Jigawa State Government has announced the approval of N1 billion for the acquisition of a 10 percent stake in the Kano Electricity Distribution Company (KEDCO).
Gatekeepers News reports that on Tuesday, Sagir Musa, the Commissioner for Information, Youths, Sports, and Culture, stated that the state executive council has approved the release of these funds.
This initiative aims to promote stable power supply within the state. The commissioner explained that this decision aligns with the memorandum of understanding (MoU) signed between the state government and KEDCO for the purchase of 500,000 shares from Future Energy Africa Limited, the principal investors in KEDCO.
With this acquisition, Jigawa state will increase its shareholding in KEDCO from 7.5 percent to 10 percent, thereby solidifying its investment 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,” Musa 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.
