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FG To Sell Benin-Ihovbor Power Plant, Four Others For $1bn

Published

2 years ago

January 24, 2024

The Federal Government through the Bureau of Public Enterprises is currently carrying out transactions for the sale of five power plants under the National Integrated Power Projects at a cost of about $1.15bn, it was gathered on Tuesday.

Although sources familiar with the development explained that the cost of the plants should exceed $5bn based on international benchmark, they revealed that the BPE was planning to sell the facilities at a price that is a little above $1.1bn

The acting Director-General, BPE, Ignatius Ayewoh, confirmed to The PUNCH in a brief telephone conversation that “the transaction is ongoing,” adding that “it is not concluded.”

The BPE boss did not disclose the cost for the five plants, as he quickly stated that he was in a meeting and would not be able to give additional details.

However, impeccable sources at the bureau named the five power plants to include the 434 megawatts gas-fired Geregu II power plant, located in Kogi; 451MW Omotosho II plant in Ondo; and 750MW Olorunshogo II plant in Ogun State.

Others include the 563MW Odukpami power plant in Calabar, Cross River State; and the 451MW Benin-Ihovbor plant in Edo State.

It was gathered that the Omotosho plant, which has four power generating turbines, would be sold at about $85m; while the Olorunsogo NIPP with also four turbines would cost $170m.

The Benin-Ihovbor plant with five power generating turbines would go for $420m; Calabar Odukpami plant with five turbines would be sold at about $260m; while the Geregu plant with four turbines would go $215m.

“These are Siemens turbines and each of the turbine can generate about 115MW of electricity,” one of the sources, who pleaded not to be named due to lack of authorisation, stated.

The official went ahead to explain that it would cost about $1m to construct a plant that could generate 1MW of electricity, stressing that if the five NIPP plants were valued on this basis, they would cost more than $5bn.

It was, however, gathered that the cost of constructing 1MW power plant vary depending on several factors, including type of power plant, location, technological advancements, etc.

“But a general range for the cost of constructing a 1MW power plant based on different technologies is that for a solar power plant, it is between $1m to $2m per MW.

“For wind power plant, it is between $1.5m to $2.5m per MW. For natural gas-fired power plant, such as the NIPPs, it is between $1m to $2m per MW, while for coal power plants, it is between $2m and $3m per MW,” another source in the sector explained.

In December 2022, The PUNCH reported that the Federal Government and the 36 state governors finally agreed to sell five power plants under the National Integrated Power Projects and use the proceeds to fund the 2023 budget.

Parties in the deal reached the agreement in December after over two years of disputes and legal tussle as regards the sale of the NIPP plants being managed by the Niger Delta Power Holding Company.

The NDPHC, owned by the federal, state, and local government councils, is a power generation and distribution company that oversees the implementation of the NIPPs.

The former Director-General, Bureau of Public Enterprises, Alex Okoh, had disclosed the agreement between the Federal Government and the states as regards the NIPP plants to journalists in Abuja during an interview. The disclosure was, however, opposed by various groups.

There have been discussions and plans for the sale of the NIPPs by the Bureau of Public Enterprises for several years, with the specific details and target sale amount evolving over time.

In April 2021, the National Council on Privatisation approved the sale of five NIPPs through a fast-track strategy. The estimated value of these five plants was not publicly disclosed at the time.

In March 2022, the Nigerian National Petroleum Corporation expressed interest in acquiring some NIPPs, indicating continued progress with the sale.

In December 2022, the former BPE boss, Okoh, confirmed an agreement between the Federal Government and states for the sale of five NIPPs.

He projected the sale to generate over N260bn (around $600m). However, some many sources and CSOs expressed concerns that this amount wouldn’t significantly impact the rising budget deficits at the time.

As of today, and going by what the acting DG of the BPE states, the sale of the NIPPs has not been finalised. The Niger Delta Power Holding Company, which manages the NIPPs, has also not confirmed its sale.

Meanwhile, it should be stated that while there is no official confirmation on the cost of the NIPPs, some sources speculate that the initial estimates for individual NIPPs could have ranged from $300m to $500m.

PUNCH

Related Topics:Electricity grid Power plant

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Anambra Poll: CDD Releases Post-election Findings, Recommends improved INEC’s Operational Capacity

Published

20 minutes ago

November 9, 2025

Editor

The Centre for Democracy and Development (CDD-West Africa), has released its post-election findings on the just concluded Anambra governorship election, recommending improvement in INEC’s operational capacity, prioritised voter education, issue-based campaigns, amongst others.

