OKONJO-IWEALA CHAIRS BOARD OF NIGERIAN ELECTRICITY COY VICE President Namadi Sambo, on Thursday, inaugurated the board of the Nigerian Electricity Liability Company Limited (NELMCO), with Dr Ngozi Okonjo-Iweala, the Minister of Finance and Coordinating Minister of Economy, as chair. The Minister of State for Trade and Investment, Dr Samuel Ortom, told State House correspondents in Abuja that the board was inaugurated during the meeting of the National Council on Privatisation (NCP), presided over by the vice president. He stated that the council also approved the application for an extension of time for completion of payment of the bid price for Sapele Generation Company (GENCO) by the preferred bidder, CMEC/Eurafric Ltd. “Today, the NCP, headed by the vice president, inaugurated the Board of Nigeria Electricity Liability Company and the chairperson of the board is the Minister of Finance and Coordinating Minister of the Economy, Dr Okonjo-Iweala. “NCP also approved the application of CMEC/Eurafric, the preferred bidder for Sapele, for the extension of time to complete the payment of the bid price,” he said. In his contribution, chairman of NCP legal committee, Ustaz Yunus Usman, said the extension was legally granted to the highest bidder, because the company had paid $180 million out of the expected $201 million. “Eurafric was the highest bidder and the reserved bidder bided only $106 million. Eurafric had paid about $180 million but it could not pay before the expiration of the time fixed for it. “So, the problem was brought to us to advise the NCP as to whether we should extend the time or give it to the reserved bidder. “We looked at all the clauses in the agreement and came to the conclusion that there are clauses for waiver that say that the NCP, that is the Federal Government, can extend the time when the highest bidder fails to pay within time,” he said. The News Agency of Nigeria (NAN) reported that the reserved bidder for the Sapele GENCO was Nestle Oil/Julius Berger.
Posted on: Fri, 01 Nov 2013 10:39:15 +0000
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