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NDPHC, Eko Disco, Address Electricity Supply Shortfall in Lekki and Agbara

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NDPHC, Eko Disco, Address Electricity Supply Shortfall in Lekki and Agbara

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

In order to improve electricity supply around Ibeju-Lekki area in Lagos and Agbara Industrial area in Ogun State, the Niger Delta Power Holding Company (NDPHC) and Eko Electricity Distribution Company Plc (Eko Disco), have signed a bilateral agreement for the sale of up to 300MW of power from NDPHC’s power plants to customers in these areas within Eko Disco’s franchise areas.

The Lagos State Governor, Mr. Babajide Sanwo-Olu who hosted the signing of the agreement for these projects at Lagos House, Marina recently, commended the initiative by NDPHC and Eko Disco, and stated that “he will monitor the implementation of the agreement.” The Governor expressed his confidence that the collaboration between NDPHC and Eko Disco will complement the current policies of the state government in economic and infrastructure development.

NDPHC and Eko Disco have committed to work together to deliver safe, reliable and steady supply of power to customers in the areas of collaboration. The project will be structured to remove the commercial and technical inefficiencies in the Nigerian electricity market and will mobilise significant capital investment in transmission/distribution infrastructure and metering technology.

In his remarks, the NDPHC Managing Director/CEO, Mr. Chiedu Ugbo stated that the challenges in the industry inspired NDPHC to “source alternative means to sell and ensure dispatch of its stranded power generation capacity and explore innovative ways to unlock investment in infrastructure for improved supply to customers.”

In turn, the MD of Eko Disco, Engr. Adeoye Fadeyibi said that the partnership aligns with the efforts of the Eko Disco to bridge the metering gap and improve the quality of electricity supply to customers. He appreciated customers for their continued support for the Company in its quest to continue to empower the quality of lives of all stakeholders.

The agreement signed between NDPHC and Eko Disco is only the latest milestone in NDPHC’s innovative and ambitious programme to tackle the industry-wide challenges in the Nigerian power sector. These challenges have resulted in the inability of the operators in the industry to fulfil their investment and industry payment obligations, and a continuing low access to reliable power for industry, businesses and homes.

Despite a significant installed generation capacity – estimated to be more than 13,000 MW – access to electricity remains acutely low because much of this installed capacity is stranded and cannot be conveyed to customers because of inadequate transmission and distribution capacity. Operators insist that tariffs remain at a level that cannot guarantee returns for investors in the sector and as a result, an estimated $20 billion capital investment required to upgrade the transmission and generation infrastructure is not available. Insufficient investment in metering, collection and surveillance, among other factors, has also made collections by the distribution companies inefficient, thereby causing revenue loss across the value chain. A combination of these factors has led to severe liquidity shortfalls and a ballooning deficit in the market, and there simply is not enough collections from customers to cover the cost of power generation and delivery. The Federal Government has on several occasions intervened with financial bailouts to the sector, but this solution is only short term and is becoming an increasingly heavy burden on a cash-strapped government struggling with low oil prices and a struggling national economy.

The operators in the industry have had to innovate or go out of business. It is in this regard that NDPHC is blazing a trail in structuring deals that are solving many of the industry-wide challenges affecting its business. NDPHC, holds a portfolio of 10 power plants with aggregate installed capacity of more than 4,000MW and growing. To ensure that much of its capacity does not remain idle, NDPHC, with support from Electric Utilities Nigeria Limited, is now targeting to work with discos and other project developers to, in the first phase, sell more than 1,000MW from its power plants in manner that resolves the current commercial and technical inefficiencies in the market without a need for government funding intervention.

In addition to the agreement signed with Eko Disco, NDPHC has executed similar agreements with Port Harcourt Electricity Distribution Company Plc, Enugu Electricity Distribution Company Plc, Kaduna Electricity Distribution Company Plc and Benin Electricity Distribution Company Plc. In each case, the parties will mobilise investment in the expansion of the distribution network of the discos to enable increased offtake of power and in metering technology including smart meters in order to increase the collection rate of the discos.

For NDPHC, these collaborations will lead to greater offtake of power from its under-dispatched power plants, thereby increasing the company’s revenue. For the industry generally, these collaborations will attract the requisite investment in the industry and increase liquidity that enables higher payment receipts across the value chain. Now that NDPHC has executed the agreements with 5 discos and more in the pipeline, it is projected that the impact on the Nigerian power sector will be massive in improving electricity access, market payments and attracting more investments to the industry.

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Lagos Island Lawmaker, Afinni Picks Patient Surgery Bill

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Lagos Island Lawmaker, Afinni Picks Patient Surgery Bill

Ajagbe Adeyemi Teslim

sponsored by: H&H

“May you never experience such, May God be with you and your household, may you never fall sick, your enemies will never overcome you, These are the prayers from the heart of a resident of Lagos Island constituency ll, Mr. Abiola Shuab when favour falls on him during and aftermart of his successful surgery Operation been sponsored by Lagos Lawmaker, Hon. Lanre Afinni.

August24news.com gathered that Mr. Abiola Shuab was suffering from a premium Nasal Nose Blockage and as been placed under drugs and treatment before his doctor prescribed him for a Surgery Operation.

The surgery Operation was carried out successfully by a team of medical expert at the Ilorin General Hospital last Friday.

Upon reaching the Lawmaker for Financial support for the surgery, Hon. Lanre Afinni who represent the good people of Lagos Island Constituency ll at the Lagos State house of Assembly quickly reacted to the request and ask his Committee on Health to rally round Abiola and carry out all the necessary action claiming the bill should be credited on his account.

