Nigerian Mogul Elumelu Targets $2.5 Billion Power Build-Out
- Chairman of UBA bank bids for Afam Electricity Generation Co.
- Africa’s most populous nation has highly insufficient output
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Nigerian business mogul Tony Elumelu plans to invest as much as $2.5 billion in power projects across Africa’s electricity-starved biggest oil producer.
The chairman of United Bank for Africa Plc and Transnational Corporation of Nigeria Plc will make the investments through a subsidiary, Transcorp Power Ltd., to help boost power supply in the West African nation, he said in a March 22 interview. He declined to give details on the time frame.