By Daniel Edu

The Bureau of Public Enterprises, representing the Federal Government, is actively engaged in transactions to sell five power plants associated with the National Integrated Power Projects, with an estimated value of approximately $1.15 billion.

Insiders familiar with the matter have indicated that, based on international benchmarks, the plants’ value should surpass $5 billion. However, the BPE intends to market the facilities at a slightly higher price, hovering around $1.1 billion.

The acting Director-General of the Bureau of Public Enterprises (BPE), Ignatius Ayewoh, confirmed the ongoing transaction in a brief telephone conversation with The Punch correspondent, emphasizing that the deal has not been finalized. Ayewoh, however, refrained from disclosing the specific cost of the five power plants, citing ongoing engagements in a meeting as the reason for not providing additional details.

Reliable sources within the bureau have identified the five power plants involved in the transaction, including the Geregu II power plant in Kogi (434 MW), Omotosho II plant in Ondo (451 MW), Olorunshogo II plant in Ogun State (750 MW), Odukpami power plant in Calabar, Cross River State (563 MW), and Benin-Ihovbor plant in Edo State (451 MW).

Reports suggest that the Omotosho plant, equipped with four power-generating turbines, is slated to be sold for approximately $85 million, while the Olorunsogo NIPP, featuring four turbines, is valued at $170 million. The Benin-Ihovbor plant, with five power-generating turbines, is set to be priced at $420 million. The Calabar Odukpami plant, equipped with five turbines, is estimated to be sold for around $260 million, and the Geregu plant, with four turbines, is expected to fetch a price of $215 million.

Notably, the sources pointed out that these power plants use Siemens turbines, with each capable of generating about 115 MW of electricity. The cost of constructing a 1 MW power plant varies depending on factors such as type, location, and technology, with estimates ranging from $1 million to $3 million per MW.

The sale of these power plants is part of the government’s efforts to enhance the efficiency and viability of the power sector in Nigeria.