Chairman, Geometric Power Group, Prof. Barth Nnaji has said that the Asset Management Corporation of Nigeria, Afreximbank, the Central Bank of Nigeria, and some domestic commercial banks facilitated the funding for the Geometric Power Plant project.
The 181-megawatts Geometric Power Plant, in Osisioma Local Government Area of Aba, Abia State was commissioned yesterday in Aba, Abia State at an event attended by Vice President, Kashim Shettima and the Abia State Governor Dr Alex Otti, among others.
During a joint media parley Nnaji hosted with AMCON Group Head of Enforcement, Joshua Ikioda, he highlighted the critical and strategic role played by the management of AMCON, and other lenders towards the completion of the mega project that would supply uninterrupted power to the nine Local Government Areas of Abia State and its environs.
Nnaji said “We started this project when Nigerian banks could not lend to the power sector. But AMCON along the line bought part of the debt of the banks, while the Central Bank of Nigeria (CBN) through the Power and Aviation Intervention Fund managed by the Bank of Industries (BOI) also provided further funds to the project of which the two banks took up the credit risk.” He appreciated the CEO of AMCON for his steadfastness, encouragement, and integrity.
Also speaking, Ikioda said, “AMCON along the line had fears, apprehensions, and concerns. As investors, we took a risk. And when an investment is made, and it is not bringing you money or returns, you begin to have apprehension. But we stood in faith, believing that this was a viable project that can change the face of not just Aba and this environment but the country. Most importantly, we must commend Prof. Nnaji because even in the face of daunting challenges, he was very focused. He was very tenacious. That gave AMCON courage, and hope”.
“As investors, what is important is for us to give a funding structure that will not choke the project. We are Nigerians, we have Nigerian blood flowing through our system. So, we have to see Prof. Nnaji through. We are quite excited to be part of history and it is from that position that our support is total. This is Act 1, Scene 1. We are still going into different phases, and it is our determination to stand with him and see this project through, to better the lot of Nigerians,” he stated.
