ASI Engineering Limited (ASI) has announced the acquisition of a 60% equity stake in the Kaduna Electricity Company Plc (Kaduna Electric).
This acquisition marks a significant milestone for ASI Engineering Limited, as it expands its global footprint and contributes to the development of critical infrastructure in emerging markets.
The acquisition aligns with ASI’s strategic vision to enhance energy access, reliability, and efficiency in Nigeria.
Kaduna Electric provides vital services to residents, businesses, and industries in Kaduna, Zamfara, Sokoto, and Kebbi states.
ASI is committed to leveraging its expertise, resources, and technology to optimize the company’s operations and service delivery.
In January, the Nigerian Electricity Regulatory Commission (NERC) dissolved the board of directors of Kaduna Electric due to the company’s inability to pay a N110 billion debt owed to the Nigeria Electricity Supply Industry (NESI).
An interim board has overseen the company for the past six months.
ASI expressed its resolve to collaborate with stakeholders, particularly the state governments within its franchise area, to create sustainable solutions that align with the region’s unique needs.
(Daily Trust)