Top Nigerian Billionaires, Others Who Own Electricity Companies, And Cost of Investment, 3 Governors Included
- Many Nigerians control the levers of electricity in Nigeria since the country privatized power several years ago
- The list includes known names in the banking, oil and gas, and other financial sectors
- These individuals, which include billionaires, have pumped millions of dollars into acquiring power assets
The recent spat between two Nigerian billionaires regarding the purchase of Transcorp Power, owned by Tony Elumelu, has brought to the fore who controls the country's electricity levers.
In a recent statement, Femi Otedola, the Chairman of Geregu Power, detailed how he wanted to invest in Transcorp Power to prop up the company's potential in the stock market.
Source: Getty Images
Two billionaires brawl over power companies
In the statement, Otedola revealed how he was bought out by Elumelu, who might have feared a hostile takeover.
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Otedola's revelation threw the limelight on those who control the power infrastructure in Nigeria.
While some call them the owners of darkness, these Nigerians are pivoting from finance, oil and gas, and other critical sectors of the Nigerian economy to what many say is the future of the global economy.
According to reports, almost 36.4 thousand gigawatt hours of electricity were generated in Nigeria in 2021, up from around 35.7 thousand gigawatt hours in the previous year. Notable producing companies in the country include Egbin and Azura-Edo. Fossil fuels form a significant part of the overall production. In 2020, 22 terawatt hours of electricity were from fossils. Gas and hydro sources accounted for the largest share of fossil fuel power generation that year.
As of the first quarter of 2022, Nigeria's available power generation capacity dropped to 4,712.34MW from 5,465.75MW in the Fourth Quarter of 2021.
Per the Nigerian Electricity Regulatory Commission (NERC), Nigeria's hourly power generation decreased by 190.58mw/h
Owners of Electricity Assets in Nigeria
Transcorp/Woodrock Consortium (Ughelli Power Plant)
Owners:
Tony Elumelu
Obinna Ufudo
Adeoye Fadeyibi
Investment: $300 million:
Category: Power Generation
Geregu Power Plant
Owners: Femi Otedola
Akin Akinfemiwa
Investment: $132 million
Category: Power Generation
Mainstream Energy Solutions Limited (Kainji Hydro Electric Plant and Jebba Hydro Station)
Owners:
Col. Sani Bello
Alhaji Ismaila lsa
Brig Gen. Tunde Ogbeha
Investment: $170 million
Category: Power Generation
North South Power Company Limited (Shiroro Power Station)
Owners:
Eng. Olubunmi Peters
Investment: $111.7 million
Category: Power Generation
KEPCO Energy Resources Limited (Egbin Power Station)
Owners:
Tonye Cole
Tope Shonubi
Investment: $407.3 million
Category: Power Generation
NEDC/KEPCO Consortium
Ikeja Electricity Distribution
Owners: Tonye Cole
Tope Shonubi
Investment: $131 million
Category: Power distribution
Vigeo Power Limited Asset
Benin Electricity Distribution Company
Owners:
Victor Gbolade Osibodu
Mrs. Funke Osibodu
Investment: $129 million
Category: DISCO
KANN Utility Consortium Company Limited
Abuja Electricity Distribution Company
Owners:
Shehu Malami
Neil Croucher
Investment:
$164 million
Category: DISCO
Sahelian Power SPV Limited
Kano Electricity Distribution Company
Owners: Alhaji Yusuf Hamisu Abubakar
Alhaji Umaru Mutallab
Investment: $102 million
Category: DISCO
4Power Consortium Limited
Port Harcourt Electricity Distribution Company
Owners:
Augustine Nwokocha, Governors of Bayelsa, Cross River, Akwa Ibom, and Rivers State
Investment: $124 million
Category DISCO
Integrated Energy Distributing and Marketing Limited
Ibadan Electricity Distribution Company
Yola Electricity Distribution Company
Owners:
Gen. Abdulsalami Abubakar
Tunde Ayeni
Dr. Sola Ayandele
Investment: $126.75 million
Category: DISCO
Interstate Electrics Limited
Enugu Electricity Distribution Company
Sir Emeka Offor
$107.4 million
Category: DISCO
West Power and Gas Limited
Eko Electricity Distribution Company
Owners: Charles Momoh
Tunji Olowolafe
Ernest Orji
Investment: $135 million
Category: DISCO
Aura Energy Limited
Jos Electricity Distribution Company
Owners:
Alhaji Garba Mohammed Noma
$82 million
Category: DISCO
Real Investor: New twist as Femi Otedola parts ways with Tony Elumelu in the battle for Transcorp, pockets N32bn
Legit.ng earlier reported that in a surprising turn of events, Nigerian billionaire Femi Otedola has sold his stake in Transcorp to fellow billionaire Tony Elumelu and chairman of the company.
The move comes days after reports surfaced about a power struggle between the two moguls over control of Transcorp.
The media has been abuzz with the high-stakes investment, with many suggesting a potential rift between Otedola and Elumelu.
Source: Legit.ng
