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Second Batch of NEMSF beneficiaries get cheques

Second Batch of NEMSF beneficiaries get cheques


Barely a week after it disbursed the sum of N18.26 billion to the first batch of beneficiaries of the N 213 Billion Nigeria Electricity Market Stabilization Facility (NEMSF), the Central Bank of Nigeria, on Wednesday, February 11, 2015, disbursed another sum of N39.53 billion to the second batch of beneficiaries.


Six companies, comprising three electricity Distribution Companies (DISCOs) and three electricity Generation Companies (GENCOs), received cheques at the ceremony held at the Bank’s Corporate Headquarters in Abuja.


In his brief remarks at the event, the CBN Governor, Mr. Godwin Emefiele, CON, reminded beneficiaries that the facility, which would be repaid within a 10-year period, was to enable them address challenges militating against electricity power generation and distribution.


He therefore urged them to ensure proper utilization of the funds by investing in generation plant maintenance, transmission upgrades and distribution networks including transformers and better metering for end consumers among others.


Mr. Emefiele further expressed optimism that there would be major improvement in the generation and distribution of electricity in the country, even as he assured that the CBN would continue to make its interventions public to underscore the transparency involved in the process.


Also speaking at the event, the Chairman, Nigerian Electricity Regulatory Commission (NERC), Dr. Sam Amadi, commended the CBN Governor, the Bank and the banking sector for supporting the reforms in Nigeria’s power sector. According to him, the disbursement would unleash the efficiency in the electricity market.


Highlights of the event were the signing of agreements by the six companies and the presentation of symbolic cheques to all six companies by the Governor of the CBN, Mr. Godwin Emefiele.


The six companies that received cheques in various sums were the Enugu, Ibadan and Kano Electricity Distribution Companies as well as the Ughelli, Egbin and Geregu Electricity Generation Companies.


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Facts : 1/1/1965
Central Bank of Nigeria, Ibadan Branch:In the year 1965, The Central Bank of Nigeria,Ibadan Branch was opened for business.It was the third Central Bank office that was established and it brought to 4, the number of Central Bank offices in Nigeria at that time.
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