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US Backs Geometric Power Project With $213m

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Electricity

A former Minister of Power and Chief Executive Officer, Geometric Power Limited, Prof. Bart Nnaji, has said the firm concluded plans to build a 500-megawatt power plant, in collaboration with the General Electric, at a cost of over $900m.

He said the Unted States government’s Overseas Private Investment Corporation would invest about $213m in the project.

He spoke in Lagos on Thursday at the 11th Annual Project Management Lecture organised by the Department of Building, University of Lagos, on ‘Sustainable Development of the Power Sector: The role of project management.’

Nnaji said, “We are in the development phase. We started work on the project in January 2013 and by the end of this year, we will reach financial close, when all the agreements will have been close and banks agree to put down money for the commencement of construction.”

He said it would cost about $1.5bn to build a 1,000-megawatt power plant in Nigeria.

According to him, it costs about $1.3m to build a megawatt of electricity in Nigeria, compared to $500,000 in countries such as the United States.

According to the former power minister, gas supply agreement, gas transportation agreement and power purchase agreement, among others are very critical in the development phase of a power project.

He stressed the need for sustainable development of the power sector, which he described as being able to have a robust way to produce, transmit and distribute electricity.

“We need to diversify the sources of power, and renewable energy is one way, but it has limits. We have not touched coal; we have a lot of coal.”

“The US produces about 40 per cent of its one million megawatts of electricity from coal, while China produces 60 per cent of its electricity from coal. We have coal here but we are not making use of it. Even the natural gas that we have, are we really producing the gas? It is certainly not enough.”

Speaking earlier, the acting Head, Department of Building, Dr. Olumide Adenuga, said the university’s project management programme was conceived to meet the project management challenges of increasingly large and complex projects.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Mobility Company Uber Increases Fares in Lagos Due to Unfriendly Economic Conditions

Mobility company Uber via an email recently disclosed to its drivers that it was increasing its fares in Lagos.

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Uber

Mobility company Uber via an email recently disclosed to its drivers that it was increasing its fares in Lagos.

The company disclosed that this increase in price was necessitated by unfriendly economic conditions, coupled with the increase in the price of fuel which will take effect on October 3, 2022.

According to the email sent, the base fare will increase from ₦340 ($0.78) to ₦450 ($1.04), while the minimum and per minute fare will go from ₦600 ($1.38) to ₦650 ($1.50) and ₦14 ($0.03) to ₦16 ($0.03), respectively.

This is not the first time the mobility company is increasing its fare, it should be recalled that on May 10, 2021 Investors King reported that Uber was increasing its fares by 13 percent in Lagos. According to the company, the increase was to ensure a reliable earning opportunity for driver-partners.

However, the company’s recent decision to once again increase its fares in Lagos may come as a surprise to users but it is in line with its activities in other countries where it has operations.

Lagos is not the only city that has witnessed an increase in fares. In August 2022, Bloomberg reported Uber was increasing its fares in London by 5%, with plans to do the same in other cities across the United Kingdom. 

Uber has not been the only ride-hailing player to increase its prices. A report by Rakuten Intelligence revealed that the cost of a ride on ride-hailing apps had increased 98% between 2018 and 2021, driven partly by a shortage of drivers.

But in recent times, the company has begun pushing for profitability. In an email to employees in May 2022, CEO Dara Khosrowshahi said, “we have to make sure our unit economics work before we go big.” The result of that has been an increase in fares.

However, in 2017 Uber reduced its fare shortly after Taxify, a growing competitor did the same. The company sent a message to its drivers via a mail which reads, “As of today, Uber has reduced fares by 40% in Lagos. This means you can travel for business or explore your city for less than ever before”.

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Tesla Records High Car Deliveries This Year But Failed to Meet Wallstreet Forecast

Tesla reportedly delivered 343,830 electric vehicles in the third quarter (Q3), a new record for the company this year

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Tesla Model 3 - Investors King

Automotive company Tesla reportedly delivered 343,830 electric vehicles in the third quarter (Q3), a new record for the company this year. However, the company still underperformed as it failed to meet Wallstreet projections.

Following the shutdown of its company in China, due to the country’s extended COVID-19 lockdown and challenges around opening factories, Tesla’s delivery fell to nearly 18% in the Second (Q2) of 2022 which took a toll on the company.

Despite the rebound and record number in Q3, there was also a larger-than-usual gap between production and delivery numbers. The company produced 365,923 vehicles in the third quarter.

The company disclosed that part of why it failed to hit certain delivery figures was due to logistical challenges which overshadowed its record deliveries.

Tesla said “it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost,” but some analysts were also concerned about demand for high-ticket items due to the weakening global economy.

In other words, the car manufacturing company is going to try and evolve beyond its legendary end-of-the-quarter pushes. CEO Elon Musk tweeted that it is trying for a steadier approach, “Customer experience suffers when there is an end-of-quarter rush. Steady as she goes is the right move,” he tweeted.

According to a statement from the company, it said “As our production volumes continue to grow, it is becoming increasingly challenging to secure vehicle transportation capacity and at a reasonable cost during these peak logistics weeks.

“In Q3, we began transitioning to a more even regional mix of vehicle builds each week, which led to an increase in cars in transit at the end of the quarter. These cars have been ordered and will be delivered to customers upon arrival at their destination.”

The economy around the edges is still having a negative impact on Tesla that’s mostly logistical. It should be recalled that on April 21, 2022,  Investors King reported that Tesla realised $18.7 billion in revenue in the first quarter (Q1) of 2022 despite supply disruptions and delays experienced due to Chinese Covid-19 lockdown.

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Brands

Dangote Industries Wins ECOWAS’ Brand of The Decade Award

Dangote Industries Limited has won ECOWAS Outstanding Indigenous Conglomerate of the Decade

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Africa’s largest business conglomerate, Dangote Industries Limited has won ECOWAS Outstanding Indigenous Conglomerate of the Decade.

It was a show of accolades as the Dangote brand was named the number one brand by all standards with its Sugar and Cement production which has contributed tremendously to the infrastructure development not only in Nigeria but Africa in the last 10 years.

Speaking at the event which was held in Lagos, John Ajayi, Publisher/CEO of Marketing Edge Publications noted that the award to Dangote brands are in recognition of its leadership and domination in the various market segments and categories which span several countries in Africa. 

Mr Anthony Chiejina, Group chief, branding & communications officer, Dangote Industries noted that Dangote Industries remains at the forefront of African enterprise and that the brand, since its inception, has touched the lives of many by providing their basic needs.

Some of the awards won during the Marketing Edge Magazine’s 2022 summit included Outstanding Indigenous Conglomerate won by Dangote Industries Limited, Cement Brand of the Decade as well as Sugar Brand of the Decade

Investors King had earlier reported that Dangote Industries Ltd. (DIL) won the most admired brand in Africa for the fifth consecutive year in a row. 

During the award presentation, Group Chief Commercial Officer of Dangote Industrial Limited, Mr Rabiu Umar said “The company had risen a notch higher as a global brand with the export of Dangote Fertiliser to many countries of the world. People now identify with the brand and in all the countries where we operate, Dangote Cement has become a reference point.

 “We are touching lives by providing their basic needs and empowering Africans more than ever before, creating jobs, reducing capital flight, and helping the government to conserve foreign exchange drain by supporting different industrial and infrastructural projects of African governments.

We fervently believe that only Africans can develop Africa, and this gives us a stronger sense of relevance in all the countries where we have our operations”. He concluded.

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