Power Sector Development: Wakil signs MOU with American investors

The Minister of State for Power, Muhammad Wakil has signed a Memorandum of Understanding (MoU) with a five-man partner of American Investors led by Roy Yeferez in Abuja to fast track the realization of gas-fired power plant project.

Speaking at the occasion, the Minister of State described the event as a happy moment since coming on board as a member of the Federal Executive Council. He said that he has been able to accomplish President Jonathan’s directive on Ministers to serve as

ambassadors for investment. He also commended the determination and doggedness of Team Africa and its associate, Yeffet Mesika Group for making it possible for the effort to have advanced that far.

“Team Africa is known to talk less but more of action. Their belief in our nation’s potentials has underscored the reliability of Team Africa to deliver on the proposed power project. The Ministry has had an arrangement with the Bayelsa State Government where the proposed plant will be located. The plant also has ancillary transmission line facilities that will make up the turkey project,” he observed.

According to Wakil, with the realization of the project, the attainment of Government’s target for greater access by Nigerians to quality electricity will be achieved in no distant future.

While performing the symbolic ritual of MoU signing, the Director of Legal Services, Adetutu Soetan said that the detailed proposal for the project is to be supplied by Messrs. Yeffet Mesika, adding that other activities by the visiting team includes acquiring the project site as well as discussing with the relevant / regulatory agencies that are meant to facilitate the execution of the project.

On the funding arrangement, the Legal Adviser informed that it would be funded wholly by the Americans, who are also to provide the technical competencies for it. He called on the investors to ensure that indigenous engineers understudy the

project execution to ensure availability of the necessary skills to operate the plant on completion.

Earlier, the leader of the delegation, Ron Yeferez described Team Africa’s signing of the MoU with Nigeria as germane to the corporate style of his group. “The MoU is the

foundation for the development of some power projects and transmission lines.  What could have taken 2-3 years to accomplish was accomplished within 2 weeks,” he iterated. He also promised to contribute positively to the attainment of uninterrupted power supply to Nigerian homes and industries.

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Power Sector Development: Wakil signs MOU with American investors