Six months after failing to meet the deadline, CMEC/Eurafric Energy Limited has completed the acquisition of majority equity in Sapele Power Plc.

The Bureau of Public Enterprises disclosed this in a statement made available to our correspondent in Abuja on Sunday by its Head of Public Communications, Mr. Chigbo Anichebe.

Consequently, the privatisation agency said it handed over the power generation company situated in Sapele, Delta State, to the core investor on Friday.

The consortium had emerged the preferred bidder for the Sapele plant but was unable to meet the August 21, 2013 deadline for the payment of $201m it bid for the company. It was rather able to pay a total of $129,436,656.55 in two tranches.

CMEC/EURAFRIC requested for extension of the payment deadline. The request was considered and the Attorney-General of the Federation’s advice sought following which the National Council on Privatisation gave its approval.

Consequently, the BPE wrote to the consortium conveying the approval but reminded the company that the extension was subject to its payment of the penalty, which is the interest on the outstanding balance, with effect from the day of default.

The company was also warned that the extension, which elapsed on January 29, 2014, was final.

According to the BPE, the core investor met the final deadline and this informed the handover of Sapele Power on Friday.

The Director-General, BPE, Mr. Benjamin Dikki, said at the handover ceremony in Sapele that the privatisation of the power sector had been successful, but advised Nigerians to be patient in order to reap the fruits of the exercise.

He attributed the success recorded in the power sector reform and the privatisation to the leadership provided by President Goodluck Jonathan and Vice-President Namadi Sambo.

He said the Jonathan administration had made the private sector the driver of economic growth in Nigeria, adding that the power sector reform was part of its commitment to make the country better than it met it.

Dikki assured Nigerians, especially the host community, that Sapele Power would soon achieve the maximum installed capacity and begin to expand capacity, thereby creating more jobs and opportunities for all Nigerians.

The BPE boss enjoined Nigerians to be patient, adding that in a few years, the success recorded in the telecoms sector would pale in significance when compared to the opportunities in the power sector.

Dikki noted that Nigerians were more than ever before closer to a new dawn where power would be taken for granted.

The handover marked the concluding stage of the transaction for five generation companies and 10 distribution companies.

Source:Punch ng