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Eko Disco Boosts Distribution Capacity with 100 New Transformers

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  • 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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South African Government to Sell Stake in South African Airways to Takatso Consortium

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South African Airways - Investors King

The South African government is selling a 51% stake in South African Airways (SAA) to Takatso consortium, which will initially commit more than 3 billion rand ($221 million) to give the struggling airline a new lease of life.

SAA has been under a form of bankruptcy protection since December 2019, but its fortunes worsened during the COVID-19 pandemic and all its operations were mothballed in September 2020 when funds ran low.

The airline is one of a handful of South African state companies that depend on government bailouts, placing the national budget under huge strain at a time of rapidly rising debt.

The partnership with Takatso will alleviate that financial burden, public enterprises minister Pravin Gordhan told journalists on Friday as the state would no longer provide any funding to the airline, which exited administration in late April after receiving 7.8 billion rand from the government. read more

Gordhan added that the government will retain a 49% stake with the intention of eventually listing the airline to address future funding requirements.

“The objective of bringing in an equity partner to SAA is to augment it with the required technical, financial and operational expertise to ensure a sustainable, agile and viable South African airline,” he said.

The consortium includes pan-African investor group Harith Global Partners and aviation group Global Aviation, Gordhan said.

Following the announcement, co-founder and consortium Chair Tshepo Mahloele told Reuters that 3 billion rand should be sufficient to operate the airline for 12 to 36 months.

The government could dispose of more of its ownership stake going forward, he added.

“They aren’t married to this 49%,” he said. “They won’t be putting more money into this asset.”

An initial public offering for the airline is unlikely to happen within the next three years, and SAA would first need to become profitable, Takatso Chief Executive Gidon Novick said.

Novick said Takatso would seek to relaunch SAA as soon as possible, prioritising first domestic service followed by regional destinations.

International long-haul routes would follow but would be selected carefully, and SAA would also work to forge partnerships with major carriers.

“We’re going to be competing with the greatest airlines in the world, and we need to be mindful of that,” Novick said.

The airline’s subsidiaries meanwhile will be evaluated, in particular Air Chefs, SAA Technical and low-cost airline Mango, Gordhan said, noting that “anything can happen” when asked if some could be shut down.

SAA will continue to be domiciled in South Africa and the government will have a “golden share” of 33% of the entity’s voting rights and certain areas of national interest, Gordhan said.

($1 = 13.5379 rand)

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Coca-Cola Partners NGOs To Clear Plastic Waste In Nigeria

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Coca-Cola Company - Investors King

Coca-Cola Nigeria has said it partnered with non-profit organisations to reduce plastic pollution across the country.

In a statement on Thursday, it said it would be doing more to promote environmental sustainability as part of efforts to commemorate World Environment Day.

It stated that it had introduced initiatives to protect the environment through its philanthropic arm, the Coca-Cola Foundation.

Coca-Cola said that it supported the Statewide Waste and Environmental Education Foundation to launch the Eko Beach Race 2021 themed ‘A race against plastic pollution.’

The event had in attendance 2,000 youths, students and sports enthusiasts who participated in a marathon race and beach clean-up.

SWEEP Foundation’s President, Obuesi Philips, stated at the event that it “was geared towards recognising the growing contributions of sport to the realisation of societal development.”

The drink maker also partnered with the Aid for Rural Education Access Initiative to host the “Recycle and Win” festival.

It included community outreach and clean-up programmes in Kwara, Kano, Kaduna, Yobe and Oyo States. Coca-Cola said that 10 tons of plastic bottles were recovered through the process.

The Director, Public Affairs, Communications and Sustainability at Coca-Cola, Nwamaka Onyemelukwe, urged Nigerians to adopt more eco-friendly practices while emphasising the urgency of the current global situation.

Onyemelukwe stated, “At Coca-Cola, we recognise there is a packaging waste problem globally and especially in Nigeria, which is why we pioneered the World Without Waste initiative to engineer innovative solutions to tackle this challenge.

“World Environment Day presents an opportunity for us to act on this mandate as seen by the number of environmental sustainability initiatives we have supported in collaboration with local implementing partners.”

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RAK Unity Petroleum to Shutdown as Shareholders Approved Liquidation

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Rak Unity Petroleum company - Investors King

Shareholders of RAK Unity Petroleum Company Plc, at the company’s 18th Annual General Meeting, held on Friday, 4th June 2021, agreed that the company be wound up voluntarily in accordance with the provisions of the Companies and Allied Matters Act 2020.

The company disclosed in a statement signed by Olubukola Olonade-Agaga, ALSEC nominees Limited Company Secretary.

The liquidation is subject to the approval of the members of the Company in the general meeting.

The statement in part, “THAT Mrs Chinwe Chiwete of the law firm of EPIC Legal of Block 74, Plot 22B, Emma Abimbola Cole, Lekki Phase 1, Lagos be appointed liquidator for the purposes of winding up of the Company, subject to the approval of the members of the Company in the general meeting.

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