FIPL Contracts KPMG for Auditing and Advisory Services

FIPL Contracts KPMG for Auditing and Advisory Services

The auditing giant KPMG has been contracted by the management of FIPL to serve as its auditor and transaction adviser. KPMG will re-evaluate all business processes, work practices, and organizational structure against international best practices and relevant standards.

The auditing firm will also advise FIPL in its business transactions with other stakeholders in the industry. The process which has already begun is in line with management’s vision to transform FIPL into a pace-setter in the power industry.

FIPL Signs LTSA With MJB and ALSTOM to Boost Capacity

FIPL Signs LTSA With MJB and ALSTOM to Boost Capacity

In its commitment to improve power availability, FIPL has concluded a Long Term Service Agreement (LTSA) contract with Masaood John Brown (MJB), a gas turbine service company based in Abu Dhabi, while a similar contract has also been signed with ALSTOM the French manufacturer of heavy duty gas turbines.

MJB International provides services to owners and operators of industrial gas turbines throughout the Middle East, Africa and the Indian Sub-continent with notable customers such as British Petroleum, Bechtel, Reliance Power and Exxon.

ALSTOM is a global leader in the design of power generation, transmission and rail transport systems and is the Original Equipment Manufacturer (OEM) of one of the turbines owned by FIPL while plans are underway to install a second.

FIPL will award the contract certificate to MJB and ALSTOM at the end of the second quarter of 2015.

NGPOWER-HPS ACQUIRES 70% STAKES IN FIPL

NGPOWER-HPS ACQUIRES 70% STAKES IN FIPL

NGPOWER-HPS a partnership between NGPOWER LTD and HPS has acquired 70% stakes in First Independent Power Limited (FIPL).

Incorporated in 2006, FIPL owns and operates power plants in River State with over 500MW installed capacity. NGPOWER LTD is a subsidiary of Sahara Power, the biggest private owner of power assets in Nigeria. HPS is a South Korean based company that is involved in Power Plant maintenance.

The new stakeholders will bring years of technical expertise, good corporate governance track record and ensure robust funding for infrastructure upgrade as well as investments in new technology to drive efficiency in FIPL. The company’s management is committed to realizing its plans to double power generation from FIPL plants by 2017 making energy available for enhanced economic growth and development in Rivers State.