- FG to sign SPA with the successful bidder for YEDC
- Quest Electricity was the sole bidder for YEDC
The Federal Government (FG) is set to sign the Share Purchase Agreement (SPA) with the successful bidders for Yola Electricity Distribution Company (YEDC), Quest Electricity Nigeria Limited. Both parties will, on 12th July, sign the Agreement following the rescheduling signing ceremony.
Quest Electricity, a bidder for YEDC, won the bidding process with a bid of ₦19 billion on 30th April 2019.
According to a source, the signing ceremony was rescheduled due to the unavailability of the Vice President for the ceremony. The source said, ”They (Federal Government and the core investor) were supposed to sign the Share Purchase Agreement on Tuesday. They have shifted it to July 12, 2021. At the last minute, they shifted it. The Vice-President said he was going somewhere”.
The Director-General, Bureau of Public Enterprises (BPE) Alex Okoh, had previously stated that the Yola transaction received Expression of Interest (EOI) were received from eight firms.