Power outages in Nigeria have certainly become a part of our everyday life, going by how long we have had to grapple with the situation. Unless something drastic is done, this abnormal phenomenon is not likely to end any time soon. However, in the past few months, the outages have assumed an embarrassingly high and alarming dimension with the power grid breaking down more frequently than it has ever happened over the past few years and plunging the nation in darkness for days, weeks and even months at a stretch in some parts of the country.
Worse still, the Minister of Power, Abubakar Aliyu, the Electricity Generating Companies and the Power Distribution Companies are trading blames over the situation. No one is willing to accept responsibility for the persistent power outages. Not even the Federal Government is willing to sanction these DISCOs and GENCOs or issue them ultimatums to do what they are meant to do. As with most issues in Nigeria, it has been business as usual. THEWILL has therefore compiled a list of wealthy investors who own electricity assets in Nigeria, so that people will know who to channel their displeasure at with hopes that they will eventually do the needful.
Femi Otedola
The billionaire investor is the major promoter of Amperion Power Distribution Limited (Geregu Power Plant) as chairman with Akin Akinfemiwa as the Chief Executive Officer.
Brigadier-General Tunde Ogbeha (retd.)
Although he is only a director in Mainstream Energy Solutions Limited in charge of Kainji Hydro Electric Plant and Jebba Hydro Station, Col. Sani Bello is the Chairman, while Alhaji Ismaila Isa is the Vice Chairman.
Engr Olubunmi Peters
He is the major investor in North South Power Company Limited in charge of Shiroro Power Station.
Tonye Cole
Although Tonye Cole is regarded as the face of KEPCO Energy Resources Limited in charge of Egbin Power Station, he however runs it with his partner, Tope Shonubi. They also invested in NEDC/KEPCO Consortium in charge of Ikeja Electricity Distribution Company with Kola Adesina as the Chairman. While the former is a power generating company, the latter is a power distribution company. Both Tonye and Tope are known for their popular oil and gas company, Sahara Energy.
Victor Osibodu
The embattled business man, who is fighting to keep his prized homes from being taken from him by Ecobank over alleged debts to the tune of $19m, is the Chairman of Vigeo Power Limited in charge of Benin Electricity Distribution Company. His wife, Funke Osibodu, a former Managing Director of Ecobank and Union Bank, is the Chief Executive Officer.
Alhaji Shehu Malami
He is the chairman of KANN Utility Consortium Company Limited in charge of Abuja Electricity Distribution Company. Neil Croucher, a Briton, is his Chief Executive Officer.
Alhaji Umaru Abdul Mutallab
The businessman and financier whose son, Umar Farouk, aka Underwear Bomber, is serving four life jail sentences and an additional 50 years in a US prison for attempting to detonate plastic explosives hidden in his underwear on board a US flight, is the chairman of Sahelian Power SPV Limited in charge of Kano Electricity Distribution Company. Alhaji Yusuf Hamisu Abubakar is the Chief Executive Officer of the power distribution company.
Augustine Nwokocha
He is the Chairman of 4Power Consortium Limited alongside the governors of Bayelsa, Cross River, Akwa Ibom and Rivers States. The distribution company is in charge of the Port Harcourt Electricity Distribution Company.
Tunde Ayeni
He is the Vice Chairman of and a major investor in Integrated Energy Distributing and Marketing Limited, with Ibadan Electricity Distribution Company and Yola Electricity Distribution Company as the company’s major assets. Although Captain Hosa Okunbo is his co-investor, with his demise, the current state of Okunbo’s investment is uncertain. A smart businessman, Ayeni made General Abdulsalami Abubakar the Chairman of the distribution company, while Dr. Sola Ayandele is the Chief Executive Officer.
Emeka Offor
The diminutive businessman, who has investments in the oil and gas industry, also has his tentacles spread in the power industry with his investment in Interstate Electrics Limited in charge of Enugu Electricity Distribution Company. He is the company’s Chairman.
Ernest Orji, Dere Otubu, Charles Momoh, Tunji Olowolafe & George Etomi
Although Ernest Orji is a director in West Power and Gas Limited in charge of Eko Electricity Distribution Company, he is a well known investor and businessman in corporate circles. He is the promoter of Southern Sun Hotel and was a non executive director in Finbank.
Charles Momoh formerly of Addax petroleum and one of the key directors of the company was the pioneer chairman of the distribution company but was recently replaced with Dere Otubu the chairman of Staco Insurance, SIC Property and Investment Company Limited, Staco Prime Capital Limited and Senforce Insurance Brokers.
Tunji Olowolafe, a serial investor and consummate business man, is also a director in the company, while George Etomi, SAN one of Nigeria’s most seasoned power sector and privatization legal experts, is also one of the founding directors in the company.
Alhaji Garba Mohammed Noma
He is the chairman of Aura Energy Limited in charge of Jos Electricity Distribution Company.
By; Ivory Nkonu