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Stable Power Supply Not Feasible Until 2023 – Discos

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  • Stable Power Supply Not Feasible Until 2023 – Discos

Electricity distribution companies said on Tuesday that the country would not be able to achieve uninterrupted electricity supply in the next five years if the challenges hampering the progress of the power sector were not addressed.

The Discos stated this through the Executive Director, Research and Advocacy, Association of Nigerian Electricity Distributors, Mr Sunday Oduntan, at a press conference in Lagos.

Oduntan described the liquidity crisis in the sector as a major issue, stressing the need for the government to put in place a cost-reflective tariff.

He said, “There is a need for collaboration among stakeholders in the sector to proffer solutions to the problems. So, we are willing any day; if we are called today for discussions, we will be there because we know that our businesses are at risk. This is very important for all of us to note: if the Discos collapse today, many Nigerian banks will collapse too.

“In case you don’t know, when they were selling the entities, only one of the Discos had foreign direct investment. All the others borrowed money from local banks, and they paid for the assets in dollars. The point is that those who have put their money in the sector will be the first persons to wish that the system succeeds, because the failure of the system means their money is also going down the drain.”

The ANED spokesman, in an apparent response to the views expressed by the Minister of Power, Works and Housing, Babatunde Fashola, added, “We should not continue to politicise issues in the power sector. Whatever ANED has said so far, I implore fellow Nigerians to please check whether we are lying. Let’s discuss issues and not personalities. We have no reason to lie. For us, we have a lot of things at stake because if there is sufficient power supply, efficient distribution by us and if we do all that we are supposed to do, then we will make more money.

“So, it is in our interest for all of us to work together and find solutions to the problems of the sector. If we do that, everybody will be happy; the customers will be very happy.”

He said the issue of metering had been politicised even as the Discos expressed their willingness to support the recently introduced Meter Assets Provider Regulations.

The MAP Regulations 2018, introduced by the Nigerian Electricity Regulatory Commission, is aimed at eliminating estimated billing practice, attract private investment into the provision of metering services, and close the metering gap through accelerated meter rollout.

Oduntan added, “The issue of metering is no more in the hands of any Disco in Nigeria. The regulator, of course, through the Federal Ministry of Power, Works and Housing, has taken over the issue of metering; that is the reason for that MAP regulation.

“They are the ones that should now tell us what we should do, and we are ready and willing to cooperate with the NERC to ensure that this thing becomes successful. However, our own metering that we have been doing, sometimes in trickles, will continue. But we are waiting for the MAP regulation to start so that we can all meter our customers.”

The ANED spokesman said the provision of meters to customers would eradicate the issue of estimated billing and contention over it.

He said, “But we should not miss the point, because I remember that our honourable minister still advised us to go and meter our customers. Maybe he has forgotten that he has removed that from our own duties, and that now is the duty of the MAPs.

“We are hoping to do everything possible to make the MAPs successful from our end as Discos, and we are ready to partner and cooperate with the Federal Government in any way possible but we should not all forget that the sector is bleeding, and that is why we are where we are.”

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

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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

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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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Appointments

MTN Appoints Chika Ekeji as Executive Lead for Strategy and Transformation

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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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