Business

I’ M OPTIMISTIC THAT THE NATION’S POWER SECTOR PROBLEMS CAN BE SOLVED- FASHOLA

Published

9 years ago

March 15, 2016

The Minister of Power, Works and Housing, Mr Babatunde Fashola SAN on Monday chaired the third monthly meeting of key operators in the nation’s power industry declaring that he was optimistic that problems affecting the sector can be solved if everyone understands how his action or inaction affects the system.

In furthering his determination to identify, discuss and find practical solutions to issues facing the Nigerian Electricity Supply Industry, the Minister initiated the monthly meeting of operators in the electricity industry with two earlier editions taking place in Abuja and Lagos respectively.

The Minister, speaking during the opening session ,and with journalists after the meeting, which took place at the Ugwuaji Transmission Station in Enugu, the Minister reiterated his conviction that the problems affecting the sector were not insurmountable.

Asked pointedly by one of the journalists about his word to Nigerians in the light of certain recent developments in the sector, Fashola declared: “My word to Nigerians is that this problem can be solved. It is a problem that has challenged us for a long time. Not only am I going around to understand what the problems are, I am at Ugwuaji now in Enugu State, I am going around to understand what I am supposed to manage. I have been briefed on paper, in files and in memos and I am going from power plant to power plant, from transmission site to transmission site. What I have seen convinces me that this problem can be solved.”

“I am optimistic that it can be solved, it just needs for us as a people to understand the system better and how it works. I am going to dedicate some of my time to breaking down the technical issues that have sounded so complex over the decades, so that the average Nigerian can understand how the system works.”

According to the Minister, actions taken by some groups or individuals often have grave consequences for the collective. “So if people break down pipelines, you know that you have weakened the system. No matter how angry you are a broken pipeline is going to affect you, because you won’t have power. If people feel that the best way to secure employment for their colleagues in the union is to shut down a gas or power plant, the truth is that you are going to hurt more people than the people you intend to protect”, he said.

The Minister explained that the third edition of the monthly power sector operators meeting was as usual held to resolve pressing issues in the sector adding that each time the meeting was held the issues addressed had added value to the businesses of the participants and stakeholders in the power value chain.

According to the Minister, “We have subjected our meetings to some of the stress tests and the result was a unanimous Yes. So in terms of specifics, the meeting addressed problems of gas, it addressed problems of financial stability the problem of volatility of foreign exchange in the sector as to how that affects the ability of the GenCos and the DisCos to implement their foreign technical service agreements with their foreign partners as to how to remit money and pay as well as the difficulty of pricing of local gas consumption in dollars instead of in Naira.

Noting that these were some of the problems that people do not see but which ultimately affect the quality of service, the Minister said the metering issue was also discussed with a resolution that in the interest of customers, people could not take money from consumers without supplying the meters.

Saying that reports at the meeting showed that most of the distribution companies had largely supplied the meters, the Minister declared, “I have made it clear with the regulators that a situation where people paid for meters and those meters were not supplied for me undermines trust and trust is necessary in the system”.

In a communique issued at the end of the meeting, the stakeholders resolved to reinvigorate their effort towards customer engagement through the launch of Customer Care Units for adequate resolution of power sector issues in line with the standards set up by the Nigerian Electricity Regulatory Commission (NERC).

The Transmission Company of Nigeria (TCN) also gave a commitment to strengthen transmission capacity to more than 5000 MW by the end of the year while Port Harcourt DisCo, Ibom Power and Odukpani plants said they are developing an action plan to direct extra power from both plants to Calabar in order to maximize the generation capacity of the plants.

Also, in line with resolutions in previous meetings, the Nigerian Electricity Management Services Agency (NEMSA) reported that it has commenced the safety ranking of DisCos accordingly while DisCos renewed their commitment to aggressive metering and made commitments to ensure that customers under the Credited Advanced Payment for Metering Implementation (CAPMI) Scheme are metered as quickly as possible.

The Central Bank of Nigeria also gave commitment to resume disbursement of CBN Nigerian Electricity Market Stabilization Facility (NEMSF) upon finalizing the structure and payment model with NERC and other stakeholders ; while TCN made submission on the progress of ongoing work to improve transmission infrastructure across the country.

Earlier at the opening of the meeting, Fashola emphasized the importance of quality customer service in the Power Sector saying it was the only way to engender compliance with regards to bill payment among consumers of power nationwide.

The Minister said consumers needed to understand the intricacies of power generation, transmission and supply including why they could not get service at a particular point in time noting that their first line of comfort would be to know that somebody was aware that there was a problem in the first place.

“I would again reiterate that you, the owners of the assets, the DisCos and the GenCos, must step up and take responsibility for your business”, Fashola said adding that like the telecoms operators, the power agencies must drive their customer outlets, manage customer complaints, regularly adding other services related to power generation and distribution.

The Minister further urged, “You are the ones to do all the advertising, messaging and explanations about, what is going on? So you must perform that task very quickly”.

“You are not different from other brands in their services and therefore, branding, communication, education, information and service quality are what all of you must take responsibility for in your various units of operation”, he said.

According to the Minister, Government would continue to play the regulatory role in the business of power generation and distribution while it is the duty of the GenCos and DisCos to render services in such a way as to create harmony and cooperation between themselves and the consumers.

While noting that other companies involved in providing services to the public are not without problems, Fashola said that most of such problems were solved at various operational levels within the companies, while pointing out the fact that certain complaints within the power sector could be resolved by the various units without getting to the Ministry in Abuja.

“So when complaints come to us from Warri, Calabar, Maiduguri etc. that there is no power, I believe that the first responders must be your people”, he said.

The Minister said after being aware that someone within the sector was aware of the problem of the consumer, the next relevant line of comfort was how soon such a problem could be resolved adding that Nigerians have always demonstrated a reasonable disposition towards such problems.

Urging the DisCos and GenCos to go out and explain tariff to the public and why it is relevant, Fashola declared, “You can explain tariff because the issues that led to tariff were stated at consultations that you held. We cannot be accused of not consulting, you did the consulting in your various communities”.

On arrival in Enugu on Sunday evening, the Minister proceeded on an inspection tour of the Oji River Power Station, the nation’s only coal fired power station which was built in 1956 to produce 30MW for the then Eastern Region but which has been subsequently abandoned. The Minister and his entourage also inspected the access route to the Onyeama Coal Mining Point which had been blocked along the Udi- Enugu Road.

The operators at the Power Sector Partipants’ meeting were fully represented at the highest executive management levels, including Managing Directors and CEOs of Generating Companies (GenCos), Distribution Companies (DisCos), and the Transmission Company of Nigeria (TCN), as well as various government agencies such as the Niger Delta Power Holding Company (NDPHC) ,Nigerian Bulk Electricity Trader (NBET), Gas Aggregating Company of Nigeria (GACN), the Nigerian Electricity Liability Management Company (NELMCO), the Nigerian Electricity Regulatory Commission (NERC) and Nigerian Electricity Management Services Agency (NEMSA) .

Business

EGC Homes Unveils Goodness and Mercy Estate, Brand Ambassador

Published

1 hour ago

December 24, 2024

Sahara Weekly

EGC Homes Unveils Goodness and Mercy Estate, Brand Ambassador

EGC Homes, a notable player in the real estate and property development sector, has made waves in the Nigerian market with its recent announcement of the launch of Goodness and Mercy Estate in Ogun, alongside other strategic initiatives.

The company emphasized its commitment to collaborating with the government to alleviate the housing deficit in Nigeria while prioritizing the well-being of residents.

In an interview with THECONSCIENCE NG, Oladapo Jimoh, the Managing Director of EGC Homes and Properties, expressed the brand’s long-term vision to bridge the housing gap and simplify the journey to homeownership.

He stated, “Current data estimates Nigeria’s housing deficit to be around 28 million units by 2024. This figure is among the largest globally and poses significant challenges, contributing to homelessness and various social issues.”

“National statistics indicate that our country faces a pressing need for approximately 700,000 new homes each year to address this deficit. As urbanization continues, these challenges are particularly evident in major cities, where affordable housing becomes increasingly scarce, forcing many into slums and informal settlements.”

