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ERGP Focus Labs to Boost Power Generation



Electricity - Investors King
  • ERGP Focus Labs to Boost Power Generation

The Economic Recovery and Growth Plan (ERGP) focus Labs set up by the Federal Government is expected to boost power generation in the country and promote economic growth.

Geometerics Power Limited, a major player in the nation’s power sector and a host of other participants must have been skeptical upon receiving invitation to attend the Economic Recovery and Growth Plan (ERGP) focus lab sessions which took place in Abuja this year.

As with most Nigerians, this skepticism often stems from the general perception of such initiatives as another “regular talk shop” organized by the government, where experts and bright minds are gathered for brainstorming sessions but their recommendations never quite get implemented.

Unknown to the participants, a big surprise awaited them, as it turned out by the end of the six-week programme which had in attendance sectorial experts, investors, decision makers in government and other economy major stakeholders. The company, like others, couldn’t have wished for a better opportunity to unlocking its stifled business operations. Not only that, the participation saw Geometrics Power Limited being part of a renewed effort to get the country back on track for the much needed economic recovery and sustainable growth, especially in the power sector. It suddenly saw light at the end of what had been a very long and dark tunnel.

Geometrics Power Limited is the company handling the Integrated Power Project (IPP) in Aba, Abia State, which covers nine local government areas in what is referred to as the “Aba Ring Fence”. A protracted misunderstanding saw the company pitched against the Enugu Distribution Company (Enugu Disco) over the project ownership, in the wake of the privatization of the Power Holdings Company of Nigeria, which left the project suffering lack of attention, with many imported components of the project lying waste for over five years.

By its participation in the ERGP focus labs, the company was afforded an opportunity to meet key decision makers in government and experts who offered the level of assistance and resolution to the seemingly unending challenges it was facing. The same challenges it never could have imagined were possible for resolution, least of all on the spot, given the history of bureaucratic bottlenecks that hamper projects implementation in the country. The focus lab thus provided unfettered access to key decision makers, including concerned Ministers, heads of Parastatals, key officials, as well as representatives of the Bureau of Public of Enterprise (BPE), Nigerian Electricity Regulatory Commission (NERC), Budget Office, Customs and other agencies required to progress the project.

Benefits of participation in the focus labs

Surely among several others, the benefits Geometrics Power derived from participation in the focus labs were legion, the greatest of which was resolution of the quagmire it found itself in the Aba IPP. The coast is now clear for it to commence work on the project that is expected to generate 500 megawatts of electricity.

Not only did the inability of putting the acquired turbines to use for over five years render the equipment useless, it also eroded the manufacturers warrantee on them. At the Abuja event, Geometrics Power was assigned the foreign organization that would assist in getting the turbines reconfigured to make them useful. A major benefit the company derived in this regard was opportunity to secure, at the focus labs, a presidential approval for the equipment to be taken out of the country for the reconfiguration, since there is a ban on export or re-export of equipment of that magnitude from of the country.

At the focus labs, the company achieved a major breakthrough in securing assistance of the Central Bank of Nigeria and some local banks in sourcing the foreign exchange component requirements for the reconfiguration of the turbines. Thus, the company is set to get the Aba IPP off the ground as soon as possible.

Benefits of uninterrupted power to Aba

The benefits of delivering uninterrupted power supply to Ava are enormous, owing to its status as the industrial hub of the South East for decades. For some time now, there have been concerted efforts at promoting local production of goods also known as ‘Aba-made’ products, with shoes being the dominant product.

The expected boost of power supply to Aba, which will be achieved with the IPP operated by Geometrics Power, will see a massive resuscitation of moribund businesses in the shoes and leather products sub-sector of the manufacturing sector, within and outside the city. For instance, resuscitation of moribund and upscaling of existing businesses in the sub-sector would boost the business of hides and skin producers in the northern part of the country, who depend largely on manufacturers of Aba-made shoes and leather products for survival. Consequentially, this would create more jobs in the locality and even much more along the value chain. Again, the impact of same on social living would be huge with greater potentials as the further grows. This is besides, the possibility of local manufacturers of shoes and other fashion accessories in Aba and environs to feed the boutiques and fashion shops in far-away places like Lagos, other parts of the country and the continent too.

When completed, the Aba IPP is expected to increase the total national electricity generation from the seven thousand megawatts it was as at mid-2018. This is a significant benefit of the over N2.6 trillion the federal government released for capital expenditure to finance infrastructure and other related projects in the country.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

Merger and Acquisition

Bitmama Inc. Acquires Payday, Expanding Fintech Footprint in Nigeria




Nigeria’s blockchain payments platform Bitmama Inc. has successfully acquired Payday, a virtual card service provider.

