EXCLUSIVE: How the $16 BN Power Funds Was Reportedly Shared

EXCLUSIVE: How the $16 BN Power Funds Was Reportedly Shared

No fewer than 27 companies were said to have benefitted from Obasanjo’s $16 billion power deal

– As at the time Obasanjo’s tenure ended, the contractors had been paid only N360.7 billion – The sum of N273.65 billion was reportedly spent on Power Holding Company of Nigeria from 1999 to 2007

Buhari rhetorical question on where Nigeria’s power was in spite of the administration of Chief Olusegun Obasanjo spending $16 billion in the sector has raised dust.

It was reported that only N360.7 billion had been paid to the contractors as at the time Obasanjo left office.

The Obasanjo administration also spent N273.65 billion on Power Holding Company of Nigeria from 1999 to 2007.


The 27 contracts companies as follows:


1. Pivot Engineering Ltd was awarded contracts in the sum of $78,625,736.54 for the construction of Owerri-Ahoada-Yenagoa 132 KVA DC lines and substations. It is to be noted that out of this, $73,023,521.36 has been paid to the contractor.

2. ABB {Nig] Ltd [SAE] received a contract in the sum of $21,489,644.79million and Nl, 489,271,079.60billion for the construction of second Benin-Onitsha 330 kva SC lines. So far, the contractors have been paid the sum of Nl, 675,225,734:40billion.

3. Siemens Ltd also benefited from a contract of €l5, 032,410.65M and N200, 000,000M to provide Onitsha 150 Mva, 330/132/33 kva, T/F and 330 KV base at Onitsha and Benin. Out of this contract sum, it has received a total payment of €l2, 499,567.00M, N49, 979,258.00M

4. Energovod Src was awarded a project of Alaogi-Calabar 330 kva DC lines in the sum of $42,382,351.30million and N900, 000,000 for which payments to the tune of $23,851,466.58million and N431, 056,721.00million have been made.

5. AREYVA T/D SPR-and -MBH power-for offshore works for construction of bays got £8,987,322.00million and N600, 000,000million. The foreign payments have been fully made while only N161, 704,254.50million on the Naka was paid.

6. Chrome Consortium was awarded contracts for the provision of Gombe-Yola-Jakngo 330kva SC lines at at $74,872,154.04million. It has been paid $50,000,000.

7. News Engineering Ltd got a contract valued at $3,485,113.50million and N250, 000,000million for the construction of Jalingo 2×30/40 mva; 132/33kv sub-station. It received $2,670,679.36million and N100, 850,347.04million.

8. Allaogi-Umuahia 132 kva DC line was awarded to Pivot Engineering at $4,067,940.00million; it got $3,978,676.10million and N406, 528,365million.

9. Valenz Holdings [Nig] Ltd got the contract for Umuahia 2×30/40 mva, 132/33kv substation at $7,083,399.48 million and N489, 704,091.00million.It was not clear if the company had been paid.

10. Kec/News Engineering handled Gombe-Damatru-Maiduguri 330kv lines at $30, 172, 772million and N2.5 billion

11. JKN Limited did Ado -Ekiti 132/33kva sub-station and Akure 132kva Liangbe extension at N822M . It received N521m.

12. Kano- Dutse 132 kva DC and Dutse-Azare 132 kv SC line were done by LCEP at $50, 294, 388m.

13. ABB did Dutse- Azare 2×30/40MVA, 132/33KV Sub -stations cost $12,500,000:00m and €1,771,582:83m. The company received $11,074,967:81& €354,316:40million.

14. The Egbin-Ikeja West/Benin Main 330kv DC line and sub-station was handled by Energo (Nig) Limited at $8,437,687 million and N141, 967,775:92million; it was paid $6,475,037:18 and Nl7, 488,890:06million .

15. NEPA-ACEB Power Interconnection Project (Counterpart Funding) was handled by SAE Power Lines and Areva (SIS) (Counterpart Funding on ADB Loan on senders) at Nl,194,500,000:00; Nl,043,800,000:00 was paid.

16. News Engineering Nig Limited got the contract for construction of lx30MVA, 132/33W substation at Keffi at N441,534,004:50 N251,700,000:00

17. Continental Engineering Nig Limited was awarded Talata Mafara 2×30/40MVA, 132/33kv substation ( N453, 532, 829:20) . The company was paid N420, 323,334:57.

18. Amukpe (Sapele) lx30/40MVA, 132/33kv sub station was handled by News Engineering Limited at $1,194,482:34 and N219,920,252:71. The company received $1,014,276:14 and N78,303,339:54.

19. ABB Power Katempe got National Stadium 132kv DC line for N347,000,000:00; it was paid N 173,500,000:00.

20. Twenty-six companies carried out FY2000 substation reinforcement projects (N2,679,487,010:00) They received N2.3billion, representing 90% of the contract sum.

21. ABB Nigeria Limited handled rehabilitation of Delta TV Switchyard (€2,879,811:11 and N109,899,233:00); N36,822,340 was paid.

22. Nnewi 2x60MVA 132kv sub- station was awarded to Valenz Holdings Nigeria Ltd (€4,421,811:72 and N251, 833,400:00). It received N191, 734,122:52 .

23. CMC was awarded New 33kv substation at Omotosho ($30,325,386:00); $3,115,453:00 was paid.

24. Steers Int’l Ltd was awarded $1,395,353:83 and Nl 52,092,929:50 for the construction of New 330kv line at Ornotosho/Benin/ Ikeja West in which a down payment of $596,137:71 and N34,465,000:00 have been made to the contractor.

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25. SEPCO got the $30,325,366:00 New 330kv substation at Papalanto. It was paid $8,915,453:00.

26.Kukwaba 2x60MYA, 132/33kv sub- station was awarded to NCEP at $5,252,932:61& N272,237,433.25; 20% payment was made, which comes up to $1,050,586:52 and N54,447,486:65.

CCC Int’l Ltd is a comp was awarded Onitsha-Nniwe-Ihiala 132kv DC line at $2, 631,003:58 & N 198,049,270:00.

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One Comment

  1. Maitama Tambari says:

    The child who said his mama “Nigeria” will not sleep he also cannot sleep because Baba Buhari will not allowed it to happen under his fatherly watch. This is the reason why Nigerians elected him. We are not wrong in our common decisions.

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