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CEC acquires stake in Nigerian energy company

The CEC is set to spend US$164mn in the acquisition of a 60 per cent shareholding in Nigerias Abuja Electricity Distribution Company. (Image source: World Bank Photo Collection)

The Copperbelt Energy Corporation (CEC) is set to invest US$164mn in the acquisition of a 60 per cent shareholding in Nigeria’s Abuja Electricity Distribution Company (AEDC), according to a statement issued in Lusaka recently

A joint-venture company, in which Copperbelt Energy Corporation (CEC) has a 50 per cent shareholding, has signed a new agreement to acquire a 60 per cent interest in AEDC.

This contract was signed in the Nigerian capital, Abuja, in February 2013 between KANN Utility Company Limited, the Bureau of Public Enterprises and the Nigerian Ministry of Finance.

The financing plan for the acquisition had been developed with Standard Bank of South Africa, and it is intended to finance the acquisition with a combination of debt and equity.

The transaction is expected to be finalised and shares transferred when the final payment is made, which is anticipated to be in August 2013.

During the interim period, preparation will be made to take over the management of AEDC.

EDC has a franchise for distributing electricity in four states, consisting of the Federal Capital territory of Abuja, Niger State, Kogi State and Nasarawa State.

The principal advisors to CEC Plc and KANN for this transaction are Standard Bank of South Africa, Norton Rose of the United Kingdom, Detail Commercial Solicitors and Aurecon.


Nawa Mutumweno

African Review

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