All Posts in "Day: November 3, 2024"

Reps Begin Probe Into $2bn Unutilized Renewable Energy Grants

 

  Mohammed Shosanya

 

 

The House of Representatives Committee on Renewable Energy has summoned stakeholders to an investigative public hearing concerning the utilization of $2 billion in renewable energy grants and investments.

 

 

 

The House has fixed a two-day public hearing for Tuesday, November 5, and Wednesday, November 6, 2024.

 

 

 

 

The hearing is to examine the effectiveness of these investments and assess barriers hindering impactful outcomes in the sector.

 

 

 

 

The hearing, organized by the designated House Committee, is in line with a mandate issued on June 6, 2024, to investigate Ministries, Departments, and Agencies (MDAs) involved in investment, procurement, and grant management in Nigeria’s renewable energy sector.

 

 

 

 

The investigation is to also assess the effectiveness and transparency of the MDAs’ handling of resources intended to support renewable energy development across the country.

 

 

 

 

In a statement issued on Sunday in Abuja, by Hon. Victor Afam Ogene, the Chairman of the Committee,said these funds, allocated for the advancement of Nigeria’s renewable energy sector, have yet to yield significant progress in addressing the country’s energy security challenges.

 

 

 

 

 

He announced that the probe into renewable energy investments would span the period from 2015 to 2024.

 

 

 

 

 

He expressed the House’s  concern over the lack of visible progress in Nigeria’s renewable energy sector,despite government efforts to attract over $2 billion in investments over the past decade.

 

 

 

 

Hon. Ogene,who cited a 2023 report by the Rural Electrification Agency,noted that these substantial investments have yet to translate into noticeable improvements in renewable energy infrastructure or access for Nigerians.

 

 

 

“The House of Reps was alarmed that the dysfunctional electricity generation and supply system persists, contrary to the objectives behind government investments and grants aimed at developing the renewable energy sector, hence the resolution to probe these investments in order to determine the integrity of the procurement and execution processes.”

 

 

 

According to him,the investigation is not to witch-hunt but to discourage opaqueness and promote transparency and objectivity in handling government or public resources.

 

 

 

He commended the European Union and other donor agencies for their useful submissions, insights and cooperation in sharing information with the committee.

 

 

 

The resolutions of the House followed the adoption of a motion titled “Need to Investigate Investments in Renewable Energy Sector and Foreign Grants received from 2015 till date”, sponsored by the lawmaker representing Oshodi-Isolo II Federal Constituency, Lagos State, Okey-Joe Onuakalusi.

 

 

 

 

 

The lawmaker had said the parliament was aware that poor electricity generation, transmission and distribution constituted a huge threat to the nation’s quest for industrial and technological development.

 

 

 

 

According to the lawmakers,successive governments since 2015 have made substantial investments and attracted multimillion-dollar foreign grants to the renewable energy subsector of Nigeria’s power industry to create a viable and sustainable alternative energy supply.

 

 

 

 

They noted that in December 2023, the World Bank approved a $750 million facility to boost renewable energy in Nigeria, with the goal of providing over 17.5 million Nigerians with improved access to electricity through distributed renewable energy solutions.

 

 

 

They also noted that in 2020, the federal government launched a $200 million renewable energy project, tagged ‘Nigeria Electrification Project (NEP),’ aimed at providing off-grid energy to over 500,000 people across 105,000 households in rural communities, funded by the African Development Bank (AfDB).

 

 

 

The invited agencies and stakeholders include, but are not limited to Rural Electrification Agency, Nigeria National Petroleum Company Limited, Nigerian Content Development and Monitoring Board, Nigeria Sovereign Investment Authority (NSIA),National Agency for Science and Engineering Infrastructure (NASENI), NASENI Solar Energy Ltd, Ministry of Petroleum Resources, Country Representative European Union, Union Bank Plc (Compliance Department), Ministry of Science, Technology and Innovation, Federal Ministry of Power, Energy Commission of Nigeria and Federal Ministry of Finance.

 

 

 

Other stakeholders in this initiative include the Niger Delta Power Holding Company, the Federal Ministry of Marine and Blue Economy, the Federal Ministry of Environment and Ecological Management, the Federal Ministry of Petroleum (Gas Resources), the Niger Delta Development Commission, and the Federal Ministry of Budget and Economic Planning.

 

 

 

 

 

Other  contributors include the Federal Ministry of Agriculture and Food Security, the Office of the Accountant General of the Federation, the Renewable Energy and Energy Efficiency Associations (Alliance) (REEEA-A), the United States Agency for International Development, and additional concerned parties.

 

 

Online Editor by — November 3, 2024 in News 0
SSANU,NASU Suspend Strike After FG Resolve To Pay Outstanding Salaries

 

 

      Mohammed Shosanya

 

 

 

The Senior Staff Association of Nigerian Universities( SSANU) and the Non Academic Staff Union of  Universities (NASU) have suspended their indefinite strike after a positive response from the Federal Government to pay their outstanding salaries.

