Power Supply: Hope Rises For Ariaria Market Traders

Traders in Ariaria Market, Aba in Abia State will soon heave a sigh of relief as the president of Total Support Energy, an Independent Power Producer (IPP) Company, Dr Ubani Nkaginieme has assured to power no fewer than 12,000 shops in the market this year.
Nkaginieme who gave the assurance in a statement made available to The Tide said about 4,000 shops had already been connected with stable power supply.
He however, enjoined the traders to be faithful in their financial obligations.
According to him, the traders’ financial faithfulness would ensure strong financial backbone for the company, while the company on its part would not default.
He said that Total Support’s Contract with Wema Bank as an investor would end after five years during which the bank would have recouped its investment as agreed and thereafter pull out.
He said the federal government’s Energising Economics Initiative supervised by the Rural Electrification Agency immensely enabled his company to execute the project without much stress.
“Ariaria Market Energy solutions (AMEs) is a special purpose vehicle set up to provide constant power to the great traders of Ariaria Market.
“AMEs was formed by three Nigerian companies, Candesco, Metering, Talevenas, DISCO and Total Support Energy, Geno, represented by Out Hughes, Oghens Sanomi and Ubani Nkaginieme respectively.
“AMEs is responsible for design, funding, construction, metering, operating and maintaining the project”, he said.
The Project Manager, Wema Bank, Mr Obiyo Agu, confirmed that Wema had an agreement with the plant’s managers to recoup its investment in five years, pointing out that Total Support had the right to determine whether to continue having Wema as investor or just as its bankers.