EU Launches a $1.35bn Nigeria Green Energy Project

The EU Ambassador to Nigeria and Economic Community of West African States (ECOWAS), Samuela Isopi, has announced that the European Union (EU), under the Team Europe Initiative (TEI), is launching a $1.35 billion Nigerian Green Energy Project.

The initiative would assist Nigeria in achieving a low carbon, resource-efficient and climate-resilient development, job creation for youths and economic growth. It will focus on climate-smart agriculture, circular and digital economy and improve the competitive advantage of Nigeria’s agriculture.

Members of the TEI Green Economy Project include Denmark, France, Germany and the Netherlands. Sixty different projects will be executed across the agricultural and energy sector’s value chain.

Isopi said that work was already underway and will continue through 2027. She further assured stakeholders that the EU would continue to support the Nigerian government in implementing its economic diversification policies and new partnerships with the private sector.

BPE Defends Action of Fidelity Bank Against Defaulting Discos

The Nigerian Bureau of Public Enterprises (BPE), has confirmed that due process was followed in the action taken by Fidelity Bank Plc, as lenders, calling on the collateralized shares of the Core Investors of Kano, Benin and Kaduna electricity distribution companies (DISCOs).

The Lenders’ consortium include, AFREXIM Bank, Keystone Bank, Stanbic IBTC, as well as Fidelity Bank. BPE said the action was “a contractual and commercial intervention and is between the Core Investors in these DISCOs and the lenders,” adding that BPE’s involvement is to protect the 40% shareholding of the Federal Government in the DISCOs.

According to the BPE director general, Mr. Okoh, the agency has already engaged with the Central Bank of Nigeria (CBN) for an orderly transition and to ensure that the lenders do not hold the collateralized shares of the Core Investors in perpetuity given that they do not have the technical capacity.

It is envisaged that the majority interest in these DISCOs would be sold to competent private sector investors with the requisite technical and financial capacity to re-capitalize and manage these entities efficiently.

Nigeria: 16 Firms Pre-Selected for 5 NIPPs

Sixteen firms have been pre-qualified for the privatisation of five National Integrated Power Projects (NIPPs) in Nigeria.

The listed 16 pre-qualified bidders are, Mota-Engil Nig, Amperion Power, Sifax Energy, Pacific Energy Company Ltd and Globeleq Africa Limited. Others are, Geoplex Drillteq Limited, Asfalizo Acquisition Ltd, Launderhill PJB, Lauderhill Tata, Unicorn Power Genco Ltd, Connaught Energy Services Ltd, ENL Consortium Ltd, Ardova Plc, Central Electric and Utilities Ltd, North South Power Consortium and Quantum Megawatt Consortium.

The director general of BPE, Mr. Alex Okoh said the power sector remains a viable investment in the country given the low per-capital Megawatts recording Nigeria. According to him, the interest shown by bidders confirmed the vast opportunities abound in the sector.

Okoh revealed that the objectives of the pre-bid conference were to address possible questions from the prequalified bidders with regards to the transactions and provide clarity on some issues in the Transaction Documents as may be necessary.

Okoh said: “this event is a continuation of the Federal Government’s reform of the power sector with the aim of ensuring that assets within the sector are fully utilized and transformed into world class facilities, through the injection of private sector capital and deployment of more efficient and technical capacity”.

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