Osinbajo okayed N640bn Oil contracts for NNPC – Laolu Akande


…As FG approves sale of 3 integrated power plants***

Vice President Yemi Osinbajo spokesperson, Laolu Akande has said that the Vice President approved two oil contracts worth N640 billion for the the Nigerian National Petroleum Corporation (NNPC).

SAN Laolu Akande, in a statement said: “In response to media inquiries on NNPC joint venture financing, VP Osinbajo, as Ag President approved recommendations after due diligence,”

In the meantime, the Federal Government has granted approval for Niger Delta Power Holding Company, NDPHC, to sell three power plants to private investors.

The three plants that were part of the National Integrated Power Project, NIPPs, include the 634 megawatts Calabar power plant; 1,076MW, the combined cycle Alaoji power plant, and the 506MW Geregu power plant.

Managing Director of NDPHC, Chiedu Ugbo, disclosed this at the 20th monthly power sector meeting hosted by Enugu Electricity Distribution Company, EEDC, at the Z05 Injection Substation in Owerri, Imo State.

In his presentation obtained by Vanguard, Ugbo stated that the problems that stalled the sales in the past had been resolved. Ugbo indicated that preferred bidders for the plants were still very interested in them as against thought that they might have lost interest.

He said: “This privatisation process started in 2012 and moved to 2013 with the emergence of the preferred bidders. At that time it was a mix of market issues and internal issues that had to do with gas supply, completion of the power plants and evacuation.

“NIPP has the mandate to build and sell. It is a project company so the sale will affect the 10 power plants ultimately.”