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Nigeria Selects 11 Interested Buyers for Two Power Companies

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.

To contact the reporter on this story: Elisha Bala-Gbogbo in Abuja at ebalagbogbo@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

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