Genesis Energy N500bn bond aims to boost clean energy across Nigeria, funding gas, solar, and hybrid projects under the new Electricity Act
Genesis Energy N500bn bond is set to power a new wave of clean energy expansion across Nigeria, as the company finalises plans to issue the landmark local bond.
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The initiative builds on the firm’s successful ₦13 billion bond floated in 2019 and reflects a renewed commitment to sustainable energy investment.
Chairman of Genesis Energy Group, Akinwole Omoboriowo II, disclosed the plan during the Nigeria Energy Conference in Lagos, describing the bond as a “bold move” to accelerate access to reliable power while deepening private participation in the energy sector.
“Every kobo of that ₦500 billion will go into power infrastructure — gas, solar, hydro, and hybrid projects in different states,” Omoboriowo said.
“In Port Harcourt, we’re scaling an 84 MW gas plant with NNPC to 200 MW, while Katsina will get 100 MW of solar capacity.”
He praised the Electricity Act 2023, calling it a game-changer that has dismantled long-standing regulatory bottlenecks and paved the way for more inclusive participation in the sector.
“The Act has created an enabling environment for aggregation and economies of scale, making energy investment more viable and affordable,” he explained. “When you aggregate power, you reduce costs and deliver competitive pricing.”
According to Omoboriowo, the new law’s key strengths include empowering subnational governments, enabling private sector participation in transmission, and introducing market-driven tariffs supported by forex stability.
“Nigeria’s 36 states can now take charge of lighting up their communities. Katsina powers its hospital and school complex with solar, saving over ₦3 billion. That’s real impact,” he said, describing the Act as the foundation for a “democratised” energy future.
He also commended the government’s courage in implementing market-reflective tariffs and unifying foreign exchange platforms, arguing that such measures restore investor confidence in a sector previously crippled by poor returns.
Dismissing criticism of the law, Omoboriowo said it represents a vast improvement over the 2005 reforms, though he noted that regulatory frameworks must continue to evolve with market realities.
On his continued passion for the 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.”
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With its Genesis Energy N500bn bond, the company is positioning itself as a major force in Nigeria’s transition toward clean, sustainable, and inclusive power generation — a move industry watchers describe as both visionary and transformative.
David Okere is a journalist and contributor to Freelanews.com, covering business, governance, public affairs, and human-interest stories with a commitment to accuracy, balance, and public interest reporting.
