Genesis Energy said it is finalizing plans to issue a N500 billion local bond to expand clean energy projects across the country, building on the success of its N13 billion bond issued in 2019.
Chairman, Genesis Energy Group, Akinwole Omoboriowo II, who disclosed this while speaking with reporters on the sidelines of the Nigeria Energy Conference in Lagos, also commended the Federal Government for enacting the Electricity Act 2023. He described it as a game-changer that has fixed long-standing regulatory bottlenecks and opened the sector to broader participation.
“Every kobo of that ₦500 billion will go into power infrastructure — gas, solar, hydro, and hybrid projects in different states. In Port Harcourt, we’re scaling an 84 Mw gas plant in partnership with NNPC to 200MW, while Katsina will get 100MW of solar capacity,” he said.
He noted that the Electricity Act 2023 has created an enabling environment for aggregation and economies of scale, making energy investment more viable and affordable.
“Fixing the regulatory framework is key. When you aggregate power, you achieve economies of scale that lower investment costs and lead to competitive energy prices,” he said.
He highlighted three major impacts of the Act to include the empowerment of subnational, private sector participation in transmission, and market-driven tariffs and forex stability
Omoboriowo II noted that the law allowed state governments to generate, distribute, and manage power within their territories.
“Nigeria’s 36 states can now take charge of lighting up their communities. Katsina, for example, powers its hospital and school complex with solar, saving over ₦3 billion. That’s real impact,” Omoboriowo explained.
He said the Act democratises investment opportunities across the value chain—generation, distribution, and now transmission—making it possible for both small and large investors to participate.
He praised the government’s courage in introducing market-reflective tariffs and unifying foreign exchange platforms, which he said are crucial for investor confidence. “Before now, it was impossible to recover investments in the power sector. These reforms have restored credibility,” he added.
Omoboriowo 11 dismissed concerns about defects in the new Electricity Act, saying it represents a significant improvement over the 2005 reform law. He, however, noted that the law will evolve with time.
On why he remained passionate about the energy sector, he said: “Energy is life, and life is energy; without energy, there can be no life. My mission is to give life to energy.”
Source: The Nation
