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Nigeria to Drive West Africa’s Green Energy Bond

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  • Nigeria to Drive West Africa’s Green Energy Bond

Nigeria has accepted to lead West African countries in their plan to implement the Paris Climate Change Agreement and subsequently access the green bonds attached to the agreement, the President of Sustainable Energy Practitioners Association of Nigeria (SEPAN), Dr. Chidi Onuoha has said.

Onuoha said in an interaction with THISDAY shortly after the closing ceremony of the sixth edition of the Nigeria Alternative Energy Expo (NAEE) in Abuja, that the decision to allow Nigeria take the lead in West Africa’s desire to tap into the green bond was based on her recent show of passion for renewable energy deployment.

Green bonds are standard bonds with a green as a bonus feature. They were created to fund projects that have positive environmental and/or climate benefits. According to reports, the green bond market which took off in recent years with $42 billion issued in 2015, has continued to grow with issuance in 2016 hitting over $50 billion by September.

Onuoha stated that so far, Nigeria, which recently signed the Paris agreement with the possibility of quickly ratifying it, was better positioned to drive the initiative for West Africa. He said a framework had been set up in this regard.

“The president said in Paris that Nigeria will reduce carbon emission under the climate change agreement by 20 per cent unconditionally, using renewable and energy efficiency sources and ending gas flaring. That is our own Nationally Determined Contributions (NDC).

“We have been able to design a framework for Nigeria’s achievement of this NDC. With this, we are going to be able to earn revenue from the carbon market which is huge with billions of dollars,” said Onuoha in his summary of the expo’s overall takeaway.

He said: “If Nigeria ratifies this, the practical aspect of implementing this will attract so much of this funds.We saw the need to set up the West African Emission Trading Association, we have it in South Africa where their cities have green bond initiatives, as well as in East Africa. These are some the things we will use for the Paris agreement and West Africa which sees Nigeria as a hub has asked Nigeria to develop the process, and that is what we have done.”

According to him, “We have been able to set up the West African Emission Trading Association. With this, we want to be ready to tap into the business opportunities that the carbon we save can give us. We want to be able to trade the carbon for money because emission trading is key in this business.”

Onuoha also said operators in Nigeria’s renewable energy sector have decided to continue to push the government to see the economic benefits of supporting the sector. He added that the sector had more potential to employ more people than the oil and gas sector which the government is more interested in.

“We have made sure that renewable energy and energy efficiency has been mainstreamed in Nigeria’s energy policy. The government recently signed a PPA with 14 developers for solar power. This is a good thing and the direction we have been pushing for.

“Because we still have a rent mentality and Nigeria still look to oil as a revenue source, we want the government to begin to drive the narrative that this sector is a huge one. We want Nigerians and government to know there are huge potentials in this sector because for every 1 megawatts deployed, 3000 people are employed in terms of solar installers and technicians amongst others, and that is a constant,” Onuoha added.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others

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Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.

 

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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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