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GOVERNOR IKPEAZU WITNESSES SIGNING OF USD 50M FACILITY BETWEEN AFREXIM BANK AND GEOMETRIC POWER FOR THE ABA IPP

Governor of Abia State, Dr. Okezie Victor Ikpeazu today 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.

Today’s signing ceremony is 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.

This facility will unlock the needed funding outlay required for the immediate operationalisation of the Aba Power Project.

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.

The President of the Afrexim Bank, Prof. Benedict Oramah in his speech at the event, disclosed that Governor Okezie Ikpeazu was the driving force behind the culmination of the transaction, commending the Governor for his doggedness and determination to transform the lives of the people of Abia State.

With this development, Abia is set to surpass the $56M foreign direct investment it attracted last year which made it the third highest destination for foreign direct investment in Nigeria.

President of Geometric, Prof. Barth Nnaji signed for Geometric Power while President of Afrexim Bank Prof. Benedict Oramah signed for the Bank.

Governor Ikpeazu is in Durban to attend the Intra African Trade Fair organized by the Afrexim Bank where he will witness the signing of a series of agreements between Investors in Abia State and foreign partners.

Host President Cyril Ramaphosa of South Africa, President Muhammadu Buhari of Nigeria, Presidents of Zimbabwe, Zanzibar and Malawi and the Prime Minister of Malawi as well as Federal Ministers, Heads of Agencies, Premiers and Governors of Provinces and Sub-National Governments in Africa were in attendance.

Governor Ikpeazu was accompanied on the trip by his aides Sam Hart, Chinenye Nwaogu and John Chigbu as well as industrialists Raymond Aliga and Chief Okey Ahiwe. Others on the trip are Dr. Darl Uzu of Enyimba Economic City, Prof. Barth and Lady Agatha Nnaji of Geometric Power.

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