Ndubuisi Francis in Abuja
The federal government has finally resolved the lingering tussle over the ownership of the Aba ring-fenced area between Geometric Power and Interstate Electric, owners of the Enugu Electricity Distribution Company (EEDC) with the signing of the Asset Sale Agreement (ASA) between the two companies.
At the signing ceremony in Abuja, yesterday, the Director of Bureau of Public Enterprises (BPE), Mr. Alex Okoh said the ceremony marked a significant milestone in the process of the power sector reform given the long-drawn process of the transaction.
He noted the challenges facing the electricity sector in Nigeria but said the enormous and limitless opportunities in the sector were worth exploiting even as he said the Federal Government had demonstrated ample commitment by tirelessly working to create the enabling environment that would incentivise private sector investors.
Okoh congratulated both parties for the agreement, which he described as “a win–win situation,” adding that their cooperation in making the required compromises which havd made the agreement possible.
He tasked Geometric Power to transform Aba and Ariara Business units into a model distribution franchise by providing round-the-clock electricity supply and enabling the industrial hub to flourish.
In his remarks, the Managing Director of Interstate Electric Limited, Dr. Kester Enwereonu called on Geometric Power to ensure speedy enhancement of the infrastructure in the franchise through positive investments that would raise the ability of the company to deliver power to the consumers and expressed gratitude to the BPE and the Special Adviser to the President on Infrastructure, Mr. Ahmed Rufai Zakari for their cooperation though the process of the negotiation of the transaction.
On his part, a former Minister of Power and Chairman of Geometric Power, Prof. Barth Nnaji, thanked President Muhammedu Buhari for having the political will to end the impasse and pledged to make the agreement work.
The Special Adviser to the President on Infrastructure, Zakari said the signing ceremony signaled a return of investment in the power sector in Nigeria, and commended the BPE for its commitment to eliminating challenges to transactions in its purview.