FG receives 26 insurance proposals for Mambilla power project

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Electric Transformer

The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said that the Federal Government has received about 26 proposals for insurance services in relation to the Mambilla power plant project.

Speaking at the investiture of the 19th President of the Nigerian Council of Registered Insurance Brokers in Lagos on Thursday, he stated that logistic providers, iron ore miners and quarry owners had started showing interest in rendering services to kick-start the $5.8bn project.

According to him, the award of the contract to Chinese contractors after 45 years of its neglect is the outcome of President Muhammadu Buhari’s frequent trips to China.

Fashola said the power plant would generate 3,050 megawatts of electricity in addition to the 12,000MW total installed power capacity in the country.

The minister had announced that the Mambilla plant had been awarded to a consortium of three Chinese companies – Messrs CGCC-SINOHYDRO-CGOCC after a meeting of the Federal Executive Council in August.

Fashola had said the $5.8bn contract cost was inclusive of taxes, environment utilisation, the work proper, as well as project land acquisition and compensation to about 100,000 people who would be resettled.

He added that 85 per cent of the project cost would be financed by the Chinese government and Nigeria would bear only 15 per cent as its counterpart funding.

“If you have heard of the Mambilla Plateau and the hydro power plant, just think and ask yourself, where were you in 1972? Do you know that the Mambilla plant was first conceived that year? Do you wonder what happened and why it never took off? Where you among the people who complained that President Buhari was travelling too much when he went to China? Do you know that the Mambilla plant was one of the deals he went to close in China?” he said.

He added, “But if you do not know, some of you know because I have started receiving proposals to provide insurance services for all the logistics there. As of yesterday, the number was at least 26 and more are on their way. I have also started receiving proposals by logistics firms that want to provide transport services for all of the heavy equipment. Quarry owners and iron ore miners are already taking position because it is an expenditure of over $5bn.”

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