Commenting on the Goodwill done by Hon. Lanre Afinni is the Apex Leader of the All Progressive Congress (APC) in Lagos Island Constituency ll, Chief Babajide Damasio commended Affini for the prompt and good act describing him as a lawmaker of the people who is always at alert for the good gesture.

On his own Part Hon. Lanre Afinni who doubles as the Chairman house committee on Environment at the Lagos State House of Assembly told Our Correspondent that “health is wealth, “we remain committed to our constituents members healthcare, their health is Paramount to us and that is why we have to come to their aid when needed.

According to Afinni, When we came into Office in 2023, we inaugurated several committees to look into the needs of our consistency members in different capacity and appoint professional to head the team in various offices such as Education, Sport, Security, Empowerment, Job Creation and Health.

“On our Health Committee desk, we have been able to organize series of medical talks, we also help with medical bills of our constituency members, We have done 3 editions of the medical outreach program, which includes dentals and distributions of free eye glasses with over 2,000 Two thousand in every edition and the 4th edition will be held in December this year. Afinni Stated.

Mr. Abiola Shuab is an Higher National Diploma holder in Banking and Finance from the prestigious Ibadan Polytechnic, Oyo State and resident of Number 17 Ajanaku Street, Lagos Island East LCDA.

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GOCOP to Launch Book, raise Fund for Media Center

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GOCOP to Launch Book, raise Fund for Media Center

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Guild of Corporate Online Publishers (GOCOP) has announced the public presentation of its book, Nigeria Media Renaissance: GOCOP Perspectives on Online Publishing, on Tuesday, June 17th at Abuja Continental Hotel, at 10.00am.

According to a press statement by GOCOP Publicity Secretary, Ogbuefi Remmy Nweke, this highly anticipated event promises to be a significant milestone in the literary and publishing landscape.

He quoted GOCOP President, Ms Maureen Chigbo, to have said that the event will feature a Fundraiser for the N2.3 billion GOCOP MEDIA CENTRE, a multi-purpose resource centre comprising a secretariat, a 21st Century library and event halls, among others.

Chigbo further said that “this landmark publication chronicled the transformative journey of Nigeria’s media landscape, highlighting the pivotal role of online publishing in shaping public discourse, enhancing transparency and fostering national development.

“It is a testament to the resilience and innovation of Nigerian media practitioners in the digital age,” she said.

The event, she said, will bring together distinguished personalities from government, media, private sector, academia and civil society to reflect on the challenges and opportunities in online publishing and its critical role in nation-building.
GOCOP which currently has 120 members was established to ensure that online publishers uphold the tenets of journalism in doing their jobs. Its membership is a constellation of editors and senior journalists, whom, having distinguished themselves in their various stations in the print and electronic media, ventured into online publishing which is both the present and future of journalism globally.
The book aside tracing the historical trajectory of online journalism in Nigeria is also a veritable contribution towards enriching the discourse on civil liberties, press freedom and the role of the media in the sustenance of democracy, the statement added.

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Access Bank Secures DFIs’ USD 100 Million Facility led by German DEG for MSMEs and Gender Equality in Nigeria

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Access Bank Secures DFIs’ USD 100 Million Facility led by German DEG for MSMEs and Gender Equality in Nigeria

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Access Bank Plc has successfully closed a USD 100 million senior loan facility with a consortium of Development Finance Institutions (DFIs), led by the German DFI DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH, and supported by FinDev Canada, Amsterdam-based asset manager ILX, as well as Austrian DFI OeEB, Oesterreichische Entwicklungsbank AG.

This significant financing will support privately-owned MSMEs, small corporates, and family-owned businesses across Nigeria, with a particular focus on promoting female entrepreneurship and economic empowerment.

At least 30 per cent of the facility will be dedicated to gender lens investing in the spirit of the 2X Challenge, ensuring that women-owned and women-managed businesses are prioritised. This initiative is crucial in Nigeria, Africa’s most populous country, where supporting women entrepreneurs and MSMEs can drive job creation and contribute to reducing inequality.

Roosevelt Ogbonna, Group Managing Director of Access Bank Plc, commented on the partnership, saying:

“At Access Bank, we remain steadfast in our commitment to driving economic transformation and fostering inclusive growth across all the countries we operate. This partnership not only strengthens our ongoing efforts to empower women in business but also reinforces our support for Nigeria’s MSME sector, which plays a pivotal role in the country’s economic development. Through strategic collaborations like this, we continue to enhance opportunities for underserved communities, and we look forward to building on this success to impact even more lives across Africa.”

This facility marks the fourth collaboration between DEG and Access Bank Group, but it is also the first time in their eight-year partnership that DEG’s has acted as the lead arranger. DEG’s investment in the deal amounts to USD 25 million, strengthening the long-term relationship between the two institutions.

Also, Roland Siller, CEO of DEG shared his thoughts on the partnership, stating that:

“This financing marks a major step in our ongoing commitment to supporting inclusive growth in Africa. By partnering with Access Bank, we are not just empowering women entrepreneurs and strengthening MSMEs but also investing in the future of Nigeria’s economy. This collaboration, which has blossomed over the last eight years, goes beyond just providing funding and speaks to our shared commitment in creating sustainable, long-term opportunities that foster job creation and innovation. At DEG, we are focused on helping businesses in developing and emerging markets thrive, offering not just financial support but also advisory services that help them scale and succeed. Our work with Access Bank is a clear example of how we can build stronger economies through impactful, sustainable investments.”

In 2024, Access Bank made significant social and environmental impact across the continent, touching millions of lives and earning multiple industry accolades. Through various corporate social investment initiatives in education, entrepreneurship, health, and the environment, the Group reached over 21 million individuals across Africa. Through its W-Initiative, the Bank disbursed loans to over a million women-led SMEs, advancing financial inclusion and gender empowerment.

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