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Abuja Disco Targets 50% Increase in Revenue

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  • Abuja Disco Targets 50% Increase in Revenue

The Abuja Electricity Distribution Company (AEDC) has said it targets 50 per cent increase in revenue from December when it would have completed its metering of about 3880 Maximum Demand (MD) or Large Power User (LPU) customers under its network.

The Disco disclosed this when the Acting Director General of the Bureau of Public Enterprises (BPE), Dr. Vincent Akpotaire launched its LPU metering project at the Abuja Archives and History Bureau.

Speaking to reporters shortly after the installed LPU meter at the Archive Bureau was launched by Akpotaire, the Managing Director of AEDC, Ernest Mupwaya said the project which will take the Disco $1.8 million to implement, will see to its accurate billing and revenue collection from the LPU customers.

Mupwaya explained that the 3880 LPU customers contribute up to 50 per cent of the Disco’s monthly revenue.

“This is a critical segment of improving performance for us because this 3880 number of high power users or MD customers are contributing roughly 50 per cent of our revenue.

“It means that by December 50 per cent of the problem would have been resolved and the benefits that will be derived from this will then be ploughed back to the rest of the customers which we are supposed to meter and are a large number that will take time,” said Mupwaya.

He explained that MD meters will installed at places like military and police barracks, and government buildings where energy theft are usually high for Discos in the country and revenue collections very difficult.

He also noted that they will come with in-built intelligence components to notify the Disco of potential attempts of by-pass or breeches by consumers.

“What you are seeing is just a component of a metering system. There is an intelligence gathering mechanism which allows that from our office we are able to read every customer that have this meter. We are able to see whatever is happening. We are cutting out the human interface that comes with the traditional meters which do not get accurate readings. We are however assured of high level accuracy,” he said.

Mupwaya also spoke on the market’s financial shortages, saying: “The sector has to transform, in other words, we have to reduce losses and become more efficient, that is how we can collect more money and to do this takes longer time unlike the telecom sector where there is virtually no room for credit theft but there is room for that in the power sector.”

He added that: “Overtime when the losses come down, we will have more liquidity in the sector. The bills for the energy we get every month are increasing monthly because for example, the gas supply to power stations is indexed in dollars and movements in the exchange rates means there is a pass-through cost.”

Meanwhile, the Disco has also fired 27 of its employees for various offences relating to both corruption and indiscipline.

An internal memo indicated that the disengaged employees were from different cadres of the company.

It was signed by AEDC’s Director, Corporate Services, Abimbola Odubiyi, and showed that 17 of the affected staff had their appointment terminated while nine others were dismissed for various forms of corrupt practices such as fraud, theft and double employment.

Dated 16th September, 2016, the memo further revealed that some of the affected persons were disengaged on account of disciplinary matters such as persistent absence from duty without permission.

Odubiyi in the internal memo, reminded all employees of the current management’s zero tolerance for all forms of corruption and indiscipline, drawing their attention to chapter three of the company’s rules and regulations which he said was very clear as to what constitutes an infringement on the policy.

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.

Brands

Dangote Cement Emerges Best Performing Firm In Africa

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Prime Real Estate Development At Eko Atlantic City

The Kogi State Chamber of Commerce, Industry, Mines and Agriculture (KOCCIMA) has named the Dangote Cement Plc, Obajana Plant, as the best performing company in Africa.

The award was presented to the company in Lokoja at the weekend by the Deputy Governor of Kogi State, Chief Edward Onoja, who represented the State Governor, Alhaji Yahyah Adoza Bello, at the Annual General Meeting(AGM) of KOCCIMA.

Speaking at the occasion, the President of KOCCIMA, Mr. Victor Ibrahim, said the Dangote Cement emerged through a thorough screening process that involved 20 companies.

He said: “Our screening committee considered many criteria before Dangote Cement Plc was selected”.

According to him, the Chamber put into consideration Dangote Cement’s contributions to the state’s economy through Internally Generated Revenue(IGR), as well as its good relationship with KOCCIMA.

