Connect with us

News

Transafam Power MD/CEO Vincent Ozoude says Sustainable Generation Will Transform the Power Sector, Nigeria’s Economy

Published

on

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The power sector in Nigeria has long been plagued by inefficiencies, inadequate infrastructure, and a lack of sustainable power generation.

However, recent developments and investments by companies like Transcorp Group, Nigeria’s leading conglomerate, are bringing hope for a brighter future.

Transcorp has strategic investments in power, hospitality, and energy. In power, the Group has two subsidiaries, Transcorp Power Limited and Transafam Power Limited (TAPL), which recently commissioned the Afam III Fast Power boosting the national grid by 240MW.

The company’s Managing Director/CEO Vincent Ozoude took the message of sustainable power to Twitter Spaces in a session on Thursday, where he discussed the crucial role of sustainable power generation in transforming the power sector and, subsequently, Nigeria’s economy.

Transafam Power Limited has made significant strides in the power sector since its inception. Through its acquisition of AFAM POWER PLC and AFAM 3 FAST POWER LTD, TAPL has added a combined capacity of 966MW to its portfolio. This introduction of private sector discipline, expertise, and resources has brought about a transformation in the sector.

Ozoude highlighted the immediate investments made by TAPL to increase the capacity of the acquired plants. Within just seven weeks post-takeover, the company successfully raised the capacity from 48MW to 118MW, providing an incremental 72MW to the National Grid.

This demonstrates the gains of privatisation and the positive influence of TAPL’s entry into the sector.

One of the significant contributions of Transafam Power to the power industry is the concept of Fast Power.

This innovative approach allows for the rapid deployment of power generation to any location, addressing the urgent need for increased electricity supply.

The recently commissioned Afam III Fast Power plant, with its 240MW capacity, adds a substantial boost to Nigeria’s national grid.

This leap in power generation capacity not only powers millions of homes but also supports the growth of small and medium-scale enterprises, manufacturing industries, and the overall economy.

Speaking during the Twitter Spaces session, Ozoude highlighted several challenges that currently affect the operations of power generation companies in Nigeria.

These challenges include gas supply for gas-fired thermal power plants, the need for transmission and distribution infrastructure improvement, foreign exchange (FX) constraints for offshore components and maintenance, and liquidity issues.

To effectively address these challenges, Ozoude emphasized the importance of resolving outstanding payments to power generation companies, creating a self-sustaining electricity market, improving transmission and distribution infrastructure, and addressing the FX constraints faced by the sector.

These steps will ensure stability, increase efficiency, and attract further investment in the power sector.

Transafam Power has also actively contributed to community development and engagement. The company has created direct and indirect employment opportunities within its operating locality and supported local supply chains. Furthermore, Transafam operates a well-equipped cottage hospital, as well as primary and secondary schools in its host community, Okoloma Ndoki, as part of its corporate social responsibility initiatives.

Looking ahead, Ozoude envisions a future where the power sector in Nigeria experiences significant growth, leading to improved per capita income, GDP growth, and job creation.

He sees the sector playing a vital role in driving industrialisation, infrastructure development, and overall economic progress. Transafam Power, guided by Transcorp’s vision of improving lives and transforming Africa, aims to be a key player in realizing this vision.

According to him, the recent signing of the new electricity bill by the President has also brought optimism to the power sector. The liberalisation of the sector, recognition of renewable energy, and the wider stakeholder participation allowed by the new legislation will pave the way for increased collaborations, consumer benefits, and accelerated development.

Transcorp Group is also making impact in the power sector through Transcorp Power Limited, a leading power generation company in the country. Transcorp Power Limited owns and operates a Power Plant in Ughelli, one of the largest gas-fired power plants in Nigeria with an installed capacity of 972 megawatts. The plant is located in Delta State and has been a major contributor to Nigeria’s power generation capacity.

Transcorp’s investments in the power sector are aligned with its overall mission of transforming lives and driving economic development in Nigeria and Africa as a whole. By focusing on power generation, Transcorp aims to address one of the critical challenges hindering economic growth and development in Nigeria – the inadequate power supply.

