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Power Sector Records 4.9% Rise in Generation



Power - Investors King
  • Power Sector Records 4.9% Rise in Generation, Income Shortfall

Nigeria’s power sector recorded a 4.9 per cent increase in average generation in February, when compared to its January output, data obtained from the Advisory Power Team in the office of the Vice President, Prof. Yemi Osinbajo has disclosed.

The data obtained disclosed that between January and February 2019, the sector equally recorded a 7.2 per cent rise in the amount of revenue it lost to various sources of operational constraints.

This is just as a former Managing Director of the Nigeria Bulk Electricity Trading Plc (NBET), Mr. Rumundaka Wonodi, has advised the federal government on how best to get the sector working in the next four years of President Muhammadu Buhari’s tenure.

The data explained that in January average power generation was 3,952 megawatts (MW) while that of February was 4,148MW, indicating an increase by 196MW or 4.9 per cent.

It further explained that in January, the sector lost N41.371 billion and N44.383 billion respectively, indicating a difference of N3.012 billion or 7.2 per cent.

It added that the total volume of power that could not be generated in the sector on account of various constraints for the two months were 2,780MW for January and 3,302MW for February.

Meanwhile, Wonodi, has asked the government to take decisive steps in aligning its leadership and policy pursuits in the sector.

Wonodi added: “Policies must be consistent with the reform agenda most importantly, the rules and contracts as intended. For example, the government cannot wash its hands from NBET responsibility to Gencos on the PPAs by saying that it will no longer support the payment assurance.

“It must because that is the premise of the reform and NBET PPA. Another example is the cannibalisation of the Discos through some controversial micro-grid implementation,” said Wonodi.

He further stated: “Investment in transmission. This has to be huge and inspirational. We must aim for the heavens and work exceedingly hard such that when we fail, we be stuck at the clouds. We need a backbone transmission network and it is time to bring about the transmission network development fund, a fund that will be market based.

“Its projects must be proposed by the ISO (independent system operator) and approved by NERC in consultation with stakeholders and the stakeholder advisory panel (SAP).

“It is important project identification is taken away from sole control of the TCN. The ISO or at least the functions of the MO and SO need to come under the control of NERC and market participants.”

Continuing, Wonodi, noted: “There is an urgent need to expand and enhance Disco distribution capacity. Capital can come through recapitalisation of the companies using government equity. This to my mind is the greatest challenge to sector. Cost reflective tariffs must also come into place.”

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

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Lafarge Africa Board Proposes N30.60bn Dividend, Lower Than Previous Year



Lafarge Africa - Investors King

Lafarge Africa’s Board of Directors has recommended a dividend payout of N30.60 billion for the year ended December 2023, a reduction from the previous year’s dividend.

The proposed dividend translates to N1.90 per unit of shares and awaits approval from shareholders at the upcoming Annual General Meeting (AGM) of the company.

In a corporate announcement filed with the Nigerian Exchange Limited, Lafarge Africa disclosed that the proposed dividend is payable from the Pioneer Reserve to shareholders registered as of March 28, 2024.

Despite the lower dividend proposal, Lafarge Africa recorded an increase in revenue to N405 billion, marking an 8.6% rise from the previous year’s N373 billion.

However, the company’s post-tax profit experienced a 4.7% decline, amounting to N51.14 billion, attributed mainly to the devaluation of the naira.

Lolu Alade-Akinyemi, the Chief Executive Officer of Lafarge Africa, expressed confidence in the company’s performance despite economic challenges.

He highlighted the growth in revenue and an improved operating margin, despite pressures from inflation and currency devaluation.

Looking forward, Lafarge Africa remains optimistic about the construction sector’s growth in Nigeria, despite prevailing economic challenges.

The company aims to leverage its market opportunities while maintaining a focus on sustainability and stakeholder value.

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South African Billionaire Christo Wiese Predicts Return of Major Players to Nigeria Despite Recent Exodus



Christo Wiese

South African billionaire Christo Wiese remains optimistic about Nigeria’s economic prospects, predicting the eventual return of major players despite a recent exodus from the West African nation.

In an interview with Bloomberg TV, Wiese explained that it is impossible to ignore Nigeria’s large and growing population, “how do you ignore an economy like this?”

Wiese, the former chairman of Shoprite Holdings Ltd., acknowledges the challenges faced by businesses in Nigeria, where recent currency woes and policy missteps have contributed to an exodus of international companies.

Procter & Gamble Co. and Shoprite are among the global conglomerates that have announced their departure from Africa’s most populous nation.

However, Wiese sees the recent exits as temporary setbacks rather than a long-term trend. He believes that the allure of Nigeria’s vast consumer market and its economic potential will eventually draw major players back.

Despite the current uncertainty, Wiese remains confident in Nigeria’s future, emphasizing the need for governments to adopt correct policies and for investors to exercise patience.

While acknowledging Nigeria’s single-commodity economy vulnerabilities, Wiese highlights the resilience of the nation’s economy and its potential for growth and development.

He suggests that foreign investors, including South African ones, are adopting a wait-and-see approach, anticipating a time when the economy stabilizes and favorable policies are in place.

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Seplat Energy Names Udoma Udo Udoma as Independent Non-Executive Chairman, Bello Rabiu as Senior Independent Non-Executive Director



Seplat Energy Plc - Investors King

Seplat Energy, a prominent Nigerian energy company listed on the Nigerian Exchange Limited and the London Stock Exchange, has made significant changes to its board leadership.

In a recent announcement, the company revealed that Udoma Udo Udoma has been appointed as the new Independent Non-Executive Chairman, succeeding Basil Omiyi, who is set to retire on March 31, 2024.

Udoma Udo Udoma, a distinguished lawyer and seasoned board administrator, brings a wealth of experience to Seplat Energy.

He holds degrees from St. Catherine’s College, Oxford, and has had a remarkable career spanning various sectors, including petroleum, energy, and natural resources.

Udoma has served on numerous large-sized company boards, including UAC Nigeria Plc and Union Bank Plc, and held key public sector appointments, such as Chairman of the Corporate Affairs Commission and Minister of Budget & National Planning.

In addition to Udoma’s appointment, Seplat Energy announced the selection of Bello Rabiu as the new Senior Independent Non-Executive Director, effective April 1, 2024.

Rabiu, a seasoned professional with extensive experience in the petroleum industry, holds multiple degrees and has served in various capacities at the Nigerian National Petroleum Corporation (NNPC).

The appointments come as part of Seplat Energy’s commitment to upholding strong corporate governance practices and ensuring a smooth transition of leadership.

Both Udoma Udo Udoma and Bello Rabiu are expected to play pivotal roles in guiding Seplat Energy as it continues to expand its operations and consolidate its position as a leading energy company in Nigeria and beyond.

In a statement, Basil Omiyi, the outgoing Chairman of Seplat Energy, expressed confidence in the newly appointed leaders, emphasizing their capabilities to steer the company towards further growth and success.

The appointments underscore Seplat Energy’s dedication to fostering excellence and innovation in the energy sector while meeting the evolving needs of its stakeholders and contributing to Nigeria’s energy transition efforts.

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