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

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Ugheli Power Plant
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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. adsbygoogle || []).push({}); adsbygoogle || []).push({}); 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, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is 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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Business and Economy

IMF Predicts Drop In Global Economic Growth In 2023-24

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International Monetary Fund, IMF
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The International Monetary Fund (IMF) has predicts that global economic growth is projected to fall from 3.5 per cent in 2022 to 3.0 per cent in both 2023 and 2024.

This is according to the IMF’s latest World Economic Outlook (WEO) Update Report for July 2023: “Near-Term Resilience, Persistent Challenges” released on Tuesday. adsbygoogle || []).push({}); adsbygoogle || []).push({});

The report said though the forecast for 2023 was modestly higher than predicted in the April 2023 WEO, it remained weak by historical standards.

“Compared with projections in the April 2023 WEO, growth has been upgraded by 0.2 percentage points for 2023, with no change for 2024.

“The forecast for 2023–24 remains well below the historical (2000–19) annual average of 3.8 per cent.

“It is also below the historical average across broad income groups, in overall Gross Domestic Product (GDP) as well as per capita GDP terms. ”

The report also said that advanced economies continued to drive the decline in growth from 2022 to 2023, with weaker manufacturing, as well as idiosyncratic factors, offsetting stronger services activity.

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“For advanced economies, the growth slowdown projected for 2023 remained significant, from 2.7 per cent in 2022 to 1.5 per cent in 2023.

“About 93 per cent of advanced economies are projected to have lower growth in 2023, and growth in 2024 among this group of economies is projected to remain at 1.4 per cent.”

While the report said in emerging markets and developing economies, the growth outlook was broadly stable for 2023 and 2024, although with notable shifts across regions.

“For emerging market and developing economies, growth is projected to be broadly stable at 4.0 per cent in 2023 and 4.1 per cent in 2024, with modest revisions of 0.1 percentage point for 2023 and –0.1 percentage point for 2024.”

The report showed growth in Sub-Saharan Africa is projected to decline to 3.5 per cent in 2023 before picking up to 4.1 per cent in 2024.

It revealed that economic growth in Nigeria in 2023 and 2024 is projected to gradually decline, in line with April WEO projections, reflecting security issues in the oil sector.

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The report showed that economic growth in Nigeria is projected at 3.2 per cent in 2023 and decline to 3.0 in 2024.

The report said Global headline inflation was expected to fall from 8.7 per cent in 2022 to 6.8 per cent in 2023 and 5.2 per cent in 2024.

“Underlying (core) inflation is projected to decline more gradually, and forecasts for inflation in 2024 have been revised upward. ”

It said inflation could remain high and even rise if further shocks occur, including those from an intensification of the war in Ukraine and extreme weather-related events, triggering more restrictive monetary policy.

The report said financial sector turbulence could resume as markets adjust to further policy tightening by central banks.

“China’s recovery could slow, in part as a result of unresolved real estate problems, with negative cross-border spillovers.

“Sovereign debt distress could spread to a wider group of economies.”

It, however, said on the upside, inflation could fall faster than expected, reducing the need for tight monetary policy, and domestic demand could again prove more resilient.

The report said in most economies, the policy priorities remained to achieve sustained disinflation while ensuring financial stability.

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“Therefore, central banks should remain focused on restoring price stability and strengthening financial supervision and risk monitoring.

“Should market strains materialise, countries should provide liquidity promptly while mitigating the possibility of moral hazard.

“They should also build fiscal buffers, with the composition of fiscal
adjustment ensuring targeted support for the most vulnerable.

The report said improvements to the supply side of the economy would facilitate fiscal consolidation and a smoother decline of inflation toward target levels.

NAN

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Business and Economy

Debt Servicing: Gombe State Govt Spent N33bn in 4 Years – Transition Report

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Chairman of the Gombe State Transition Management Committee, Dr Ibrahim Daudu
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  • N6 billion for settlement of four years backlog of gratuities owed retirees from 2014 to 2017

The Gombe State Government has paid about N33billion from the N100bn debt inherited from the administration of former governor Ibrahim Dankwambo. adsbygoogle || []).push({}); adsbygoogle || []).push({});

The Chairman of the Gombe State Transition Management Committee, Dr Ibrahim Daudu, made this known while submitting the 2023 transition report to Gov. Inuwa Yahaya on Monday.

Daudu said that Gov. Yahaya also paid N6 billion to settle four years backlog of gratuities owed retirees from 2014 to 2017.

According to him, the payment to retirees is the largest payment of gratuity made by any government in Gombe State.

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“During the course of our work, we were able to determine that out of over N100 billion in debt inherited from the previous administration, your administration has paid approximately N33 billion,” he said.

The chairman also stated that the state government within the period was able to attract N26 billion as a result of its prudent public financial management through the implementation of the State Fiscal Transparency, Accountability and Sustainability programme.

He said that in view of the state’s prudent resource management, Gombe State ranked fourth most successful state in public financial management in the country.

While commending Yahaya for effectively managing the finances of the state in spite of the huge economic challenges caused by COVID-19 and economic recession, the Daudu-led committee urged the government to boost the state’s internally generated revenue going forward.

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The 11-member committee which was inaugurated on  May 26 further advised the state government to within the next four years, reform the civil service while prioritising job creation.

The News Agency of Nigeria (NAN) reports that the major responsibilities assigned to the committee was to develop a blueprint for consolidating on the achievements made during Yahaya’s first administration.

Also, to incorporate lessons learned, identify priorities, policies, and programmes for the new administration.

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Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is 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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Euromoney Awards: GTBank Ranked Best Bank in Nigeria

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Guaratny Trub bank, gtb rank high at euromoney awards for excellency 2023
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Guaranty Trust Bank Ltd. has been ranked the”Best Bank in Nigeria” at the Euromoney Awards for Excellence 2023.

The bank said in a statement on Monday that the latest recognition underscored the bank as the leading financial institution in Nigeria. push({}); adsbygoogle || []).push({});

Announcing the award, Euromoney said: “Nigeria’s best bank, Guaranty Trust Bank, has continued to do a good job of convincing investors that it is better placed than its key competitors to deal with the risks ahead and perhaps to take advantage of opportunities in economic and policy transition.

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“Despite a difficult operating environment, the bank continues to deliver exceptional results as the flagship franchise of Guaranty Trust Holding Company Plc.

“It recorded a profit before tax of N214.2 billion, pre-tax return on Equity (ROAE) of 23.6 per cent, and Cost to Income Ratio (CIR) of 48.0 per cent for the period ended, Dec. 31, 2022.”

Euromoney is an authority for global banking and financial markets and the annual awards for excellence, celebrates financial institutions that demonstrate leadership, innovation, and resilience in the markets they operate.

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Commenting on the award, Mrs Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd., said, “we are honoured to be named the Best Bank in Nigeria by Euromoney.

“This recognition reflects our unwavering commitment to the values of excellence and innovation which form the bedrock of our value proposition as an institution and has guided the mother-brand to achieve remarkable success for over 30 years.

“As part of a thriving financial holding company, we will continue to prioritise service delivery and innovation whilst maintaining our strong financial performance,” she said.

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