Not Otedola: FG Grants Permission for Nigerian Billionaire to Take Over Power Station in Nigeria
- The Kashimbila Hydro Electricity Dam is now officially owned by a Nigerian billionaire and former military minister, TY Danjuma
- Danjuma emphasised at the transfer event in Kashimbila, which is located in the Takum Local Government Area of Taraba State
- He claimed that even with the dam finished, the electricity generated cannot be handled by the local infrastructure
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
Theophilus Yakubu (TY) Danjuma, a Nigerian billionaire and former defence minister, has officially acquired the Kashimbila Hydro Electricity Dam, a significant step toward electrifying Taraba State.
Source: UGC
Danjuma underlined during the handover ceremony in Kashimbila, which is situated in Taraba State's Takum Local Government Area, that the concession was the start of an arduous and drawn-out road towards obtaining dependable energy for the state.
He said that even with the dam completed, the local infrastructure is still unable to handle the electricity produced.
TY Danjuma calls for power grid upgrade
Danjuma emphasised in a Daily Trust report that stronger wiring is necessary in homes to avoid risks like electrical fires, pointing out that the power generated is too much for the systems that are currently in place in Takum and the neighbouring districts.
He said that the dam's concession was a component of a long-term plan to maximize its potential and modernize the state's antiquated electrical infrastructure.
Even though locals are hoping for quick fixes, Danjuma said that before the full benefits of the dam's electrical output can be realised, the state must be completely rewired.
Broader vision for Kashimbila
Originally a federal project, the Kashimbila Dam is currently overseen by a group headed by Danjuma's business.
Apart from producing electricity, the dam is anticipated to turn the area into a major travel destination, with plans already underway for the construction of an airport and a five-star hotel.
These initiatives demonstrate Danjuma's expanding impact on the business and community development domains.
TY Danjuma, who is 85 years old, is still a prominent person in Nigerian business and charity. He founded South Atlantic Petroleum and is the primary stakeholder of Industrial and Medical Gases Nigeria Plc.
His recent endeavors, which demonstrate his dedication to enhancing lives throughout Nigeria, include gifts for a cutting-edge dorm at the University of Benin and a center for skill development in Yobe State.
TY Danjuma Builds Multimillion Naira Hospital
Legit.ng reported that Former Chief of Army Staff and billionaire oil magnate Theophilus Danjuma has inaugurated a multimillion naira medical facility in Enugu, named Goodwill Medical Centre (GMC).
The billionaire said the medical facility is for the rural poor in the state.
Located at Umuchigbo, Iji Nike in Abakpa Nike Community in Enugu East Local Government Area, the TY Danjuma Foundation fully funds the facility.
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Source: Legit.ng
