Privatized Power Companies in Nigeria and Their Owners

Here's a list of privatized power companies in Nigeria and their owners. Most of the top drivers of the private companies have numerous friends and family members in politics. Others were not in power sector business investments earlier but got expatriates as technical partners.

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 per cent 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 declared 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 saddled 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 recommended 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

Source: https://www.nigerianbulletin.com/threads/list-privatized-power-companies-in-nigeria-and-their-owners.239210/#post-277663

Cc: lala .....complete am on your own.

Now there's a name to one of our electrical problems.

Is ikeja disco/ ibadan disco in charge of lagos outskirts - alakuko/sango/ijoko/ota/ifo? I'd like to know so i'll direct my curse appropriately.

Good info.
The guys who acquired the DISCOs have no plan in place to improve power distribution. They only acquired it cos' they saw it as massive money making venture. The govt needs to seat on these guys and ensure they meter their customers 100%.

so these are the unserious people handling our power sector. can anything good come out of this bunch? i now see why we may never have stable power

They thought power is like communication so they rushed and bought what they can't maintain or even have capacity to manage. I doubt they have even finished paying.

Power in wrong hands...We need revolution

They taught power is communication so they rushed and buy. I doubt they have even finished paying.

Power in wrong hands...We need revolution

xdos:
Good info.
The guys who acquired the DISCOs have no plan in place to improve power distribution. They only acquired it cos' they saw it as massive money making venture. The govt needs to seat on these guys and ensure they meter their customers 100%.

Exactly, without meter it's all a gimmick.

One of the many problem bequeathed to Us by Port Harcourt Degree (Ph.D) holder Jonathan.

Raddie:
Now there's a name to one of our electrical problems.

Is ikeja disco/ ibadan disco in charge of lagos outskirts - alakuko/sango/ijoko/ota/ifo? I'd like to know so i'll direct my curse appropriately.

Only Alakuko falls under Ikeja Disco.
Others are Ibadan.......

xdos:
Good info.
The guys who acquired the DISCOs have no plan in place to improve power distribution. They only acquired it cos' they saw it as massive money making venture. The govt needs to seat on these guys and ensure they meter their customers 100%.

Of course....when you are running a business...you buy assets with the idea that they would make more money for you!

(Or you think say a businessman is a charity worker?)

On a more serious note,they would make more money if they did improve things.

Unfortunately, the Nigerian electricity sector is very expensive to run. Worn out equipment,(eg...our transmission system...which is run by the government by the way...needs replacing...and it isgoing to cost trillions) people and government institutions and even political parties who do not pay their bills, vandals, and even people who bypass the prepaid meter (Happens in my neck of the woods....which is why giving everyone a prepaid meter might not solve things).

And most DISCOS and GENCOS have to pay for gas..for the gas powered plants.....in dollars. (Noone wants to take naira). THAT increases your bills wellwell.

And to add to the misery....banks don't want to lend to the DISCOS and GENCOS....largely because they know there is a high chance the loans won't be repaid....because of the high level of financial liabilities there are (Unlike GSM companies...where the banks were very happy to lend money by the billion).

The snail pace of pre-paid meters deployment is frustrating.

Today, Nigerians live like is impossible to change the country because we have fallen back to back. Our suffering has become too expensive. And if we refuses to restructure or agree on best way forward for everyone then the country is doom!

vedaxcool:
One of the many problem bequeathed to Us by Port Harcourt Degree (Ph.D) holder Jonathan.

In fairness to GEJ...

1.Public hearings were held on the privatization matter before it happened...and not many people turned out...talklessof objectors.

2.There was a report issued in 2013 which said that we would need $100bn in extra spending over the next 3 years to make things better in the power sector. Note....extra spending for power.

3.In fairness...the idea for privatisation came from Prof Barth Nnaji.

4.I think that the main issue with DISCOS is the slow rate of metering. Once metering becomes universal....I doubt that people would complain anymore.

