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Wike revokes sales of Rivers power stations to Cole’s firm

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Rivers State Governor, Nyesom Wike


The Rivers State Government has terminated the contract for the sale of its 70-percent equity of stake in its power generation assets sold by the previous administration to NG Power-HPS Limited co-founded by APC governorship candidate, Tonye Cole.

The Chibuike Amaechi government had sold 70 percent of the state’s stake in First Independent Power Limited which was in charge of the state four gas turbines power stations in Omoku, Afam, Trans-Amadi and Eleme with installed capacity of 541 megawatts to NG Power-HPS Limited for
$302,960.000.00.

Also revoked was the concession of the Rivers and Bayelsa states owned Olympia Hotel to Cenpropsaroten Hotel Management Limited. In addition to cancellation of the concession agreement between the Government of Rivers State and Kild Concession Limited in respect of the construction of a toll road and secondary developments in Abonnema Wharf, Port Harcourt, where the state had displaced thousands of slum settlers.

The three companies that had their contracts/concessions terminated are subsidiaries of Sahara Energy Limited co-founded by Mr. Cole. The resolution to revoke the concessions was taken at the state Executive Council meeting presided over by Governor Nyesom Wike yesterday at the Government House, Port Harcourt.

The state Commissioner of Information and Communications, Emma Okah hinged the decision on the yet to be implemented recommendations of the White Paper on the Report of the Judicial Commission of Inquiry for the Investigation of the administration of Governor Chibuike Rotimi Amaechi on the sale of Valued Assets of Rivers State and other related matters under the chairmanship of Justice George Omereji.

But the Director, Strategic Communications. Tonye Cole Campaign Organization, Tonye Princewill has described the government action as vindictive politics. Princewill said: “I can only imagine that now Wike knows that Tonye Cole will be confirmed as his opponent, he can no longer hide his frustration. What he fails to appreciate is that no serious business will want to do business with Rivers State. All this from a state with the highest level of unemployment in Nigeria and IGR untapped. Yet we wonder why insecurity remains,” he said.


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Nyesom WikeTonye Cole
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