FG extends payment deadline for Sapele Genco

The National Council on Privatisation presided over by Vice-President Namadi Sambo on Thursday approved the application of the preferred bidder for the Sapele Generation Company, CMEC/Eurafric Limited, for an extension of time to complete the payment for the power firm.

CMEC/Eurafric Limited had already paid $180m out of the total sum of $201m.

The Minister of State for Industry, Trade and Investment, Dr. Samuel Ortom, told State House correspondents of the approval at the end of the council’s seventh meeting held inside the Presidential Villa, Abuja.

Ortom said the decision to extend the time of payment for the preferred bidder by three months was taken based on the advice of the Attorney-General of the Federation and Minister of Justice, Mr. Muhammed Adoke, and the Legal Committee of the NCP.

He said, “The NCP approved the application of CMEC/ Eurafric Limited, the preferred bidder for Sapele, for extension of time to complete the payment of the bid price. You will recall that at the last meeting of the NCP, the decision on the payment of the preferred bidder was referred to the Attorney-General of the Federation and the legal committee of the NCP for advice.

Punch