Jigawa To Acquire 10% Stake In Kano DisCo
The Jigawa State Government has approved and allocated N1 billion to acquire a 10 percent stake in the Kano Electricity Distribution Company (KEDCO).
Sagir Musa, the Commissioner for Information, Youths, Sports, and Culture, made his known in a statement on Tuesday that the state executive council had approved the release of the funds.
Musa said that the investment is aimed at promoting a stable power supply across the state.
He said that this decision aligns with the memorandum of understanding (MoU) signed between the state government and KEDCO to purchase 500,000 units of shares from Future Energy Africa Limited, KEDCO’s core investors.
The commissioner added that this acquisition would increase Jigawa State’s existing 7.5 percent shareholding to a consolidated 10 percent stake 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.
The commissioner revealed that the council has also sanctioned a contract worth N595 million for the procurement and installation of solar-powered streetlights across semi-urban towns, a project spearheaded by the Ministry of Power and Energy.
In a related development, on November 12, KEDCO announced an investment of $100 million towards the development of a 100-megawatt (MW) “Safe Grid.”
According to the DisCo, this initiative is designed to ensure a reliable 24-hour electricity supply to key customers in Kano, Katsina, and Jigawa states.
