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Transcorp Ughelli Power Plant To Generate 900MW Of Electricity – Elumelu

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Transcorp Consortium says Transcorp Ughelli Power Plant will soon begin to generate 900 Mega Watts (MW) of electricity.

The Group Chairman, Mr Tony Elumelu, made this known on Thursday in Abuja at the formal handover of the Afam Power Plc and Afam Three Fast Power Ltd. to Transcorp Power Consortium by Mr Alex Okoh, the Director-General, Bureau of Public Enterprises (BPE).

Elumelu said that when the company took over the Ughelli Power Plant output was about 150MW and in just over a year it moved to 600MW.

He said that investment in electricity was very important and assured that in a short time, the output from Afam power plant would be increased as was done at Ughelli.

“We just want to make sure that in a short period of time, we are able to ramp up the output from the plant, we have done it before at Ughelli and we will do it again.

“I commend the state government for making sure the asset is kept in good state and we are going to work as partners with the state government, the community and the Federal Government.

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“This is so that we can make sure that we realise access to electricity and improvement that this country needs for us to create jobs and fight poverty.

“This is the only way we can develop Nigeria,” he said.

Responding, Okoh said that in line with the requirements of the request for proposal and approval granted by the National Council on Privatisation (NCP) Transcorp paid 25 per cent cash of the bid amount on Thursday.

He said this was a condition precedent to the current activity of handing over.

“I must add that my emphasis on cash payment is to correct some misinformation in the media that purported that the Afam deal is a mere reconciliation of figures between the Federal Government and Transcorp.

“For the benefit of those who wish to know, this idea was never accepted by both the NCP and its several sub-committees.

“However, with the payment of the money by Transcorp to the treasury today, we hope this unfounded and concocted information being fed to the public would stop.”

Okoh said that sequel to the previous failed attempt to privatise Afam Power Plc and the approval granted by NCP for the recommencement of a new process, the BPE started a free, fair and transparent competitive process of the privatisation of Afam Power Plc and Afam Three Fast Power Ltd.

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He said this culminated in Transcorp Power Consortium emerging as the preferred bidder with a combined offer of N105.3 billion.

He said that after a series of negotiations that were impacted by the COVID-19 pandemic, the Federal Government through BPE signed the Share Sale Purchase Agreement (SSPA) with Transcorp Power Consortium on Nov. 5.

Okoh said that though change does not come easy, the reform in the power sector was a necessary tool for laying a solid foundation for sustainable electricity supply, loss and cost reduction as well as service efficiency.

He added that the privatisation of the sector was a key component of the reform and was one of the pre-conditions for the start-up of a competitive electricity market in Nigeria.

“It is also a sensible avenue to reduce dependence on the treasury for support to an otherwise economically viable power sector and channel government resources to other ventures.”

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He however urged Transcorp Consortium to use its proven capacity and pedigree as demonstrated with Transcorp Ughelli Power Plant and Transcorp Hotel, Abuja to transform Afam Power into an exemplary utility company of reference.

Source: NAN

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Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

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Nigeria Central Bank To Inaugurate N15 Trillion Infrastructure Fund In October 2021

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The CBN Governor, Godwin Emefiele has disclosed that   the N15 trillion infrastructure fund would be inaugurated in Oct. 2021.

Emeifele who made this known at the 14th Annual Banking and Finance Conference of Chartered Institute of Bankers of Nigeria in Abuja, stated that the innovations like the Nigeria/International Financial will provide a gateway for capital and investments, and digital currency, e-naira, will enhance inclusion.

He said the regulatory body had been working with the Bankers Committee to scale the challenges posed by Covid-19, which include reduction of interest rates on loans, increasing the moratorium for payments, and injecting N3 trillion loans in the private sector.

“We do expect that the pace of inflation will moderate as we approach the harvest season,’’ he added.

President Muhammadu Buhari says N300 billion has been disbursed to farmers while 1.6 million poor and vulnerable households are currently benefiting from the Conditional Cash Transfer programme.

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The president who  revealed this while virtually declaring the conference open, said that  some of the various initiatives embarked upon to boost agricultural trade in Nigeria include the Anchor Borrowers Programme.

He stated that the Central Bank of Nigeria had made more than N300 billion available to over  3.1 million smallholder farmers of 21 different commodities.

He said the commodities included Rice, Wheat, Maize, Cotton, Cassava, Poultry, Soybeans, Groundnut, Fish, cultivating over 3.8 million hectares of farmland.

“It is on record that 80% of rice consumed in Nigeria is now produced locally,’’ he said.

He added that the National Social Register of poor and vulnerable Nigerians had 32.6 million persons from seven million poor and vulnerable households identified, imploring bankers to play a stronger role in improving livelihoods.

President Buhari said the National Social Investment Programme was biggest in Sub-Sahara Africa and one of the largest in the world.

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To further strengthen recovery and enable more Nigerians, President Buhari said, last year, he approved the establishment of InfraCo Plc, a world-class infrastructure development vehicle, wholly focused on Nigeria, with combined debt and equity take-off capital of N15 trillion.

“In May 2021, the Rural Electrification Agency announced the planned deployment of solar-powered grids to 200 Primary Health Centres and 104 Unity Schools nationwide.

