Abia State Govt holds 3½% equity in Geometric Power Plant worth $800 million


The Geometric Power Plant Aba’s management has dispelled the controversy surrounding Abia State Government’s involvement in the project. Mr. Chijioke Ogbodo, the spokesperson for the power plant, clarified that the Abia State Government holds a 3½% equity in the $800 million power plant.

Thank you for reading this post, don't forget to subscribe!

The clarification comes amid conflicting claims between aides of former Governor Okezie Ikpeazu and those of the incumbent Governor, Alex Otti, regarding the actual equity of the State Government in the project.

Former Commissioner for Information and ex-Head of the Ministry of Trade and Investment during Ikpeazu’s administration, Chief John Okiyi Kalu, asserted that Ikpeazu’s government invested a 5% equity in the project. However, Otti’s Media Adviser, Mr. Ferdinand Ekeoma, disputed the claim, stating that there was no evidence to authenticate it in the handover note.

Commissioner for Information, Prince Okey Kanu, expressed the State Government’s intention to investigate and ascertain the facts surrounding the investment.

The Geometric Power Plant Aba, a private-sector-driven venture, aims to generate 188 megawatts, supplying 100 megawatts to the nine Local Government Areas within the Aba re-fenced area and exporting the remaining 88 megawatts to the national grid. The project, spearheaded by Professor Barth Nnaji, is considered the largest single investment in the South East, raising hopes for a power revolution in the region.

Discover more from Naija247news

Subscribe to get the latest posts to your email.

Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

Share post:



More like this

Lagos State Governor Launches Eko Cares Initiative to Address Economic Challenges

Governor Babajide Sanwo-Olu of Lagos State initiated the Eko...

Nigerian Port Consultative Council Backs Single Window Project for Enhanced Trade

The Nigerian Port Consultative Council (NPCC) has thrown its...

Kaduna Assembly Panel Requests Finance Ministry Documents for El-Rufai Probe

The ad hoc committee of the Kaduna State House...

German police arrest 11 Nigerians over dating scam

German police said yesterday, they had arrested 11 suspected...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading