The Jigawa State Government has approved the release of N1 billion for the purchase of a 10 per cent stake in the Kano Electricity Distribution Company (KEDCO).
The government’s spokesperson, Sagir Ahmad, announced this late Monday after the state Executive Council Meeting presided over by Governor Umar Namadi.
|
|
He said the council approved the payment as part of the MoU signed to acquire 500,000 units of KEDCO shares, from Future Energies Africa Limited, the core investors in the power distribution company.
“The strategic partnership will enable Jigawa State Government to consolidate its earlier 7.5% shareholding to 10% in the company.
|
|
|
|---|
“Similarly, the MoU is aimed at ensuring adequate provision of constant electricity supply to all tier 1 Urban Centers and Rural electrification in the State by the year 2028” Mr Ahmad said.
He added that the initiative was In line with the administration’s 12-Points Agenda to provide adequate electricity supply to both urban and rural areas to boost economic activities across the state.
ALSO READ: KEDCO signs $100 partnership deal to develop 100 megawatts of electricity
Future Energies Africa had in November 2023 completed the acquisition of KEDCO and emerged the new core investor after successfully restraining the sale to PowerCom in July through legal action.
Stay Ahead with Premium Times
Follow us on Google News and never miss breaking stories, investigations, and in-depth reporting.
Add as a preferred source on Google
The power distribution company has Kano, Katsina, and Jigawa states as its business franchise areas.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
More News
