Development interventions by the CBN in the power and aviation sectors reached N277.4 billion cumulatively between September 2016; and last June. Repayments by the operators are trailing progressively.
This was made known by the Concept Technologies Managing Director, Tokunbo Tonade in Lagos, adding that the company has developed a solar energy option that will cost N13.6 million yearly to power each bank’s branch.
The programme, under CBN’s Power and Airline Intervention Fund (PAIF) has supported 59 projects in both sectors in efforts to keep them afloat amid harsh economic situation and threats to jobs.
Tonade said he would be keying into the project to enable the firm get cheaper funds to power more facilities at cheaper rates.
He said he would gladly go for the PAIF fund when he got all the details concerning it, from which the CBN had disbursed nearly N300bn in three years to interested parties at single interest rate.
“I will gladly go for the opportunity. If I have access to such funds, that will be interesting. I will like to access the fund. You know about the Free Trade Zone and Dangote Refinery will attract at least 24,000 workers. If I get the fund, I will be able to power not less than 500 bungalows with solar,” he said.
“I am not even connected to the grid, and my power is always on. I waited for one year to test the project. It is not a matter of not doing what I am supposed to do and I do not have the fund. If I get access to the PAIF cash, I will surprise everybody.”
He said solar energy works 95 per cent on the sun and five per cent on diesel during cloudy weather. Rain does not disturb it. This system was designed to work 24 to 36 hours without sun. After 36 hours without sun, a generator kicks in automatically for six hours charge to fill the vacuum. And if the sun does not come after 36 hours again, the generator will kick in. But some batteries work beyond 36 hours. The solar is the main source, while the standby is to maintain the battery during rainy season,” he said.
On cost, he said there is no shortcut. “If you want electricity, you will pay for it. If you don’t pay for it, you get lack of electricity. A 200-watt solar panel costs about N50,000. The cost can be spread if the interest rate is minimal. We try to beat the cost as much as we can. I am not in it for money. The cost will be worked on, but for you to use renewable energy, you must be energy efficient.”
He said renewable energy is where the world is going. People don’t know how to live without depleting the resources of the environment.
On relationship with banks, he said: “We are calling on the banks to come and see that it works. They run it 10 hours daily, and it is based on that timeline that we arrived at the figure. The banks pay us quarterly to maintain the ATMs. It is only in this country that I see people bleeding money and they are not bothered. As far as I am concerned, banking industry is bleeding money because of personal interest.
“The wife of the owner of a particular bank supplies diesel to the bank’s branches. They do not want to lose that money. When we make the proposition on the solar option, they always frown at it. They are bleeding money, and it is eating deep into their profit and loss account. If one bank has 10 branches that is N500m.”
“Many banks have over 50 branches, but this is going to be a game changer. Whether the banks like it or not, someone will have to take action. I want the banks to go for N13.6m offer instead of N50m,” he said.