The Nigerian Electricity Regulatory Commission, NERC, has approved the acquisition of a 60% equity stake in Kaduna Electricity Company Pic, Kaduna Electric, by ASI Engineering Limited amid its N115 billion debt crisis.
Kaduna Electric disclosed this on Saturday its official X handle.
The disco said the latest acquisition aligns with the company’s strategic vision to enhance energy access, reliability, and efficiency in Nigeria.
The statement partly reads, “ASI Engineering Limited (ASI) is pleased to announce the successful acquisition of a 60 percent equity stake in Kaduna Electricity Company Pic (Kaduna Electric), a prominent distribution company in Northern Nigeria.
“ASI is collaborating with stakeholders, especially the state governments within its franchise license area, to create sustainable solutions that align with the region’s unique needs.
”These unique collaborations will attract the needed investments to upgrade and turn around electricity distribution in the Kaduna Electric franchise area.”
“The acquisition of 60 percent equity of Kaduna Electric, which NERC has approved, marks a new dawn in the turnaround and repositioning of Kaduna Electric.”
The equity transaction came after NERC data released six months ago showed that the disco had a debt of N110 billion ($130 million), owed to various entities, including the Nigerian Bulk Electricity Trader and power generation firms.
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