Retired Generals Ibrahim Babangida and Abdulsalami Abubakar, (two former heads of state) as well as former Governor of Lagos State Ahmed Bola Tinubu, are the promoters of some of the bidding consortiums jostling for the 18 companies unbundled from the Power Holding Company of Nigeria (PHCN). Also topping the list of promoters is an oil magnate, Sir Emeka Offor; business mogul, retired Colonel Sani Bello; as well as allies of Vice-President Namadi Sambo.
North South Power Company Limited, which is believed to be promoted by Babangida, passed the technical evaluation for the Shiroro Power Station and would participate in the financial bid stage. North South Power Company was the only consortium that submitted bids for Shiroro, while Dangote Power and Super Tech belonging to business mogul, Aliko Dangote and Professor Jerry Gana, respectively, submitted late bids and were automatically disqualified.
Integrated Electric Nigeria Limited, promoted by retired General Abubakar as chairman, Mr. Tunde Ayeni and Dr. Shola Ayandele, is contesting with other bidders for Eko, Ibadan and Yola Distribution Companies. Oando Gas and Power, Lagos State Government, Tinubu and Honeywell are also bidding for the Eko and Ibadan Discos. The Oando Consortium, believed to be promoted by Oando Gas and Power, Lagos State Government and Tinubu.