Tag: ACQUISITION

Three Northern states set to acquire equity in KEDCO

Aminu Imam

Three northern Nigerian states, Kano, Katsina, and Jigawa, have announced a partnership to form a tri-state electricity market. This comes as the states teamed-up to acquire equity stakes in the Kano Electricity Distribution Company (KEDCO), which has Future Energies Africa as its core investor. This was disclosed yesterday, in a statement by the spokesperson of the Kano Ministry of Power and Energy, Sa’ad Umar Faruk. In his comments, Kano State Commissioner for Power and Renewable Energy, Gaddafi Shehu, said the agreement was reached during a High-Level Electrification Summit held in…

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Dangote Refinery: FEC approves acquisition of 20% minority stakes

Abdul-Azeez Ahmed Kadir

The Federal Executive Council (FEC) has approved the acquisition of 20 per cent minority stakes by the Nigerian National Petroleum Corporation (NNPC) in the Dangote Petroleum and Petro-Chemical Refinery. Timipre Sylva, Minister of State for Petroleum Resources, briefed State House correspondents after the virtual FEC meeting presided over by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa. Sylva said the acquisition was in the sum of 2.76 billion dollars. He said that council also approved contracts for the rehabilitation of Warri and Kaduna refineries. “The FEC, today, approved…

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