BPE, group collaborate on investment opportunities in Nigeria

Umahi legacy


By Okeoghene Akubuike

The Bureau of Public Enterprises (BPE) says it will collaborate with Jindal Steel and Power Group in its areas of interest to invest in Nigeria.

Jindal and Power Group is a leading world player in Steel, Mines and Infrastructure.

Mr Alex Okoh, Director-General, BPE, said this in a statement issued by Mr Chidi Ibeh, Head, Public Communication, BPE in Abuja on Friday.

Okoh said a joint committee to work out the modalities for the exercise had been set up with the Director, Industries and Services at BPE, Mr Yunana Malo, heading the BPE team.

He said Mr Mukesh Sharma will head the Jindal Steel and Power Group’s team.

Okoh, who spoke while receiving a delegation from Jindal, led by its Vice Chairman, Mr Vidya Sharma, said there was a lot of potentials in the country in areas of interest for the group.

He cited among others, the planned concession of the Zungeru Power Plant which has the capacity to generate about 700 Megawatts when operational.

Okoh said that the Federal Government had already procured the services of a Transaction Adviser for its eventual concession.

The director-general revealed that the planned concession of the Zungeru Dam would be modelled after that of Kainji and Jebba Dams concession and the successful concessionaire would handle it for 30 years.

Speaking on another area of interest for the group, Okoh said that though the three steel rolling companies in the country, Jos, Katsina and Osogbo had been privatised, they were not living up to expectations.

He said that any effort to rev up the sector would be supported.

Okoh also informed the investors that power, which was the group’s main stronghold, had openings in the country as the Federal Government was on the verge of privatising five of its ten National Integrated Power Plants (NIPPs).

According to him, these plants have the combined capacity to generate between 2,300 to 2,500 megawatts.

Okoh said despite the unbundling of the power sector by the federal government in 2013, resulting in 11 Power Distribution Companies and six Generation Companies, the Transmission Company of Nigeria was still being retained by the federal government.

He, however, said plans were underway to unbundle it for more efficiency.

Earlier, Sharma had said the courtesy visit was to allow the group to have firsthand information on areas of investment in Nigeria.

He noted that Nigeria was the largest economy in Africa and his group intended to cash in on the vast potential to invest in Mines, hydropower and other areas of interest.

The group was accompanied on the courtesy visit by Ambassador Ahmed Sule, Nigeria’s High Commissioner Accredited to Bangladesh, Nepal and Sri Lanka.(NAN)