In a post-election press briefing held in Akwa on Sunday, the CDD said the “2025 Anambra election reveals that Nigeria’s electoral challenges are deeply linked to wider governance failures; weak institutions, elite dominance, economic hardship, insecurity, and lack of accountability continue to shape voter behaviour and electoral outcomes.”

In the post-election statement signed by Dr. Dauda Garuba, Director, CDD, and Professor Victor Adetula, Chair,
CDD-West Africa Election Analysis Centre, recommended that the “ongoing electoral reforms must target improving INEC’s operational capacity through timely funding, decentralised planning, and consistent communication.

“Such operational issues include logistics, mandatory real-time result publication via IReV, early voting for essential personnel and adequate personnel training.”

The CDD, while urging political parties to prioritise voter education and conduct issue-based campaigns, the organisation urged politicians to uphold internal democracy and adhere to transparent campaign financing.

“Elections cannot be treated as temporary security events. The government at all levels must develop a more sustainable security architecture that addresses root causes and provides year-round safety for residents.

“Only then can we safeguard electoral processes without relying on massive deployments that strain national resources and offer no long-term protection.”

The CDD, while decrying the prevalent of vote trading in the election, said conscious steps must be taken to discourage this “through deliberate efforts to deliver good governance while promoting civic education across all strata of society to discourage transactional politics.”

“The National Orientation Agency must take centre stage on this. Ongoing reforms of the electoral act must take into consideration the need to arrest and prosecute electoral offenders.”

The CDD said that “as the country prepares for the 2026 off-cycle elections and the 2027 general elections, these reforms must be prioritised.”

It added: “Nigeria’s democratic survival depends not just on voting but on the strength of the institutions and the governance practices that surround it.”

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UPDATED: INEC Declares Soludo Winner Of Anambra Guber Poll

Published

8 hours ago

November 9, 2025

Editor

The candidate of the All Progressives Grand Alliance, Prof. Chukwuma Soludo, has been declared the winner of the Saturday, November 8, 2025, Anambra State governorship election by the Returning Officer of the Independent National Electoral Commission, Prof. Edoba Omoregie.

Soludo, who polled a total of 422,664 votes, defeated his closest rival, the candidate of the All Progressives Congress, Nicholas Ukachukwu, who scored 99,445 votes, while the candidate of the Young Progressives Party, Sir Paul Chukwuma, came third with 37,753 votes.

According to INEC, a total of 16 candidates from various political parties participated in the election.

The state had 2,788,864 registered voters, out of which 598,229 were accredited. A total of 595,298 votes were cast, while 11,244 votes were rejected across the 21 local government areas.

From the results announced, Soludo of APGA won in all 21 local government areas of the state in a landslide victory.

Announcing the results at the INEC headquarters in Awka on Sunday, Omoregie said, “The number of registered voters was 2,788,864, while accredited voters were 598,229. The total valid votes stood at 584,054, rejected votes were 11,244, and the total votes cast amounted to 595,298.”

He added, “After collating the results as tallied into Form EC8E, it is now my privilege to declare the figures each candidate scored according to their political parties.

“There were a few areas affected by incidents, leading to cancellations in some wards across Anambra West, Anaocha, Awka South, and Onitsha South LGAs, amounting to 10,481 affected votes. However, the margin of lead between the top candidates did not affect the overall outcome of the election.

“I, Prof. Edoba Omoregie, Returning Officer for the 2025 Anambra State Governorship Election, hereby declare that the election was peaceful. Chukwuma Soludo of the All Progressives Grand Alliance, having scored 422,664 votes — the highest number of valid votes cast and having satisfied the requirements of the law — is hereby declared the winner and returned elected.”

Breakdown of results:

Total registered voters: 2,788,864

Total accredited voters: 598,229

Total valid votes: 584,054

Rejected votes: 11,244

Total votes cast: 595,298

Votes by political parties:
A – 224
AA – 1,145
AAC – 292
ADC – 8,208
APC – 99,445
APGA – 422,664
APM – 892
APP – 73
BP – 126
LP – 10,576
NNPP – 525
NRM – 36
PDP – 1,401
SDP – 241
YPP – 37,753
ZLP – 453

News

BREAKING: Soludo Sweeps Anambra Guber Election

Published

11 hours ago

November 9, 2025

Editor

The candidate of the All Progressives Grand Alliance (APGA) in the Anambra governorship election, Prof. Charles Soludo has been declared winner of the poll.

Returning Officer of the election, Prof. Edoba declared Soludo winner having polled
422,664 votes to defeat his closest opponent.

More details coming