A total of 48 different companies have expressed interests to acquire Afam Generation Company Limited and Kaduna Electricity Distribution PLC from Power Holding Company of Nigeria in a renewed bid to fast track their sales in line with the ongoing privatization exercise. The bid for Afam and Kaduna were earlier cancelled following allegations of inconsistencies in the process. The bidders reportedly include Nigerian Aviation Handling Company Plc, Skipper Nigeria Limited, Incar Power Limited, Taleveras Group and a consortium involving Israel Electric Corporation Limited as well as Julius Berger Nigeria PLC and Nestoil Plc and Marubeni Corporation (Marubeni West Africa Power Services). The companies had reportedly submitted expression of interests (EoIs) to the Bureau of Public Enterprises to meet the January 31, 2013 deadline issued by the bureau. "On January 31, the deadline for the receipt of Expression of Interests (EOIs) for Afam Power Plant and Kaduna Distribution Company was received by the BPE. The BPE in this regard received 29 applications for Afam generation firm and 19 applications for Kaduna distribution company. The BPE subsequently sent Request for Proposals (RFPs) to all the bidders on February 4, and I can confirm that some of the bidders for Kaduna Disco are NAHCO Power Consortium, Skipper Nigeria Limited, Incar Power Limited and Israel Electric Corporation/Integrated Power Connect Projects. As for Afam, some of the bidders for the generation asset are Taleveras Group, NPG Consortium, Marubeni Engineering (West Africa) Limited, JBN-Nestoil Power Services Limited and Danglobe Consortium. The NCP is expected to meet on February 28, to amongst other things take a look at this issue," the source said.

The National Council on Privatization has approved the bids for Geregu Thermal Power Station, Shiroro Hydro Electric Plc, Kainji Hydroelectric Plc, Sapele Power Plc and Ughelli Power Plc. The companies will be privatized by Power Holding Company of Nigeria. Amperion Power Distribution Co. Ltd. with a bid of $132 million is the preferred bidder for the core investor sale of 51% shares of Geregu. Mainstream Energy Solutions Limited which offered an annual fee of $50.76 million and a commencement fee of $257 million is the preferred bidder for the concession of Kainji Hydro. North-south Power Limited which offered an annual fee of $23.6 million and a commencement fee of $111.65 million is the preferred bidder for the concession of Shiroro Hydro. Feniks Electricity Limited would be the reserve bidder for Ughelli Power Plc subject to their bid being revised to match the reserve price, Transcorp/Woodrock/Sumbion/Medea/PSL/ Thomassen with a bid of $300 million and Amperion Power Distribution with a bid of $252 million are the preferred bidders for the core investor sale of 100% shares of Ughelli. CMEC/Bank of Africa Tanzania Ltd. consortium with a bid of $201 million and the consortium comprising of Nestoil Plc and the investment arm of Julius Berger Nigeria Plc with a bid of $106.5 million are the preferred bidders for the core investor sale of 100% shares of Sapele.

Julius Berger Nigeria PLC provided earnings guidance for the three months ending March 31, 2013. For the quarter, the company expects revenue of NGN 41,800,200,000, operating profit of NGN 3,287,242,000, profit before tax of NGN 2,313,107,000 and profit after taxation of NGN 1,313,657,000 or NGN 1.09 per share against revenue of NGN 37,850,654,000, operating profit of NGN 2,923,066,000, profit before tax of NGN 2,081,786,000 and profit after taxation of NGN 1,144,982,000 or NGN 0.95 per share reported in the three months ended March 31, 2012. The company expects net cash provided by operating activities of NGN 227,581,000 and purchase of fixed assets of NGN 2,429,445,000 against net cash provided by operating activities of NGN 2,206,956,000 and purchase of fixed assets of NGN 1,260,000 reported in the three months ended March 31, 2012.