Who controls the country’s electrical levers has come to light as a result of the recent fight between two Nigerian billionaires over the purchase of Tony Elumelu’s Transcorp Power.
These Nigerians are shifting their focus away from finance, oil and gas, and other crucial areas of the Nigerian economy toward what many believe to be the future of the world economy, even though others have dubbed them the owners of darkness.
Almost 36.4 thousand gigawatt hours of power were reportedly produced in Nigeria in 2021, up from roughly 35.7 thousand in the year before.
Some Notable Producing Companies
Among the nation’s notable production businesses are; Egbin and Azura-Edo. Fossil fuels form a significant part of the overall production. In 2020, 22 terawatt hours of electricity were from fossils. Gas and hydro sources accounted for the largest share of fossil fuel power generation that year.
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As of the first quarter of 2022, Nigeria’s available power generation capacity dropped to 4,712.34MW from 5,465.75MW in the Fourth Quarter of 2021.
Per the Nigerian Electricity Regulatory Commission (NERC), Nigeria’s hourly power generation decreased by 190.58mw/h
Owners of Electricity Assets in Nigeria and Their Cost of Investment
- Ibadan Electricity Distribution Company
- Yola Electricity Distribution Company.
- Owners:
- General Abdulsalami Abubakar
- Tunde Ayeni
- Dr. Sola Ayandele
Investment: $126.75 million.
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- Interstate Electrics Limited
- Owner: Sir Emeka Offor
- Investment: $107.4 million.
- West Power and Gas Limited
- Owners:
- Charles Momoh
- Tunji Olowolafe
- Ernest Orji
- Investment: $135 million.
- Aura Energy Limited
- Owner: Alhaji Garba Mohammed Noma
- Investment: $82 million
According to reports, in an unexpected turn of events, Tony Elumelu, the chairman of Transcorp, and a fellow billionaire from Nigeria named Femi Otedola, purchased the interest that Otedola owned in the company.
Following reports of a power struggle between the two businessmen over control of Transcorp, action was taken.
The high-stakes investment has generated a lot of media attention, and many have speculated that Otedola and Elumelu may not get along.