sector investment and participation in the various sectors;
•Provide a level playing field for all private sector entrants into the different sectors;
•Reduce and ultimately eliminate the burden on Government funding infrastructural development;
•Provide assurance and comfort to investors on the viability of recovering their costs and having a reasonable return on their investments; and
•Redirect funding by Government to other key neglected areas of the economic life of the nation that are socially imperative such as health, education, etc.