₦airaland Forum

The nine-year tussle between Geometric Power and Interstate Electric that hindered Aba, the commercial hub of Eastern Nigeria, from enjoying a 24-hour power supply has been laid to rest as Geometric Power paid $26 million re-acquisition value of the Aba ring-fenced area, yesterday.

The asset was handed over by the National Council on Privatisation (NCP) through the Bureau for Public Enterprises (BPE) at a brief event in Abuja.

This latest development has been seen as a great achievement for Nigeria’s power sector and would ensure a more efficient electricity supply to Aba city and its environment.

The $500 million Geometric/Aba power plant has the capacity to produce and distribute about 141 megawatts (mw) of electricity in its first phase, with new distribution lines, four new sub-stations and three rehabilitated sub-stations.

The protracted tussle between Geometric Power and Interstate Electric Company, owner of the Enugu Electricity Distribution Company (EEDC), over ownership of the asset and related issues have posed a serious challenge for successive administrations since 2005.

Barth Nnaji, chairman/founder, Geometric Power Limited, said the Aba ring-fenced project would really bring a new model of how to deliver electricity in the country.

“We are very delighted that today has come that we have gotten Aba ring-fenced and we are ready to give reliable electricity to the people of Aba,” an elated Nnaji, who is also Nigeria’s former minister of power, told BusinessDay after the handover.

Explaining the long tussle, Nnaji said, “ The issue was just simple: the former government sold what was rightfully ours to the people who acquired EEDC.

“So, they simply bundled the Aba ringed-fence as part of EEDC and gave it to them. But when they were doing it, they did it knowingly.

“And that is why we went to court and that is why all the processes, and we are very grateful that this government has mediated and resolved the issue.”

According to Nnaji, his company is also quite grateful that those involved in the acquisition, EEDC, along with Afrinvest saw reason to resolve the matter; “we have settled, and we have paid; we have now paid the acquisition price, which is $26 million.”

Afreximbank, the key lender, will bring on close to $50 million of which $26 million has been used to reacquire the asset, while the balance is to basically complete infrastructure and ensure it can deliver the much needed power the area requires in boosting industrialisation and export capacity.

Speaking on the new strategic plans for the Aba asset, Nnaji maintained that first of all, anybody acquiring a power distribution company (Disco) should have the financial and technical capacity, and that is what we did in Aba.

“We have actually made the necessary investments to ensure there are no issues in terms of reliability for electricity supply. We have embedded generation and distribution, which ensures a reliable supply of electricity.

“We have invested about eight times the amount of the acquisition in Aba already. We built new substations, new power lines, in fact over 140km of new lines. We built four brand new substations. When we came in, there were only three substations – 2 by 15MPH each, so we built exactly the same size of four brand new ones.

“And we’ve built gas pipelines – 27km – to ensure that we have our gas uninterrupted from Shell to us, etc,” he said.

The huge investment so far is to ensure that the network works effectively and to position the Aba ring-fenced area to set the pace in electricity generation and distribution, he stated.

In addition to the power plants, we have built an embedded Power Plant 141 megawatts, which if you look at the amount of power that goes into Enugu Disco, is about half of the total power going into it right now, he said.

“So, that is how much power we have built just for Aba alone. That is what it takes to have reliable electricity. So, that is the plan,” he said.

To avoid estimated billing, he disclosed plans to invest heavily in pre-paid metering, saying, “This is to ensure that all the consumers in Aba are metered in the next two to three years.”

Alex Okoh, director-general, BPE, said the handover represented another notable success in the government’s sectoral and enterprise reform programme.

Explaining the resolution process, Okoh said the bureau initiated a series of engagements with various stakeholders, which led to one, the signing of the term sheet between Geometric Power and Interstate Electric Limited, the core investor in EEDC.

Another initiative taken by the BPE was to sign an agreement between the Federal Government, Geometric Power and Interstate Electric on the principles that will guide the resolution of the licensing overlap between EEDC and Geometric Power as well as the sale and transfer of the asset by the EEDC to Geometric Power, he said.

“Following the approval of the transaction by the NCP, BPE on behalf of the Federal Government, Interstate Electric Limited executed an asset transfer agreement through which both parties transferred their respective interest in the Aba ring-fence area to Geometric Power.