 

 

 

 

The two unions through their Joint Action Committee (JAC) had embarked on an indefinite strike to protest the alleged refusal of government to pay their four months outstanding salaries when they joined the Academic Staff Union of Universities (ASUU) in a strike during the administration of Muhammadu Buhari.

 

 

 

 

Peters Adeyemi,General Secretary of  NASU and Comrade Mohammed Ibrahim, President, SSANUin a joint statement signed on Sunday,firected their members nationwide to call off further actions on Tuesday, November 5th, 2024.

 

 

 

 

 

Both union leaders based their decision to suspend the strike after several meetings with government officials which has produced reasonable result and commitment.

 

 

 

 

The joint statement read in full: “The National leadership of the Joint Action Committee (JAC) of NASU and SSANU acknowledges and commends our members in the Universities and Inter-University Centres for their unwavering resolve, unrelenting determination and steadfast support for the ongoing strike action.

 

 

 

 

“You will recall that the ongoing strike action foisted on us commenced on the Monday, 28th October, 2024 as a result of Government’s insensitivity to the plights of our members in respect of our legitimate demands.

 

 

 

“During this industrial struggle, we have had several extensive and exhaustive deliberations with the officials of the Federal Government of Nigeria including the new Minister of Education, the Minister of Finance, the outgoing Minister of State for Education, the Permanent Secretary, Federal Ministry of Education, the Accountant-General of the Federation and the leadership of the Department of State Services.

 

 

 

“These high-level engagements culminated into extracting an irrevocable commitment from the Federal Government that the 2 months of the 4 months withheld salaries would be paid in staggered form. One month by the end of October, 2024 (which has largely been done), then the second month to be paid by the end of November, 2024.

 

 

 

“Arising from the above and in view of the level of commitment exhibited by the new minister and the leadership of the Department of State Services, the leadership of JAC, after several contacts and other patriotic considerations, hereby directs that the ongoing indefinite strike be suspended for one-month effective Tuesday, 5th November, 2024.

 

 

“Branch leaders of both NASU and SSANU are hereby directed to convene a joint Congress in their respective campuses on Monday, 4th November, 2024 and intimate members of these development and urge them to resume work on Tuesday, 5th
November, 2024.

 

 

“We wish to also reiterate that discussions on the remaining 2 months, the N50 billion Earned Allowances, Arrears of 25/35 per cent and the Wage Award have been revisited and are undergoing deliberations.

 

 

 

 

“Thank you for your usual understanding and cooperation in this regard; we appreciate your total commitment and resoluteness during this struggle”.

Online Editor by — November 3, 2024 in News 0
Manpower Reduces ATC&C Losses To  25percent With Smart Meters

 

    Mohammed Shosanya

 

The Managing Director, Mainpower Electricity Distribution Limited (MEDL), Dr. Ernest Mupwaya says the company intends to reduce Technical, Commercial, and Collection (ATC&C) losses to 25% within 12 months . 

 

 

 

The development which is part of the company’s transformation plan,will be executed through installation of smart meters, starting with high-loss zones and government institutions. 

 

 

 

The company’s transformation plan focuses on reducing Aggregate Technical, Commercial, and Collection (ATC&C) losses to 25% within 12 months by installing smart meters, starting with high-loss zones and government institutions.

 

 

 

Mupwaya,who spoke to journalists days after the MEDL took over from its mother company, Enugu Electricity Distribution Company Plc, EEDC, expressed confidence in the company’s capacity to achieve operational excellence.

 

 

 

“Public awareness campaigns and mobile courts will combat energy theft,” Mupwaya stated, while also emphasising the importance of partnerships with communities, government agencies, and stakeholders to address non-payment issues and build trust.

 

 

 

According to him,in order to improve customer experience, “Mainpower is deploying modern Customer Relationship Management (CRM) systems and establishing 24/7 service response teams in Enugu and Nsukka to quickly resolve faults.

 

 

 

“Infrastructure upgrades, including smart grid technology and the installation of auto-reclosers and sectionalizers, will further enhance efficiency. The company is also acquiring new tools to support fast delivery service and increase customer satisfaction.

 

 

 

“Looking ahead, Mainpower plans to provide uninterrupted electricity to priority clusters such as urban centers and government hubs, with a phased expansion to residential areas by 2028.”

 

 

 

 

He urged customers to report grievances through designated channels and warned against illegal activities like meter bypassing, which could result in prosecution.

 

 

 

 

He emphasised the import of collaboration with customers and stakeholders, highlighting the new electricity law and the establishment of the Enugu State Electricity Regulatory Commission (EERC) as key steps towards unlocking the sector’s potential and ensuring reliable power supply.

