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Eko Disco Boosts Distribution Capacity with 100 New Transformers

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Kano
  • Eko Disco Boosts Distribution Capacity with 100 New Transformers

As part of its efforts to ensure that its customers do not celebrate Christmas and New Year in darkness, the Eko Electricity Distribution Company (EKEDC) has acquired 100 new 500KVA transformers to replace the failed transformers in its network.

Speaking recently when he showed journalists the transformers at the company’s mega store in Ijora, Lagos, the Managing Director and Chief Executive Officer of EKEDC, Mr Oladele Amoda said the 100 transformers would be added to 38 transformers that were previously acquired to replace all failed transformers in the company’s network.

According to him, some of the company’s transformers are no longer in good working conditions.

He said with the current inability of the Eko Disco and other power companies to access credit from the banks, the company’s directors intervened personally to obtain loan from Zenith Bank on behalf of the company for the acquisition of the transformers.

“We will not like any of our customers to celebrate Christmas or New Year in darkness. That was why we quickly approached our directors because there is no way Eko Disco can access credit from the banks. So, our directors went to Zenith Bank to actually take a loan on our behalf for us to get 100 Nos 500KVA transformers and the 38 we had acquired, so that within the next two weeks, we will replace all the failed transformers in our system so that the affected customers will not celebrate Christmas in darkness,” he said.

“This is part of our customer care activities. Customer is the reason why we are in business and the only commodity we sell is electricity. It is only the customers that electricity and we can’t get electricity from the grid and keep. So, we have to distribute,” he added.

Amoda however added that the company expects her customers to reciprocate this gesture by paying their bills promptly.

He also urged the communities who will benefit from the transformers not to see them as public property but as their own so that they can help the company to safeguard the transformers against vandalism by unscrupulous elements.

“We cannot continue to invest huge sum of money into network improvement like we are doing and some people will be allowed to vandalise such equipment,” he said.

Speaking on the company’s rollout of free prepaid meters, Amoda stated that the company signed a partnership agreement with Huawei of China, adding that the company currently has over 100,000 prepaid meters in stock for distribution to customers.

“We have commenced bill reconciliation and verification exercise tagged Eko CARE (Eko Customer Account Reconcilliation Exercise). This is a way of repackaging energy audit to give it a caring face. Customers with wrong connection leading to energy theft can come to us on their own for rectification without being penalised. Those who wait till we discover meter by-pass or energy theft will be penalised,” Amoda explained.

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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Portland Paints, Chemical and Allied Products Plc Agreed to Merge

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Portland Paints

Portland Paints, Chemical and Allied Products Plc Agreed to Merge

Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.

In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).

Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.

“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.

“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”

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Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17

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Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17

Tony Elumelu owned Heir Holdings Limited and its related company Transnational Corporation of Nigeria Plc on Friday announced it has completed the purchase of 45 percent stake in Oil Mining Lease (OML 17) through TNOG Oil and Gas Limited.

The acquisition includes all assets of Shell Petroleum Development Company of Nigeria Limited (30 Percent), Total E&P Nigeria Ltd (10 percent) and ENI (five percent) — in the lease.

It was further stated that TNOG Oil and Gas Limited will also have the sole right to operate OML 17.

The field presently has a production capacity of 27,000 barrels per day. Also, there are estimated 2P reserves (proven and probable) of 1.2 billion barrels and an additional one billion barrels in possible reserves — all of oil equivalent.

A consortium of global and regional banks and investors provided a financing component of $1.1 billion for the largest oil and gas financing in Africa in over a decade.

In a statement released on Friday, Shell said the completion was after all the necessary approvals have were received from authorities.

“A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area,” the SPDC said.

Speaking after the completion of the deal, Elumelu said “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.

“As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.

“I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”

Tony Elumelu is the Chairman of Heirs Holdings Limited, Transcorp and United Bank for Africa Plc.

Also, read Transcorp Plc Acquires FGN’s 100% Equity in Afam Power for N105 Billion

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Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods

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Institute of Chartered Shipbrokers

Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods

Exporters have said the recently introduced pre-export requirements by the Central Bank of Nigeria is creating unnecessary bottlenecks for exporters and the movement of goods out of the country.

Exporters, who spoke under the aegis of the Network of Practicing Non-oil Exporters of Nigeria (NPNEN), said the electronic Nigeria Export Proceed Form now required by financial institutions from exporters had come with so many challenges.

Ahmed Rabiu, the President, NPNEN, explained that the new policy had several requirements that often led to delays and loss of income on the part of exporters.

He said, “We acknowledge the CBN’s desire to ensure that all exports out of Nigeria are documented in order to ensure that the proceeds of such exports are repatriated.

“However, the reality on the field shows that the process is causing undue delays and consequently, encouraging corruption.

According to them, in the new pre-export requirements, the Central Bank of Nigeria wants an export transaction to be initiated through eNXP processing on the trade monitoring system.

After which exporters are expected to have a pre-shipment inspection agent, the Nigeria Customs Service and other designated government agencies carry out their pre-export inspections.

The exporters said the pre-shipment inspection agent was expected to issue a clean Certificate of Inspection while Customs would issue the Single Good Declaration. All these they said takes time and delay goods from leaving the country on time.

Pointing to a recent report, they said about N868 billion worth of goods bound for export were stuck at the ports due to the new policy.

Speaking further Rabiu said, “For example, for the PIA to issue the CCI, the exporter is required to upload a certificate of origin as one of the supporting documents for the eNXP.

“The PIA is also required to upload the CCI to the TRMS(M) and until this is done, the Customs service will not issue the Single Good Declaration.”

He added, “After issuing the SGD, the customs is further required to upload it into the TRMS before the goods are allowed to be gated into the port and loaded on the vessel by the shipping line.

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