Tony Elumelu, one of Nigerian business mogul is planning a huge investment of around $2.5 billion to boost power supply in Africa's biggest economy through one of his investment channels.
Elumelu, who is the chairman of United Bank for Africa (UBA) operating in over 21 African countries plans to invest the amount through Transcorp -Transnational Corporation of Nigeria, a conglomerate with interest in oil and gas, hospitality, property and trading.
His foundation, Tony Elumelu Foundation this week disbursed $15.2 million to over 3,000 young African entrepreneurs as seed fund to empower them in their various businesses.
Nigeria, with a population of almost 200 million people struggles with dire power supply, which has impeded economic development for decades.
Power generation peaked just below 4,500 megawatts on February 28, with a maximum capacity of 7,650 megawatts, according to the latest available data from the power ministry.
Rival South Africa, with a population a third of Nigeria’s, has an installed generation capacity of more than 47,000 megawatts.
Transcorp Power has so far injected about $1 billion in projects with a combined capacity of 700 megawatts, Elumelu, 56, said in the capital, Abuja.
The company bid for Afam Electricity Generation Co. earlier this month, which operates a natural-gas-fired power generation plant in southern Rivers state. Two other offers were received, the Bureau of Public Enterprise said, and if Elumelu acquired the facility it would add 700 megawatts to his power portfolio.
“We’ve expressed interest in the acquisition of Afam power plant, which we’re going to spend a lot of money on,” Elumelu said. “It’ll give us 1,400 megawatts and we can do more.”
Transcorp Power has so far injected about $1 billion in projects with a combined capacity of 700 megawatts, Elumelu, 56, said in the capital, Abuja.
The company bid for Afam Electricity Generation Co. earlier this month, which operates a natural-gas-fired power generation plant in southern Rivers state. Two other offers were received, the Bureau of Public Enterprise said, and if Elumelu acquired the facility it would add 700 megawatts to his power portfolio.
“We’ve expressed interest in the acquisition of Afam power plant, which we’re going to spend a lot of money on,” Elumelu said. “It’ll give us 1,400 megawatts and we can do more.”
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