(JUST IN) The wealthiest people in Nigeria, together with those who own electricity companies and the cost of investment, Included Are 3 Governors

The recent spat between two Nigerian billionaires regarding the purchase of Transcorp Power, owned by Tony Elumelu, has brought to the fore who controls the country’s electricity levers.

Electricity, GenCos. DisCos, Otedola, Elumelu.Continue Reading

Femi Otedola, Gen. Abdulsalami Abubakar, Tony Elumelu and Tonye Cole

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Two billionaires brawl over power companies

In the statement, Otedola revealed how he was bought out by Elumelu, who might have feared a hostile takeover.

Otedola’s revelation threw the limelight on those who control the power infrastructure in Nigeria.

While some call them the owners of darkness, these Nigerians are pivoting from finance, oil and gas, and other critical sectors of the Nigerian economy to what many say is the future of the global economy.

According to reports, almost 36.4 thousand gigawatt hours of electricity were generated in Nigeria in 2021, up from around 35.7 thousand gigawatt hours in the previous year. Notable producing companies in the country include Egbin and Azura-Edo. Fossil fuels form a significant part of the overall production. In 2020, 22 terawatt hours of electricity were from fossils. Gas and hydro sources accounted for the largest share of fossil fuel power generation that year.

As of the first quarter of 2022, Nigeria’s available power generation capacity dropped to 4,712.34MW from 5,465.75MW in the Fourth Quarter of 2021.

Per the Nigerian Electricity Regulatory Commission (NERC), Nigeria’s hourly power generation decreased by 190.58mw/h

Owners of Electricity Assets in Nigeria

Transcorp/Woodrock Consortium (Ughelli Power Plant)


Tony Elumelu

Obinna Ufudo

Adeoye Fadeyibi

Investment: $300 million:

Category: Power Generation

Geregu Power Plant

Owners: Femi Otedola

Akin Akinfemiwa

Investment: $132 million

Category: Power Generation

Mainstream Energy Solutions Limited (Kainji Hydro Electric Plant and Jebba Hydro Station)


Col. Sani Bello

Alhaji Ismaila lsa

Brig Gen. Tunde Ogbeha

Investment: $170 million

Category: Power Generation

North South Power Company Limited (Shiroro Power Station)


Eng. Olubunmi Peters

Investment: $111.7 million

Category: Power Generation

KEPCO Energy Resources Limited (Egbin Power Station)


Tonye Cole

Tope Shonubi

Investment: $407.3 million

Category: Power Generation

NEDC/KEPCO Consortium

Ikeja Electricity Distribution

Owners: Tonye Cole

Tope Shonubi

Investment: $131 million

Category: Power distribution

Vigeo Power Limited Asset

Benin Electricity Distribution Company


Victor Gbolade Osibodu

Mrs. Funke Osibodu

Investment: $129 million

Category: DISCO

KANN Utility Consortium Company Limited

Abuja Electricity Distribution Company


Shehu Malami

Neil Croucher


$164 million

Category: DISCO

Sahelian Power SPV Limited

Kano Electricity Distribution Company

Owners: Alhaji Yusuf Hamisu Abubakar

Alhaji Umaru Mutallab

Investment: $102 million

Category: DISCO

4Power Consortium Limited

Port Harcourt Electricity Distribution Company


Augustine Nwokocha, Governors of Bayelsa, Cross River, Akwa Ibom, and Rivers State

Investment: $124 million

Category DISCO

Integrated Energy Distributing and Marketing Limited

Ibadan Electricity Distribution Company

Yola Electricity Distribution Company


Gen. Abdulsalami Abubakar

Tunde Ayeni

Dr. Sola Ayandele

Investment: $126.75 million

Category: DISCO

Interstate Electrics Limited

Enugu Electricity Distribution Company

Sir Emeka Offor

$107.4 million

Category: DISCO

West Power and Gas Limited

Eko Electricity Distribution Company

Owners: Charles Momoh

Tunji Olowolafe

Ernest Orji

Investment: $135 million

Category: DISCO

Aura Energy Limited

Jos Electricity Distribution Company


Alhaji Garba Mohammed Noma

$82 million

Category: DISCO

Real Investor: New twist as Femi Otedola parts ways with Tony Elumelu in the battle for Transcorp, pockets N32bn

Legit.ng earlier reported that in a surprising turn of events, Nigerian billionaire Femi Otedola has sold his stake in Transcorp to fellow billionaire Tony Elumelu and chairman of the company.

The move comes days after reports surfaced about a power struggle between the two moguls over control of Transcorp.

The media has been abuzz with the high-stakes investment, with many suggesting a potential rift between Otedola and Elumelu.Continue Reading