Mr. Ibrahim said another criterion that placed the Dangote Cement in good stead is that the company has been environmentally friendly.

“We’ve visited DCP Obajana Plant and we found it complying with global best practices when it comes to the environment. Your parking lot does not constitute any environmental danger. We also considered returns to investors, the welfare of staff, the 43km Obajana-Kabba concrete road, your good relationship with the host community and your positive image”.

He announced that the Chamber of Commerce was planning to host its Trade Fair by year-end and looking forward to collaborating with the Dangote Cement Plc.

The Deputy Governor Mr. Edward Onoja expressed the appreciation of the Kogi State Government, saying the contributions of KOCCIMA and the private sector were crucial to the development of the state.

Speaking to newsmen on the sideline of the event, representative of the Dangote Cement Plc Mr. Ademola Adeyemi said the company was elated and that the award will further spur it to continue its support to the state’s economy, KOCCIMA and Corporate Social Responsibility schemes.

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Appointments

MTN Appoints Chika Ekeji as Executive Lead for Strategy and Transformation

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MTN Appoints Chika Ekeji, A Nigerian-American as Executive Lead for Strategy and Transformation

MTN Group has announced the appointment of Chika Ekeji, a Nigerian-American national as an executive to lead the strategy and transformation unit of the mobile network operator.

Chika has a Master of Engineering in Computer Science from Cornell University and an MBA from MIT.

He will be leaving from McKinsey & Company, where he led the West Africa Digital Practice and served telco, financial services, and public sector clients across Africa.

His appointment with Africa’s leading mobile operator will be effective on, 15th of March. In his new role, he will be based in SA.

“We are very pleased that Chika is joining us as we work to accelerate our strategic repositioning,” says MTN Group chief operating officer Jens Schulte-Bockum.

To support the execution of the repositioned strategy, Ekeji joins a group of other recent appointees, including the new group chief financial officer, Tsholofelo Molefe.

In recent weeks, MTN also made changes to the group’s regional structure and the executive committee.

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Brands

Union Bank Unveils Multi-Asset Trading Platform M36

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Union Bank Unveils Digital Investing Platform, M36

A new digital platform designed to deliver a wide range of investment products directly to individuals and other investors, M36, has launched in Nigeria.

Through an innovative, user-friendly app, M36 offers investment options not typically available on self-service digital platforms including foreign currency transactions, commercial papers, local and foreign-denominated bonds, treasury bills and other fixed-income products.

M36 also offers bespoke solutions for both new and experienced investors as well as a 24-hour lifestyle concierge service to meet the needs of discerning customers.

In a rapidly evolving environment with changing consumer behaviour fueled by technology and growing access to information, M36 is looking to expand opportunities for investors at all levels, while also simplifying the process of investing.

M36 was developed by Union Bank as part of its strategic focus on delivering superior customer solutions leveraging technology and innovation. The bank partnered with several asset management companies to deliver a broad range of investment products on the M36 platform.

Speaking about this, Mr. Chuka Emerole, Head, Treasury at Union Bank said, “M36 eliminates the traditional barriers to investing and offers investors direct access to financial instruments that would usually require the service of an investment or relationship manager.

“We’ve designed M36 to ensure simplicity in the onboarding and investing process while also empowering the customer to make sound investment choices based on their financial objectives.

“We worked with key partners to deliver both the experience and products on M36 and are confident that we have launched a superior product in today’s marketplace”.

With the 24-hour concierge service, M36 users can access round-the-clock support from investment advisors as they actively manage their portfolios.

The bank said the M36 was a timely financial product meant to keep abreast with the rapidly evolving environment and changing consumer behavior that is fueled by technology and growing access to information.

The M36 is also part of the UBN’s strategic focus on delivering superior customer solutions by leveraging technology and innovation. The bank partnered with several asset management companies to deliver a broad range of investment products on the M36 platform.

M36 also offers loans, personal travel allowance, will and trust services and many more essential products under its Life Essentials menu.

 

M36 is available for download on the App Store and the Google Play Store.

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