VEECUBED community: FCMB commits $275million to power sector reform

The First City Monument Bank (FCMB) Group has reaffirmed its commitment towards providing the necessary support to ensure the successful implementation of the power sector reforms.

According to the Group Head, Project and Structure Finance, FCMB Capital Markets Limited, Mr. Robert Grant, FCMB had committed over $275 million to the power sector reform.

A statement quoted Grant to have made the remark at the end of a special forum titled, ‘’Financing the Power Sector Reforms for Economic Development’’, held in Abuja to showcase the N300 billion Bank of Industry-Power and Aviation Intervention Facility (BOI-PAIF) initiative.

He stated that FCMB Capital Markets was actively involved in the ongoing Niger Delta Power Holding Company’s (NDPHCs) privatisation of its National Integrated Power Projects (NIPPs).

“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 17.75mw combined cycle gas fired power generation plant in Otta Industrial Estate, Ogun State.