Continue Reading

News

TCC is Required, WAEC Exams Still Free in Lagos, LIRS Clarifies

Published

on

TCC is Required, WAEC Exams Still Free in Lagos, LIRS Clarifies

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Lagos State Internal Revenue Service (LIRS) has reiterated that the provision of FREE West African Examinations Council, WAEC registration for SS3 students in state-funded secondary schools is a vital policy of the Lagos State Government and that free education policy from kindergarten to SS3 is still in operation.

This initiative, part of the THEMES PLUS agenda, is included in the government’s broader efforts to provide essential services such as affordable housing, efficient transportation, free healthcare, youth and small business empowerment programs, enhanced security, and better road infrastructure, among others.

Mr. Ayo Subair, Executive Chairman of LIRS, stated, “It is standard procedure to require a Tax Clearance Certificate (TCC) to access government services. To obtain a TCC, individuals must file their annual tax returns for the applicable assessment year and ensure their tax payments are currently based on their declared income.”

He highlighted that this requirement has been in practice for a long time and aligns with Section 85 of the Personal Income Tax Act (PITA) 2004 (as amended).

It is important to emphasize that every resident of the state, whether in formal employment or not, is required by law to file annual tax returns, declaring their income and paying any taxes due.

This requirement is backed by the Nigerian Constitution, it is also the law, as stipulated in the PITA and part of the social contract between the government and residents.

The Lagos State Government is dedicated to offering quality and efficient services to its residents. As part of this mission, it mandates that all taxable individuals register with the tax authority, submit their returns, and pay applicable taxes to maintain an updated Tax Clearance Certificate (TCC).

Mr. Subair explained that tax compliance is essential for the sustainability of public programs and services.

He noted that requiring a TCC for access to free services is not a new policy but a longstanding practice intended to foster fairness and transparency in using public resources. Tax revenues help fund various public programs that benefit millions of Lagos residents. For informal sector taxpayers, who might not have detailed financial records, the government has introduced a presumptive tax of ₦10,100 (comprising ₦10,000 in annual tax and a ₦100 development levy) to facilitate their inclusion in the tax net.

To enhance convenience and streamline the process, LIRS has deployed staff and agents to markets and schools, establishing one-stop centers where individuals can obtain their TCC without needing to visit tax offices. Flexible payment options, including installment plans, are also available, though full payment must be completed before the TCC is issued.

He also added that the TCC of guardians will be accepted from students who do not reside with their biological parents.

“The aim is fairness, accountability, and sustainability,” emphasized Mr. Subair. “This policy is not about inflicting hardship, but rather ensuring that everyone, including those in the formal sector, contributes their fair share to sustain the provision of essential services.”

By meeting their civic responsibilities, residents play a role in the growth and development of Lagos State, reinforcing the government’s commitment to enhancing the quality of life for its citizens.

Continue Reading

News

LAWMA Intensifies Enforcement, Waste Clean-up Across Lagos

Published

on

… Agency Urges Residents to Stop Patronising Cart Pushers

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Lagos Waste Management Authority (LAWMA) has intensified its enforcement and clean-up operations across the state to curb indiscriminate waste disposal and maintain environmental sustainability.

The agency’s Managing Director and Chief Executive Officer, Dr. Muyiwa Gbadegesin, emphasised LAWMA’s unwavering commitment to keeping Lagos clean, noting that the monitoring and enforcement team had been mobilised to ensure compliance with waste management laws of the state.

He said, “LAWMA remains resolute in stamping out illegal waste disposal and environmental violations. Our Environmental Monitoring and Enforcement Anti-Cart Pushers Squad has been actively dislodging illegal waste operators who contribute to the degradation of our environment. We urge residents to desist from patronising them and instead work with registered PSP operators for proper waste disposal.”

Gbadegesin said the enforcement team recently carried out major operations in areas like Ifako-Ijaiye, Dopemu, Agege, Ojodu Berger, and other parts of Lagos, apprehending cart pushers known for collecting waste and dumping it at unauthorised locations, stressing that such activities violated environmental laws and undermined the state government’s efforts at maintaining a clean and livable city.

