The lingering tussle over who owns the Aba ring-fenced area between Geometric Power and Interstate Electric( Owners of the Enugu Electricity Distribution Company (EEDC) has finally been laid to rest with the signing of the Asset Sale Agreement (ASA) between the two companies.
At the signing ceremony on Wednesday, November 26, 2020 in Abuja, Director General of the Bureau of Public of Enterprises (BPE), Mr. Alex A. 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.
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.
The Managing Director of Geometric Power, Professor Barth Nnaji, thanked President Muhammedu Buhari for having the political will to end the impasse and pledged to make the agreement work.
