Business

Power Sector Records 4.9% Rise in Generation

Published

6 years ago

March 5, 2019

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.”

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Business

President Tinubu Approves N150,000 Non-Refundable Grant for Enugu MSMEs

Published

4 hours ago

October 5, 2024

Bassey Marshall

President Bola Tinubu has moved to put smiles on the faces of small business owners in Enugu State with the approval of a N150,000 non-refundable grant as part of plans to tackle the economic hardship in the country.

Tinubu’s approval was delivered to business owners in the state by Vice President Kashim Shettima during a visit to the MSME Fashion Hub.

Shettima, who spoke via a statement on Thursday by his spokesperson, Stanley Nkwocha, at the launch of the 5th Expanded National MSME Clinic in Enugu, revealed that the funds are awards from President Tinubu for the outstanding exhibiting MSMEs at the event.

He assured the beneficiaries that the money was an outright grant with no requirement for repayment, stating that it was a sign of the government’s commitment to nurturing MSMEs.

According to Shettima, “Distinguished ladies and gentlemen, I am pleased to announce that His Excellency, President Bola Ahmed Tinubu, has mandated a grant of N150,000 each to be awarded to outstanding exhibiting MSMEs at today’s event.

“Let me assure you that this is an outright grant, with no requirement for repayment, reflecting our commitment to nurturing MSMEs and fostering economic growth.”

Speaking further, VP Shettima revealed that small businesses cover 96% of all businesses in Nigeria and contribute more than 45% to the nation’s GDP, adding that the country cannot achieve the desired economic growth without them.

The vice president called for unity in the business sector, he stated, “The only way we can achieve this is by standing united, from Abia to Zamfara, in pursuit of a shared objective. Small businesses account for 96% of all businesses in Nigeria and contribute more than 45% to our GDP. I am sure you understand what this means: without you, Nigeria would be nowhere.”

Business

Lagos Faces Job Crisis as State Plans Ban on Sachet Water and Single-Use Plastics

Published

1 day ago

October 4, 2024

Bassey Marshall

The already high unemployment rate in Lagos State is set to surge even further as the state government plans to ban the production and sale of single-use plastics and sachet water.

The ban, which will take effect in January 2025, was announced by the Commissioner for Environment and Water Resources, Tokunbo Wahab, during a stakeholders’ workshop in Lagos.

At the workshop, aimed at raising awareness about the implementation of the new initiative, Wahab disclosed that the move aligns with the state’s plastic utility policy.

Investors King reported that in January 2024, the Lagos State government began taking bold steps toward effective plastic waste management and promoting a healthy, safe environment.

In that month, the government announced a ban on the use of Styrofoam across the state.

The ban, which came with strict enforcement, left many citizens and residents in the state complaining.

Speaking on behalf of the stakeholders, the Lagos Chairperson of the Association for Table Water Producers of Nigeria (ATWAP), Mosaku Ololade, emphasized the importance of implementing the ban in phases, noting that it would give members ample time for compliance.

He revealed that the union has been actively involved in sensitizing its members while engaging with the government on the way forward.

He said, “We have been engaging the Lagos State Government on the way forward and sensitizing our members on the planned ban.

“We want the government to continue engaging with us. We are a responsible association and are ready to work with the government.

“We have over 2,000 members in Lagos alone with over 10,000 workers.

“We hereby implore the government to implement the ban in phases to allow our members ample opportunity for compliance.”

Appointments

Stanbic IBTC Appoints Dr. Kunle Adedeji as Acting CEO Ahead of Leadership Transition

Published

1 day ago

October 4, 2024

Bassey Marshall

The Board of Stanbic IBTC has appointed Dr. Kunle Adedeji as the acting Chief Executive Officer of the financial institution ahead of the end of Dr. Demola Sogunle’s tenure on October 31, 2024.

Adedeji, who brings with him over 25 years in the banking sector, was confirmed on October 2, 2024, in a letter addressed to the Nigerian Exchange (NGX) and signed by the company secretary, Chidi Okezie.

Okezie revealed that Dr. Kunle Adedeji‘s appointment is set to take effect on November 1, 2024.

The statement detailed that Adedeji, who was in 2019 appointed as an Executive Director, is also the current Chief Finance and Value Management Officer of the Company.

Okezie noted that he will continue serving in the position while also serving as Acting Chief Executive of the Company.

The statement reads, “Adedeji, brings a wealth of experience and a strong track record of leadership within our organization.

Dr Adedeji, who was appointed as an Executive Director in 2019 is a seasoned financial expert with over 25 years in the banking sector.

“He holds an MBA in Finance from the University of Lagos and a DBA from the SBS Swiss Business School, Switzerland.

He is also the current Chief Finance and Value Management Officer of the Company and will continue in this capacity throughout the duration of his tenure as Acting Chief Executive of the Company.

The Board is confident that Mr. Adedeji’s leadership would be instrumental in driving the growth strategy of Stanbic IBTC Group.”

Investors King learned that Dr. Adedeji is set to succeed Dr. Demola Sogunle, whose tenure as the firm’s Chief Executive will come to an end on October 31, 2024.

Stanbic IBTC expressed gratitude to the outgoing CEO for his significant contributions during his 35 years of service.

“The Board of Directors expresses its heartfelt gratitude for his unwavering commitment, visionary leadership, and pivotal role in steering Stanbic IBTC through various challenges and milestones,” the statement added.