The Jigawa State government has approved releasing N1 billion to purchase 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 power distribution company‘s core investors.
“The strategic partnership will enable the 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 2028,” Mr Ahmad said.
He added that the initiative aligned with the administration’s 12-Points Agenda to provide adequate electricity supply to urban and rural areas to boost economic activities across the state.
Future Energies Africa completed the acquisition of KEDCO in November 2023 and emerged as the new core investor after successfully restraining the sale to PowerCom in July through legal action.
The power distribution company has Kano, Katsina, and Jigawa states as its business franchise areas.
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