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NNPC moves to diversify investment portfolio, to acquire power plant

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Nigeria state-oil firm, NNPC Limited has expressed interest to participate in the acquisition of the power plants put up for sale by the Federal Government through the Nigeria Integrated Power Plants (NIPPs).

Managing Director of NNPCL, Mele Kolo Kyari who disclosed this when he led top management team of the Oil & Gas Company on a courtesy visit to the Bureau of Public Enterprises (BPE) in Abuja  said the company had the requite expertise and experience to be an active participant in the power sector in Nigeria.

Kyari said as an oil company and enabler organisation, NNPCL was determined to boost power generation and supply to Nigerian homes through increased investment hence it had signed a contract with China Machinery Engineering Company (CME) and General Electric, (GE) to provide 50 Mega Watts of electricity to Maiduguri, Borno State.

According to him the management of NNPCL was determined to run the organisation efficiently and profitably for the benefit of the shareholders hence it plans to engage in activities that would generate funds; and for the power sector, “NNPCL is a partner of choice.”

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He revealed that the organisation  was ready to collaborate with the Bureau of Public Enterprises (BPE) after the audit of some of its assets for the sale and divestment of those  assets  through the BPE. The GMD added that the planned audit would be carried out by renowned and reputable audit firms.

Earlier, Director General of the Bureau of Public Enterprises (BPE), Alex A. Okoh said that the NNPCL had indicated interest in  the acquisition of some NIPP plants and would be  given a level playing ground to compete with other bidders.

Okoh added that the National Council on Privatisation(NCP) would be notified of the desire by the NNPCL to bid for the NIPP plants.

The Special Adviser to the President on Infrastructure, Ahmad Rufai Zakari  was part of the Courtesy visit.

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