Connect with us

Business

NERC Fines Afam Power, Eko Disco N66.6m

Published

on

electricity
  • NERC Fines Afam Power, Eko Disco N66.6m

Following their failures to submit audited financial reports for 2013 and 2014, Afam Power Plc and the Eko Electricity Distribution Company have been fined N66.6m by the Nigerian Electricity Regulatory Commission.

According to NERC, Afam Power breached its Directive 162 when it failed to file audited financial reports for 2014 and was subsequently liable to pay N18.51m in fines.

It also stated that the EKEDC was in violation of its licensing terms and other operating conditions as contained in Directive 163 for its late submission of the 2013 and non-submission of 2014 audited financial reports.

The company is, therefore, liable to pay N48.09m fine, NERC said.

Both directives were signed by the Acting NERC Chairman, Dr. Anthony Akah, and the General Manager, Legal, Licensing and Environment, Mrs. Olufunke Dinneh.

NERC said it expected the companies to pay their fines within two weeks beginning from December 9, 2016, when the directives were signed.

The commission noted that the fines would attract five per cent interest daily after the two-week moratorium given the firms, adding that NERC might subsequently consider further disciplinary action against the power companies.

NERC, in the directives to the firms, stated, “Failure by both companies to file their audited financial reports as and when due, according to Directives 162 and 163, violates Section 63 (1) of the Electric Power Sector Reform Act, 2005; and Conditions 4 (1) and 6 of their respective electricity generation and distribution licences.

“Each ground of violation attracts N10,000 fine daily, totalling N30,000, beginning from April 1, 2014 for the 2013 financial reports for EKEDC, and April 1, 2015 for the 2014 financial reports for both Afam and EKEDC.”

NERC in its directives to Afam and EKEDC said both companies defied several overtures and reminders sent to them to file their audited financial reports for the periods under review, but that the reminders were unheeded.

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.

Continue Reading
Comments

Company News

Arla Food To Set Up Dairy Farm In Nigeria, Train 1,000 Dairy Farmers

Published

on

Arla Foods- Investors King

Arla Foods, makers of Dano Milk, has announced that it will build a state-of-the-art commercial dairy farm in Northern Nigeria where it plans to train and support up to 1,000 local dairy farmers as part of its long-term commitment to developing the Nigerian dairy sector.

The 200-hectare farm, scheduled to open in 2022, will have housing for 400 dairy cows, modern milking parlours and technology, grasslands and living facilities for 25 employees.

The firm said the farm is expected to produce over 10 tonnes of milk per day to supply locally produced dairy products to Nigerian consumers.

Managing Director, Arla Foods, Peder Pedersen said “there was a great need for nutritious food and dairy products to satisfy the growing demand from Nigeria’s fast-growing population.”

“This requires a complementary approach where imported food is crucial to ensuring food security while also supporting the government’s long-term agricultural transformation plan to build a sustainable dairy sector in Nigeria,” Pedersen said.

In 2019 Arla scaled up its commitment to developing a sustainable dairy sector in Nigeria with a new public-private partnership with the Kaduna State government.

It is the first of its size and offers 1,000 nomadic dairy farmers permanent farmlands. Arla is the commercial partner that will purchase, collect, process and bring the local milk to market.

Continue Reading

Appointments

The Board of Chemical and Allied Products Plc (CAP Plc) Appoints Vitus Ezinwa as a Non-Executive Director

Published

on

Chemical & Allied Products (CAP) Plc - Investors King

The Board of Chemical and Allied Products Plc (CAP Plc) has appointed Dr. Vitus Ezinwa as a Non-Executive Director of the company effective from Thursday June 17, 2021, subject to the approval of the Company’s shareholders at the next Annual General Meeting.

The company announced in a statement signed by Ayomipo Wey, Company Secretary/General Counsel, CAP Plc.

Dr. Ezinwa is a seasoned business manager and human resource professional with experience in leading multinational corporations.

He is currently the Chief Operating Officer (COO) of UAC of Nigeria Plc (“UACN”) and previously, the Group Director of HR at UACN.

Prior to Joining UACN, Dr. Ezinwa worked as Group Human Resources Director for Promasidor Africa; Human Resources Director, CocaCola Nigeria & Equatorial Africa with responsibility for 10 countries and Human Resources Director for British American Tobacco, West & Central Africa covering Ghana, Benin, Niger & Togo.

Dr. Ezinwa was, until recently, the Group Human Resource Director for Tropical General Investments (TGI) Group.

He is a member of the Advisory Board of Afterschool Graduate Development Centre, member of the Institute of Directors and a Fellow of the Chartered Institute of Personnel and Development (CIPD) UK.

He is a co-founder and Director of HR Network Africa and was until 2014, a member of the Lagos Business School’s Advisory Board. He holds a Bachelor’s degree in Sociology/Anthropology from the University of Nigeria, Nsukka, MBA in Management from Lagos Business School, a Master’s in applied business research and a Doctorate in Business Administration, both from Swiss Business School, Zurich, Switzerland.

In addition to holding an executive director role on the Board of UACN, Dr. Ezinwa is a non-executive director of Grand Cereals Limited.

Continue Reading

Business

DLM Capital Group Retains Position as Best Structured Finance & Securitization Team in West Africa

Published

on

Sonnie Ayere - Investors King

DLM Capital Group, a prominent Developmental investment bank, has once again emerged as the best-structured finance and securitization team in West Africa at the just concluded Capital Finance International (CFI) 2021 awards.

The leading developmental investment bank has won the award in the last three years to affirm its position as the leading investment institution and asset manager in the region.

CFI awards seek to identify the contributions of individuals and organizations that contribute significantly to the advancement of economies and truly add value for all stakeholders.

DLM Capital Group creates bespoke business solutions for alternative financing and harnessing funds for growth. The group focuses on four key sectors — consumer credit, agriculture, microfinance, and education with a mandate to reduce poverty and improve living conditions for Africans, while mobilizing resources for the continent’s economic and social development.

In the past three years, our portfolio management team’s performance has remained consistent, and our clients have benefited immensely from exposure to our solutions, including the NMRC securitization deal and the DLM Primero BRT Securitization,” said Head of Corporate Communications and Marketing, DLM Capital Group, Chinwendu Ohakpougwu.

We are positioned to provide services to an expansive client base of retail, high net-worth and institutional customers. DLM Capital Group remains committed to constantly providing financial solutions that will enable our clients make a difference, and we are honored to be recognized once again as a reflection of the quality of support offered to our clients’,’ she added.

DLM has won recognition in West African capital markets, acting as a sole arranger to over 80 percent of structured finance transactions in Nigeria — and all the securitization transactions. It provides deal structuring, advisory execution and capital raising services across the Nigerian capital market.

The Institution recently launched an asset financing scheme and is preparing a venture into digital banking under its subsidiary, Sofri.

Continue Reading




Advertisement
Advertisement
Advertisement

Trending