NIGERIANS have again been assured that power problem will soon be
over, with 118 power projects at different stages of completion in
different parts of the country.
This was disclosed by the Chairman of Nigerian Electricity
Regulatory Commission (NERC), Dr. Sam Amadi at a monthly breakfast
meeting organised by Nigerian-British Chamber of Commerce (NBCC) in
Lagos.
Speaking on the topic, “Nigerian Power Sector: The New Frontier”,
Amadi, admonished Nigerians to exercise patience as 118 power project
presently going on in the six geopolitical zones of the country will
boost power supply when completed.
He encouraged investors to explore various opportunities in the
power sector which is expected to grow from N620 billion in 2013 to over
N1 trillion in 2016, saying the commission is working on cost effective
tariff to ensure returns on investment.
Amadi, who was represented by the Deputy General Manager, NERC,
Abudulahi Mohammed, said there were huge opportunities in all the
sub-sectors of the Nigerian electricity supply industry: gas,
generation, transmission and distribution.
He also admitted challenges within the system, particularly in the
area of gas supply saying that most power plants in the country were not
working to full capacity. “Almost all the 20 turbines in the gas-fired
thermal generation plants have no gas or very little gas available for
use as generating feedstock”.
The NERC boss said the government was handling the gas issue as a
national emergency and is adopting short, medium and long term
strategies to end the crisis; stressing that the government was also
exploring coal-to-power and other renewable energy sectors for
diversification.
On transmission, he said there was need to prevail on the board of
Transmission Company of Nigeria (TCN) to ensure that the Manitoba
management contract was fully implemented. “This includes sourcing of
funds to strengthen and expand the transmission network”, moreso as “a
lot of investment is going into transmission”.
He appreciated banks from Nigeria for supporting the sector and
also encouraged them to continue to live up to expectations.
“Investments required in the power sector is highly capital intensive
and long-term in nature. Capital market finance is especially attractive
to project sponsors as it provides access to fixed-term debt over a
longer-term than banks can offer. Thus, huge opportunities exist for
increasing sponsors’ return on equity in an industry with huge growth
potential,” he said.
President of NBCC, Prince Adeyemi Adefulu, said Nigerians have been
eagerly awaiting the outcome of power privatisation in the country,
with many still experiencing blackout, stressing the need for assurance
from the authorities, “not just by word of mouth, but with action”.
He said the privatisation in the power sector has been largely
sponsored by financiers who were yet to get their money back and
therefore called for strong regulations to safeguard the system in the
interest of all.
He commended Amadi for efforts made in regulating the sector,
adding that the chamber, as part of its re-engineering process, will
continue to organise programmes that will foster better trade relations
and provide directions for stakeholders in the country.
Showing posts with label Economic Matters. Show all posts
Showing posts with label Economic Matters. Show all posts
Wednesday, October 1, 2014
Okonjo-Iweala disowns arms deal fund
There is no end in sight yet in the search for the source or owner of the $9.3
million seized from two Nigerians and an Israeli by the South African
Government, as the Minister of Finance, Dr. Ngozi Ikonjo-Iweala says she
has no knowledge of the fund.
Dr. Okonjo-Iweala told newsmen yesterday at the Yola International Airport after flagging off the Presidential Committee’s distribution of relief materials to victims of Boko Haram in Adamawa State that her ministry was not aware of the funds purportedly meant for arms purchase.
“It is only the Ministry of Defence that can speak on that issue, we in the Ministry of Finance are not in the picture of such money or project, we are not arms project ministry,” she said.
The minister further blamed government’s silence on its activities on opposition parties for their attack on President Goodluck Jonathan, noting that no administration had performed better than the present one in terms of economic, human and infrastructure development.
“That the present government is not making noise over its activities does not mean it is not working, this government is doing everything possible to ensure that Nigerians are comfortable,” she maintained.
Okonjo-Iweala further refuted the alleged political colouration in the distribution of the relief materials, saying the claim was fabricated by those afraid of Jonathan’s scored card.
“We are here in line with the ‘Safe School Initiative’ of the Federal Government and to see that the relief materials are enough to carter for all victims that are able to find their way into the Yola refugee camp,” she explained.
