Calabar power plant

FG to sell power plants in Calabar, Geregu, Omotosho for N434bn

Nigeria’s federal government has said it plans to sell power plants in Calabar, Geregu and Omotosho for N434 billion in 2021.

The Bureau of Public Enterprises (BPE) which disclosed this in its 2021 Budget Defence at the National Assembly also said it would concession major sports stadiums across the country.

The government said it plans to concession some sports and entertainment infrastructure next year including the National Stadium, Lagos, Moshood Abiola Stadium, Abuja, Jos International Stadium, Adokiye Amiesimaka Stadium and the National Art Theatre

Geregu Power Plant would be sold for N140.7 billion, Omotosho Power Plant N151.4 billion and Calabar Power Plant N143.4 billion, the BPE said.

Senator Theodore Orji, member of the Senate Committee on Privatization and Commercialization disclosed that Geregu is already majority-owned by private investors.

“We also found that in Geregu Power Plant, the core investor already owned 51% shares and that the transaction emanated from a request by the investor for additional 29% of FGN residual 49% shares,” Orji told the BPE