Jigawa Approves N1bn For 10% Stake Acquisition In Kano DisCo

Jigawa State government has approved N1 billion to acquire a 10 percent stake in the Kano Electricity Distribution Company (KEDCO).

The commissioner for Information, Youths, Sports, and Culture, Sagir Musa, disclosed 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 per cent 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.”

This initiative, according to the DisCo, is designed to ensure a reliable 24-hour electricity supply to key customers in Kano, Katsina, and Jigawa states.