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Egbin to Double Capacity to 2,200MW by 2020

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nuclear power
  • Egbin to Double Capacity to 2,200MW  by 2020

Egbin Power Plc has unveiled plans to double capacity from the current 1,100 Mega Watts (mw) to 2000MW by 2020. The company made this disclosure in its maiden sustainability report released recently in Lagos.

Entitled, ‘Building a sustainable future’, the report is the first of its kind in Nigeria’s power sector. It highlights Egbin’s current status since its privatisation in 2013; its values and governance model; alignment of the company’s strategy with its commitment to a sustainable global economy; socio-economic and environmental impact of its activities and the road map for future plans.

Speaking on the report, Chairman of Egbin, Kola Adesina, said: “We are delighted to unveil Egbin’s maiden sustainability report as it reinforces our resolve to ensure sustainable growth for the company, having achieved major milestones since the new management took over on November 1, 2013.

“Egbin remains committed to working with all stakeholders as we seek to establish Egbin as a foremost industrial hub for economic growth and development.”

Sahara Group, working through a special purpose vehicle in collaboration with Korea Electric Corporation (KEPCO), acquired majority shareholding to complete Egbin’s privatiSation in 2013.

Following its privatiSation, generation capacity in Egbin grew from an average of 400MW to hit 1100MW in 2015 for the first time since its inception, with the company already planning to double the plant’s capacity by 2020.

Adesina noted that whilst the report covers the period from January 1 to December 31, 2015, references are made to activities from the point of takeover of the plant in 2013.

“It’s a celebration of our success and recognition of areas where we could have performed better,” he said.“In addition to reiterating our continuing quest for sustained outstanding performance, it also demonstrates our commitment to transparency and best practice for the benefit of all our stakeholders.”

Egbin’s sustainability report was developed using the Global Reporting Initiative (GRI) framework and provides a metric for measuring the company’s financial and non-financial performance. The report employs the GRI G4 ‘In Accordance’ Option of the Sustainability Reporting Guidelines and the supplement dedicated to the Electric Utilities sector issued in 2013.

The report includes disclosures on key indicators in areas material to Egbin’s stakeholders, including the level and capacity of energy generation, economic performance, workforce diversity, safety report, conservation and biodiversity management as well as strategies targeted at improving performance in these areas.

Adesina said the management of Egbin was hopeful that sustainability reporting in the power sector would help ensure that the interests of all stakeholders are taken into account across all points of the sector’s value chain.

“We intend to make this an annual publication and hope it will inspire other operators in the sector to follow suit,” he said.

“We believe Egbin has once again raised the performance bar in the sector as we work towards using the principles of sustainability to achieve our goal of optimising our generation capacity through quality human capital, continuing investments, consideration for socio-economic and environmental issues and strategic alliances that will open new frontiers for Egbin across Africa.”

The intended audiences for the report include Egbin’s shareholders, customers, employees, suppliers and other third party business partners, government and regulatory organizations, local and foreign institutional investors, international agencies and the general public. These stakeholders are directly and indirectly impacted by the activities of the organization.

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.

Economy

FG Launches E-ticketing Platform to Deepen Train Usage and Convenience

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FG Launches E-ticketing Platform to Deepen Train Usage and Convenience

In a bid to improve the usage and enhance the convenience of train transport in Nigeria, the Federal Government on Thursday announced the launching of the Electronic Ticketing platform for the Kaduna-Abuja rail services.

The N900 million E-ticketing platform was introduced by the Minister of Transportation, Chibuike R. Amaechi, and the Nigerian Railway Corporation.

Amaechi said the new platform would improve efficiency, promote accountability, reduce leakage and enhance economic growth, as well as save time.

The E-ticketing platform was a Public-Private Partnership project done in conjunction with Secure ID Solutions, who provide and would manage the system for 10 years in an effort to recoup its investment before the Nigerian Railway Corporation take charge.

Kofo Akinkugbe, the Chief Executive Officer, Secure ID Solutions, said as the new E-platform issued 25,000 tickets after a successful pilot test on Thursday.

