As part of an effort to make the “Light Up Nigeria” project of the federal government a reality and accelerate the industrialization drive of the current administration, Polaris Bank has announced its partnership with Millwater to deliver uninterrupted power to industrial clusters in Nigeria.
During the recent Agbara Business Roundtable held in Ogun State, Polaris Bank’s Executive Director for Lagos & Corporate Banking, Chinwe Iloghalu, representing the Bank’s Managing Director/CEO, Adekunle Sonola, affirmed the bank’s preparedness to provide the necessary funding to Millwater. Millwater is a Technical Partner of the Niger Delta Power Holding Company (NDPHC), and their collaboration aims to bring the Light Up Nigeria project to fruition.
Polaris Bank serves as the financial partner to Millwater Limited, acting as a Special Purpose Vehicle (SPV) in partnership with NDPHC to execute the federal government’s Light Up Nigeria project.
During the event, Vice President Senator Kashim Shettima emphasized Nigeria’s substantial opportunities for both investors and its citizens. He reiterated the Federal Government’s commitment to supporting investors and industries in ensuring consistent power supply to industrial clusters.
Shettima expressed concern that industrial clusters like Agbara often have to rely on alternative power sources instead of the national grid. He assured that the Federal Government, through NDPHC, is dedicated to facilitating cost-effective power generation for clusters like Agbara in their manufacturing operations.
The Agbara Business Roundtable attracted notable figures from various sectors of Nigerian society, including Ogun State Governor Dapo Abiodun, Lagos Deputy Governor Obafemi Hamzat, Minister for Power Adebayo Adelabu, and NDPHC CEO Chiedu Ugbo. They all praised the Light Up Initiatives of the current government, recognizing its potential to accelerate Nigeria’s industrialization efforts.
Polaris Bank has consistently supported Nigeria’s energy sector to deliver value to key stakeholders. The bank’s involvement in this project, which is of great importance to the current administration, is no exception. Notably, Polaris Bank recently provided substantial funding for the transportation of 20,000 metric tonnes, equivalent to 27 million liters of petrol, in partnership with a local firm.
The launch of this initiative at the event aims to secure dedicated power supply for industrial clusters across the country, commencing with the Agbara Industrial Estate.
Polaris Bank, acknowledged as the Digital Bank of the Year in 2021 and 2022, is a forward-thinking institution committed to delivering groundbreaking products and services across all sectors of the Nigerian economy.