EEDC Acquisition in Abia: Governor Otti tasks parties on fairness, open mindededness in transaction

By Editor, Umuahia

The Governor of Abia State, Dr. Alex Chioma Otti, OFR, has held talks with the top management of Interstate Electricity led by the Chairman, Sir Emeka Offor in the acquisition of some shares in Enugu Electricity Distribution Company.

Abia State Government under Governor Alex Otti was in a closed door meeting with Chief Emeka Offor in his country home in Nvosi.

The goal according to a press statement by the chief press secretary, Ukoha Njoku Ukoha was to intentionally improve access to electricity and delivery of reliable power across the State.

“It is interesting to note that Abia State government had formally submitted their 1st and 2nd bids to acquire 60% of EEDC’s assets in Umuahia‑zone which is targeting the eight LGAs in Abia North and parts of Abia central zones not already being served by Geometric Power.

“This is in line with the intentionality of Governor Otti’s commitment to improve the supply of electricity which will act as an economic stimulus across Abia North and parts of Abia Central Senatorial zones,” the statement read.

According to the statement, during the visit, Gov. Otti stated that the government was in advanced stages of negotiation with Interstate Electrics Limited, the majority shareholder of EEDC and was determined to finalize the transaction.

He urged all parties to embrace fairness and open mind to ensure the successful closure of the transaction.

The Chairman of Interstate Electrics Limited, Sir Emeka Offor commended the Governor for his giant strides in the transformation of Abia State and stated that he is happy with the volume of developmental projects scattered across Abia State.

Presenting the response of Interstate Electrics Limited to Abia States bidding offers for the acquisition, the Managing Director of Interstate Electrics, Chief Okey Nwosu narrated the areas of discussions that must be considered to ensure that the parties finalize the acquisition .

The Commissioner for Power and Public Utilities, Engr. Ikechukwu Monday highlighted the vision of Abia State government to invest in power infrastructure to guarantee access to electricity in the State which was very critical for the State’s manufacturing and production drive.