28 April 2014, Lagos – Minister of Power, Professor Chinedo Nebo has reiterated the readiness of the ministry to work with the Chartered Institute of Stockbrokers (CIS) to facilitate funding for investors who acquired the successor companies of the former Power Holding Company of Nigeria (PHCN) and ensure delivery of regular electricity in the country.
Private investors acquired the electricity distribution companies (disco) from the defunct PHCN. However, after taking over the assets, it has been realised that huge funding is needed to put them in order, make them profitable and deliver the required power supply. While the discos are weighing various options on how to get funding, capital market operators have been advising them to take the capital market option.
However, speaking in Abuja last Friday at the third annual national workshop of the CIS, Nebo said the minister of power was willing to work the stockbroking community and other stakeholders in the capital market to ensure that the funding challenge is overcome by the companies.
The minister, who spoke through his senior special adviser, Mr. Frank Edozien, said the ministry was committed to the delivery steady power supply to the nation in a not too distant future and was doing everything possible to realise that aspiration.
“The ministry of power is determined to deliver on the power agenda and we are willing to collaborate with CIS and the entire capital market community in that regard,” he said.
In his speech, the President of CIS, Ariyo Olushekun commended the efforts the Minister is putting to ensure that the country enjoys steady power supply. According to him, power is very vital for economic development of the country, hence CIS has decided to give it a serious focus in its workshops.
According to him, those who participated in the last two workshops will agree that several tangible deliverables came out of the event.
“We are determined to keep generating new ideas and strategies through this forum, which hopefully, our policy makers will consider and incorporate into the planning process,” he said.
Ariyo noted that the focus of the workshop this year is on the role of the private sector in supporting the transformation of the critical sectors that would help translate our impressive economic growth to economic development.
“These sectors include agriculture, energy (power and oil & gas), telecommunications, financial services and the creative industry. In all of this, the crucial role of the capital market in mobilising savings and creating wealth through investments cannot be over emphasised.
“Governments at all levels need to be involved in creatively mobilizing and deploying funds to bridge the mass infrastructural deficit needed to revamp the economy,” he said.
– Goddy Egene, This Day
– This Day