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FG Seeks Boost in Power Supply



  • FG Seeks Boost in Power Supply

The Infrastructure Concession Regulatory Commission (ICRC) has disclosed that it recently held a concession review meeting with the North South Power Company, concessionaires of the Shiroro Hydropower Plant, with a view to enhancing power supply in the country.

The meeting was also an opportunity to showcase the gains of the reforms in the power sector.

Speaking at the event, the Director General of the Commission Chidi Izuwah, was quoted as saying that “what the concessionaires of the Shiroro Hydro Power have demonstrated is a testimony of the capacity of the private sector to deliver critical infrastructure and the viability of PPP as the preferred procurement option.”

According to him, during the power reform exercise, the ICRC worked very closely with BPE and CPCS to guide the PPP concession structure the national hydro GENCOS.

He lauded the management of the company for taking the initiative to engage the ICRC, stressing that the Commission is the statutory agency with supervisory responsibility over Public-Private Partnerships.

While calling for more investment in the sector, he stressed the importance of sustained new investment as a way of addressing the demand and supply gap in the sector.

Izuwah added: “The power sector still requires significant investment. Obsolete equipment continues to undermine reliable power supply”.

In his remarks, Chief Technical Officer of the North South Power Company, Rowland Lwindi, who led the team, outlined the various steps taken by the company to enhance power output since they took over management of the plant in 2013.

According to him, at takeover, the plant had only one fully functional turbine, out of four available; but presently, all four turbine units have been fully repaired and restored while available capacity is same as name plate capacity 600MW. The hydro gencos like Shiroro remain the lowest cost energy providers for Nigeria.

“Other key technical achievements like underwater intake gate repairs requiring saturation diving previously undone by PHCN have been completed with no safety incident. Similarly, in view of availability of land on site, plans are in place to put in an additional 300MW solar plant. The combination of hydro and solar will ensure high uptime,” he explained.

Speaking further, he disclosed plans to divert and put more water into Shiroro to boost power generation by 12 per cent in both Shiroro and Zungeru at a cost cheaper than a new hydro dam. However, detailed studies are expected to be carried out.

According to him, the company is currently carrying out remedial works on staff houses while the Shiroro road is being regularly maintained as part of its Corporate Social Responsibility programme.

A number of challenges were identified, which included the lack of synergy between the various supervisory agencies.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


BUA, Kainos Exploration to Drag Each Other to Court Over $20 Million Scandal



BUA Cement Logo

BUA Group on Monday threatened to drag Mr James Onyejekwe, the Managing Director of Kainos Exploration to court over a publication that claimed the Group was involved in a $20 million scandal.

BUA stated in a statement issued on Monday.

It stated that the publication engineered by Mr Onyejekwe was a “clear intent to impugn the integrity and reputation of BUA Group and its Chairman, Mr Abdul Samad Rabiu.”

BUA takes its reputation seriously and we will continue to do everything to protect it from anyone and any entity who obstructs our mandate to conduct business in a proper, legal and socially-responsible manner.

“BUA will, therefore, utilise its legal and human resources to resist every campaign of defamation and distraction,” the statement further said.

The leading cement manufacturing company said its independent investigation showed Mr. Onyejekwe was behind the false story that went viral online.

We have, therefore, instructed our legal team to immediately commence criminal defamation proceedings against the person of Mr James Onyejekwe who is the said originator of the malicious letter fraudulently attributed to Cavendish Petroleum against our person, with damages,” the statement seen by Investors King noted.

BUA explained that “We deem these actions necessary, in order to protect the name and reputation of BUA Group.”

“We see no reason why Mr James Onyejekwe of Kainos Exploration and Processing would single out BUA in a supposed business dispute which had no link to the BUA Group in its entirety.

“Therefore, BUA finds it absurd that Mr Onyejekwe or anyone else will decide to drag BUA into their issues and/or put out such a malicious and defamatory statement, fraudulently using the name of Cavendish/Mr Mai Deribe without recourse to the truth, facts, decorum or decency,” it added.

BUA Group described the story bordering on allegations of corruption as “false, malicious and spurious.”

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Dangote Cement Emerges Best Performing Firm In Africa



Prime Real Estate Development At Eko Atlantic City

The Kogi State Chamber of Commerce, Industry, Mines and Agriculture (KOCCIMA) has named the Dangote Cement Plc, Obajana Plant, as the best performing company in Africa.

The award was presented to the company in Lokoja at the weekend by the Deputy Governor of Kogi State, Chief Edward Onoja, who represented the State Governor, Alhaji Yahyah Adoza Bello, at the Annual General Meeting(AGM) of KOCCIMA.

Speaking at the occasion, the President of KOCCIMA, Mr. Victor Ibrahim, said the Dangote Cement emerged through a thorough screening process that involved 20 companies.

He said: “Our screening committee considered many criteria before Dangote Cement Plc was selected”.

According to him, the Chamber put into consideration Dangote Cement’s contributions to the state’s economy through Internally Generated Revenue(IGR), as well as its good relationship with KOCCIMA.

Mr. Ibrahim said another criterion that placed the Dangote Cement in good stead is that the company has been environmentally friendly.

“We’ve visited DCP Obajana Plant and we found it complying with global best practices when it comes to the environment. Your parking lot does not constitute any environmental danger. We also considered returns to investors, the welfare of staff, the 43km Obajana-Kabba concrete road, your good relationship with the host community and your positive image”.

He announced that the Chamber of Commerce was planning to host its Trade Fair by year-end and looking forward to collaborating with the Dangote Cement Plc.

The Deputy Governor Mr. Edward Onoja expressed the appreciation of the Kogi State Government, saying the contributions of KOCCIMA and the private sector were crucial to the development of the state.

Speaking to newsmen on the sideline of the event, representative of the Dangote Cement Plc Mr. Ademola Adeyemi said the company was elated and that the award will further spur it to continue its support to the state’s economy, KOCCIMA and Corporate Social Responsibility schemes.

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MTN Appoints Chika Ekeji as Executive Lead for Strategy and Transformation



MTN Appoints Chika Ekeji, A Nigerian-American as Executive Lead for Strategy and Transformation

MTN Group has announced the appointment of Chika Ekeji, a Nigerian-American national as an executive to lead the strategy and transformation unit of the mobile network operator.

Chika has a Master of Engineering in Computer Science from Cornell University and an MBA from MIT.

He will be leaving from McKinsey & Company, where he led the West Africa Digital Practice and served telco, financial services, and public sector clients across Africa.

His appointment with Africa’s leading mobile operator will be effective on, 15th of March. In his new role, he will be based in SA.

“We are very pleased that Chika is joining us as we work to accelerate our strategic repositioning,” says MTN Group chief operating officer Jens Schulte-Bockum.

To support the execution of the repositioned strategy, Ekeji joins a group of other recent appointees, including the new group chief financial officer, Tsholofelo Molefe.

In recent weeks, MTN also made changes to the group’s regional structure and the executive committee.

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