Abuja Disco Seeks Technical But Smart Way To Boost Investment

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The new Managing Director of Abuja Electricity Distribution Company (AEDC), Mr Ernest Mupwaya has solicited authorization from the Minister of Power, Works and Housing, Babatunde Fashola to utilize a segment of MDA debts as collateral for a Letter of Credit (LC) with the Nigerian Bulk Electricity Trading Plc (NBET), as reported by Daily Trust.

He said that since the Disco couldn’t post a LC with NBET, it couldn’t profit by the Central Bank of Nigeria’s (CBN) power fund to support its investments. He subsequently requested the minister’s ‘No Objection’ to utilize a part of the MDAs debts as insurance for the LC, in order to support the Disco’s credit to qualify it for the CBN fund.

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