Connect with us

Finance

CBN Releases N38.53 Billion to NEMSF Power firms In Six Months

Published

on

Electricity - Investors King
  • CBN Releases N38.53 Billion to NEMSF Power firms In Six Months

The Central Bank of Nigeria (CBN), in an economic report, has made known that a sum of N38.53 billion has been disbursed to one distribution company, 17 generation companies, six gas companies and five service providers, under the Nigeria Electricity Market Stabilization Facility (NEMSF).

The CBN managed NEMSF was instituted in 2015, following the initiation of the Nigerian Bankers committee in 2014.

The CBN-NEMSF is aimed to put the Nigerian electricity supply industry on the path of viability and sustainability by providing liquidity for the industry.

Again, the NEMSF is aimed to ensure the settlement of revenue shortfalls in the power sector and legacy gas debt obligations.

“In the first half of 2018, the sum of N38.53bn was disbursed to one distribution company, seventeen 17 generation companies, six gas companies and five service providers”. The report read in part.

As a result of the funding, 10 turbines, producing 1,193 megawatts of generating capacity, a mobile injection substation, 414,000 meters and 70,310 units of  500KVA transformers have been acquired; also included, were the rehabilitation of power projects.

Earlier, Mr Godwin Emefiele, the Central Bank Governor, while speaking at the commencement of the NEMSF, counselled the firms to upgrade their power infrastructure with the fund.

“We want to unlock the potential of the power sector and so this facility is meant to catalyse the power sector. The funds will be used to procure meters, and certain spares that they need to improve their business and power losses in the grid”. The CBN Governor said.

The Minister of Power, Works and Housing, Babatunde Raji Fashola, who earlier spoke at the CBN-NEMSF disbursement ceremony in Lagos, May 2018, mentioned that the money is not a gifting to the firms, but meant to be repaid within a 10-year period.

“This money is not free money, as popularly insinuated, it is not a dash-out, they would repay within a 10 year period”, Fashola made known.

Continue Reading
Comments

Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

Published

on

Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

Continue Reading

Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

Published

on

Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

Continue Reading

Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

Published

on

The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending