Afam Power Firm Stalled Three Years After Purported Sale to Taleveras

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The Head of Public Communications, Bureau of Public Enterprises (BPE), Mr. Alex Okoh has confirmed that three years after a prospective core investor, Taleveras, paid $64m for Afam Power Plc, the sale of the power plant remains inconclusive.

It was learnt that the $65m paid by Talevares for Afam Power Plc was part of the funds of the BPE mopped by the Federal Government into the Treasury Single Account of the privatisation agency (TSA). With a bid of $260.05m, Taleveras had on July 31, 2013 beaten TES Power to emerge the preferred bidder for the power plant, the last of the generating companies carved out of the defunct PHCN.

Taleveras had on December 23, 2013 signed a Power Purchase Agreement with the BPE for the Afam plant but the transaction could not be concluded because of the inability of the government to sign a gas supply agreement with the company.

It was learnt that the money paid by the company was domiciled in an escrow account waiting for the conclusion of the transaction until the Federal Government directed that all agencies should sweep all funds to the TSA. Okoh while confirming that the transaction still remained inconclusive, however said he was not aware of the mopping up of the funds and would not be able to know until he had made an official inquiry.

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