ERHC Energy Inc (ERHE)

[johnnieisrotten]

Maybe Offor delayed and ultimately did not participate in the offering because he was waiting on the outcome of the Nigerian electrical distribution contracts to be awarded. They were awarded towards the end of April and the companies that received the contracts had to put down 25% of the contract.

http://interstateelectrics.com/news/signing-of-agreements-for-private-takeover-of-enugu-distribution-company/

President Jonathan has promised a tenfold increase in electricity by 2020. The sale of the ten Discos to the successful bidders is expected to net the Federal Government a sum of N197.25 billion ($1.25 billion USD).

http://www.nigerianeye.com/2013/04/fg-hands-over-electricity-assets-to-15.html

The handover in a ceremony at the presidential residence came a month after the bidders for 10 generation companies and five distribution companies paid deposits of 25 percent of the value of their bids.