Future Energies Africa Ltd owns 60 per cent shares of KEDCO- CEO

Kano Electricity Distribution Company (KEDCO) has said Future Energies Africa (FEA) Limited owns a major stake in the distribution company. 

In a statement issued by KEDCO’s Head of Corporate Communications, Sani Bala Sani, refuted the reports that KEDCO was one of the DisCos currently being managed by AMCON or the Banks, thus ordered for sale.

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“Since November 2023, new investors – Future Energies Africa (FEA) Limited acquired control of 60 per cent shares of the DisCo, while the Federal Government retains 40%,” part of the statement read. 

“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 Engr. Ibrahim Adamu 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.

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“KEDCO, 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.”