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FirstPower Electricity Distribution Co., the Anambra state power distributor owned by Nigerian tycoon Emeka Offor's Enugu Electricity Distribution Co., plans to spend ₦53.3 billion ($39 million) on its network over the next three years as the state tries to close a large electricity gap.
The company will put ₦13.3 billion ($9.7 million) into priority network projects in 2027 and plans another ₦40 billion ($29.3 million) across 2028 and 2029, Offor said at the Anambra State Electricity Market Investment Roundtable in Awka on Nov. 13. The money will go to distribution lines, metering, network capacity and reliability, and the plan aims to give customers in the state round-the-clock supply by 2029.
"We are committed to building a strong, inclusive and commercially sustainable Anambra Electricity Market," Offor said in remarks delivered by Vincent Ekwekwu, EEDC's managing director. "What we need is the enabling infrastructure, institutions and environment to unlock this potential."
Anambra needs about 1,000 megawatts of electricity but receives about 120 megawatts, Governor Chukwuma Soludo told the forum, which was organized by the Anambra State Electricity Regulatory Commission. "Anambra is ready for business," he said.
New supply deals
FirstPower is trying to bring more power into its network from smaller plants close to customers. It signed agreements at the roundtable with Capstone Energies Ltd. for 50 megawatts of embedded supply and with North South Power Co. for 17 megawatts. It has also signed a memorandum of understanding with Greenewable Energy Ltd. to develop 100 megawatts of embedded generation.
"I am pleased to announce that FirstPower is concluding PPA discussions to procure 55MW over the next few days," Offor said.
The company is finalizing arrangements with generation and renewable energy companies for about 205 megawatts of additional capacity, and is exploring more than 420 megawatts of embedded generation and connected mini-grid projects with investors.
FirstPower runs electricity distribution in Anambra under a state-regulated market. Nigeria's 2023 Electricity Act let states take over regulation of their own power markets from the federal regulator, and Anambra's commission licensed FirstPower, an EEDC subsidiary, to serve the state.
Offor's power business
Offor, who also chairs EEDC, entered the power business in 2013, when a consortium led by his Interstate Electrics Ltd. took over the Enugu distribution company in the privatization of Nigeria's state power utility. EEDC served the five southeastern states of Abia, Anambra, Ebonyi, Enugu and Imo before the state markets were created.
Offor built his fortune through Chrome Group, the conglomerate he founded and chairs, with interests in oil and gas services, engineering and power. He funds education and health programs through the Sir Emeka Offor Foundation, including support for Rotary International's polio eradication campaign.
Figures were converted at ₦1,365 to the dollar.
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