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Nigeria says GE to invest $10 billion in power plants

thenakedemperor Wrote: Apr 06, 2012 10:37 PM
GE's Generally Accepted Accounting Principles: Tell the IRS 1 thing and Shareholders another!

By Joe Brock

ABUJA (Reuters) - General Electric <GE.N> has signed a memorandum of understanding with Nigeria to invest $10 billion in new power plants, in which it will take a 10-15 percent equity stake, a power ministry spokesman told Reuters.

The spokesman said GE would join forces with the government and power partners after privatization of Nigeria's power sector, seen as dilapidated and woefully inadequate.

Nigeria has been seeking to build gas-fired stations that could tap its huge natural gas reserves. The spokesman declined to say what kind of power stations GE would invest in.

Its power sector only...