HomePoliticsIkpeazu’s Spokesman Makes Clarification On $50m Power Deal

Ikpeazu’s Spokesman Makes Clarification On $50m Power Deal

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Mr. Onyebuchi Ememanka, the Chief Press Secretary to the Abia State Governor, Okezie Ikpezu has put clarifications around the benefits of the recently signed fifty billion-dollar deal between Afreximbank and Geometric Power for the Aba Independent Power Project.

This clarification was coming on the heels of several misconceptions on the latest deal for Aba Power Project aimed at unlocking the needed funding outlay required for the immediate operationalisation of the Aba Power Project.

The Eastern Updates recalls that Governor Ikpeazu had in November in Durban, South Africa, witnessed the signing of a USD50M facility between Geometric Power Ltd and Afrexim Bank for the operationalisation of the Aba Integrated Power Project.

The signing ceremony was the culmination of years of shuttle diplomacy which the Governor has been undertaking to ensure the operationalisation of the Power project which is key to rapid economic development of Aba and Abia State.

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However, a statement made available to journalists in Umuahia, the state capital, Ememanka said that the deal remains a major quantum leap for the economy of Abia state.

According to the governor’s spokesman in the statement which partly read, ‘when the National Bureau of Statistics, a Federal Government Agency rated Abia as No. 3 in terms of attracting Foreign Direct Investment for last year, the usual suspects started asking how and when.
According to the NBS, only Lagos and Abuja did better than Abia.

‘Today, a Ghana Must Go Bag of 50 million dollars is on its way to Aba and Abia. That money will be spent here. Tomorrow, when the relevant authorities rate Abia very high again in attracting foreign direct investment, people will begin to pretend not to remember. But we will be here to remain with them.

‘It’s intriguing that in the same economy that some misguided Indigenes and others are doing everything to demarket, international financial institutions are pumping their money into it.

‘No bank, let alone an international bank, will put such an amount into any venture without having done its due diligence and being convinced of its viability.

‘For AfreximBank to agree to pump in 50 million dollars into a project in Aba, it says something. It sends a clear message. But some persons who have not done any deal with even a Community Bank will tell you now that the deal either doesn’t exist or is meaningless’.

Meanwhile, Governor Ikpeazu, while speaking at the signing ceremony, described today as one of the happiest days in his administration as he was fully aware of the chain of developments the commencement of the Aba IPP will attract to Abia State.

He thanked Prof. Oramah for the cooperation of the Afrexim Bank and assurance of support for other projects in the pipeline and assured him that Abia State would always support genuine investors to do business in Abia State.


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