Abia State Governor, Alex Otti, has reaffirmed his commitment to acquiring a 60% stake in the Enugu Electricity Distribution Company (EEDC) as part of a bold move to secure stable and independent power supply for the state.
“We want to land a fair asset value for the government and the seller,” Otti stated, emphasizing that the deal would benefit both parties. “If we don’t have the money, we can always source the funds,” he added, noting the involvement of Afriexim Bank to finance the acquisition.
Currently, Geometric Power Limited supplies 53% of Abia’s electricity, and Otti is aiming to extend this coverage to the entire state, starting with the Umuahia area. This acquisition would eventually shift the power assets to private sector investors, stimulating competition and improving service.
“The intention is to lead the way with the acquisition, de-risk, and subsequently divest into other potentially interested private sector players,” Otti explained.
The acquisition, set to revolutionize Abia’s energy sector, is backed by a team of experts, including Deloitte & Touche and Ken Ahia, SAN & Associates, who are guiding the state through an extensive due diligence process.
“This is an experiment that has not been done anywhere in Nigeria but is already working here in Abia,” the governor concluded.