Immediate Past Governor of Abia State, Dr Okezie Ikpeazu has expressed delight at the final completion and impending commissioning of the Geometric Power Plant at Osisioma, Aba Abia State.
The former Governor is particularly delighted that the project, which had witnessed several challenges that threatened its very existence and shook it to its foundations, has finally seen the light of the day, spokesperson of the former governor Onyebuchi Ememanka said in a statement.
Dr Ikpeazu he said recalls with deep nostalgia, the series of interventions embarked upon by his administration to help resolve the contractual imbroglio and funding quagmire that nearly destroyed the project.
Quoting the former Abia governor, he said “When we came on board in 2015, I was clear about the role of SMEs in our economic agenda and I was determined to pursue a deliberate policy of giving SMEs a push. The power situation was clearly the greatest challenge to the survival of small businesses in the State. By then, the Geometric Power Project was lying comatose on account of contractual differences between the Federal Government and Interstate Electrics Limited, owners of the Enugu DISCO, on the one hand, and Geometric Power, on the other hand”.
Continuing, Dr Ikpeazu said “Our decision to intervene in the situation was measured and deliberate because we understood very clearly that our economic survival as a people and as a state would receive a massive boost with guaranteed power supply. Encouraged by the grit and determination of Professor Barth Nnaji, the CEO of Geometric Power, we approached the then Vice President, Professor Yemi Osinbajo and then Power Minister, Babatunde Fashola.
The eventual resolution of the contractual issues gave a new life to the project and saved the over 500 Million Dollars already invested in the project as at then. It would have been catastrophic to allow such humongous investment in our state to waste. The effect of such waste was simply unthinkable as it would have discouraged future investments in our State”.
Upon the resolution of the issues of contract and the ownership of the rights to supply power to the “Ring Fenced Area” of Aba and it’s environs, the next challenge that faced Geometric was that of funding. After several years of the project lying comatose, with over 500 Million Dollars hanging, institutional investors were, understandably hesitant to commit more funds into the project. Yet, injection of more funds remained critical for the survival of the project.
Then came the AFREXIM Bank. Together with Professor Nnaji, we made several presentations to the Board of the Cairo based International Bank, leading to the approval of funding to the tune of 50 Million Dollars for the project.
In giving this approval, Professor Benedict Oramah, the CEO of AFREXIM Bank stated that a combination of steady power and a strong SME base will liberate our people. “Indeed, Ikpeazu is weaving something futuristic”.
The former Governor particularly congratulates Professor Barth Nnaji, first, for the decision to build this plant in Aba, Abia State, and for demonstrating unbelievable courage and determination to see to the completion of this project, even in the face of near impossible situations.
He also expresses his deep gratitude to former Vice President Yemi Osinbajo, former Power Minister, Babatunde Fashola and all those who worked together then to resolve the situation.
He also thanks Professor Benedict Oramah and his team at AFREXIM BANK, without whose final approval of the 50 Million Dollars, this project wouldn’t have been completed.
To the Government of Abia State and especially, the people of Aba and environs, Dr Okezie Ikpeazu sends his hearty congratulations. This project brings with it brand new vistas of hope, economic growth and development. He prays that the economic conditions of our people be massively improved by the steady power which this project will provide.
Finally, and most importantly, Dr Ikpeazu is grateful to God Almighty for making this dream a reality. He is excited that after several seemingly insurmountable challenges over several years, the powerful turbines at the Geometric Power Plant, Osisioma will roar into life, powered by a dedicated supply of gas from Owaza, in our State.
