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Anambra, investors sign MoU on $350m power plant


AWKA – ANAMBRA State Government has signed a Memorandum of Understanding, MoU, with a consortium of investors to build 260 megawatts power plant estimated to cost $350 million.

The project is to be sited at the bank of the River Niger in Onitsha.

At the signing ceremony,  in Awka, weekend, Governor Peter Obi signed for the state government, while Chief Dennis Okafor and Mr. Russel Schwartz signed for Denca Services Limited, the project sponsor, respectively.  Mr. Daniel Oshiogwemde signed for Stanbic IBTC Bank.

Gov. Obi said power was the most critical challenge in the country and noted that the Nigerian economy could compete with any other  with adequate power supply.

He explained that when completed, the project would serve the industries and businesses in Onitsha, Nnewi and other parts of the state.

According to him, the project was coming at a critical period in the state’s economy, especially as many multi-national companies were siting their facilities in the state.


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