Also, the Minister of Youth Development, Mr. Boni Haruna, who was on the entourage, said the Federal Government was packaging some programmes that would empower jobless youths.
He noted that the military success in Konduga, Borno State, and the killing of several insurgents, including their acclaimed leader, Abubakar Shekau, was a pointer that Jonathan’s government was on top of the security crisis in the region. He urged the region and the entire north to support government’s efforts in the development of the area.
Meanwhile, a civil group, Citizens Arise Movement of Nigeria (CAMON), has called on the Federal Government to explain the $9.3 million impounded by South Africa.
It also called for the prosecution of those involved in the deal for brining the image of the country into disrepute.
Speaking at the launch of the Charter of CAMON on Tuesday in Abuja, former member of the House of Representatives, Dino Melaye, alleged black market arms racketeering, money laundering and official corruption, since the Federal Government has claimed ownership of the said money.
He also called for an independent panel to probe the alleged culpability of the former governor of Borno State, Ali Modu Sherrif, and the former Chief of Army Staff, Lt.-Gen. Azubuike Ihejirika, in Boko Haram sponsorship.
More so, Melaye urged the immediate reversal of the death sentence passed on the 12 soldiers accused of mutiny since the case of perceived insensitivity and neglect has been established against the former Brigade Commander.
Dr. Okonjo-Iweala told newsmen yesterday at the Yola International Airport after flagging off the Presidential Committee’s distribution of relief materials to victims of Boko Haram in Adamawa State that her ministry was not aware of the funds purportedly meant for arms purchase.
“It is only the Ministry of Defence that can speak on that issue, we in the Ministry of Finance are not in the picture of such money or project, we are not arms project ministry,” she said.
The minister further blamed government’s silence on its activities on opposition parties for their attack on President Goodluck Jonathan, noting that no administration had performed better than the present one in terms of economic, human and infrastructure development.
“That the present government is not making noise over its activities does not mean it is not working, this government is doing everything possible to ensure that Nigerians are comfortable,” she maintained.
Okonjo-Iweala further refuted the alleged political colouration in the distribution of the relief materials, saying the claim was fabricated by those afraid of Jonathan’s scored card.
“We are here in line with the ‘Safe School Initiative’ of the Federal Government and to see that the relief materials are enough to carter for all victims that are able to find their way into the Yola refugee camp,” she explained.
Also, the Minister of Youth Development, Mr. Boni Haruna, who was on the entourage, said the Federal Government was packaging some programmes that would empower jobless youths.
He noted that the military success in Konduga, Borno State, and the killing of several insurgents, including their acclaimed leader, Abubakar Shekau, was a pointer that Jonathan’s government was on top of the security crisis in the region. He urged the region and the entire north to support government’s efforts in the development of the area.
Meanwhile, a civil group, Citizens Arise Movement of Nigeria (CAMON), has called on the Federal Government to explain the $9.3 million impounded by South Africa.
It also called for the prosecution of those involved in the deal for brining the image of the country into disrepute.
Speaking at the launch of the Charter of CAMON on Tuesday in Abuja, former member of the House of Representatives, Dino Melaye, alleged black market arms racketeering, money laundering and official corruption, since the Federal Government has claimed ownership of the said money.
He also called for an independent panel to probe the alleged culpability of the former governor of Borno State, Ali Modu Sherrif, and the former Chief of Army Staff, Lt.-Gen. Azubuike Ihejirika, in Boko Haram sponsorship.
More so, Melaye urged the immediate reversal of the death sentence passed on the 12 soldiers accused of mutiny since the case of perceived insensitivity and neglect has been established against the former Brigade Commander.
BAT's looting of our treasury
Written by Akintolu Ibrahim
** The biggest corruption and fraud in Nigeria since Independence, this is the reason Lagos’s debt is bigger than the whole of S/west, S/East, N/East and N/Central states together.
The massive looting of Lagos state by the Leader of the Action Congress of Nigeria, Asiwaju Bola Tinubu has reached monumental proportion. Tinubu whose companies recently cornered a multi billion road construction job in Ogun State, has in his pocket all the juicy contract in all the Action Congress’ states.
