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Nigeria Offers Korean Firm Majority Stake In Power Plant

Special to DOW JONES NEWSWIRESIBADAN, Nigeria--Nigeria has offered a South Korean consortium led by Korea Electric Power Corp (015760.SE) a majority stake in the 1,320 megawatts Egbin power plant for $407.3 million, the government said Tuesday.Chigbo Anichebe, spokesman for the Bureau of Public Enterprises, or BPE, said in a statement that the bureau has sent an offer letter to KEPCO Energy Resources in respect of the Supplemental Share Purchase Agreement, or SPA, for 70% of the federal government's shares in the plant.The BPE, which is in-charge of the privatization of state-owned companies in Nigeria, said the National Council on Privatization approved the sale of the Egbin plant to KEPCO earlier this year.Mr. Anichebe said the council directed KEPCO to pay 25% of the sales amount within 15 working days on receipt of the offer letter and the balance of 75% within 90 working days.The council also approved the sale of 27% of the remaining shares to the Nigerian public through an Initia...

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  8. Nigerian president appoints northerners to cabinet

    ABUJA, Aug 11 (Reuters) - President Goodluck Jonathan announced a minor cabinet reshuffle on Wednesday, appointing two female opposition politicians from Nigeria's n...

  9. ANALYSIS-Nigeria's Jonathan eyes poll bid but needs the north

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  1. Brazil's Rousseff Meets Nigerian Leader for Trade Talks

    Brazil's President Dilma Rousseff met with Nigeria's leader Goodluck Jonathan in Abuja on Saturday for talks that were expected to focus on boosting trade, notably i...

  2. Exclusive: Nigeria loses billions in cut price oil deals - report

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    IBADAN, Nigeria -(Dow Jones)- Shell Petroleum Development Company of Nigeria Ltd. loses at least 43,000 barrels of oil a day to crude theft and illegal bunkering in ...

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  7. GE In Preliminary Pact To Work On Nigeria Power-Project Plans

    DOW JONES NEWSWIRESGeneral Electric Co.'s (GE) energy business reached a five-year memorandum of understanding to work with the Nigerian government to develop roughl...

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