Afam power firm stalled three years purported sale taleveras bpe

A very specific and interesting topic!

AFAM Power Firm, a Nigerian power generation company, has been embroiled in a controversy surrounding the purported sale of its assets to Taleveras, a Nigerian energy company, and BPE (Bureau of Public Enterprises), the government agency responsible for privatizing state-owned enterprises.

Here's a brief summary of the situation:

• In 2017, AFAM Power Firm, which was owned by the Nigerian government, was put up for sale as part of the government's privatization program.
• Taleveras, a Nigerian energy company, was reportedly the preferred bidder for the sale of AFAM Power Firm, with a bid price of around $300 million.
• However, the sale was stalled due to disagreements between the parties involved, including the BPE, Taleveras, and AFAM Power Firm.
• The main issue was reportedly the valuation of the company's assets, with Taleveras claiming that the valuation was too high and AFAM Power Firm claiming that it was too low.
• The stalemate led to a three-year delay in the sale, with the parties unable to reach an agreement.
• In 2020, the BPE announced that it was revoking the sale of AFAM Power Firm to Taleveras due to the failure to meet the conditions of the sale agreement.

The controversy surrounding the sale of AFAM Power Firm has raised concerns about the effectiveness of the privatization program in Nigeria and the ability of the government to manage the sale of state-owned enterprises. It has also highlighted the challenges of valuing and selling state-owned assets in a country with a complex and often opaque business environment.