Genesis Energy is finalising plans to issue a N500 billion local bond to expand its clean‑energy projects across Nigeria, building on its previous N13 billion bond issued in 2019.
The initiative is expected to strengthen the company’s capacity in gas, solar, hydro, and hybrid energy solutions.
Chairman Akinwole Omoboriowo II, speaking at the Nigeria Energy Conference in Lagos, said all proceeds from the bond will be used to develop power infrastructure across multiple states. He noted, “In Port Harcourt, we’re scaling an 84 MW gas plant in partnership with NNPC to 200 MW, while Katsina will get 100 MW of solar capacity.”
Omoboriowo commended the Federal Government for enacting the Electricity Act 2023, describing it as a “game‑changer” that has removed regulatory bottlenecks and encouraged wider sector participation. He explained that the law has created an enabling environment for aggregation and economies of scale, making energy investments more viable and cost‑effective.
He highlighted three major impacts of the Act: empowering sub‑national units, encouraging private sector participation in transmission, and establishing market‑driven tariffs and forex stability. “Fixing the regulatory framework is key. Aggregation leads to economies of scale, lowers investment costs, and results in competitive energy prices,” he added.
Omoboriowo also emphasized that the new law allows 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 N3 billion. That’s real impact,” he said.
He praised the government’s initiative to introduce market‑reflective tariffs and unify foreign exchange platforms, noting that these reforms are essential to restoring investor confidence. He concluded, “Energy is life, and life is energy; without energy, there can be no life. My mission is to give life to energy.”