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BPE concludes sale of YEDC
- Successful bidders not yet announced
- YEDC filed for force majeure in 2015
The Director-General, Bureau of Public Enterprise Alex Okoh has confirmed the successful sale of Yola Electricity Distribution Company (YEDC). He made this announcement at the just concluded the Nextier Power Dialogue titled “NIPP: Current Status and Challenges”.
Recall that the BPE had received permission to resell YEDC in 2018. Integrated Energy and Distribution Management Services led a group of investors in a consortium to purchase YEDC in 2013. Barely two years later in 2015, the consortium filed for Force Majeure citing the rising insecurity in the North-East. Subsequently returned to the ownership of the Federal Government (FG).
“Last week Thursday, the National Council on Privatization (NCP) approved the re-privatization of Yola having had to deal with the consequences of the Force Majeure that was declared by the previous investor. So we have a new core investor that was approved last week by NCP” the DG announced when asked the status of the privatization of YEDC.
He however did not reveal who the successful bidders for YEDC are, we will update as the details of the sale are released to the public.