…okays N1.7bn for acquisition of office complex for NEMCO

The Federal Executive Council (FEC) has approved the sum of 161,328,228 euro for the execution of contracts in the first batch of the Phase 1 of the Siemens Power projects across the country.

The Council chaired by President Bola Tinubu also okayed N1.7 billion for the acquisition of the office complex for the National Electricity Liability Management Company (NEMCO) in Abuja.

Briefing journalists after the Council meeting, the Minister for Power, Adebayo Adelabu, said: “At the Federal Executive Council meeting held this afternoon, there were basically two approvals for the Federal Ministry of Power, as I presented.

“The first was actually an approval for the award of contract for engineering, procurement, construction and financing for the implementation of the 331 32 KV and 132 33 KV substations upgrade under the Phase One of the Presidential Initiative, popularly known as the Siemens project, consequent upon completion of the pilot phase of this project.

“So the Federal Executive Council at today’s meeting considered it necessary for us to move forward as promised by the President of the Federal Republic of Nigeria at a meeting he held with the President of the Republic of Germany last week.

“The cost of this first batch of the phase one of the Siemens project that was 161,328,228 Euros.

“And the Phase One of this Siemens projects, as it relates to the transmission, upgrade and expansion actually include 14 brownfield substations that need upgrade and revamping, and 21 Greenfield substations, which are new substations to be built across the country to improve the transmission segment.

“And the first batch of this Phase One of the projects include: Onitsha 331,3233 KV substation, under the Enugu Electricity Distribution Company; Offa 132 33 KV substation under the Ibadan Electric Distribution Company, there is the new Abeokuta 331 3233 KV substation.

“We have Ayede 331 3233 KV substation. And lastly, Sokoto 132 33 KV substations. Those are the five substa – tions to be worked upon and under the first batch of this Phase One of the Siemens project.

And we expect that this will further improve and stabilize the transmission segment of the power sector value chain in no distant future on completion.

“Another approval that was given at the FEC this afternoon actually relates to the award of contract for the acquisition of an office complex for the Nigeria Electricity Liability Management Company, which you all know as a NEMCO, and the office complex approved for outright purchase is at plot number 2148, Cadastra Zone, Wuse 1 District Abuja for NEMCO and the cost of this acquisition is N1.7 billion inclusive of 7.5% VAT.”