The World Bank projects that Nigeria’s urban population could exceed 200 million by 2050, highlighting a potential social crisis as the lack of affordable housing leads to the rise of slums, especially in urban areas.

“As a forward-thinking and solutions-oriented company, we are dedicated to addressing these critical housing issues in partnership with the government.”

Following its successful launch in Lagos, EGC Homes has rapidly expanded its operations, acquiring a significant land bank across the southwestern region of Nigeria and enhancing its marketing strategies to effectively connect with customers.

The firm is committed to providing Nigerians with exceptional value, peace of mind, and simplifying the processes of land acquisition and homeownership.

“Our mission is to make life easier for Nigerians while assisting the government in tackling the housing deficit.”

Recently, the company introduced its premier property, the Goodness and Mercy Estate, located in Arepo and Sagamu Interchange in Ogun State, with more projects on the horizon. Its flexible payment plans and affordable property prices aim to cater to a wide audience.

Additionally, EGC Homes has appointed Titilayo Adebayo-Omotosho as its social media brand ambassador to promote the unique offerings of EGC Homes and Properties Limited to Nigerians both at home and abroad.

In her remarks, she highlighted her commitment to the vision of EGC Homes, stating, “I believe every Nigerian deserves a decent roof over their head. This aligns perfectly with the mission of EGC Homes and Properties, which is why I chose to represent the brand, promoting its exceptional estates and home packages to Nigerians and those aspiring to own homes here.”

Business

Optiva Capital Partners and Loft & Keys LCC Forge Strategic Partnership to Drive $500m Investments in Nigeria

Published

4 hours ago

December 24, 2024

Sahara Weekly

L-R Dr. Jane Kimemia, CEO, Optiva Capital Partners and Chief Austin Ugochukwu Albert, Chairman, Loft & Keys LLC during the partnership agreement signing between Optiva Capital partners and Loft & keys LLC at Optiva's headquarters in Lagos

Optiva Capital Partners and Loft & Keys LCC Forge Strategic Partnership to Drive $500m Investments in Nigeria

Optiva Capital Partners, Africa’s leading wealth management and retention company, has announced a groundbreaking partnership with Loft & Keys LLC, a renowned real estate and investment company with dominant presence in Nigeria and the Middle East.

The ceremony which took place over the weekend at Optiva Capital’s Corporate Headquarters, aims to boost investment in Nigeria’s hospitality and healthcare sectors on the one hand, as well as provide Nigerian investors with opportunities to invest in real estate in the UAE, particularly in Dubai.
Speaking at the signing ceremony, Dr. Jane Kimemia, CEO, Optiva Capital Partners, emphasized the transformative potential of this partnership, “With Loft & Keys’ deep understanding of the Nigerian market and established networks in the Middle East, we are poised to bring $500 million in investments into Nigeria’s hospitality and healthcare industries. These funds will be strategically spread across Lagos, Abuja (FCT), Delta, and Enugu.”

The investment in hospitality will serve as a catalyst for economic growth in Nigeria. Beyond creating employment opportunities, it will spur infrastructure development, enhance regional tourism appeal, and foster business ecosystems in Lagos, the Federal Capital Territory, Enugu, and Delta. Similarly, the healthcare focus will address critical gaps in medical infrastructure, improve access to quality care, and promote health innovation—key pillars for national development.

The partnership According to Dr Kimemia also extends to Nigerian investors seeking opportunities in the UAE. With Loft & Keys’ expertise and extensive networks in Dubai and other Middle Eastern hubs, the collaboration will unlock access to one of the world’s most dynamic real estate markets.
Speaking about the partnership, Chief Austin Ugochukwu Albert, Chairman, Loft & Keys LLC, said “Optiva Capital Partners stands as Africa’s leading wealth retention company, a position that is firmly established and without question. This partnership with Loft & Keys will further solidify their dominance and create even greater opportunities for growth. As Dr. Jane Kimemia has rightly emphasized, Loft & Keys, with our extensive expertise in the Middle East, is a trusted and experienced partner”. We have a strong presence in the UAE and are actively expanding into Saudi Arabia and Qatar in the near future. Together with Optiva Capital Partners, we are committed to capturing significant market opportunities in these regions. I am confident that this partnership will foster substantial growth that will be mutually rewarding for both parties.

