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CBN Releases N109bn To Support Power Reform

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Power-Reform

The Central Bank of Nigeria (CBN) says it has disbursed over N109 billion to 20 companies in support of the ongoing power reform in the country.

The CBN Governor, Malam Sanusi Lamido Sanusi, disclosed this on Friday in Abuja at a Special Forum on `Financing the Power Sector Reforms for Economic Development’.

“The CBN provided 10 million U.S. dollar-grant to the Bureau of Public Enterprises (BPE) which is what financed the entire privatisation process.

“In the interim, we provided long term fixed single digit interest rate funds for power investments by manufacturers.

“We’ve disbursed over N109 billion to 20 companies and I believe we added about 500 mega watts of electricity generation capacity to this country,’’ he said.

Sanusi said the apex bank had reviewed potential guidelines recognising longer time formation for asset quality.

He also said that the CBN, in collaboration with the Ministry of Finance, was working to review the development financing institutions to create one institution that can finance development.

Sanusi said that lending for privatisation was the first step, but “the only way loan gets back to the banks will be if investment are made in the other value chain’’.

“If a bank puts money to fund a generating plant and the plant does not have gas, does not produce power, it will end up with a bad loan.

“Therefore, we need to look at all the investment going into gas, generation, metering, and transmission.

“I hope we recognise this as an important first and final step in financing the power sector,’’ he said.

Also commenting on bank lending to the power sector, Mr Andrew Alli, President African Finance Corporation, said the organisation had been the technical adviser to the CBN on power and aviation sectors intervention fund since the inception of the fund.

He said the corporation had disbursed about N226 billion to projects in both sectors with about N110 billion going into 23 unit power projects financed by eleven banks.

Alli said about seven projects were still waiting for disbursement from another six banks with total financing value of about N12 billion.

He named some of the sponsored projects to include Akute, an independent power plant that provides power to Lagos State, Dangote Cement in Obajana and Igbeshe and WABCO Nestle, among others.

“In terms of impact, we have financed about 790 megawatts, almost 800 megawatts of power, which is equivalent to 25 per cent of the power generated on the national grid,’’ he said. [NAN]

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Several Injured As Thugs Attack #EndSARS Protesters, Governor Oyetola In Osun

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Several Injured As Thugs Attack #EndSARS Protesters, Governor Oyetola In Osun
Several Injured As Thugs Attack #EndSARS Protesters, Governor Oyetola In Osun

#EndSARS protesters in Osun

The Governor of Osun State, Gboyega Oyetola on Saturday, escaped an attack by thugs which happened while he was addressing #EndSARS protesters in Osogbo, the state capital.

Some of the vehicles in the Governor’s convoy were also destroyed by the thugs but the Governor himself was evacuated to safety by his security team.

Also Read: #EndSARS: Hold Enugu State Govt Responsible If Anything Happens To Us – Phyno, Kcee, Zoro

As the convoy was leaving the protest venue, some of the youths continued to stone his vehicles.

While the protest was disrupted, Governor Oyetola assured the injured victims that the government would be responsible for their medical bills.

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#EndSARS: Sanwo-Olu Constitutes Panel Of Enquiry

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#EndSARS: Sanwo-Olu Constitutes Panel Of Enquiry
#EndSARS: Sanwo-Olu Forms Panel Of Enquiry

Babajide Sanwo-Olu

In a bid to quell the #EndSARS protest which is spreading like a raging inferno across the country, Babajide Sanwo-Olu, the Governor of Lagos State has set up a panel of inquiry and restitution for victims of SARS.

This was announced in a statewide broadcast on Thursday.

The panel will be a 7-man panel which will ensure that all those with verifiable cases of SARS brutality or fatality receive compensation.

Also Read: BREAKING: EndSARS: Gov Sanwo-Olu reveals identities of policemen who harassed protesters

The Panel will be chaired by retired Justice Doris Okuwobi, while members are Ebun Adegboruwa, SAN (representing the Civil Society), Taiwo Lakanu (a retired Deputy Inspector General of Police), Patience Udoh (representing the Civil Society); Segun Awosanya aka Segalink (Human Rights Activist).

Others are Olutoyin Odusanya (Director, Citizens Mediation Center), a rep/member of the youth-led protest, and a representative of the Human Rights Commission.

There will be a help desk for the complaints and petitions to the panel.

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Governor Seyi Makinde Loses 81-Yr-Old Mother

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Governor Seyi Makinde Loses 81-Yr-Old Mother
Seyi Makinde

Oyo State Governor, Seyi Makinde

Abigail Makinde, the mother of the governor of Oyo State, Seyi Makinde, is dead.

The Chief Press Secretary to Mr Makinde, Taiwo Adisa, however, told newsmen that the family will soon make an official statement on the death of the deceased.

He said: “Yes. The family will make an official statement.

“The family will soon make an official statement. In the next few minutes, the family will make an official statement, in few minutes.”

It was gathered that Mr Makinde lost his father, Olatunbosun Makinde, a few years ago.

It was learnt that Mrs Makinde died in the early hours of Thursday.

She died at the age of 81.

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