New Owners of Kaduna Electricity DisCo To Take Over October 6
Baring any last minute hitches, the preferred bidder of Kaduna Electricity Distribution Company (KEDCO), Northwest Power Limited, (NPL) will take over ownership of the company upon completion of the 75% bid price on October 6, 2014.
Managing Director of the distribution company, Mr Idris Mohammed, told a news conference on Monday that North West Consortium Limited, which emerged as the preferred bidder for the company during the privatisation exercise last year, had already paid 25 per cent of the Share Purchase Agreement in last June and is expected to complete the remaining 75 per cent by first week of October to enable it take over the company fully.
The Bureau for Public Enterprise (BPE) had extended up till October 6, for the preferred bidder to pay the remaining 75% of its bid price after failing to meet two previous deadlines which elapsed last August.
The Managing Director also disclosed that three injector power sub stations in the state would be commissioned on September 29 as part of efforts by the company to improve electricity supply to residents of the state.