By Emma Ujah, Abuja Bureau Chief
The decision of the African Export-Import Bank (Afreximbank) to provide a $50 million facility to Geometric Power Limited after a seven-year delay was what made Aba Power a reality today.
The Group Managing Director (GMD) of Geometric Power, Mrs. Agatha Nnaji, disclosed this during an interview with journalists who visited the facility in Aba, the commercial hub of Abia State, on Tuesday.
In her words, “Afreximbank is the bank that provided the funding that enabled us to complete and commission the project.”
The GMD revealed that after the plant was built following heavy investments by its promoters, led by Prof. Barth Nnaji, power sector privatization and political interference stalled the project. As a result, commissioning was delayed for seven years until the Federal Government intervened.
She said, “As you may know, politics got in the way, human error impacted the project, and it was delayed just as we were about to commission it. So for seven years, we were simply maintaining the facilities that were already in place. We had staff who had to be paid to keep maintaining them.
“Eventually, when we determined the exact amount needed to complete the project—after President Jonathan intervened and his successor, the late President Muhammadu Buhari, directed his team to resolve the issues arising from the privatization—we were thrilled that Afreximbank stepped in. They shared our vision and understood the impact the project would have on the community.
“I believe that was the turning point for them. Seeing Aba’s potential as an industrial hub in Africa made them far more willing to find a way to make the project work.
“They have been exceptionally supportive. As for our initial financiers, I must commend Diamond Bank and its late founder, Mr. Pascal Dozie.
“They shared our vision at a time when most banks were only offering short-term loans to traders—asking them to import goods, sell quickly, and return the funds. Mr. Dozie foresaw the strategic value of a project like this and understood its long-term impact on their Aba customers, who are predominantly traders. He bought into that vision and provided the initial funding to get us started. Although subsequent challenges prolonged completion, Afreximbank ultimately came to the rescue.
“At that crucial juncture, we needed $50 million, and they provided it. Honestly, Afreximbank’s role in all of this was remarkable. Ordinarily, a bank or financier would walk away from a project facing the kinds of hurdles we had at the time.
“We were operating in an environment where the government had breached the terms of our signed agreement. We were dealing with civil and public service officials who knew what needed to be done but refused to act.
“There was little to offer them comfort beyond the sheer determination of our lead investor. For him, it wasn’t merely a financial venture; his drive to see the project through was fueled by a desire to create a lasting, positive impact on people’s lives.
“That is why he returned from the U.S. I believe the former President of Afreximbank, Prof. Benedict Oramah—who is familiar with this region—along with the current Director-General of the WTO, Dr. Ngozi Okonjo-Iweala, played key roles. Dr. Okonjo-Iweala had previously visited Aba with former World Bank President James Wolfensohn to explore ways to support SMEs. During that visit to Ariaria Market, business owners emphasized that their primary need was a reliable power supply. That realization inspired this project.
“Prof. Barth Nnaji’s commitment to the people of Ariaria kept him going; he gave his word and was determined to honor it.
“When Afreximbank evaluated these factors, recognized the project’s broader impact, and saw that key officials under the Buhari administration—including Power Minister Babatunde Fashola and Vice President Yemi Osinbajo—were aligned on fixing the issues from the privatization period, it gave them confidence.
“Gradually, they began working with us. They brought in technical advisors and financial experts to review the numbers, engage with local businesses, and gauge the needs and payment readiness of industrial customers. We engaged an independent organization to conduct that survey.
“The survey results reinforced their belief that this project would deliver the meaningful impact they aim to make across Africa.”
Geometric Power as a Model
Mrs. Nnaji described Geometric Power as clear proof that private sector-led investments in power can succeed and represent the most viable path to achieving a stable electricity supply in Nigeria.
She noted: “Geometric Power is proof that private-led investment in the power sector can succeed.”
The Missing Link in Nigeria’s Power Privatization
The GMD noted that the country’s power sector privatization could have resolved years of inefficiency had it been managed objectively.
She expressed regret that ongoing challenges across the broader power sector stem directly from political interference during the privatization process.
She said: “It is a pity the privatization unfolded as it did. If it had been executed as originally structured—free from godfatherism and nepotism—we would have selected investors, particularly at the DisCos level, with the requisite technical expertise and financial capacity to upgrade infrastructure. The outcome would have been entirely different.
“For the DisCos, the priority should not have been how much an investor paid for the asset, but how drastically they could reduce Aggregate Technical, Commercial, and Collection (ATC&C) losses. Significant loss reduction requires heavy infrastructural investment—such as building new substations and constructing high-capacity 33 kV power lines rather than relying on 11 kV or 4.15 kV lines.
“At lower voltage levels, energy loss is substantial. Had we adhered to sound technical principles instead of attempting to accommodate political allies, the power sector would not be in its current state of crisis.”
The post How Afreximbank’s $50m rescued Aba Power — Nnaji appeared first on Vanguard News.