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Transaction Process

1. Expression of Interest

The purpose of the Expression of Interest stage is for bidders to prequalify to progress to the second stage of the process, at the end of which they will submit their bids to acquire the majority stakes in the generation companies.

Parties interested in submitting Expressions of Interest should register on the Registration for Expression of Interest page, following which they will be issued with an Information Memorandum providing further details of the transaction and the NIPP power generation assets, together with Pre-Qualification Instructions and Criteria.

In the Expression of Interest phase, bidders will be asked to indicate which companies they are interested in and to describe and provide documentary evidence on their competencies.

Bidders that are approved by NDPHC based on their Expression of Interest submissions will be considered as pre-qualified bidders.

2. Roadshow Events

A Roadshow Event will be held in Lagos, London, New York and Hong Kong throughout  June 2013, during the Expression of Interest stage of the process. The purpose of this Roadshow Event is to introduce the transaction to interested parties and answer questions about the assets and the transaction process.

Please refer to the Downloads page to view the complete set of presentations made at the Roadshow Events. 

3. Bid Documents

Bid documents will be issued to the pre-qualified bidders. These documents will include a Request for Proposals and agreements, including transaction agreements and industry agreements to be entered into by the generation companies, for, inter alia, the supply of natural gas and the purchase of electricity generated.

4. Data Rooms

An online data room will be established and managed where information including bid documents and background materials will be uploaded for review and download by pre-qualified bidders. A physical data room will also be established in Abuja for pre-qualified bidders that wish to use it.

5. Site Visits

Pre-qualified bidders will be offered the opportunity to visit the sites of the power plants in which they are interested.

6. Transaction Review Conference 

A Transaction Review Conference will be held in Abuja in September 2013, the purpose of which is to answer pre-qualified bidders’ questions on the assets, the process and the agreements, and address any other outstanding issues.

7. Bid Evaluation Process

The process for the bid evaluation will contain two steps:

  • Technical Bid Evaluation – Bidders’ technical capabilities will be evaluated against criteria advised at the start of the Request for Proposals stage of the process. The financial/commercial bids of bidders who do not pass the technical bid evaluation phase will be returned unopened.
  • Financial/Commercial Bid Evaluation – The financial/commercial bids of those bidders passing the technical bid evaluation phase will then be opened for evaluation against criteria advised to pre-qualified bidders at the start of the Request for Proposals stage of the process.

8. Execution of Agreements

NDPHC and the successful bidders will execute the transaction agreements as a part of the closing process for the transactions.