Connect with us

Hi, what are you looking for?

Montage Africa Media

Zenith Bank signs agreement that could ease Nigeria’s electricity challenges

On Saturday, May 14, 2016, Zenith Bank Plc signed a very significant power sector credit facility agreement with the French Development Agency (AgenceFrancaise de Development (AFD) that could have very positive implications for Nigeria’s electricity challenges.

The on-lending term loan being made available to Zenith Bank is to support new investments in the CAPEX (capital expenditure) of Distribution Companies (DISCOs) in the power sector in Nigeriaat single digit interest rates. Chairman of Zenith Bank Mr. Jim OviaandMrs. Laurence Breton-Moyet, Chief Operating Officer and Member of the Executive Board from the AFD Headquarters, Paris signed the agreement with Presidents MuhammaduBuhari and Francois Hollande in attendance.

With the potential to give over $100 million in loans to the DISCOs, this could very well be a turning point in Nigeria’s struggle for uninterrupted power supply.

You May Also Like


Three commissioners from Kenya’s election board announced their resignation from the body on Monday, citing failure of the body’s leadership and dysfunction in the...


Quartz Africa  MUCH like her mother would have at activists’ funerals during the apartheid era, Zenani Mandela-Dlamini allowed her righteous anger to lead her tribute...


No fewer than 6,600, athletes and team officials from 71 countries are expected to take part in 275 events at the 21st Commonwealth Games...


South Africa has recalled its ambassador to Israel following a bloody crackdown on Palestinian protesters by Israel forces that left at least 55 dead...