• Thursday, May 23, 2024
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Future Energies Africa owns 60% stake in Kano DisCo – Company clarifies

Future Energies Africa owns 60% stake in Kano DisCo – Company clarifies

The Kano Electricity Distribution Company (Kano DisCo) has issued a statement refuting recent media reports suggesting the company is under the control of banks or the Asset Management Corporation of Nigeria (AMCON).

Sani Sani, Kano DisCos’s head of corporate communication clarified that since November 2023, Future Energies Africa (FEA) Limited acquired a 60 per cent controlling stake in the company, with the Federal Government retaining the remaining 40 per cent.

Sani further informed that, “Since November 2023, new investors – Future Energies Africa (FEA) Limited acquired control of 60 percent shares of the DisCo, while the Federal Government retains 40 percent.

The Company’s spokesperson recalled that, In July 2022, KEDCO, alongside four other DisCos were restructured by the Federal Government and appointed an interim Board and Management to steer the affairs of the Company for transition to new investors, which was concluded and handed over to the current investors.

On the company’s current performance metrics, Sani said the DisCo had improved significantly in its operational efficiency under the stewardship of the current MD/CEO, Abubakar Yusuf, and a crop of seasoned professionals on the Board of Directors led by Ibrahim Gumel, by creating a modernized electricity distribution system that has enhanced service delivery, a friendly customer atmosphere, and a reduction in ATC&C losses, within 6 months of the takeover.

Kano DisCo, under its current ownership, is committed to providing reliable, affordable, and sustainable electricity to Kano, Katsina, and Jigawa States and environs. Through innovative solutions and partnerships, the Company aims to lead the way in renewable energy adoption and sustainable development.