Edo State government is to benefit a total 96,860 shares for its equity and other investments in the Azura Power West Africa Limited project.
BusinessDay reports that the managing director of Azura Power West Africa Limited, David Ladipo, made the disclosure at the presentation of 96,860 shares certificate to the Edo State governor, Adams Oshiomhole in Benin City, yesterday.
Ladipo, who noted that the shares were the state government partnership in the Azura power project, commended the governor for his relentless commitment and courage towards the actualisation of the power project.
According to Ladipo, “I am here to present to His Excellency 96,860 shares certificate of Azura power project to Edo State government. Edo State has been an enabler of the project. It has helped us to acquire the land. It has helped us with all the local community issues. It has provided us a number of waivers that are extremely important for the project.
“So, just as a symbolic gesture, it is more that symbolic because it is also real. So, I want to come today to hand over those shares certificate and to say thank you, Your Excellency. We have a stake here in Edo State that has all the ingredients that make for good investment in infrastructure and in energy.
“The governor took me very seriously and said, ‘I will give you my full support. So, come and you will have the support of my cabinet and all the people that work in my state.’ It indeed took several years to raise the capital, and to go through the whole process.
“We had some hiccups along the way, but we closed all the financing, not just the equity but also the debt at the end of last year, and the contractor was on site at the beginning of January. We have been on site now for two months.”
Ladipo noted that the investment was bringing in foreign exchange of hundreds of millions of dollars of foreign direct investment into the country, particularly in Edo State, at a time when Nigerians were complaining of unfriendly investment environment.
“In these difficult conditions, investors still want to come into Nigeria; there is still so much promise. So, I take great pride in what His Excellency and his commissioners have been able to do, which as I see it, is to exercise patience and faith and to understand that what is required when you are building a solid infrastructure house is that you build on very solid foundation,” he said.
A total of 355 persons have so far been employed at the project and it will increase to about 600 workers very soon, he said.
In his remark, Oshiomhole, who commended the management of the Azura power project for the investment, noted that the investment was for all Edo people.
“For Edo tax payers and even the non-tax payers for now, and those who are under 18, this is an investment in their future, and they have a stake. So, Azura Power is Edo project and Edo people must protect it and guard it jealously as our own baby in the area of power generation,” he said.
IDRIS UMAR MOMOH
