Polaris Bank has affirmed its dedication to collaborating with Millwater, aiming to provide continuous power to industrial hubs in Nigeria. This partnership is poised to accelerate the government’s industrialization agenda.
Chinwe Iloghalu, Executive Director of Lagos & Corporate Banking at Polaris Bank, conveyed this commitment during the Agbara Business Roundtable in Ogun State. Representing the Bank’s Managing Director/CEO, Adekunle Sonola, Iloghalu assured of Polaris Bank’s willingness to offer the necessary funding for Millwater, a Technical Partner of Niger Delta Power Holding Company (NDPHC), in realizing the Light Up Nigeria project.
At the event, Vice President Senator Kashim Shettima emphasized Nigeria’s vast potential for investors and its people. He reiterated the Federal Government’s dedication to providing sufficient power supply to industrial clusters, condemning the reliance on alternative power sources in places like Agbara. He affirmed the government’s resolve, in collaboration with NDPHC, to ensure these clusters benefit from more cost-effective power generation in their factories.
The Business Roundtable, graced by prominent figures from various sectors, including Ogun State Governor Dapo Abiodun, Lagos Deputy Governor Obafemi Hamzat, Minister for Power Adebayo Adelabu, and NDPHC CEO Chiedu Ugbo, commended the Light Up Initiatives. They believe this will expedite Nigeria’s industrialization endeavors.
Polaris Bank, a stalwart supporter of Nigeria’s energy sector, has consistently played a pivotal role in financing energy projects. This initiative, a priority for the current administration, aligns with the bank’s longstanding commitment to the nation’s critical energy sector. Recently, Polaris Bank facilitated the transportation of 20,000 metric tonnes of petrol worth N13 billion in collaboration with an indigenous firm, showcasing its crucial role in bolstering the energy sector’s growth.
The event marks the launch of an initiative to ensure reliable power supply to industrial clusters nationwide, commencing with the Agbara Industrial Estate. As the Digital Bank of the Year 2021 and 2022,