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Nigeria Imports N1.34 Trillion Power Equipment

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Power-Distribution

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

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NIHOTOUR Calls on Hospitality, Tourism, Travel, Allied Sector Professionals for Mandated Registration

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NIHOTOUR Calls on Hospitality, Tourism, Travel, Allied Sector Professionals for Mandated Registration

NIHOTOUR Calls on Hospitality, Tourism, Travel, Allied Sector Professionals for Mandated Registration

 

The National Institute for Hospitality and Tourism (NIHOTOUR), the regulatory and standardization authority in the sector, has invited professionals in the hospitality, tourism,travel and allied sectors to register as mandated by the National Institute for Hospitality and Tourism (Establishment) Act 2022.

A statement signed by Aare (Dr.) Abisoye Fagade, FIMC, Director-General/CEO
The National Institute for Hospitality and Tourism reads:

“Enjoy FREE registration from December 1, 2024, to January 15, 2025! This is your chance to register as a professional or practitioner at no cost.

“Don’t miss this opportunity to solidify your presence in Nigeria’s thriving tourism industry. Visit www.nihotour.gov.ng now!

“Hurry—free registration closes on January 15, 2025. Take the first step toward advancing your career in tourism today!”

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EGC Homes Unveils Goodness and Mercy Estate, Brand Ambassador

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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.”

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

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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.

 

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
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.

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