International lenders are afraid of giving loan to power sector players in the country due to federal government’s policies on foreign exchange, the Chief Executive Officer(CEO) of Eko Electricity Distribution Company, Engineer Oladele Amoda, has said.
Amoda spoke in Lagos, yesterday, at a press conference to mark the company’s post-privatisation acquistion, adding that the development posed serious challenge to the nation’s power investors.
He said that the company was facing liquidity crunch of about N900bn due to high rate of foreign exchange in the country.
He said that his company spent over N1.44bn in the last three years on projects expansion to boost electricity supply to customers .
According to him, the company had embarked on massive rehabilitation and reinforcement of its network, adding that over 400 transformers had been installed in various locations to reduce load shedding of supply.
He said that the power company had commenced construction of five 33/11KVA injection substations in Surulere , Ikoyi and Ajah at the cost N1bn.