CEOAFRICA gathered that the bidding rounds for the 10 National Independent Power Plants (NIPPs) ends today (Friday), following the successful handing over of the physical successor companies of the defunct PHCN.

The Managing Director, NDPHC, Mr. James Olootu, who noted this at the the commissioning of 75MVA injection sub-station at Magodo, Ogba and Abule Egba, respectively, stated that he would close the bids at exactly 5pm on Friday.

“I will be in Abuja tomorrow to close the bids for the 10 power plants by exactly 5pm tomorrow (Friday). I must ensure that all the rules and regulations are adhered to and that the bidding process is transparent and not compromised.

After closing the bids on Friday, we would open the bids on Monday and give them to evaluation committee to do the valuation within two weeks. The evaluation committee includes lawyers, engineers, EFCC, World Bank representatives and NERC”, he said.

Olootu also noted that after announcing the results, there would be evaluation of technical and financial ability of the preferred bidders.

“If we find out that they are capable, we then ask them to pay 25 per cent and balance the 75 per cent after six months. Hopefully, we hope to end the entire process by end of June, 2014," he added.

However, the 10 NIPPs were built by the Niger Delta Power Holding Company (NDPHC) with the intention of selling 80 per cent stake to private investors who are believed to be better managers of such business. The remaining 20 per cent will be retained by the three tiers of government which are the original shareholders of the company.