 

 

 

 

He sought increased support from customers and stakeholders, expressing optimism that operational excellence, financial sustainability, and stakeholder engagement would position Mainpower as a model for success in the power sector.

 

 

 

 

“With everyone’s cooperation, we are confident that Enugu State will witness a transformation in power supply.We are here to deliver, and we want our customers to hold us accountable,” Dr. Mupwaya said.

 

 

Online Editor by — November 3, 2024 in Power 0
Cybercrimes:Police Arrest 113 Chinese,Malaysians,17 Nigerians

 

       Mohammed Shosanya

 

 

The Nigeria Police Force has arrested 130 suspects comprising 113 foreign nationals (87 males and 26 females), primarily of Chinese and Malaysian origin, and their 17 Nigerian collaborators  for their alleged involvement in high-level cybercrimes, hacking, and activities that threaten national security.

 

 

 

The strategic operation was conducted through a coordinated raid on a building at the Next Cash and Carry area of Jahi, Abuja, where the suspects were reportedly using computers and other sophisticated devices to facilitate criminal activities, Olumuyiwa Adejobi,Force Public Relations Officer, Force Headquarters Abuja,said in a statement on Sunday.

 

 

 

The operation which was led by the Assistant Inspector-General of Police for Zone 7 Headquarters, Abuja, AIG Benneth Igweh, on Saturday, 3rd November 2024, comprises officers of the Nigeria Police Force Zone 7 Command Abuja and the National Cyber Crime Centre (NPF-NCCC),the statement said.

 

 

 

It added:”We are  investigating the matter and scientifically analysing the exhibits recovered from them. The suspects will be charged to court upon conclusion of our investigations. We will update the public on the outcomes of our investigations as and when due”.

 

 

Online Editor by — November 3, 2024 in Crime/Metro 0
Access Holdings’ Revenue Hits ₦3.4trn

 

Mohammed Shosanya

 

 

Access Holdings Plc, one of Africa’s financial institutions,has announced its unaudited results for the third quarter ended September 30, 2024.

 

 

 

Its gross revenue for the nine-month period rose by 114.5% year-on-year, climbing from ₦1.6 trillion in 2023 to ₦3.4 trillion in 2024,the bank said in a statement on Sunday.

 

 

Interest income,represented 70% of gross revenue at ₦2.4 trillion,while non-interest income contributed ₦1.0 trillion, marking an 87.2% increase due to higher transaction volumes on digital channels and other alternative platforms.

 

 

 

According to the statement,despite inflationary pressures, the cost-to-income ratio remained stable at 60.8%, while profit before tax saw an 89.6% rise to ₦558.2 billion, and profit after tax rose 82.8% to ₦457.7 billion.

 

 

 

This robust performance translated to an annualised return on equity of 22.2%, with earnings per share up to ₦12.40.

 

 

 

It reported significant gains in Q3 2024, driven by strong performance across its banking and non-banking subsidiaries, including Access ARM Pensions, Hydrogen Payments, and Access Insurance Brokers.

 

 

 

The group’s total assets surged to ₦41.1 trillion, up by 54.0% year-to-date, while shareholders’ equity grew by 51.0% to ₦3.3 trillion. Customer deposits saw an impressive rise of 45.4%, increasing from ₦15.3 trillion in December 2023 to ₦22.3 trillion by Q3 2024, while gross loans and advances grew 56.2%, reaching ₦13.9 trillion.

 

 

 

Access Bank continued its strong performance, with both interest and non-interest income contributing significantly to gross earnings. Subsidiaries in the UK and across Africa performed particularly well, delivering 54.8% of the Banking Group’s profit before tax, an increase of 185.8% year-on-year.

 

 

 

The group remains committed to expanding its footprint by offering tailored banking solutions in each region, enhancing customer experience, and advancing cross-border banking capabilities.

 

 

The non-banking subsidiaries of Access Holdings also delivered consistent growth. Access ARM Pensions, following a merger with ARM Pensions, now oversees ₦3.1trillion in assets under management. Hydrogen Payments processed ₦27.5 trillion in transactions, growing its operating profit by 516% year-on-year to ₦5.7 billion.

 

 

Access Insurance Brokers, still in its first year of operations, posted a gross written premium of ₦8.3 billion and a profit before tax of ₦641 million. New entrant, Oxygen X Finance, the group’s digital lending subsidiary, reported ₦2.1 billion in operating income and a profit before tax of ₦412 million.

 

 

Access Holdings remains focused on enhancing profitability through diversified revenue streams across all markets.

 

 

The group is committed to advancing sustainability,embedding environmental, social, and governance principles into its operations to foster positive community impact.

 

 

Through ongoing investments in employee development, Access Holdings is building a culture of innovation and excellence, further positioning the group as a driver of long-term value for its shareholders.

Online Editor by — November 3, 2024 in Banking&Finance 0