Vigeo Power has paid $32.25m to the Bureau of Public Enterprises (BPE), being 25% of the $129m bid price for the Benin Electricity Distribution Company (BEDC).
Vigeo was supposed to pay the amount within 21 March deadline, reported Vanguard.
Benin DISCO is used to cover electricity distribution in Edo, Delta, Ondo and Ekiti states.
The payment for the Benin DISCO brings to six the number of the power companies unbundled from the Power Holding Company of Nigeria (PHCN), which have been sold by BPE.
A top official of Vigeo Power was quoted by Vanguard as saying that that the amount had been paid through its lead banker, StanbicIBTC.
The source was quoted by the publication as saying, "I am sure by tomorrow morning (today) BPE and NCP would have received the confirmation for payment. Our bank, Stanbic-IBTC has confirmed the payment to us and has even sent us the proof of transfer."
Vigeo is one of the consortia that emerged as core investors in Federal Government’s privatization program in the power sector.
In 2012, the company clinched BEDC in the open and internationally-acclaimed competitive bid process.