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TCN Gets $1b for Expansion, Others

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  • TCN Gets $1b for Expansion, Others

The Transmission Company of Nigeria (TCN) has secured about $1 billion from multilateral donors, including the government of Japan, to expand and rehabilitate its facilities, it was learnt.

TCN’s Acting Managing Director/Chief Executive, Mr. Usman Gur Mohammed said the Federal Government through the Ministries of Power, Works and Housing and Finance, had secured significant amount through that source to support improvement of the transmission arm of the power sector.

Mohammed was in Lagos on the directive of Power, Works and Housing Minister, Babatunde Fashola to inspect one of the TCN’s transmission towers that is being threatened by refuse dump and illegal oil refining and burning. The TCN chief said such activities compromises the integrity of the tower, adding that in the event of a problem, the maintenance team of the company would not have access to the facility for repairs. Should the tower collapse as a result of the compromise, the entire Apapa and environs would be out of power supply, he added.

“Therefore, it is imperative that I came to see things, discuss and collaborate with Lagos State Government to find solution to the problem and permanently stop the nefarious activities going on under the tower,” he added.

On tackling the funding problem facing the TCN, Mohammed said: “Funding problem in the power sector is not restricted only to the transmission, it extends to all other arms of the power industry. The liquidity in the sector is so low because the collection efficiency is very low. It is what the distribution companies collected that are distributed to all the other arms including transmission.

“But since the coming of this government, it has been putting money in transmission. Money that has been put by this government into transmission has never been put into transmission in the history of Nigeria.

“We have also secured a lot of funding from multilateral donors, backed by the Ministries of Power, Works and Housing and Finance, and this is being channeled into transmission. To me, funding is not so much a big issue to transmission because we have got the support of the government.

“Even though we are not getting enough from the market, the government is supporting us through the multilateral donors that give us money to finance our expansion and rehabilitation programme. So, I can assure you everything is going on well and in the next one or two years, Nigerians will see the difference.

“We have secured significant amount of money from the multilateral donors but the utilisation of such funds depend on the outcome of the tenders. Tenders under the multilateral donors’ fund have to be internationally competitive and, by my estimate, we have secured about $1 billion. We have existing projects that have not been doing well, which have been resuscitated.”

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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