Business

Nigeria Imports N1.34 Trillion Power Equipment

Published

9 years ago

June 20, 2016

Nigeria imported electricity equipment and tools valued at N1.34 trillion ($6. 71 billion) from China and some other countries in the last two years, New Telegraph investigations have revealed.

The equipment include electric switchboards, conductors, power capacitors, power converters, power generation boilers, power generators and electricity meter. Also included are distribution boards, transformers, circuit breakers and disconnects, power plant valves, power storage devices, switchgears, turbines and voltage regulators.

Statistics from the World Trade Organisation (WTO) revealed that some power equipment valued at $2.89 billion were shipped from China to Nigeria between 2014 and 2015.

Others are United Kingdom, $773.8 million; India, $399.1 million; United States of America, $321million; South Africa, $230.3 million; Sweden, $260.4 million and Republic of Korea, $122.5 million.

It was also learnt that some of the equipment, which were imported by the Transmission Company of Nigeria (TCN), have been abandoned and are rusting at the seaports. Worried by the neglect of the poower equipment, in July 2014, the Federal Government secured the release of 248 containers rusting at the Lagos and Tincan Island ports to Transmission Company of Nigeria (TCN).

The containers were meant for the Independent Power Project (IPP) and were imported by the defunct Power Holding Company of Nigeria (PHCN). Also, in 2011, the PHCN abandoned 250 containers, containing vital equipment to boost power generation in the coun-try.

Of the containers, 140 of them were abandoned at the Ports and Cargo Terminal in Tin Can Port, while 110 containers were moved to Ikorodu terminal as over time cargoes. Also, in 2015, some power equipment in 27 containers were abandoned at the Lagos Port Complex.

The consignments were the remnant of the 69 imported into the country between July and August 2014. A source at a shipping line that ferried the equipment to the port revealed that the consignee of the goods, a Romania firm, Dextron Engineering Company Limited, incurred a demurrage of N100 million on the cargoes.

The company was contracted by TCN to handle power project in Kaduna. The source told this newspaper that the shipping line that allegedly brought the containers to the port had written several letters to TCN to clear the cargoes, but there was no response.

In 2015, Nigeria Customs Service (NCS) asked the transmission companies that took over assets and liabilities of the defunct PHCN to remove their abandoned imported electricity equipment from Ikorodu Lighter Terminal before end of this year or forfeit them to the Federal Government.

According to its Zonal Coordinator in charge of Zone A, Assistant Comptroller-General Eporwei Edike, the electricity equipment imported by the defunct PHCN had been left unclaimed at the terminal in Lagos for years.

He said: “A lot of containers loaded with electricity equipment lying uncleared at the terminal belong to the defunct PHCN. These containers were transferred to Ikorodu from the ports.

Meanwhile, Korea has said that it would focus on its top export market, Nigeria and other four African countries by investing $17.2 billion on electricity between 2016 and 2025.

Already, the trade volume between Nigeria and Korea had exceeded $4.4 billion between 2014 and the first quarter of 2016. The country said that its power company, Korean Electric Power Corporation (KEPCO), would also invest the money on water and electricity in Mozambique, Kenya, Ethiopia and Uganda

Business

Reliable Source Defends Okunfulure Olusola Steve, Denies Money Laundering Allegations

Published

13 hours ago

April 4, 2025

Sahara Weekly

Reliable Source Defends Okunfulure Olusola Steve, Denies Money Laundering Allegations

A trusted and close associate of Mr. Okunfulure Olusola Steve has come forward to refute the widespread reports alleging his involvement in money laundering.

According to the source, who is based in the United States and has longstanding ties with Mr. Olusola, the Nigerian-born businessman is a legitimate entrepreneur with a verifiable professional background in the U.S.

“I want to categorically state that Olusola is not involved in money laundering,” the associate stated. “He is a law-abiding citizen who has never engaged in any criminal activity.”

The source clarified that Mr. Olusola was in Nigeria to attend a private function and was apprehended at Murtala Muhammed International Airport while returning to the U.S., with $30,000 in his possession. The issue reportedly arose due to his failure to properly declare the amount to airport authorities, which led to allegations of money laundering.

“This situation has caused significant distress to his family, friends, and associates, as Olusola is widely regarded as a person of integrity and good character,” the associate added.

It will be recalled that Justice Deinde I. Dipeolu of the Federal High Court in Ikoyi, Lagos, on Wednesday, April 2, 2025, convicted and sentenced Mr. Okunfulure Olusola Steve to three months imprisonment for money laundering. He was arrested on March 28, 2025, by operatives of the Nigeria Customs Service at the airport for failing to declare the $30,000 in his possession, in violation of the law.