The acquisition, facilitated through Bitmama’s cross-border payments product, Changera, signals a pivotal shift in the industry and consolidated the blockchain payment platform by acquiring 100% of Payday’s customer base.

Launched in 2021, Changera is set to absorb key personnel from Payday, spanning various departments like marketing, customer service, and engineering.

While specific details of the financial terms remain undisclosed, a source close to the matter revealed that the acquisition process is approximately “85% complete.”

For the over 300,000 customers formerly under Payday’s purview, the transition to Changera’s care promises a seamless experience, with minimal noticeable changes.

Despite Payday CEO Favour Ori’s integration into Bitmama’s team remaining uncertain, Changera is well-positioned with an established leadership and a robust technical team.

A senior member of Bitmama’s management assured that Payday’s brand will persist but will now operate under the broader umbrella of Changera, supported by its stablecoin infrastructure.

This integration aims to address operational challenges faced by Payday, such as industry-wide charge-back fraud, disruptions in Mastercard services, and the departure of senior team members.

Post-acquisition, Bitmama plans to embark on an ambitious roadmap, including the development of a new solution enhancing foreign exchange (FX) transactions for African businesses.

Anticipated for launch in Q1 2024, this solution aims to facilitate smoother and more efficient B2B cross-border financial interactions.

The acquisition of Payday by Bitmama aligns with the broader trend of strategic consolidations within the fintech industry, reflecting a pattern where companies seek partnerships and acquisitions to overcome market challenges and scale operations.

This move mirrors similar strategic consolidations, including the acquisition of Chaka by Risevest in September 2023, underscoring the industry’s drive towards collaborative growth.

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How Much is Dollar to Naira Today December 5th 2023 in Black Market

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 5th, 2023, the dollar to naira exchange rate is 1 USD to 1170 NGN at the black market.



New Naira Notes

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 5th, 2023, the dollar to naira exchange rate is 1 USD to 1170 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1170, Investors King reports.

This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

How Much is Dollar to Naira Today in the Black Market?

This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦1170 and ₦1165 as of the time of writing today.

What is the current exchange rate of the dollar to naira in the black market today?

According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦1170 and sold for ₦1165.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate 1165
Buying Rate 1170

Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks

Investors King understands that although the dollar to naira opened at N1170 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.

On Tuesday, December 5th, 2023, individuals in the black market purchased one US dollar for N1170 and sold it for N1165. This shows that the value of the Naira declined when compared to Friday, December 1st, 2023 when the local currency was exchanged at N1155 to a Dollar and a Dollar was purchased at N1150.

To stay informed about the dollar to naira exchange rate, there are several reliable sources that you can turn to. Here are some tips for staying up-to-date:

  • Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
  • Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
  • Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
  • Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.

By staying informed about the dollar-to-naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.

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Merger and Acquisition

Oppenheimer Acquires Full Control of Nigeria’s GZ Industries in Bet on Economic Revival



GZ Industries Limited

Jonathan Oppenheimer, scion of South African billionaire Nicky Oppenheimer, has secured full ownership of Nigeria’s largest beverage can manufacturer, GZ Industries Ltd.

Oppenheimer Partners Ltd. concluded the acquisition of the remaining shares from Affirma Capital, formerly known as Standard Chartered Private Equity.

While financial details were not disclosed, the private equity firm previously held a 37.5% stake in GZ Industries, a major supplier of cans to global brands such as Coca-Cola.

The move positions Jonathan Oppenheimer to play a pivotal role in shaping GZI’s growth trajectory in sub-Saharan Africa.

With urban, educated adults in the region leading global sugary drink consumption with 12.4 servings per week, GZI’s strategic importance in meeting this demand is underscored.

Oppenheimer Partners initially invested in GZI in 2018, coinciding with the establishment of a factory in South Africa, where the company now commands a 20% market share.

GZI, a producer of 3 billion aluminum cans annually in Africa, competes with Nampak Ltd., which is currently undergoing restructuring efforts.

Affirma Capital’s exit from GZI aligns with its broader investment strategy in Africa, having invested in 11 companies since 2008, with eight successful exits returning over $800 million to investors.

Jonathan Oppenheimer, part of the wealthy Oppenheimer family, inherits a substantial role in GZ Industries, further diversifying the family’s portfolio, which amassed significant wealth through the 2012 sale of their stake in De Beers for about $5 billion.

The family’s combined net worth is estimated at $9.4 billion, according to the Bloomberg Billionaires Index.

As Nigeria’s President Bola Tinubu outlines ambitious spending plans for 2024, the acquisition positions GZI strategically in a potentially thriving economic landscape.

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