Polaris Bank has announced its strategic partnership with Millwater to ensure uninterrupted power supply to industrial clusters in Nigeria, further advancing the nation’s industrialization efforts. The collaboration aims to support the government’s Light Up Nigeria project by providing consistent and reliable power to industrial hubs across the country.
The commitment was reaffirmed during the recent Agbara Business Roundtable 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, conveyed the bank’s readiness to offer the necessary financial support to Millwater, a Technical Partner of the Niger Delta Power Holding Company (NDPHC), to actualize the Light Up Nigeria project.
Polaris Bank plays a pivotal role as the financial partner of Millwater Limited, serving as a Special Purpose Vehicle (SPV) in conjunction with NDPHC to facilitate the government’s ambitious project. This initiative is aimed at ensuring that Nigeria’s industrial clusters receive a stable and cost-effective power supply, thus bolstering the growth of the industrial sector.
During the event, Nigeria’s Vice President, Senator Kashim Shettima, emphasized the country’s vast potential for investors and the commitment of the Federal Government to deliver reliable power supply to industrial clusters. He expressed concern over the current reliance of industrial clusters like Agbara on alternative power sources and assured that the government, in collaboration with NDPHC, is dedicated to providing more affordable and sustainable power solutions for these clusters.
Prominent figures present at the Agbara Business Roundtable, including Ogun State Governor, Dapo Abiodun; Lagos Deputy Governor, Obafemi Hamzat; Minister for Power, Adebayo Adelabu; and NDPHC CEO, Chiedu Ugbo, commended the government’s Light Up Initiatives as a significant step towards accelerating Nigeria’s industrialization efforts.
Polaris Bank’s involvement in funding critical energy projects, as exemplified by its recent N13 billion funding of a cargo delivery for an indigenous firm, showcases its dedication to supporting the growth of the energy sector and fulfilling the goals of the current administration. The bank’s role in this project is aligned with its history of providing financial support to energy players, ultimately benefitting all stakeholders.
This initiative marks the launch of a concerted effort to ensure a consistent power supply to industrial clusters nationwide, commencing with the Agbara Industrial Estate. Polaris Bank, recognized as the Digital Bank of the Year for both 2021 and 2022, reaffirms its commitment to delivering innovative financial products and services across all sectors of the Nigerian economy, shaping the future of the nation.