The National Council on Privatisation (NCP) on Tuesday declared Transcorp Power Consortium as the winner of the financial bid for the privatisation of Afam Power Plc.
The chairman of the technical committee of the NCP, M.K. Ahmed, announced Transcorp Consortium the winner, with an offer of N105.3 billion. It beat Diamond Stripes which placed an offer of N102.4 billion to the runner up spot.
The Chief Executive Officer, Economic Associates, Ayo Teriba, who represented the NCP Chairman, said the first runner up bidder was also the reserve bidder “in case the winner fails to meet the payment deadline.”
Quest Electricity, which was the sole bidder for Yola Electricity Distribution Company (YAEDC), emerged winner of the bid with an offer of N19 billion.