The FCMB group said it has invested $275 million into the Nigeria power sector.
According to the Group Head, Project and Structure Finance of FCMB Capital Markets Ltd Mr. Robert Grant, FCMB has committed over $275 million to the Power Sector reform and the value chain opportunities.
A statement issued by the bank said quoted Mr Grant as making the disclosure at a forum on financing the Power Sector Reforms for Economic Development held in Abuja recently.
He added that FCMB Capital Markets is actively involved in the ongoing Niger Delta Power Holding Company’s (NDPHCs) privatization of its National Integrated Power Projects (NIPPs).
Also speaking at the event, Vice President Mohammed Namadi Sambo stated that reforming the Power Sector is integral to developing Nigeria’s economy.
He acknowledged the support provided by the Nigerian banking industry to the Power Sector to date, and urged continuous support towards achieving 20,000 megawatts (MW) of electricity generation by the year 2016.
He pointed out that the Federal Government and other stakeholders like the Bureau of Public Enterprise were determined to ensure that the privatization of the Power Holding Company of Nigeria (PHCN) was concluded on schedule and that the Roadmap for Power Sector Reform Programme is on course and that that all hands must be on deck to realize the 20,000 MW objective.
FCMB was one of the first banks to access the BOI-PAIF with provision of a N3.2 billion Term Loan Facility to Tower Power Utilities Limited (TPUL) for their 17.75 MW combined cycle gas fired power generation plant in Otta Industrial Estate, Ogun State.