A State in the South West of Nigeria seeks to divest the majority of its stake in an independent power plant (IPP or the plant).

Closing date for submissions is 3pm (Nigerian time) on Monday, 22 June 2020.

The plant was solely conceived and developed by the State and is 90% to completion. The development of the plant is part of the State’s efforts to support infrastructural development aimed at driving industrialisation within the State.

Consequently, the State has engaged Greenwich Trust Limited (Greenwich) to act as its financial adviser in connection with the proposed sale of majority stake in the Plant.

On behalf of the State, Greenwich is pleased to invite prospective investors (PIs) to formally submit an Expression of Interest (EOI) indicating their interest to bid for the sale. The proposed sale is hereinafter denoted as (the transaction).

 The transaction shall be by way of a competitive bidding process.

Submission requirement:

PIs (qualified entities or consortia) should indicate their interest by submitting an EOI with the following documentation and information, as applicable, under the subject titles stated below (same information should be provided for each consortium member):

• Profile of bidding entity or vehicle stating clearly: Lines of business and track record of investments in the African power sector and other similar investments (where applicable).

• Evidence of registration in country of domicile such as certificate of incorporation, particulars of directors and return of allotments of shares.

• Ownership of the bidding entity or vehicle, identifying all shareholders with 5% or more stake, and roles of each member of the consortium.

• Evidence of financial capacity: (Document listed in item (a) below is required while documents listed in item (b) and (c) may be included for additional support).


  1. Audited financials of the bidding entity for the last three to five years.


b. Duly executed letter of comfort issued by any of the PI’s auditors, bankers or parent company, evidencing the ability to access liquid funds for the proposed Sale.

c. To the extent that a PI shall be relying on external finance, duly executed letter of intent from the PI’s bank or investors indicating a commitment to arrange the required financing for the PI towards the sale when required.

d. Full name(s) of contact person(s), email addresses and telephone number(s);

e. Any relevant information that demonstrates credibility and eligibility for the transaction; and

f. Information checklist required for appraisal of the plant to inform investment decision.

Interested entities are required to submit their Expressions of Interest in English and titled PROJECT IGNITE: EXPRESSION OF INTEREST.

The EOI should be sent either by email or hard copies no later than 3h00pm (Nigerian time) on Monday, 22 June 2020.

• Electronic copies to be forwarded to and

• Hard copies to be delivered to:

Kenneth Ero/Michelle Okoyomo
Greenwich Trust Limited
Plot 1698A Oyin Jolayemi Street
Victoria Island
Tel No: +234146192612 |+234 8151711937

Upon receipt and evaluation of the EOI, bidders deemed fit and suitable from a financial and strategic perspective, will be shortlisted, notified and invited to proceed to the first phase of the transaction.

For further clarification or enquiries, prospective investors can contact the persons stated above. Request for clarifications should be sent electronically not later than 24 hours before the submission deadline.

Nothing in this advertisement shall be construed as a commitment on the part of the State or Greenwich to appoint parties for the Sale; nor shall it entitle any PI to make any claim whatsoever and seek indemnity from the State or Greenwich by virtue of the PI having responded to this request for EOI.

The State and its financial adviser, Greenwich shall not be responsible for the cost of any submission of EOI or any loss suffered by such submission. All submissions shall be at the cost of the prospective investors.

Please note that only shortlisted bidders will be contacted.

About the Company:

Greenwich is duly registered as a Financial Adviser/ Issuing House by the Nigerian Securities & Exchange Commission.

Closing date for submissions is 3pm (Nigerian time) on Monday, 22 June 2020.

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