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CBN gives 10 power firms N39.5bn loan

12 February 2015, 14:47

Abuja - The Central Bank of Nigeria (CBN) has given a loan of N39.52bn to 10 power distribution and generation companies were to enhance their operations, Punch reports.

This is coming two weeks after the first tranche of N18.2bn was disbursed to five power firms.

The amount, given at an interest rate of 10 per cent, with a repayment period of 10 years, is part of the N213bn Nigerian Electricity Market Stabilisation Facility.

Also read: CBN meets amid chances of further Naira devaluation

The fresh disbursement brings the total intervention made under the stabilisation facility to N57.72bn.

Four power distribution and six generation companies had their chief executive officers in attendance during the second batch of the disbursement.

The Enugu Electricity Distribution Company received the highest amount of N10.25bn, followed by Kano, Port Harcourt and Eko Electricity Distribution Companies, with N7.64bn, N6.58bn and N43.31m, respectively.

- News 24

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