You may not have known that so many of the companies owned by the federal government have been privatized which below here is the Confirmed List Of Privatized Power Companies In Nigeria And Their Owners.
List Of Privatized Power Companies In Nigeria And Their Owners
Years of mulling over the privatization of the power sector dating back to the administration of Chief Olusegun Obasanjo formally ended with the Federal Government’s handover. Why? …
Here are more of the info you should read too … “Confirmed List Of Privatized Power Companies In Nigeria”
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 percent 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, declare(d) 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 saddl(ed) 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 recommend 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. More …
Distribution Expectations
The success of the process depends greatly on the ability of successful bidders, GENCOs and DISCOs to meet the expectations of the Nigerian Electric Regulatory Commission The Commission expects successful bidders to:
• Assent to the major commercial and legal issues presented in the industry agreements
• Fulfill their business plans towards steady growth of the sector
Comply with existing regulatory framework e.g. Market rules, customer regulations, KPI regulations
Engage with NERC in developing baseline data for loss calculations and planning
More to Now …
• Engage with NERC in tariff reviews and re-design Specifically, the Commission also expects GENCOs to:
• Optimally utilise available and untapped generation resources for the provision of electricity
Increase generation capacity and supply steady power to the national grid
• Develop renewables and comply with the provisions of Embedded Generation Regulation
• Work towards energy efficiency which facilitates the management of fuel supply risk, and;
Implement bulk procurement regulations Regarding the DISCOs, the commission expects them to:
• Provide adequate and safe electricity to consumers
• Improve on the existing plan to issue meters to consumers, and;
Ensure energy efficiency in supply to customers
Conclusion
The negotiation of industry agreements is a very important stage of the privatization process. Execution of the agreements is critical to the effectiveness of the entire process. The earlier transaction documents are executed and payment completed, the better for the reform process, the industry and ultimately the people of Nigeria.
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