Nigeria Approves Siemens, Korea Electric Power Grid Bids

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Nigeria approved bids from companies including Siemens AG (SIE) and Korea Electric Power Corp. (KEP) for 10 state-owned power distribution companies, marking the end of a five-year privatization process.

The successful bids were worth more than $1.3 billion, the Abuja-based National Council on Privatization headed by Vice President Namadi Sambo said in an e-mail yesterday. Siemens led a group of four companies that won with a $135 million bid for the Eko Distribution Co., and Korea Electric headed the winning offer for the grid in the Ikeja region of Lagos, it said.

Buyers are required to provide bank guarantees “for 15 percent of the transaction value within 15 days of notification from the Bureau of Public Enterpirses,” the council said in the statement. Payment should be completed within six months, it said.

Nigeria, Africa’s top oil producer, is selling majority stakes in power plants and letting private investors buy as…

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