Contact: +2347033996028 FG To Sell Calabar, Omotosho, Geregu Power Plants - Grassroot Reporters | Nigeria's No. 1 Online Newspaper

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Tuesday, November 17, 2020

FG To Sell Calabar, Omotosho, Geregu Power Plants

 

The Federal Government announced that it will sell the Geregu 2, Omotosho 2, and Calabar power plants for N434 billion in 2021. The FG also disclosed plans to concession major sports stadiums across the country.


This was disclosed by the Bureau of Public Enterprises (BPE) in its 2021 Budget Defence in Abuja.


Geregu 2 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.  The Geregu 2 Power Plant differs from the Geregu Power Plant owned by Billionaire, Femi Otedola.


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

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