Potential Travelers can book via three ways:

1. Mobile app
2. Website
3. POS or Cash at the station

A validator would be used to scan the ticket barcode to ascertain its authenticity before boarding.

Amaechi further announced that self-service ticket vending machines at various train stations would be introduced soon.

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Economy

Nigeria’s Excess Crude Account (ECA) Balance Now $72.4 Million

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Zainab Ahmed Finance Minister

Nigeria’s Excess Crude Account (ECA) Balance Now $72.4 Million

The Minister of Finance, Budget and National Planning, Zainab Ahmed, on Thursday said Nigeria’s Excess Crude Account (ECA) stood at $72,411,197.80 as of January 20th, 2021.

The minister disclosed this at the first National Economic Council (NEC) meeting of the year presided over by Yemi Osinbajo, Vice President and had in attendance State Governors, Federal Capital Territory Minister, Central Bank Governor and other senior government officials.

Ahmed said “Excess Crude Account (ECA), balance as at 20th January, 2021, $72,411,197.80; Stabilization Account, balance as at 19th January, 2021, N28,800,711,295.37; Natural Resources Development Fund Account, balance as at 19th January 2021, N95, 830,729,470.82.”

The minister also said President Muhammadu Buhari has approved N6.45 billion for the setting up of gas plants in 39 locations nationwide in an effort to increase COVID-19 treatment.

What is Excess Crude Account (ECA)

Excess Crude Account (ECA) is an account used to save the disparity in the market price of crude oil and budgeted price of crude oil as stipulated in the Federal Government Appropriation Bill.

Key Takeaways of Excess Crude Account (ECA)

  • Excess Crude Account (ECA) was established in 2004 by the Federal Government to stabilize Nigeria’s economy and smooth out the effect of crude oil fluctuation on Africa’s largest economy.
  • The ECA rose to its highest of $20 billion in November 2008 during the global oil boom when prices were above $100 per barrel.
  • Controversy, allegations of corruption, and uncertain performance have trailed the ECA since creation.
  • The balance plunged from $20 billion in 2008 to $72.4 million in January 2021.

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Economy

AfCFTA: Nigeria Customs Service Requested For Detailed Role In The Free Trade Agreement

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AfCFTA: Nigeria Customs Service Requested For Detailed Role In The Free Trade Agreement

Nigeria Customs Service (NCS) requested for a proper and detailed role expected to be carried out in the implementation of the African Continental Free Trade Area (AfCFTA) agreement.

The NCS said detailed explanations of roles and responsibilities of all parties involved in the free trade agreement should be spelled out to avoid overlapping of duties and to achieve a seamless implementation of AfCFTA.

Mr. Joseph Attah the Public Relations Officer, on behalf of the Comptroller-General of the NCS, Col Hameed Ali (Rtd.), issued a statement to address the call for a detailed role of the Customs.

“Our functions are highly automated and primarily systems-driven, hence the need to methodically harvest and integrate all data associated with AfCFTA into our system for easy deployment, access, and use by the trading public.

“We, therefore, await the National Action Committee (NAC) on the list of duties and charges waived for liberalised goods under AfCFTA. The list of the 90 percent liberalised national trade offers (NTOs); list of the 70 percent non-liberalised exclusive goods at the regional level; and list of the 3 percent non-liberalised sensitive goods.

“The appointment of a competent authority responsible for issuing and authenticating certificates of origin and registering enterprises and products within the region.” He said.

In the statement, NCS pledges commitment to the success of the trade pact and also identifies the transformational impact the free trade agreement would have on businesses in Nigeria and the Africa continent at large.

“Also, it is pertinent to inform the public about steps which must be taken to enable its smooth and full implementation,” He added

NCS recommended that the member-country of the free trade agreement should have a representative in the continental chamber, this is to ensure transparency and build the confidence of the members in the system.

“This, in our view, should be complementary to the activities of the various chambers of commerce of each country in the region. While awaiting clear directives concerning tariffs for all goods covered by this agreement, we want to assure the public of our preparedness to fully deploy our services at the shortest notice.

“Our desire is to imbue trust in the system while guaranteeing the economic safety and wellbeing of businesses within the country,”  NCS noted.

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