First City Monument Bank (FCMB) Group is considering investing about $200 million into the power sector as parts of its commitment to support private investors in the sector.
Tolu Osinibi, executive director, FCMB Capital Market Limited, made the disclosure at the weekend, adding that the Group had committed about $400 million to power sector financing.
Osinibi, who spoke on the sidelines of the Power Investors’ Summit Nigeria tagged “Maintaining Momentum in Nigeria’s Power sector,” held in Lagos at the weekend, said: “Our commitment to the power sector is very broad and ultimately it is about national development. Nobody from outside Nigeria is going to come and fix the power sector for us.”
Continuing, he said: “I believe it is a case of every individual and every institution that has the means and skills really needs to contribute towards the growth of the power sector to reposition it. So within FCMB, as a group, our focus is that the sector is a place where we need to allocate resources so as to create a larger market for our self.”
He said before the power sector privatisation, the Group had been funding small captive power projects, adding that the impact of the privatisation will be felt on the economy in terms of job creation and so many others.
“The education sector, healthcare, everything requires power. Even the telecommunication companies in this country, if you look at their financial statements and see how much they spend on diesel, that tells you that the impact of improving the power sector and the multiplier effects on people who would benefit from it, in terms of job creation alone is so much.
“Going forward, we would be there, we would look for the best transactions, we would look to help the best sponsors,” said Osinubi.
“Our policy is that we would seek out firms who realise it is a long-term journey and we would do everything we can in bringing our skills and expertise to help them realise their objectives because as far as we are concerned, it is good business.”
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