Business

AARE ADETOLA EMMANUELKING AT 50: REDAN PRESIDENT CELEBRATES HIS VISIONARY LEADERSHIP

Published

1 day ago

April 3, 2025

Sahara Weekly

AARE ADETOLA EMMANUELKING AT 50: REDAN PRESIDENT CELEBRATES HIS VISIONARY LEADERSHIP

It is with great pleasure that I, Prince Akintoye Adeoye, President and Chairman of Council of the Real Estate Developers Association of Nigeria (REDAN), on behalf of the entire Association, extend my warmest birthday wishes to you.

As you celebrate your birthday today, we recognize your outstanding contributions to the real estate industry. Your visionary leadership in making homeownership accessible and building Adron Homes & Properties into a leading brand sets a high standard for excellence. Your passion and dedication continue to inspire many of us in the real estate sector.

Today is not just a birthday; it is a celebration of your remarkable achievements, wisdom, and the abundant grace of God. From a visionary start to shaping the future of affordable housing in Nigeria, your leadership in the real estate sector has been ground-breaking.

REDAN is proud to recognize your invaluable contributions to the real estate sector and our association. As you step into this new age, may you be blessed with continued success and even greater accomplishments in all your endeavors.

Turning 50 is a momentous occasion, offering a time for reflection on the many successes and cherished memories that have shaped your journey. At REDAN, we wish you continued good health, wisdom, and divine grace as you keep contributing to the advancement of the real estate sector and our beloved nation.

May this year and the ones ahead be filled with even greater achievements, joy, and fulfillment.

Once again, happy 50th birthday, Aare Adetola Emmanuel King.

Thank you.

Yours faithfully,

FOR: REAL ESTATE DEVELOPERS’ ASSOCIATION OF NIGERIA

Prince Akintoye Adeoye
President & Chairman of Council

Business

GGAN Lauds President Tinubu, Kyari’s Reforms on Food Security

Published

2 days ago

April 2, 2025

Sahara Weekly

***Says Decrease in Prices of Food Commodities Good Sign for a Better Nigeria

The Good Governance Advocates of Nigeria (GGAN) has commended President Bola Tinubu and Minister of Agriculture and Food Security, Abubakar Kyari, for their efforts in transforming Nigeria’s agricultural sector.

In a statement signed by its national president, Comrade Gideon Unazi, the group hailed the administration’s commitment to driving economic growth and positioning Nigeria as a key player in regional and global food markets.

According to Unazi, the country’s gradual shift from subsistence farming to a robust agribusiness ecosystem is a significant step towards empowering farmers and fostering private sector-led growth.

He noted that the declaration of a state of emergency on agriculture, temporary suspension of tariffs on imported grains and essential food items and other reforms have yielded positive results.

Unazi added: “The collaboration with international development institutions such as the African Development Bank, the World Bank, and the Japanese International Cooperation Agency (JICA) has also been instrumental in driving growth in the agricultural sector.

“The lifting of the ban on importation of food across land borders, the firming up of the Naira, and the reported pausing of bulk purchase of grains that UN and US agencies distribute to IDP camps have all contributed to the recent decline in food prices.

“The election of Kyari as the Vice Chairman of the Governing Council of the International Fund for Agricultural Development (IFAD) is a testament to Nigeria’s leadership in global agricultural transformation.

“This recognition is a clear indication that the country is on the right path towards achieving food security and sustainable agricultural development.

“The Ministry’s efforts to distribute over 2.1 million bags of fertilizers to farmers and provide food aid to flood-affected communities have been particularly noteworthy. These initiatives have not only improved agricultural productivity but also provided relief to vulnerable populations.”

Unazi said the recent decline in food prices is a significant achievement and proof of the Federal Government’s efforts, with prices of some grains crashing by as much as 40% in the past month.

The statement stated: “The recent decline in food prices is a significant achievement, with prices of some grains crashing by as much as 40% in the past few weeks.

“The prices of beans, yam, rice, tomatoes, and garri have all declined, ranging from 10% to 70%. This trend is expected to continue, bringing relief to millions of Nigerians who have been struggling with high food prices.

“According to reports, the prices of major raw food items have declined significantly. Aljazeera reported that the prices of some grains crashed by as much as 40% in the past few weeks.

“BusinessDay highlighted a noticeable fall in the prices of beans, yam, rice, tomatoes, and garri, ranging from a decline of 23% for imported rice to 70% for tomatoes.

“The GGAN wishes to commend President Tinubu and Kyari for their leadership and vision in driving growth in the agricultural sector. We urge the administration to continue its efforts to drive economic growth and reduce poverty.

“We also call on all stakeholders to support the government’s initiatives aimed at achieving food security and sustainable agricultural development. With the current trend of declining food prices, we are optimistic that Nigeria is on the path to becoming a food-secure nation.”