Nigeria Ten Gas-Fired Powered Plants to be Sold

New York, NY, June 26, 2013 - The Nigerian Government confirmed its intention to privatise ten power stations across the country as part of its effort to guarantee an effective and sustainable power supply for the people of Nigeria.  This unique investment opportunity was announced at an Investor Relations Event held at The Sofitel Hotel, New York City. The power stations are located in Abia State (450MW), Edo State (451MW), Cross River State (562MW), Imo State (338MW), Bayelsa State (225MW), Kogi State (434MW), Delta State (451MW), Ogun State (676MW), Rivers State (225MW) and Ondo State (451MW). James Abiodun Olutu, Managing Director and CEO of Niger Delta Power Holding Company (NDPHC), said: "Eighty per cent of shares in the ten power plants are to be sold to investors providing an opportunity for growth as demand far outstrips current supply." Speaking at the Event, the Minister of Power, Professor Chinedu Nebo, said: "This New York event is the last stage of the international investment drive for the divestment of government stakes in the generation assets of the NDPHC. "To provide you some background as to how we got here, two important tools that led to the reforms of the sector, the Nigerian Electric Power Policy (2001) and the subsequent Electric Power

Sector Reform Act 2005 were products of about five years' work by sterling experts in the field of electricity and utility reforms. The Act was a necessary foundation for charting a new course for a sector that had delivered far below the most liberal expectations of Nigerians. "Privatization of all public generation and distribution companies is one of the pillars of the efforts of the Federal Government of Nigeria (FGN) to reform the power sector. The recent privatization of the Power Holding Company of Nigeria successor electricity distribution and generation companies is a testament to the commitment of the FGN to the reform process." He added that this privatisation offered international investors an opportunity to be a part of a great economic revolution comparable to that of the telecommunications sector in Nigeria. continued