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BPE, Investors Meet on $211m Refund for Afam, Yola Disco

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  • BPE, Investors Meet on $211m Refund for Afam, Yola Disco

Officials of the Bureau of Public Enterprises and former investors in two electricity companies – Yola Electricity Distribution Company and Afam Power Plc – have met for the refund of $211.81m which the investors had paid for the two companies.

Integrated Energy Distribution and Marketing Company had acquired 60 per cent equity in YEDC after paying $146.8m.

The Yola Disco was successfully privatised and handed over to the core investor in 2013. However, a force majeure was declared in 2015 by the core investor citing insecurity in the North-East region of the country where the company covers.

Following this, the company was repossessed by the Federal Government.

On the other hand, with a bid of $260.05m, Taleveras had on July 31, 2013, beaten TES Power to emerge the preferred bidder for Afam Power Plc, the last of the generating companies carved out from the defunct Power Holding Company of Nigeria.

The transaction could not be concluded because of the inability of the government to sign a gas supply agreement with the company.

However, before the transaction failed, the investor had paid $65.01m representing 25 per cent of the transaction value.

Authoritative sources, who spoke to our correspondent, confirmed that three meetings had been held between the parties to work out modalities for the refund of the monies paid by the investors in the failed transaction exercises.

Both Afam and Yola Disco are in the process of being sold again to new private investors.

The BPE recently confirmed that 19 prospective core investors were conducting due diligence on the two companies.

Meanwhile, the Director-General of the BPE, Mr Alex Okoh, has charged members of the management board of the Yola Electricity Distribution Company to shun personal and sectional interests in the discharge of their duties.

A statement made available to our correspondent in Abuja on Wednesday said that Okoh gave the charge while inaugurating the board of the company headed by Mr Gbeleyi Ayodeji.

The BPE boss reminded the members that they were trustees of the electric distribution company and as such, they should exercise their powers with honesty and diligence.

Okoh said, “As directors, you are trustees of the company’s finances and properties which you must account for in the exercise of your duties with honesty for the interest of the company and the shareholders and not your own interests.”

He informed them that their responsibilities as directors of the company included fiduciary relationship towards the company and observance of utmost good faith towards the company in any transaction with it or on its behalf and acting at all times in the best interests of the company.

Responding on behalf of other members, Ayodeji commended the government for the confidence reposed in them and pledged to discharge their duties diligently.

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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Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others

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Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.

 

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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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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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