“Although the transaction will generate some revenue for the government and Interstate Electric, the most important gain is “that the Federal Government was handing over this asset to a very tenacious investor who has made a firm commitment to transform the Aba ring-fence area into a model electric supply franchise, providing quality, stable and appropriately priced electricity to consumers, thereby unlocking the significant economic benefits of this commercial and industrial hub of the regional and national economy,” he said.

While Okoh acknowledged a number of challenges facing the electricity sector, he assured of the government commitment to resolve the issues and create an enabling environment that will attract and incentivise private sector capital into the sector.

Kester Enwereonu, director, EEDC, who represented Interstate Power, acknowledged that the handover marked the end to the ownership tussle of the Aba ring-fenced, which he said actually began right from the time the acquisition process was concluded.

For Peter Olowononi, head of client relations for West Africa, Afreximbank, the handover was symbolic, in terms of helping the bank achieve a key objective of catalysing industrialisation, not only in Nigeria, but on the continent of Africa.

“As we all know, the Geometric ring-fenced area signifies real potential for the Aba, which has shown very strong characteristics of industrialisation in terms of the manufacturing capacity of Eastern Nigeria, as Afreximbank, industrialisation and export manufacturing are one of our cardinal strategic pillars.

“And so by coming into this transaction and helping Geometric to reacquire the Aba ring-fenced area is very symbolic in helping them put the power infrastructure which they have built to use, and ensuring that these manufacturing capacities can be brought to life as soon as possible,” Olowononi said.

Let's also remember to thank our 'kerosene' governor for helping Bart Nnaji acquire loan from Afrexim bank to facilitate the project.

Lalasticlala
Mynd44
OAM4j
Seun



https://businessday.ng/energy/article/24-hour-power-dawns-for-aba-as-geometric-gets-to-work/

boyfrank:
Nice, but this one they are smoothing the earth like this, hope they will still add stone base.

Lol....since 2015, roads in Aba are constructed with thick stone base and or concrete

More

Eziukwu road by Asa. This road which is the main access road to Cemetery market has not been motorable for more than a decade now

More

Eziukwu road phase 3 (this should be somewhere between railway halt primary school and Asa triangle) current stage.

The work was unfortunately halted as the machines being used were vandalized

Asa triangle wears new look as Ngwa road, Ph road and Eziukwu road (which all intercept here) nears completion. (Asa road is in good condition, and has been reasphalted this year)

Failed portions of faulks road being repaired using concrete technology as the road seems to defy previous methods.


PS: I took a bike ride there yesterday maka ndi osi agoo

The last picture like the others I'm posting, was sourced from Facebook

Omuma road

Test running of Osisioma flyover Aba kicks off

Nigercity:
Oga umueme
Is this road construction still going on
(This road is very important) together with the
Ekeapara-owerrinta Road are the still ongoing?

also how about the ovom mechanical village construction,
With the leather and garment cluster umukalika
Hope it hasn't been abadoned again?

The okpu umuobo to Mgboko road has started being asphalted I dont know for others

How come I'm just seeing this thread. Thumbs up OP

RoyalBoutique:
CATERPILLAR was the first thing that came to my mind, but I didn't see it on jumia.

I've already ordered for umigidi bison.

Now that's a very rugged phone.

Never heard of it though. Let me go browse about it

You can buy a Caterpillar© or dooge© phone. Both are good and strong but above that price range. I prefer dooge cos I have used it before

I use that app, but that is not a samsung phone. There is no where samsung is mentioned. Go down to user review and check what other buyers said about it.

MyVILLAGEpeople:
Oga shut up if you have nothing reasonable to say. Ikpeazu is a big disaster, tell me his achievements in Abia state ?. We all talking about the failure of a government at all levels and you are bringing Ikpeazu who is even a bigger disaster.

Oga you no well ni. Visit Abia State Development thread and see Ikpeazus works. Ikpeazu's PR team is the worst in Nigeria cos they dont potray his works in Abia nay Aba. Why is he always shown when something bad happens? But neglected when he does good? The media has been against him, forget







https://www.nairaland.com/5939661/abia-state-development-thread-pictures

Sad but true

















































But you still need your certificate. Nobody knows tomorrow. But I dont advice using your all to get admission in a Nigerian University if you are already comfortable. There is always option for part time

Ok


Hope you end up successfully ending the unofficial monopoly on cement. We need more producers, to reduce the price of cement

#My_Opinion_Though

Siberia01:
A country of over 120 million youths but what is trending on twitter in the country is #yansh

Imagine

Slovakia?