Dubai, a city widely known for its opulence and rapid development, is reportedly operating at only 30% of its projected capacity, presenting a significant growth opportunity for investors. According to industry experts, this untapped potential creates a unique window for investors to capitalize on the city’s future expansion and development.
The partnership aligns with the United Nations Sustainable Development Goal 17 as two formidable brands, Optiva Capital Partners and Loft & Keys are committed to leveraging their collective strengths to drive impactful investments that benefit clients and communities alike.

About Optiva Capital Partners
Optiva Capital Partners is a premier wealth management and retention firm offering bespoke solutions in four areas of specialization – investment immigration, investment advisory, insurance, and international real estate.
About Loft & Keys LLC
Loft & Keys is an internationally recognized real estate and investment company with a robust presence in Nigeria and the UAE. The firm is dedicated to connecting investors with high-value opportunities in dynamic markets.

Business

Petrol: MRS Slashes Petrol Price to N935/Litre Nationwide, Enforces compliance

Published

22 hours ago

December 23, 2024

Sahara Weekly

General Buratai Urges Dangote Not To Succumb To Marketers Blackmail, Reveals Why

Petrol: MRS Slashes Petrol Price to N935/Litre Nationwide, Enforces compliance

… Nigerians praise Dangote-MRS partnership

MRS Oil Nigeria Plc, a prominent player in the Nigerian downstream oil industry, has implemented a new petrol price of N935 per litre across all its retail service stations nationwide. This follows an announcement by the President of Dangote Industries Limited, Aliko Dangote, that the Dangote Petroleum Refinery has partnered with MRS Oil and Gas to offer petrol at N935 per litre at retail outlets, following a reduction in the ex-depot price from N970 to N899.50 per litre.

In response, MRS Oil Nigeria Plc has instructed all its outlets to implement the new price immediately, setting up a digital platform and monitoring team to ensure full compliance. The company has also called on Nigerians to report any outlets that fail to adhere to the new price structure.

“Petrol is now being sold at N935 at MRS Filling Stations nationwide. If you find any station not following this price, please report it. Call 08009447853 or email: [email protected],” the company stated in a release.

Emphasising the eco-friendly nature of its products, MRS Oil added, *“We call on all petrol station owners to join MRS Oil Nigeria Plc in improving the supply chain of our beloved country, ensuring product quality and availability in every corner of Nigeria for the benefit of all Nigerians.”*

Checks by our correspondents yesterday confirmed that the new price had been implemented at all MRS Oil and Gas retail outlets nationwide.

In Lagos, commuters were seen queuing at MRS filling stations to purchase petrol. Many expressed their gratitude to Dangote Petroleum Refinery and MRS Oil and Gas, urging other marketers to support the indigenous refinery rather than import off-spec products into the country.

Mrs. Ibukun Phillips, a commuter at the MRS station at Alapere on the Lagos Ibadan Express way, could not hide her joy as her husband filled up their car.

“I am very happy today. This is a victory for Nigeria,” she said. “The price reduction is the best gift of the season. But beyond just the reduction, we are buying standard, eco-friendly petrol at a lower rate. My husband and I have decided we will only be using MRS from now on because we are confident in the quality of the product and supporting the economy.”

Commercial bus driver Adio Ajibade described the price reduction as a great relief, especially during the festive season.

“The reduction is a great relief. It will reduce transportation costs and benefit Nigerians. God will continue to bless Alhaji Aliko Dangote,” he said.

A public affairs analyst and university lecturer, Dr. Tunde Akanni, said the collaboration between Dangote Petroleum Refinery and MRS Oil represents a significant step towards improving the affordability, quality, and sustainability of petroleum products in Nigeria.

According to Dr. Akanni, “this move will not only help ease the financial burden on Nigerians but also promote a more environmentally conscious approach to fuel consumption, benefitting both the economy and public health in the long term.”