FCMB commits N44bn to power sector

First City Monument Bank has committed about $275m (N44bn) to the reform programme in the power sector.

The figure was given by the Group Head, Project and Structure, FCMB Markets Limited, Mr. Robert Grant, during a special forum in Abuja on ‘Financing the power sector reforms for economic development.’

The forum, supported by the Central Bank of Nigeria and sponsored by the Nigerian Deposit Money Banks, was aimed at reviewing the contributions of the banking sector to the reforms in the power sector, a statement by the organisers stated on Sunday.

Grant said the funding of the sector had reaffirmed the bank’s commitment to providing the necessary support for the power sector value chain as well as the transformation agenda of the Federal Government.

He added that FCMB Capital Markets was actively involved in the ongoing privatisation of the National Integrated Power Projects by the Niger Delta Power Holding Company.

Grant said, “FCMB was one of the first banks to access the Bank of Industry’s Power and Aviation Intervention Fund with the provision of N3.2bn term loan facility to Tower Power Utilities Limited for its 17.75MW combined cycle gas fired power generation plant in Ota Industrial Estate, Ogun State.


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