Monday, June 15, 2026
FB X LI YT
Breaking
Private Member’s Bill Proposes Civilian Firearm Licensing to Combat Insecurity – Citizens May Bear Cost of Defensive Arms Another Igbo Man Caught: Brazil-Based Businessman Abugu Oliver Ikechukwu Arrested with Cocaine-Impregnated Shirts, Towels Worth Millions The Ethiopian government has released 136 Nigerian prisoners, and the ethnic composition of the list is impossible to ignore. From the first name to the last, every single individual bears an Igbo name. BREAKING 🇳🇬🎓: TETFund Approves N7.5bn Research Grants For 174 Projects Across Nigerian Tertiary Institutions “Ebonyi State will formally adopt President Bola Tinubu as its sole presidential candidate for the 2027 general election.” — Minister of Works, David Umahi Germany Crush World Cup Debutants Curacao 7-1 in Houston APPRECIATION MESSAGE TO THE YORUBA TIMES ABIOLA AND THE ANCIENT JOURNEY OF JUNE 12 – By Dare Babarinsa, CON
BUSINESS

Otedola Partners Lagos State, AfDB to Develop First PPP Power Transmission Project

July 11, 2023 • 2 min read

The chairman of Geregu Power Plc, Mr. Femi Otedola, has disclosed plans to develop a power transmission project in partnership with the Lagos State government.

He disclosed this on his social media handle after a meeting with the Lagos State governor, Mr Babajide Sanwo-Olu and the President of the African Development Bank Group, Dr Akinwunmi Adesina, in Lagos State.

If the project comes to light, it will be the first of its kind in Nigeria as hitherto, private individuals were not allowed to transmit power in the country.

Nigeria’s electricity act 2023.

The move comes on the heels of the recently signed Nigeria Electricity Act 2023 by President Bola Tinubu which grants state government and private individuals the licence to transmit electricity in areas covered by the national grid. According to the provisions of the law, states, companies and individuals can generate, transmit and distribute electricity in the country.

The law also demonopolized electricity regulation by transmitting such responsibilities to state governments anytime they establish their regulatory agency.

Lagos State’s electricity plans

Nairametrics earlier reported the Lagos state government plans to fully take advantage of the new electricity act and establish a sustainable electricity market with a strong commercial framework.

In another report by Nairametrics, the state identified public-private partnerships as key in driving investment in the power sector.

Power transmission has been a major problem in Nigeria- the country has persistently witnessed transmission grid collapse. In 2022, the national grid collapsed over 10 times necessitating a national blackout on every occasion. While Nigeria has a generation capacity of 22000 megawatts, the country can only transmit about 4000 to 6000 megawatts of electricity.Lagos state is Nigeria’s biggest economy, and the fifth biggest economy in Africa. Its GDP in 2022 stood at $29 billion. The state electricity demand in 2020 was 10,000 megawatts and the power supply was only 1900 megawatts.

Femi Otedola is a billionaire investor with business interests in oil and gas, power, banking, shipping, real estate etc. He is the chairman of Geregu Power plc, one of the major shareholders in First Bank plc.

Cc: Nairametrics