Polaris Bank partners Millwater on stable power delivery to industrial clusters

Polaris Bank has expressed its commitment to partner with Millwater to deliver uninterrupted power to industrial clusters in Nigeria in order to accelerate the industrialization drive of the current administration.

While giving the assurance on the sidelines of the recent Agbara Business Roundtable which held in Agbara, Ogun State, Polaris Bank’s Executive Director, Lagos & Corporate Banking, Chinwe Iloghalu who represented the Bank’s Managing Director/CEO, Adekunle Sonola, expressed the lender’s readiness to provide the required funding to Millwater, a Technical Partner of Niger Delta Power Holding Company (NDPHC) to make the Light Up Nigeria project, a reality.

Polaris Bank is the financial partner to Millwater Limited which is serving as a Special Purpose Vehicle (SPV) and partnering with NDPHC to deliver the Light Up Nigeria project of the federal government.

At the event, Vice President, Senator Kashim Shettima, while noting that Nigeria holds tremendous opportunities for not only investors, but also the people, restated Federal Government commitment to investors and industries to deliver adequate power supply across industrial clusters.

Shettima decried situation where industrial clusters like Agbara had to rely on other sources of power supply other than the national grid, and assured that the Federal Government through the Niger Delta Power Holding Company (NDPHC) is committed to ensuring that clusters like Agbara benefit from cheaper means of generating power in their various factories.

The Business Rountable which drew cream of the Nigerian society across different spectrum had the Ogun State Governor, Dapo Abiodun; Lagos Deputy Governor, Obafemi Hamzat; Minister for Power, Adebayo Adelabu and NDPHC CEO, Chiedu Ugbo all lauding the Light Up Initiatives of the present government which they reckon will fastrack Nigeria’s industrialization efforts.
Polaris Bank has been a strong partner in funding Nigeria’s energy players to deliver value to critical stakeholders and this project which is dear to the heart of the current administration, will not be an exception.

Recall Polaris Bank recently funded the delivery of a full cargo with an indigenous firm to the tune of N13bn, thus enabling the transportation of the 20,000 metric tonnes, or 27 million litres of petrol, to the country. The Bank’s support exemplified the pivotal role played by the financial institution to support the growth of the critical energy sector of the economy.

The event was to launch an initiative to ensure dedicated power supply to industrial clusters across the country, starting with Agbara Industrial Estate.
Polaris Bank, adjudged Digital Bank of the Year 2021 and 2022, is a future-determining Bank committed to the delivery of industry-defining products, and services, across all the sectors of the Nigerian economy.