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Meter Manufacturers Seek Single Digit Credit Line

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  • Meter Manufacturers Seek Single Digit Credit Line

Momas Electricity Meter Manufacturing Company Limited (MEMMCOL) Chairman, Kola Balogun has appealed to the Central Bank of Nigeria (CBN) to create an advancement credit line of single digit to meter manufactures for effective execution of the Meter Assets Providers (MAP) scheme.

Balogun, who spoke in Lagos, at the weekend, identified paucity of funds as a major challenge to the execution of the projects for meter manufacturers.

He said: “Essentially, for this scheme to be successful, we will need between N10 billion and N20 billion for each of the manufacturers.

“It’s a huge capital outlay. We urge the CBN to offer us the credit and allow us to pay back in single digit interest rate. We are more than ready to commence because we are well prepared for it.

“It is just that for us to start execution, we still require the CBN support because of the capital outlay that is required to have efficient deployment. We need the CBN to intervene.”

Balogun said meter manufacturers were at the position of negotiation, in terms of the execution of the MAP scheme, with the electricity distribution companies (DisCos)

“We are just waiting for letters of engagement and the extent of the volume we are going to be deploying. The capacities are there, but the funding that it requires is the major constraint and that was the reason why we are appealing to the CBN to intervene.

“This is for providing advance credit line to meter manufactures so that they can buy raw materials ahead of time.

“The bottlenecks on agreement of terms and condition also slow down the commencement of the projects. You know that there are so many variables involved such as insurance, ability to support the scheme in terms of infrastructure and logistic arrangement.

“These are the things DisCos want to ascertain before they would conclude on the Memorandum of Understanding (MoU) to be submitted to the Nigerian Electricity Regulatory Commission (NERC).

“It is after the signing of the MoU that NERC will now give licences to the operators,” he added.

Balogun said the project would benefit electricity consumers when it finally kicks off, adding that issues of estimated billing and over-billing would also be abolished.

He said electricity consumers would pay exactly for what they consume and they would be able to read their consumption rates without prejudice.

“Once the scheme commences, consumers will now pay into the joint MAP account that will be managed by the meter manufactures and DisCos under the Meter Asset provider scheme. It is expected that the scheme will commence before May and the deployment of meters to customers will commence in earnest.

“After the signing of the MoU, we don’t know when NERC will give us the licence so that rollout schedule will be agreed upon as well as mapping of the area. What NERC wanted to do is the totality of substation; all consumers attached to the substations would be metered 100 per cent, in other to get exact value to the energy auditing process.”

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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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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Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm

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Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm

JR Firms, an agribusiness firm with headquarters in Nigeria, has announced partnership with Sanit Wing Rwanda through the acquisition of 11 per cent stake in the company.

The CEO of the company, Mr Rotimi Olawale, explained in a statement that the partnership was in furtherance of its goals to ensure food security, create decent jobs and raise the next generation of agrarian leaders in Africa.

The stake was acquired through Green Agribusiness Fund, an initiative of JR Farms designed to invest in youth-led agribusinesses across Africa.

Sanit Wing Rwanda is an agro-processing company that processes avocado oil and cosmetics that are natural, quality, affordable, reliable and viable.

The vision of the company is to become the leading producers of best quality avocado and avocado by-products in Africa by creating value across the avocado value chain.

With focus on bringing together over 20,000 professional Avocado farmers on board and planting of three million avocado trees by 2025 through contract farming, the company currently works with One Acre Fund in supply of avocado to its processing facility.

The products of the company which include avocado oil, skin care (SANTAVO), hair cream and soap are being sold locally and exported to regional market in Kenya.

With the new partnership with JR Farms- the products of the company will enjoy more access to markets focusing on Africa and the European Union by leveraging on partnerships and trade windows available.

Aside funding, the partnership comes with project support in areas of market exposure, capacity building, exposure and other thematic support to grow the business over the next four years.

JR Farms has agribusiness operations in Nigeria, Rwanda, United States and Zambia respectively.

In Nigeria, the company deals in cassava value chain processing cassava to national staple “garri” which is consumed by over 80 million Nigerians on daily basis, while in Rwanda, it works in the coffee value chain with over 4,000 coffee farmers spread across the East Central African country.

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