ABSG CONCLUDES NEGOTIATIONS TO ACQUIRE 60% STAKE IN EEDC ASSETS SET TO CONTROL POWER GENERATION AND DISTRIBUTION IN EIGHT LGAs

The Abia State Government has successfully concluded negotiations on the long-anticipated bid to acquire a 60% stake of the Enugu Electricity Distribution Company (EEDC) assets in the state, following the acceptance of the state government’s offer by Interstate Electrics.

This landmark agreement signals the commencement of the next phase of transactions aimed at enabling the Abia State Government to control the generation, regulation, and distribution of electric power in the eight ring-fenced local government areas covering Abia Central and North Senatorial Zones.

The Commissioner for Information, Prince Sir Okey Kanu, disclosed this while briefing newsmen on Monday at the Government House, Umuahia, after the State Executive Council meeting presided over by Governor Alex Otti.

He explained that the negotiation was part of Governor Otti’s strategic vision to strengthen the power sector as a critical enabler of industrial and economic growth in Abia State.

“The long-anticipated bid to acquire 60% stake of EEDC assets in the state has come to fruition, with the acceptance of the state government’s offer by Interstate Electrics.

“With this laudable development, Abia State, particularly the eight local government areas that will be ring-fenced under this arrangement, will experience a new lease of life with regards to their power needs.

“As the transaction further unfolds, we will keep you duly informed of developments,” Prince Kanu assured.

Also speaking, the Commissioner for Power and Public Utilities, Engr. Ikechukwu Monday, confirmed that the state has been in productive discussions with Interstate Electrics, the owners of 60% of EEDC’s assets in the region. He also provided updates on the government’s efforts to restore electricity to Ohafia after years of power outage.

“So we’ve concluded negotiations in terms of our bids. And this automatically activates the next phase of the transaction.

“To throw more light on the Ohafia power issue, which has been lingering for more than seven years.

“We’ve concluded plans to start. It has been approved by the state government. We’ll be mobilising to site this week.

“We’ve already started engaging the communities to provide support in partnership with Greater Ohafia Development Authority, GODA. 

“So this project’s target is that we’ll be able to return electricity supply to Ohafia before the end of the year,” Engr. Monday stated.

The development marks a major step in Governor Otti’s broader economic transformation agenda, which seeks to make Abia State energy-sufficient and attractive to investors through reliable and sustainable electricity supply.