He warned that ignorance of the law is not an excuse and anyone caught engaging in cart pushing would be made to face the full wrath of the law.

The LAWMA boss further noted that the Authority had also commenced the evacuation of waste from illegal dumpsites along the Lekki-Epe Expressway, particularly behind Circle Mall, adding that the operation, simultaneously taking place at Mile 2 Badagry expressway, would continue in the coming weeks, in line with the agency’s ongoing efforts to clear accumulated waste, remove silt along the median and verges and prevent indiscriminate disposal along highways.

In a separate exercise, LAWMA has intensified efforts to clean up Lagos waterways, ensuring that rivers and water bodies remain free of waste and blockages. The initiative is aimed at reducing environmental pollution and promoting cleaner water channels across the state.

Gbadegesin urged Lagosians to support LAWMA’s initiatives in 2025, by properly disposing of their waste, reporting service gaps, and calling the agency’s helplines for backup waste collection services.

“A cleaner Lagos is achievable when everyone plays their part. We urge residents to work with assigned PSP operators, report waste-related infractions, and adopt responsible waste disposal habits. Together, we can create a cleaner and healthier city for all,” he added.

For waste management related issues and complaints, please call LAWMA toll-free numbers: 080000LAWMA (08000052962), 07080601020 and 617, or visit www.lawma.gov.ng.

Continue Reading

News

Access Bank Appoints Uche Orji as Independent Non-Executive Director

Published

on

Access Bank Appoints Uche Orji as Independent Non-Executive Director

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Access Holdings Plc (‘the Company’) is pleased to announce the appointment of Mr. Uche Orji as an Independent Non-Executive Director of its flagship subsidiary, Access Bank Plc (‘the Bank’), effective from January 7, 2025, following the approval of the Central Bank of Nigeria (‘CBN’).

This appointment reflects our commitment to enhancing our governance practices and ensuring a diverse and experienced board.

Mr. Orji is a renowned investment banking professional, information technology entrepreneur, and finance expert with three (3) decades of professional and board experience. He is the Co-founder and Partner of Titangate Capital Management, an equity firm that invests in deep-tech, enterprise software, semi-conductors, hardware, and artificial intelligence companies.

He is the Founder and Director of Vitesse Africa Limited, an investment advisory firm focused on African energy, technology and infrastructure sectors. He serves as an Executive Board member and investor in Ultrasafe AI, an artificial intelligence/IT development firm that maintains strategic collaborations with leading technology companies. He also sits on the Board of Private Infrastructure Development Group, London, and chairs the Risk Committee.

Previously, Mr. Orji served as the founding Managing Director and Chief Executive Officer of Nigeria Sovereign Investment Authority. He held positions as Managing Director and Senior Analyst at UBS Securities Limited New York and Managing Director and Head of European Technology/Semiconductor Equity Research at JP Morgan Securities, London. He also served as Executive Director/Portfolio Manager at Goldman Sachs Asset Management, London. Earlier in his career, he was Acting Financial Controller at Diamond Bank Limited and an Audit Trainee at Arthur Andersen & Co.

He holds a Bachelor of Engineering Degree in Chemical Engineering from the University of Port-Harcourt and a Master of Business Administration from Harvard Business School.

Commenting on the appointment, Mr. Paul Usoro, SAN, the Chairman of the Bank said:

“Mr. Orji has been appointed based on his exceptionally rich professional, academic, and corporate board experience which will be invaluable to the Bank as we continue to pursue our strategic objectives.

We are confident that his addition to the Board would further enrich the quality of our decision-making process, enabling us to deliver even greater value to our customers and stakeholders.

His appointment has been made in accordance with the Bank’s internal policies and has been notified to all relevant regulatory authorities underscoring our commitment to upholding the highest standards of corporate governance.

On behalf of the Board, Management and staff, I warmly welcome Mr. Orji to the Board and look forward to his contributions towards our goal of becoming one of the top 5 African Banks in the shortest possible time.”

Continue Reading

Trending

Copyright © 2021 All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from August24news.com
This Website is designed and Managed by: August 24 Communications Nigerian Limited (RC: 798585)