- We would bridge the supply gap, Otedola says
- Investments in the energy sector to yield results in the long run
Femi Otedola has spoken about his investments in the Nigerian energy space and his plans for improving the sector. In an interview with the Vanguard, he talks about his investments in the Geregu power plant.
On his investments in Geregu, Otedola says, ”Geregu Power Plc is now a stand-alone company which I took over in June 2019. We have reconstituted the management for better results and continue to invest in the scheduled maintenance programmes to ensure optimum performance. Our commitment to contributing our quota to delivering power to the national grid remains unwavering, and we believe that the government’s investment in the grid would still welcome more investments.”
Otedola spoke on the investment expectations for Geregu saying ”Our investment plans are geared towards ensuring that the installed capacity is ready for use at all times while also working with technical partners towards improving generating capacity of each of the turbines like we did during the last overhaul which took the capacity of the plant from 414MW to 435MW. Our partners are also looking at emissions and other environmentally friendly ways to generate power. We are also exploring other investment opportunities that would come to light in the fullness of time. Our business objective is to replicate our success story at Forte Oil Plc and contribute a significant chunk of power to the National Grid.”
When asked if his investment in Geregu is worth it, Otedola responds, ”Yes it is. The electricity value chain is currently undersupplied, and it would take the concerted effort of all stakeholders to bridge the gap in the sector. There are investments in gas supply pipelines, transmission capacity, injection stations and distribution that would ultimately translate into a beneficial environment for all concerned, and it’s a challenge we are up for.”