Jigawa consolidates shareholding in Kano Disco with N1bn

By Muhammad Nasir Bashir/ Jigawa

The Jigawa government said it has consolidated its 7.5 per cent shareholding in the Kano Electricity Distribution Company (KEDCO) to 10 per cent in the company with additional investment of N1 billion.

Jigawa Commissioner for Information, Youths, Sports and Culture, Mr Sagir Musa, said this in a statement in Dutse on Tuesday.

He said the State Executive Council approved the release of the fund as part of effort to ensure stable power supply in the state.

Musa said the gesture was in fulfilment of the Memorandum of Understanding (MoU) signed between Jigawa state government and the company, to acquire 500,000 units of the KEDCO shares from Future Energy Africa Limited, the core investors of KEDCO.

This, he said, would enable the state government to consolidate its 7.5 per cent shareholding to 10 per cent in the company.

“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.

He said the council also approved N595 million contract for the supply and installation of solar powered street lights for semi-urban towns by the Ministry of Power and Energy.

(NAN)