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wpid-court10.jpgAn energy company, Yellowstone Electric Power Ltd has dragged the federal government to a federal high court over the sale of Geregu Generation Company Ltd.

Defendants in the suit are the Vice President of the Federal Republic of Nigeria, National Council on Privatisation, Niger Delta Power Holding Company and Seoul Electric Power Limited.

Yellowstone, through its counsel, Mr. Femi Falana (SAN), asked the court to determine whether the 1st -3rd Defendants have the power under the Privatization Rules and Guidelines and the Proposal for Request to extend the deadline for the Preferred Bidder to post the preferred bidder?s bank guarantee for Geregu Generation Company Limited beyond 14th day of April, 2014.

the company also want the court to determine whether the 1st -3rd Defendants are not under a legal obligation to designate the Plaintiff as the Preferred Bidder for Geregu Generation Company Limited since the 4th Defendant has failed to post its bank guarantee for Geregu Generation Company Ltd before April 4, 2014.

He also asked the court to declare that the 4th Defendant has failed to comply with the requirements for a Preferred Bidder as set forth in the Request for Proposal (RFP) for The Sale of Shares in Ten Gas-fired Generation Companies Developed under NIPP dated August 19, 2013 and the Privatization Rules and Guidelines having failed to post the Preferred Bidder?s Bank Guarantee for Geregu Generation Company Ltd on or before April 14, 2014.

Falana asked for a declaration that the 1st-3rd defendants are under obligation to designate the plaintiff as preferred bidder for Geregu forthwith since the 4th Defendant has failed to post its bank guarantee for Geregu by April 14. 2014.

He asked for an order of perpetual injunction restraining the 4th Defendant/Respondent from posting its Preferred Bidder?s Bank Guarantee to the 1st-3rd Defendants/Respondents and/or the 1st -3rd Defendants from accepting the posting of 4th Defendant/Respondent Preferred Bidder?s Bank Guarantee for the purchase of Geregu Distribution Company Ltd.

He also asked for an order directing the 1st-3rd Defendants to declare the Plaintiff as the Preferred Bidder the 4th Defendant having failed to post its bank guarantee for Geregu Generation Company Limited before 14th April, 2014.

No date has been fixed for hearing.

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