Top Nigerian billionaires, others who own electricity companies, and cost of investment, 3 governors included

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.

In a recent statement, Femi Otedola, the Chairman of Geregu Power, detailed how he wanted to invest in Transcorp Power to prop up the company's potential in the stock market.

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)

Owners: 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)

Owners: Col. Sani Bello, Alhaji Ismaila lsa, Brig Gen. Tunde Ogbeha

Investment: $170 million

Category: Power Generation


North South Power Company Limited (Shiroro Power Station)


Owners: Eng. Olubunmi Peters

Investment: $111.7 million

Category: Power Generation

KEPCO Energy Resources Limited (Egbin Power Station)

Owners: 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

Owners: Victor Gbolade Osibodu, Mrs. Funke Osibodu

Investment: $129 million Category: DISCO

KANN Utility Consortium Company Limited

Abuja Electricity Distribution Company

Owners: Shehu Malami, Neil Croucher

Investment: $164 million

Category: DISCO

Integrated Energy Distributing and Marketing Limited

Ibadan Electricity Distribution Company Yola Electricity Distribution Company

Owners: Gen. Abdulsalami Abubakar Tunde Ayeni Dr. Sola Ayandele

Investment: $126.75 million

Category: DISCO

Interstate Electrics Limited

Enugu Electricity Distribution Company

Owner: Sir Emeka Offor

Investment: $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

Owners: Alhaji Garba Mohammed Noma

Investment: $82 million

Category: DISCO