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AEDC Signs Landmark Deal to Deliver Uninterrupted Power Solution in Abuja

Published

3 years ago

January 18, 2024

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Abuja Electricity Distribution Plc (AEDC), on Thursday, 18th January, 2023, consolidated its lead in the provision of integrated power solutions with the signing of a tripartite agreement with DAYSTAR Power Solutions Limited (DAYSTAR Power) and The Wood Factory Limited (Wood Factory), to pioneer the delivery of its first grid-connected and solar hybrid power solution for commercial and industrial customers in Nigeria.

From Left: Mr. Hussein Akar, Managing Director The Wood Factory, Abuja; Mr. Victor T. Ezenwoko, Country Head Nigeria and Ghana, Daystar; Mr. Christopher Ezeafulukwe, MD/CEO Abuja Electricity Distribution Plc. at the signing of a tripartite agreement to deliver Uninterrupted Inter-Connected power solution for The Wood Factory in Abuja on Thursday

This comes on the heels of the first interconnected mini-grid power solution for communities in Nigeria launched by AEDC and its strategic partners in Toto, Nasarawa State, in November 2023.

Under this historic agreement, AEDC will provide 18 hours of reliable electricity supply to Wood Factory (a top furniture manufacturer) while Daybreak Power will provide 6 hours of solar powered electricity to Wood Factory, both leveraging interconnected power facilities to deliver seamless electricity supply and great value to the customer.

This integrated power solution is expected to yield an estimated 44% reduction in energy costs and an impressive 76% annual decrease in carbon emissions for Wood Factory.

The unique value offering is in furtherance of AEDC’s transformational strategic objective of redefining customers’ experience by providing reliable electricity supply to both existing and new customers, including the unserved and underserved customers. Under the ongoing transformation of AEDC, the Management of the company is driving its repositioning as a clear leader amongst the power distribution companies (DisCos) in Nigeria.

The Managing Director and Chief Executive Officer of AEDC, Christopher Ezeafulukwe, stated that “We are excited about the great opportunities that the transformation and turnaround of AEDC is giving us to serve our customers, both new and existing, in more delightful ways. This project is a product of our consistent questioning of the status quo in the resilient push of our conviction and belief in using diversified energy sources to serve our customers better, while closing the supply gap in our market.”

He further stated that having previously commissioned an integrated power solution to serve some unserved communities in our network, the current solution for which we signed the agreement today, is focused on serving industrials and commercials, thus repositioning AEDC to serve all bands of customers within its network better.

The two projects also confirm to the world, the readiness of AEDC to enter into complementary partnerships that will add great value to the Nigerian electricity market.

AEDC has been in partnership with the Rocky Mountain Institute (RMI) through which the United States Trade and Development Agency (USTDA) provides funding for feasibility study grant and facilitating the optimization of energy supply through distributed solar energy and grid power.

Jasper Graf von Hardenberg, CEO of Daystar Power, expressed his excitement about the innovative interconnected solar installation, stating, “Working together with DisCos, we can provide reliable and affordable power to Nigerian businesses which will save on energy costs to reinvest in their operations. Our partnership with AEDC supports this position. It is just the beginning; we are looking forward to developing more hybrid solar projects for C&I customers in partnership with the likes of AEDC.”

Mohamed Akar, Director and General Manager of The Wood Factory, expressed his excitement about the transition from self-generated supply to the integrated power supply which AEDC and Daybreak offers, “We’re thrilled that we’ll soon be switching to a reliable integrated power solution to power our factory.

For many years, we’ve operated on diesel generators, which is hardly sustainable or affordable. We believe that the future of our business has become brighter with this new partnership with AEDC and Daybreak.”

Abuja Electricity Distribution Plc (AEDC) is a leading electricity distribution company in Nigeria serving the FCT, Niger State, Nasarawa State and Kogi State. As a trusted service provider, AEDC is dedicated to ensuring reliable, safe, and sustainable electricity delivery to its diverse customers. With a strong commitment to delighting its customers, AEDC continues to contribute to the growth and development of Nigeria’s energy sector through investments in infrastructure, innovative technologies, and sustainable practices, AEDC consistently seeks to improve the quality of life for its customers, promote efficient energy usage, and actively engage with its communities.

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Business

Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

Published

1 hour ago

July 21, 2026

OCHEFA

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The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.

Business

CBN admits it opened domiciliary accounts for PFIPC agency

Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.

Published

10 hours ago

July 21, 2026

OCHEFA

18 Views

File photo : PFIPC agency DG, Adeniyi Adeyemi

The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).

The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.

He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.

“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.

He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.

“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.

The department that handles the mandate is different from the department that actually does the account opening,” he said.

Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.