5.One other thing....the fact that DISCOS are restricted to specific regions...and not allowed to operate outside their regions. If I live in say...Lagos and find that Kaduna DISCO bills are lower...I could sign up with KADUNA disco...pay their bills on my meter.....which would in turn force Ikeja DISCO to lower prices....under an idea lsituation.

6.Finally...the main issue is capital.Banks apparently are not lending to DISCOS and GENCOS. (On the other hand..they are very glad to lend to GSM companies...when ETISALAT came for loan...they gladly lent them the money...which ETISALAT now has diffiuclty paying back). Issue 2 is worn out equipment...which needs replacing...and which is going to cost quite a lot.(Which is a big reason why we got power privatised in the first place!...no more extracash tofund power.)

IMO....to sort out the capital issue....I think Govt could team up with the DISCOS and GENCOS to get a World Bank loan to fund the improvement of critical power infrastructure.

Kingspin:
Today, Nigerians live like is impossible to change the country because we have fallen back to back. Our suffering has become too expensive. And if we refuses to restructure or agree on best way forward for everyone then the country is doom!

Power is one issue that restructuring or true federalisim won't solve.

The issue with Power is funding...which is difficult because

1.People and government institutions owe bills. And some people refuse to pay bills....putting the burden more on those who do pay.

2.Failure of DISCOS torealise the power of giving everyone a meter....if they did that,they would earn far more than what they can concieve.

Sort out the funding issue...and we would have cash for transmission systems and generation.

Things which can be sorted out sans restructuring.

Only in Nigeria will privatized company still levy the populace to rectify fault. We're told to gather 2 millions before the transformer owned by the community will be activated. What a nation

A lot of ignorant and mostly empty-headed people don't understand power is now a private business excluding transmission. That's why they rush to shout "Minister of Darkness".
Lalasticlala you need to educate some ignoramus on this forum.

Pavore9:
The snail pace of pre-paid meters deployment is frustrating.

The pace is deliberately slow!

mfm04622:


The pace is deliberately slow!

It is deliberate as they want to continue estimated billing not pay-for-what-is-used. For the pre-paid meters, how much is the monthly fixed charge? Here in Kenya, it is $1.50.

Pavore9:


It is deliberate as they want to continue estimated billing not pay-for-what-is-used. For the pre-paid meters, how much is the monthly fixed charge? Here in Kenya, it is $1.50.

Fixed charges have been abolished and the consumption rate increased in the last tariff review.

mfm04622:


Fixed charges have been abolished and the consumption rate increased in the last tariff review.

Currently paying about N60 per kilowatt hour.

So these are d cronies of GEJ

As our BMCs used to say

Pavore9:


Currently paying about N60 per kilowatt hour.

Only N23 per kilowatt hour and no fixed charges

G

The Power sector needs serious revamping...

Hoping the Senate can set up a committee to look into it...so right policies that will eventually make these better would be implemented and enforced on the discos..



BTW: seeing ex-public officers owning some of these firms, they purchased the firms with our commonwealth and we will have to be paying bills to them for life...

Smh

Funny government... Full of crooks.

They will sha, always come up with what they won't achieve

interesting. The people who actually had the technical expertise, like the former minister of power, were edged out.
I'll be alive to see Nigeria turn around for good, only I don't know when this will happen. Will I be up to 70 - 80 then? Only God knows. It's obvious I may not be part of Nigeria then, but I really would love to see how things pan out in the country. For now, the country is a shameless joke.

Things happen and people just swallow it and suffer. Reminds when someone told me passing WAEC is luck. This makes such youth to concentrate on cheating to pass, instead of studying.

When you nudge someone to lodge an official complain about an injustice, they tell you they don't have anyone to fight their cause. Don't you know that when many voices say the same thing, it gathers power. Did you see the statement Biafrans made yesterday? Nobody needs to be told what they are saying.

Yet Yesterday You Asked Me

Charlie light dey house¿? ??

mfm04622:


Only N23 per kilowatt hour and no fixed charges

That is about same in Ethiopia, actually around N19.