Jigawa to acquire N1bn stake in Kano DisCo

Jigawa state government has approved N1 billion for the acquisition of a 10 percent stake in the Kano Electricity Distribution Company (KEDCO).

In a statement on Tuesday, Sagir Musa, commissioner for information, youths, sports and culture, said the state executive council approved the release of the fund.

Musa said the move is also part of an effort to ensure stable power supply in the state.

According to the commissioner, the decision was in fulfilment of the memorandum of understanding (MoU) signed between the state government and the company, to acquire 500,000 units of the KEDCO shares from Future Energy Africa Limited, the core investors of KEDCO.

He added that the deal would enable the state to consolidate its 7.5 percent shareholding to 10 percent 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,” Musa said.

He said the council also approved N595 million contract for the supply and installation of solar-powered street lights for semi-urban towns by the ministry of power and energy.

On November 12, KEDCO said it had invested $100 million to develop a 100 megawatts (MW) “Safe Grid” for Kano, Katsina, and Jigawa States, to provide 24-hour power supply to key customers in the states.