CBN not worried about state of power firms

19 June 2015, Abuja – The current state of the power generation and distribution companies privatised over one year ago is not making the Central Bank of Nigeria to lose sleep yet.

Godwin Emefieli, CBN Governor

Mr. Godwin Emefiele, CBN governor

The Director, Corporate Communications, CBN, Alhaji Muazu Ibrahim, told our correspondent in a telephone interview on Thursday.

Muazu said it was too early for the CBN to panic over reported uncertainties in the power sector, saying that the bank believed that everything would go well as far as the transactions involving the power firms, Deposit Money Banks, the CBN and other stakeholders were concerned.

Over N57.72bn had been released to the power firms by the DMBs and the CBN as bailout funds to the power firms following their inability to meet their financial obligations to many stakeholders.

The CBN spokesperson said the loans given to the power firms were tied to different conditions and that if the conditions would be compromised for any reason, the central bank would be duly communicated.

– Punch

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