BoI to revisit $9.8 million power project in Ebonyi

BoI to revisit $9.8 million power project in Ebonyi


The Acting Managing Director of the Bank of Industry, Mr Rasheed Olagunju, on Wedesday said the bank will re-evaluate the viability of a $9.8 million bio-mass power project in Ebonyi State which it stopped funding a few years ago, Channels TV reports.
According to the report, Mr Olagunju explained that the Bank of Industry pulled out of that project after discovering that its cost was bloated and the location was at a disadvantage to the rice processing industries the project intends to serve.
He made the remarks during a meeting with the Governor of Ebonyi State in his office in Abuja.

The State Governor, Mr Dave Umahi, expressed confidence that the re-evaluation of the project will lead to its completion, and told journalists it would be a demonstration project which will be replicated in the state to boost rice production.

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