Nigeria: Blacklisting Threatens Power Bids of Nestoil, Geometric, Amperion

21 September 2012

The decision by the Central Bank of Nigeria (CBN) to bar the banks from extending loans to 113 companies and their directors could affect the proposed privatisation of the power generation and distribution companies created from the unbundling of the Power Holding Company of Nigeria (PHCN), as some of the promoters of the blacklisted companies will not be able to borrow from local banks to pay for the power assets or raise working capital.

For instance, Rockson Engineering, which has Sir Johnson Arumemi-Ikhide, as one of its principal shareholders, will be bidding to acquire the Ikeja, Benin and Port Harcourt Distribution Companies.

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