In retrospect, it might be difficult to come to terms with the fact that an individual could hold the entire south west to ransom. There is no doubt that Tinubu has succeeded in buying the Lagos State government, and he has done this using government funds.
.
Whenever someone in Lagos begins to wonder where their 4th mainland bridge went, or what was the fate of the pipe-borne water project, or even where the schools and hospitals had vanished to, there is a silence that contains it all. The largest landlord in Lagos has done as he has pleased, and the rest of the state just has to deal with it. For instance: Number 4, Oyinkan Abayomi (formerly Queens) Drive, Ikoyi: A 5-bedroom detached house on one acre of land which was originally the Lagos State Governor’s guest house since 1979, but which now belongs to Tinubu. The certificate of occupancy of the property valued at N450 million was signed and released to him by Fashola in 2007 shortly after he assumed office.
Tinubu’s residence at 26 Bourdillon Road, Ikoyi was initially falsely presented as Oando Plc Guest House. Later, he purportedly bought it from Oando, and used public funds to rebuild and renovate it. The Lagos State Government bought the property and paid an undisclosed sum to him and thereafter gave the property back to him under the bogus Pension Bill he signed to law shortly before he left office in 2007. The property is worth over N600 million.
The annex of the Lagos State Guest House in Asokoro, Abuja was bought by the State Government in 2006 for N450 million, purportedly to protect the main house from security breach. Shortly after Tinubu left office, the property was transferred to him under the pension plan he signed into law before leaving office.
The 250-hectare land valued at about N35billion and strategically located at the Ajah junction on Lekki Road was initially meant for a General Hospital for the people of Eti-Osa Local Government but was stolen by Tinubu and handed over to Trojan Estate Ltd – a company owned by Deji and Wale Tinubu – to develop as Royal Garden Housing Estate at the expense of the taxpayers of Lagos
** The biggest corruption and fraud in Nigeria since Independence, this is the reason Lagos’s debt is bigger than the whole of S/west, S/East, N/East and N/Central states together.
The massive looting of Lagos state by the Leader of the Action Congress of Nigeria, Asiwaju Bola Tinubu has reached monumental proportion. Tinubu whose companies recently cornered a multi billion road construction job in Ogun State, has in his pocket all the juicy contract in all the Action Congress’ states.
In retrospect, it might be difficult to come to terms with the fact that an individual could hold the entire south west to ransom. There is no doubt that Tinubu has succeeded in buying the Lagos State government, and he has done this using government funds.
.
Whenever someone in Lagos begins to wonder where their 4th mainland bridge went, or what was the fate of the pipe-borne water project, or even where the schools and hospitals had vanished to, there is a silence that contains it all. The largest landlord in Lagos has done as he has pleased, and the rest of the state just has to deal with it. For instance: Number 4, Oyinkan Abayomi (formerly Queens) Drive, Ikoyi: A 5-bedroom detached house on one acre of land which was originally the Lagos State Governor’s guest house since 1979, but which now belongs to Tinubu. The certificate of occupancy of the property valued at N450 million was signed and released to him by Fashola in 2007 shortly after he assumed office.
Tinubu’s residence at 26 Bourdillon Road, Ikoyi was initially falsely presented as Oando Plc Guest House. Later, he purportedly bought it from Oando, and used public funds to rebuild and renovate it. The Lagos State Government bought the property and paid an undisclosed sum to him and thereafter gave the property back to him under the bogus Pension Bill he signed to law shortly before he left office in 2007. The property is worth over N600 million.
The annex of the Lagos State Guest House in Asokoro, Abuja was bought by the State Government in 2006 for N450 million, purportedly to protect the main house from security breach. Shortly after Tinubu left office, the property was transferred to him under the pension plan he signed into law before leaving office.
The 250-hectare land valued at about N35billion and strategically located at the Ajah junction on Lekki Road was initially meant for a General Hospital for the people of Eti-Osa Local Government but was stolen by Tinubu and handed over to Trojan Estate Ltd – a company owned by Deji and Wale Tinubu – to develop as Royal Garden Housing Estate at the expense of the taxpayers of Lagos
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