- Quest Electricity Nigeria acquires YEDC
- Share Sale and Purchase Agreement signed
- To invest ₦28 billion in two years
The Bureau of Public Enterprises (BPE) has announced that Quest Electricity Nigeria Limited has emerged as the successful bidder for the Yola Electricity Distribution Company (YEDC) with a bid price of ₦19 billion. According to a statement released by the BPE, the Share Sale and Purchase Agreement (SSPA) has been signed by the Bureau and the successful bidder. The signing ceremony took place last week.
The Director-General, BPE, Alex Okoh, said the successful bidder, in addition to the purchase fee, paid an additional ₦19 billion and has committed to a Performance Improvement Programme which would see the investment of ₦28 billion over a period of two years. ”This investment will be utilised for the purpose of carrying out an extensive upgrade of the Company’s electricity distribution network, in order to bring the business to the level of financial viability,” Okoh stated.
The Chairman, Quest Electricity Nigeria Limited, Alhaji Adamu Mele, has given assurance of the company’s commitment to improving service delivery in the North-Eastern operating region of YEDC. The successful bidder is expected to reduce the Aggregate Technical, Collection, and Commercial (ATC&C) Losses from the current level (80%) to 29% and improve the customer base by up to 50%.