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Fidelity committed to financing power projects - CEO

By The Citizen


The Chief Executive Officer, Fidelity Bank Plc, Mr. Reginald Ihejiahi, has said that the bank is committed to financing more Independent Power Plant projects across the country.

He said the decision was informed by the fact that millions of lives were usually touched by the success of any power project.

Ihejiahi spoke at the opening of Alausa IPP in Lagos weekend.

He said, 'It is not an easy thing to release capital to work with the government. However, we are happy to finance the Alausa IPP project. This is not the first time we are financing a power project. We work with Oando; we participated in the Akute power project. Power project is one thing that affects several lives. And we are happy to always work with Oando on this. We are ready to finance more of these projects for this reason.'

He said its power projects had helped to provide stable power supply for several households in the state, noting that some power projects financed by the bank had helped to boost water supply in some parts of Lagos.

The Group Chief Executive Officer, Oando Plc, Mr. Wale Tinubu, said natural gas for the IPP was supplied by Gas Link, one of the subsidiaries of Oando.

He noted that the company had worked with the state in places like Ikorodu, Apapa, Isolo, Ikeja and Iganmu, adding that extending gas pipelines across these areas was not an easy task.

Tinubu gave the assurance that the company would work with the state to power its light rail system and other projects in the metropolis.

He noted that most IPP projects in other states, especially in the South-South ,were following the Lagos state model.

He recalled that the coming on stream of the Akute power plant had led to over 200 per cent increase in capacity utilisation and over 600 per cent savings in diesel cost.

The Oando boss said, 'This project illustrates the importance of the Public Private Partnership in infrastructure development. It shows Nigerians are capable of delivering world class solutions to our energy problems.  This project could not have been made possible without Fidelity Bank. Their understanding and realisation that long-term project finance can guarantee better infrastructure has been helpful. Most banks want to finance only short-term projects.'

Tinubu noted that the company had engaged in the project with all sense of patriotism.

Governor Babatunde Fashola, who opened the IPP project, said two more projects would be opened in the state next year.

According to him, the new IPP project in Lekki will help to power water works and households in the Victoria Island area, while another IPP project in Ikeja will power the general hospital, the police headquarters and water works in the Ikeja area.

The Chief Executive Officer, Fidelity Bank Plc, Mr. Reginald Ihejiahi, has said that the bank is committed to financing more Independent Power Plant projects across the country.

He said the decision was informed by the fact that millions of lives were usually touched by the success of any power project.

Ihejiahi spoke at the opening of Alausa IPP in Lagos weekend.

He said, 'It is not an easy thing to release capital to work with the government. However, we are happy to finance the Alausa IPP project. This is not the first time we are financing a power project. We work with Oando; we participated in the Akute power project. Power project is one thing that affects several lives. And we are happy to always work with Oando on this. We are ready to finance more of these projects for this reason.'

He said its power projects had helped to provide stable power supply for several households in the state, noting that some power projects financed by the bank had helped to boost water supply in some parts of Lagos.

The Group Chief Executive Officer, Oando Plc, Mr. Wale Tinubu, said natural gas for the IPP was supplied by Gas Link, one of the subsidiaries of Oando.

He noted that the company had worked with the state in places like Ikorodu, Apapa, Isolo, Ikeja and Iganmu, adding that extending gas pipelines across these areas was not an easy task.

Tinubu gave the assurance that the company would work with the state to power its light rail system and other projects in the metropolis.

He noted that most IPP projects in other states, especially in the South-South ,were following the Lagos state model.

He recalled that the coming on stream of the Akute power plant had led to over 200 per cent increase in capacity utilisation and over 600 per cent savings in diesel cost.

The Oando boss said, 'This project illustrates the importance of the Public Private Partnership in infrastructure development. It shows Nigerians are capable of delivering world class solutions to our energy problems.  This project could not have been made possible without Fidelity Bank. Their understanding and realisation that long-term project finance can guarantee better infrastructure has been helpful. Most banks want to finance only short-term projects.'

Tinubu noted that the company had engaged in the project with all sense of patriotism.

Governor Babatunde Fashola, who opened the IPP project, said two more projects would be opened in the state next year.

According to him, the new IPP project in Lekki will help to power water works and households in the Victoria Island area, while another IPP project in Ikeja will power the general hospital, the police headquarters and water works in the Ikeja area.