Wednesday, 31 May 2017

Privatized Power Companies In Nigeria And Their Owners

Privatized Power Companies in Nigeria and Their Owners

Here's a list of privatized power companies in Nigeria and their owners. Most of the top drivers of the private companies have numerous friends and family members in politics. Others were not in power sector business investments earlier but got expatriates as technical partners.

Geregu I Generating Company

Forte Oil's Chief Femi Otedola is Chairman of Amperion Ltd, the core investor of the firm. It planned to make a 50 per cent increase in the short to medium term to generate 600mw. Three years after, it hardly generates 400mw due to poor gas supply and other issues.

Transcorp Ughelli GenCo

Chairman of Transcorp/Woodrock Consortium, Mr Tony Elumelu acquired the 972mw capacity Ughelli Power firm at $300million. It's last generation output was around 340mw.

Kainji/Jebba Hydro GenCo

Owned by Niger state's Col. Sani Bello (Rtd), the frontier of Mainstream Energy Solutions. The former military administrator of Kano state got the GenCo for $170m. It has Russian partner, RusHydro to acquire the plant. The firm recently said it overhauled two turbines but it produces a combined energy of about 735mw and has a 826mw capacity.

Shiroro GenCo

The Niger State Government is one of the owners of this plant which was gotten for $111.7million. Other partners are XS Energy Ltd, BP Investment Ltd, Urbamn Shelter Ltd, Road Nigeria Plc, China International Water Electric and China Three Gorges Corporation. They promised turbines overhaul and expansion, so far, it generates 179mw from its 300mw capacity since the takeover.

Egbin GenCo

Tope Sonubi and Tonye Cole of Sahara Energy Resource Nigeria is the local partner to the NEDC/Korea Electric Power Company (KEPCO). The $407m plant was to be revamped to generate 1,000mw. Currently it has 660mw capacity and has been producing only 171mw.

Abuja DisCo

Owned by Ambassador Shehu Malami alongise Copperbelt Energy Corporation (CEC) Plc, Xerxes Global Investments of Malami. The firm said it has spent over N40bn in improving the network, metering and the billing system since it took over in 2013.

Kano DisCo

This firm is owned by Sahelian Power (SPV) Limited and managed by Dr. Jamil I. Gwamna. It deployed 73,000 meters in 2016 and said it had improved its networks but customers complain about high estimated billing and poor electricity supply.

Benin DisCo

Victor Gbolade Osibodu has Virgeo Power Ltd which acquired Benin DisCo. Former Managing Director of Union Bank and wife, Mrs Funke Osibodu manages it. So far it has had the highest customer metering record among the DisCos.

Eko DisCo

Mr Charles Momoh is Chairman of the West Power and Gas which acquired the DisCo for $135m and Dr Tunji Olowolafe, and Mr Ernest Orji are fronting for it. It promised to spend $257m to revamp it. It is unclear if half of that investment has been made in less than two years to the timeline, though it has the highest number of industrial customers in the country.

Ikeja DisCo

The KEPCO/NEDC Consortium acquired this for $134.75, making it the only investor firm to have a stake in both the generation and distribution sections.

Ibadan and Yola DisCos

Former Head of State, Gen. Abdulsalam Abubakar and Chairman of Integrated Energy Distribution and Marketing Company acquired both firms for $160million.

It however declared a force majeure on Yola DisCo due to insurgency since 2014 which has been left in the hands of the government. Ibadan DisCo has the highest number of customers but still grapples with consistent epileptic supply, and poor metering. Same goes for Yola DisCo.

Kaduna Electric

Ex NCC Commissioner, Alhaji Yusuf Hamisu Abubakar is the Managing Director of the Sahelian Power SPV that acquired the Kano Disco for $102m. He was also a one-time Executive Secretary of the Petroleum Development Trust Fund (PTDF). The firm is saddled with poor power supply and slow metering.

Enugu DisCo

Sir Emeka Offor is Chairman of Interstate Electrics that got Enugu DisCo for $106.4m. He is also chairman of Chrome Energy Ltd majoring in oil and gas services, telecommunications and logistics. This firm can't meet up with the 75% payment deadline and was earlier recommended by BPE for a disqualification.

It supplies electricity to five eastern states and there are abundant complaints of high billings, poor supply and poor metering services.

Jos DisCo

Alhaji Mahmud Yayale Ahmed is the Chairman of Jos DisCo.

Port Harcourt DisCo

Governments of Bayelsa, Rivers, Cross River and Akwa Ibom state formed the 4Power Consortium which eventually acquired the Port Harcourt Disco

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