“Under the Family Homes Fund Limited, Social Housing programme incorporated by the Federal Government of Nigeria, more than two thousand hectares of land with title documents have been issued by 24 states with the capacity to accommodate about 65,000 new homes.

“The Central Bank of Nigeria is providing a N200 Billion financing facility, with a guarantee by the Federal Government,’’ he said.

The president affirmed that the theme of the conference, “Economic Recovery, Inclusion, and Transformation: The Role of Banking and Finance’’ was most appropriate, following the global shocks from COVID-19.

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“I salute the Institute and the entire banking and finance industry for the commitment towards charting a practical path for economic recovery and transformation of our country, Nigeria, and by extension Africa as epitomized by the theme of your conference.

The President commended CBN, working in collaboration with the Bankers’ Committee, for providing single-digit financing to young Nigerians in the fields of fashion, film, music and Information Technology through establishment of the Creative Industry Financing Initiative.

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Made In Nigeria Phone To Hit Market Soon – ITF

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The Director General and Chief Executive of the Industrial Training Fund (ITF), Sir Joseph Ari has disclosed that the Fund is set to acquire machinery for mass production of ITF Mobile in Nigeria.

He said the Industrial Fund will soon hit the nation’s market when it commences the mass production and it launching into market the ITF mobile phones.

The DG in a press statement signed by the Director, Public Affairs Department, Suleyol Fred Chagu and made available to Journalists yesterday in Jos the Plateau State maintained that the Industrial Training Fund (ITF) has initiated processes for the procurement and installation of a production line specially dedicated for that purpose at the ITF Model Skills Training Centre (MSTC), Abuja, Nigeria’s capital.

Ari, disclosed this when he received the leadership of the two in-house Unions of the Fund in his office at the Headquarters where he also revealed that since the symbolic presentation of the ITF Mobile phone to President Muhammadu Buhari, the Agency has been inundated with requests for partnership from corporate entities within the country.

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In his words, “I have given directive to the Director of Technical and Vocational Skills Training Department, who is also the zonal Director of the ITF MSTC to get all the immediate machines so that we will be able to set up the production line.

“Since the good news, we have also received a lot of requests for partnership, including one from AfriOne, who want to
partner with us. This is good as we cannot do it alone because we are not an island unto ourselves. The main thing is that this product is a home grown product and this lends credence to the fact that we too can do it in Nigeria” he boastfully stated.

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The DG expressed gratitude to the leadership of the two union bodies, “the Senior Staff Association of Statutory Corporations and Government Owned Companies (SSACGOC) and Amalgamated Union Public Corporations, Civil Service Technical and Recreational Employees (AUPCTRE)” for identifying and supporting the Management, saying.
For him, “every leader should have a strategic vision. But you also need followers that will key into the leaders’
vision and happily, that’s what has happened in the ITF. The Unions have been great partners in progress. You
have at all times remodeled, looked at the vision, reviewed it along with us and the areas where you find us going
wrong, you took us back on track”.

He stressed the need for continuous dialogue as recipe for industrial harmony. “The relationship between the ITF, Management and the two Unions gives credence to the fact that it pays to dialogue.

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President of Senior Staff (SSACGOC), Comrade Kayode Alakija and the Acting Chairman of AUPCTRE, Comrade Lawal Mohammed Ado earlier on in a separate remarks showered praises on the DG for the milestone achievement and urged the need to speed up the mass production of the android phone which, according to them, would be another source of revenue for the Agency.

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BECCIMA Lauds FG For Initiating To Establish Cottage Industries In 774 LGAs

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The Benue State Chamber of Commerce, Industry, Mines and Agriculture (BECCIMA) has lauded the Federal Government for establishing cottage industries across all the Local Governments Areas (LGAs) in Nigeria

President of BECCIMA, Dr Paul Ubwa, made the commendation at a news conference on Friday in Makurdi.

“It is a well thought out initiative by the Federal Government to set aside the sum of one trillion naira to establish cottage industries in each of the 774 LGAs in the country.

“This all important news was disclosed by the Hon. Minister for Special Duties and Inter-Governmental Affairs, George Akume.

“We the organised private sector in Benue express our sincere appreciation to the government of President Muhammadu Buhari for coming up with this unique initiative.

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“The initiative is aimed at creating wealth for the common man,’’ he said.

According to him, the initiative when implemented will go a long way in eradicating poverty in Benue State and indeed Nigeria and the president’s name will be written in gold for posterity.

“In Benue state, we are hoping that in order to ensure stability, sustainability and longevity of the proposed cottage industries, each should be incorporated as a company with a Board of Directors.

“This should be made up of indigenes of the catchment area or host community.

“The plan will involve the local government council itself, traditional institutions, cooperative societies and associations, youth/women groups, existing entrepreneurs, traditional land owners and other interest groups.

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“We are assured of and envisage the support of the Benue State government’’

Ubwa also appealed to the Federal Government and most especially, the Minister of Special Duties and Inter-Governmental Affairs to make Benue one of the pilot states for the take-off of the programme.

“On our part, we stand ready to co-operate with the ministry and other support agencies to ensure success and sustainability of the initiative,’’ he said. 

Author Profile

Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

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