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MAN, Power Firm Plan 30MW Plant

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  • MAN, Power Firm Plan 30MW Plant

The Manufacturers Association of Nigeria has said it will partner ASB Valiant Company Limited to develop a 30-megawatts independent power plant to provide electricity to its member companies.

The plant, which will be located along the Lagos-Ibadan Expressway, is expected to supply power to MAN members and industries on the Makun corridor.

MAN said the initiative became necessary to bring down manufacturers’ costs of production as they continued to depend on generators to power their facilities because of the poor supply from the grid.

At a meeting organised by MAN on Wednesday in Lagos, chief executive officers at the Makun Industrial Cluster interacted with ASB Valiant Company to hear the project’s value proposition and the solutions to the challenges MAN members in the cluster were facing on power supply.

The Chairman, Manufacturers Power Development Company Limited, Mr. Ibrahim Usman, said, “One of the things our member companies have been experiencing that really erode their bottom line is the cost of power. We looked at this and we said the best thing to do was to have a power company that would facilitate the provision of power to our members.”

Usman, who was represented by a director on the MPDC board, Francis Meshioye, said, “We will be willing to really partner ASB Valiant Compan y as long as it will be willing to do its utmost best to ensure that we have uninterrupted power supply to our member companies within its area.”

The Managing Director, ASB Valiant Company Limited, Mr. Ayodele Ikumapayi, who described MAN as one of the most credible organisations in the country, said, “So, for them to then look at partners to help meet the needs of their members, I think the major consideration is with respect to the service that we have to offer; it is a win-win situation for both parties.

“They have created a platform to coordinate their members into a cluster; so instead of us going to each member to provide solution, which is sometimes not cost-effective and not even sustainable, now you have the opportunity to be able to centralise that operation and distribute to multiple members with the involvement of the distribution companies.”

MAN said it had, through the MPDC, signed a Memorandum of Understanding with Tower Energy Systems and Solutions Limited to generate 10MW of electricity for MAN members in the Henry Carr Industrial Cluster in Ikeja, Lagos.

The project, which is in phases, will start with an initial capacity of 3MW, for which power purchase agreement has been signed, according to the association.

It said the Makun IPP had progressed to the stage where potential off-takers needed to sign the PPA so that the developer could move on with necessary plans to mobilise to site, while ensuring a seamless relationship with Ibadan Electricity Distribution Company in line with the declaration of eligible customers by the Minister of Power, Works and Housing, Mr. Babatunde Fashola.

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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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm

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Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm

JR Firms, an agribusiness firm with headquarters in Nigeria, has announced partnership with Sanit Wing Rwanda through the acquisition of 11 per cent stake in the company.

The CEO of the company, Mr Rotimi Olawale, explained in a statement that the partnership was in furtherance of its goals to ensure food security, create decent jobs and raise the next generation of agrarian leaders in Africa.

The stake was acquired through Green Agribusiness Fund, an initiative of JR Farms designed to invest in youth-led agribusinesses across Africa.

Sanit Wing Rwanda is an agro-processing company that processes avocado oil and cosmetics that are natural, quality, affordable, reliable and viable.

The vision of the company is to become the leading producers of best quality avocado and avocado by-products in Africa by creating value across the avocado value chain.

With focus on bringing together over 20,000 professional Avocado farmers on board and planting of three million avocado trees by 2025 through contract farming, the company currently works with One Acre Fund in supply of avocado to its processing facility.

The products of the company which include avocado oil, skin care (SANTAVO), hair cream and soap are being sold locally and exported to regional market in Kenya.

With the new partnership with JR Farms- the products of the company will enjoy more access to markets focusing on Africa and the European Union by leveraging on partnerships and trade windows available.

Aside funding, the partnership comes with project support in areas of market exposure, capacity building, exposure and other thematic support to grow the business over the next four years.

JR Farms has agribusiness operations in Nigeria, Rwanda, United States and Zambia respectively.

In Nigeria, the company deals in cassava value chain processing cassava to national staple “garri” which is consumed by over 80 million Nigerians on daily basis, while in Rwanda, it works in the coffee value chain with over 4,000 coffee farmers spread across the East Central African country.

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Shut Down Depots Selling Petrol Above Approved Price – Marketers

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Shut Down Depots Selling Petrol Above Approved Price – Marketers

The Federal Government should close down depots that are selling petrol above the approved price, oil marketers said on Thursday.

National President, Independent Petroleum Marketers Association of Nigeria, Sanusi Fari, said the sale of petrol above government approved price by depot owners would soon lead to a hike in the commodity’s pump price.

Fari told journalists in Abuja that the government through its agencies such as the Department of State Services and the Department of Petroleum Resources should curb the development to avoid crisis in the downstream oil sector.

He said some private depot owners were selling at N165 per litre to independent marketers, way above the government stipulated price of N148 per litre.

Fari said, “Our challenge is the inconsistency in the pricing of petrol. Up till a week ago, government was still insisting that the February price for petrol remained unchanged.

“And most of the private depot owners are selling above the government stipulated price. As at today ( February 25, 2021) private depot owners are selling at N165 per litre to independent marketers.”

He added, “In the last six years, only NNPC imports refined products into this country and these tank farms buy their products from NNPC under a controlled price.

“This has affected our businesses seriously because government is insisting that we sell at the rate of N165, which is not going to work.”

The IPMAN president said filling station owners buy the product at N165 per litre from the private depots and incur other expenses such as transportation, rent, etc.

“So government cannot expect us to sell less than what we buy,” he said.

Fari added, “This is why we are calling on government and agencies that are saddled with the responsibility to control petrol pricing to urgently clamp down on depots that are selling above the stipulated price.”

The Nigerian National Petroleum Corporation, the country’s sole importer of patrol, recently stated that it never hiked the cost of petrol to depots.

It also enjoined the depot owners to sell the product at the approved rate and called on the DPR to enforce the stipulated price across the depots.

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