May 28 (Bloomberg) -- Nigeria approved a shortlist of 11 companies bidding for two state-owned power utilities, the National Council on Privatization said.
Four bidders were pre-qualified for Afam Power Plc and seven others for Kaduna Distribution Co., the Abuja-based privatization council said in an e-mailed statement.
Interested buyers for the power companies “would be invited to the financial bid opening stage after the submission of the required post-qualification security,” said Chigbo Anichebe, a spokesman for the privatization council.
Nigeria, Africa’s top oil producer, is selling majority stakes in six power-generation and 11 distribution companies spun out of the former state utility as it seeks private investment to curb frequent blackouts. So far, five state-owned power plants and 10 power-distribution companies have been sold.
The privatization council also pre-qualified three companies to wind down state-owned Nigerian Telecommunications Ltd., also known as Nitel.
The West Africa nation halted the sale of Nitel in 2010 and opted to liquidate the company after it failed to find a buyer for the former monopoly.
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