Imagine ordinary Slovakia......meanwhile here in Nigeria Africa, we are still recycling politicians ancestors others are having special days set aside to showcase their juju prowess.....smh

Nawa o....

I saw the smoke from this fire from as far away as CKC. At OP, that is along Ngwa road not ahia Ohuru

Chaii

promisedeco:
Ohanku is completed?
Ngwa rd is completed?
Aharandu is completed?
Ahia ohuru is completed?
Aharandu is completed?
To mention but a few.

If the answer to the above questions is "NO" then Mr. Evil supporter do us a favour and STFU

Lol...since you are asking whether its completed and not whether it is motorable or under construction , I think you have sucessfully shot yourself in the leg.


PS: I'm not going to continue this conversation with someone with a low IQ as yours. Am done with you....... Aturu ocha

promisedeco:
For the second time STFU

If you have nothing meaningful to counter my comment, then you'd better go back to your sty boy

Quiny32323:
Atleast they don't sound as stupid as he usually sounds, I hope you watched the way ur stupid uncle was sounding. Stupid ngwa boy like you.

actually its your dad who's stup.id for raising an uncultured air head like you. your mom tried but......back to the point, 'they dont sound as stupid.......' which means you know he's done better than your brothers Orji. Your problem now is his tongue abi? Go government house Umuahia go beat am......anumanu. Continue calling Ngwa stupid, like you all did in 2019. Another Ngwa man is going to be governor come 2023, and you and your ' sophisticated well mannered brothers with sweet tongue' can't/wont do Jack about it.

Thanksful:
Who is OVI?

Okezie Victor Ikpeazu the present governor

jaQad:
Let's Start with Portharcourt Road. And don't tell me it's a Federal Road. It's a major road in Aba and that basta!rd called ikpeikpu have been there for 6 years.

you know you lot just jump and start talking. If you listened to that entire broadcast, you'd know when he said the reason it was delayed was because the flood water had to be channeled somewhere hence Ngwa road (which thank God is current state has shut una mouth), Obohia and the rest were kicked off. Would you build a road without channelling flood water??

Lol,Aba people have truly fraustrated this man

Quiny32323:
A typical ngwa man for you, stupid mediocre. I go soon deny my state with these kind of stupid leaders.

What do you mean by 'typical Ngwa man' ?
Better respect your us*less tongue. You didnt 'deny' your state during OUK and TAO regime......if not for OVI poor PR team, OVI's work in Aba would be properly broadcasted. Just mention a road in Aba not under construction as at today or not completed? Respect your old age boy and keep your mouth shut

Ok


Schools resuming by 4th, isnt it too early? Not only in Lagos, but here in Abia too. Schools resumption should be postponed cos many people are yet to come back from holidays..


#my_opinion_tho

wow

happy new year to us all. May this year be better than last year

You guys should cool down. Na just one loss. #GGMU

FreeStuffsNG:
You are absolutely right. The UK justice system reportedly did not take that long to decide the terrorism case of convicted terrorist Adeyinka .
So we can take a cue from the UK legal system.

The victims of the violence incited by him are pressed to get justice too.

He deserves to defend himself in court and prove if he is innocent for treasonable crimes he incited , including the coordinated arson in Lagos State he told his followers to unleash on Lagos.

Ewu ka ibu. Am not an Ipob supporter or sympathetic to their cause, but you potrayed your stupidity as regards to the bolded. Your lot will later come here and spew trash that IPOB stole Oba's staff.

Your lot (BMC) go about spewing thrash that Lekki massacre took place because of looting,arson and co. wherein forgetting that all this started after the Lekki shootings. Police stations were burnt in retaliation of the shootings at Lekki. Warehouses where 'Covid Relief Items' were kept were also looted,BRT buses burnt........but all this took place after Lekki shootings. So stop trying to look smart after the exhibition of your stup.idity you potrayed now

FreeStuffsNG:
Cc Seun Mynd44 Lalasticlala

Yen yen yen

Go cry to Bubu

Ok


So am confused. Is the peace walk going to right all the wrong done at Lekki tollgate?

Everybody keeps shying away from doing the right thing. For the so called 'BMC' police brutality fall on una for the rest of your mis3rable lives till una repent