Nigeria Names Transcorp as Preferred Bidder for Afam Electricity

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Nigeria named the Transcorp Power Consortium as the preferred bidder for its Afam Electricity Generation Co. after Transcorp offered $343.6 million.

Quest Electricity Nigeria Ltd. was identified as the preferred bidder for the Yola Electricity Distribution Co. after a previous sale fell through, Nigeria’s Bureau of Public Enterprises said in an emailed statement on Thursday. Quest offered $62 million for the power distribution company.

Nigeria sold control of 14 power companies in 2013 to attract private investment and reduce blackouts in Africa’s most populous nation. Electricity demand in Nigeria is more than double the current supply of about 5,000 megawatts offered by power companies.

Transcorp plans to invest $350 million in Afam Electricity over five years, according to the statement, while the Diamond Stripes Consortium was named as the reserve bidder. Source: Bloomberg

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