The Central Bank of Nigeria (CBN) and key players in the power sector, including gas suppliers, electricity distribution and generation companies, among others, on Tuesday signed a N213 billion definitive agreement to begin the implementation of the CBN-Nigeria Electricity Market Stabilisation Facility (NEMSF).

This is expected to be followed by disbursement of funds and monitoring of the implementation of the agreements.

Speaking at the ceremony in Abuja, the CBN Governor, Mr. Godwin Emefiele, said the intervention would reset the economics of the power sector and address liquidity challenges occasioned by legacy debts and revenue shortfall in the sector.
He said all parties have had to make compromises in order to make progress in the interest of the country.

Emefiele however stated that in order to resolve the sectors liquidity challenge, the CBN was providing the facility aimed at settling legacy debts and shortfalls in revenue during the interim period and to also guarantee the take-off of the Transitional Electricity Market (TEM).

He disclosed that FBN Capital had been appointed by the CBN as transaction advisor for the intervention, while Meristem securities and Detail Solicitors and Stream Sowers & Kohn (SSK) have been appointed as fund managers and legal team respectively.

He said the facilities would be administered through deposit money banks, while a special purpose vehicle that complies with Section 31 of CBN Act 2007 would serve as an intermediary between the banks and the electricity market players.
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All dis one na arrangee

Political propaganda...thou the power sector has serzly improved over the past 3 months.

ow real is it