The Jigawa State Government has approved N1 billion for the acquisition of a 10 percent stake in the Kano Electricity Distribution Company (KEDCO).
Sagir Musa, Commissioner for Information, Youths, Sports, and Culture, disclosed this in a statement on Tuesday, noting that the state executive council approved the release of the funds.
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According to Musa, the decision aligns with the state’s commitment to ensuring a stable power supply across Jigawa.
“The move is in fulfilment of the memorandum of understanding (MoU) signed between the state government and the company to acquire 500,000 units of KEDCO shares from Future Energy Africa Limited, the core investors of KEDCO,” he explained.
Musa added that the acquisition would increase the state’s shareholding from 7.5 percent to 10 percent.
“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,” he said.
Additionally, the council approved a N595 million contract for the supply and installation of solar-powered streetlights in semi-urban towns, overseen by the Ministry of Power and Energy.
Meanwhile, on November 12, KEDCO announced a $100 million investment to develop a 100-megawatt (MW) “Safe Grid” to ensure uninterrupted power supply to key customers in Kano, Katsina, and Jigawa states.
