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Jim Ovia, Millennium Excellence Foundation Laureate

Jim Ovia, Millennium Excellence Foundation Laureate

by admin

Zenith Bank Plc and the French Development Agency (Agence Francaise de Development (AFD), operator of France’s bilateral development finance mechanism, over the weekend in Abuja signed a $100m power sector credit facility to boost new investments in the capital expenditures of Distribution Companies (Discos).

The signing of the facility, which took place in the inner chambers of the Aso Rock Villa, in the shadow of the security summit, was witnessed by President Muhammadu Buhari and the visiting French President Francois Hollande.

The facility will be a reprieve for the Discos that are currently weighed down by the burden of debt, with historic debtors made of mainly government establishments, including the military and security agencies alone accounting for over N93bn.

Leading the team of the bank’s top executives to the bilateral session where the pact was sealed was chairman of Zenith Bank Plc, Mr. Jim Ovia, while Mrs. Laurence Breton-Moyet, chief operating officer and member of the executive board from the AFD Headquarters in Paris led the agency’s team.

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