ASI Engineering Limited (ASI) has announced the acquisition of a 60 per cent equity stake in the Kaduna Electricity Company Plc (Kaduna Electric). In a…

ASI Engineering Limited (ASI) has announced the acquisition of a 60 per cent equity stake in the Kaduna Electricity Company Plc (Kaduna Electric).

In a statement, ASI disclosed that the acquisition marked a significant milestone for ASI Engineering Limited as it expanded its global footprint and contributed to the development of critical infrastructure in emerging markets.

The statement reads in part: “The acquisition of Kaduna Electric aligns perfectly with our strategic vision to enhance energy access, reliability and efficiency in Nigeria. Kaduna Electric serves as a vital lifeline for residents, businesses and industries in the franchise states: Kaduna, Zamfara, Sokoto and Kebbi, and we are committed to leveraging our expertise, resources and technology to optimise its operations and service delivery.”

It would be recalled that the Nigerian Electricity Regulatory Commission (NERC), in January, dissolved the board of directors of Kaduna Electric over its inability to pay a N110bn debt owed to the Nigeria Electricity Supply Industry (NESI). This led to the appointment of an interim board which oversaw the company for the past six months.

ASI expressed its resolve to collaborate with stakeholders, especially the state governments within its franchise licence area, to create sustainable solutions that aligned with the region’s unique needs.