Nigeria’s power sector in a very poor state

Nigeria’s power sector in a very poor state - Transcorp CEO laments

- The president/Chief Executive Officer (CEO) of Transcorp Hotels Plc, Valentine Ozigbo, decried Nigeria's poor power supply

- Ozigbo said other African countries enjoy better power supply

- The Transcorp boss also said Nigerians are over charged for power consumption

The president/Chief Executive Officer (CEO) of Transcorp Hotels Plc, Valentine Ozigbo, has lamented the poor state of the Nigerian power sector, saying that 84.8 million Nigerians do not have access to electric power.

Vanguard reports that Ozigbo said the poor state of power in Nigeria is a far cry from what is obtainable in other African oil-producing states.

Legit.ng gathers that Ozigbo stated this at the fact behind the figures presentation of Transcorp Hotels held at the Lagos Floor of the Nigerian Stock Exchange (NSE).

He said that presently 14,134 MW of Nigeria’s power requirement is met through self-generation.

His words: “With an electric rate of 45%, Nigeria is largely reliant on self-generation. An estimated 41% of Nigerian businesses generate their own power to augment the limited grid supply.

“At N78/kWh Nigerians overpay significantly for each unit of off-grid power consumption which is twice higher than the Grid at N32 /kWh and three times higher than the next most expensive African country, Zambia.”

Ozigbo emphasized that investment in energy is a key pillar in driving growth under Nigeria’s Economic Recovery Growth Plan (ERGP) and development projects recommended will increase demand on Nigeria’s energy supply.

Making comments on the company’s financial performance for the year ended December 31, 2018, he said: “We delivered an exemplary result of 9.4% growth in Profit After Tax (PAT). In fact our revenue grew by 30% to N104.2 billion from N80.3 billion in 2017; Gross profit up by 32% to N48.3 billion from N36.4 billion in 2017; Operating profit grew by 33% to N34.6 billion from N26.0 billion in 2017, Profit Before Tax (PBT) grew by 82% to N22.4 billion from N12.3 billion in 2017 while Profit After Tax (PAT) appreciated by 94% to N20.6 billion from N10.6 billion in 2017.”

PAY ATTENTION: Download our mobile app to enjoy the latest news update

Meanwhile, Legit.ng previously previously reported that the minister of power, housing, and works, Babatunde Raji Fashola, alleged said that it is not the problem and faults of the federal government if power failure problem in country still persists.

The former governor of Lagos state also attributed the persistently unstable electricity to the privatisation of power sector by past administration.

He said: "There are problems without a doubt and we must deal with them. But let me remind you, all of the assets that the Ministry of Power used to control for power have been sold by the last administration before I came. And so if you don’t have power, it is not the government’s problem. Let us be honest.

“The people who are operating the power sector, generation and distribution are now privately owned companies. I am here because I am concerned. If your telephone is not working, it is not the minister of communication that you go to. Let us be very clear.”

NAIJ.com (naija.ng) -> Legit.ng. We have upgraded to serve you better.

Fashola EXCLUSIVE Interview: How Nigeria Can Have Uninterrupted Power Supply | Legit TV

Source: Legit.ng

from Nigeria News today & Breaking Naija news ▷ Read on Legit.ng 24/7 https://ift.tt/2uE1ENL
via EDUPEDIA24/7

Nigerian Academy Of Science Inducts First Female President

The Nigerian Academy of Science has inducted a professor of Parasitology/Epidemiology, Ekanem Ikpi Braide, as its 19th President on Thursday. In a statement issued by Oladoyin Odubanjo, the Executive Secretary of the Academy, Braide is the Academy’s first female President in 44 years of existence. It read, “Braide was a member of the national committee that achieved the laudable feat of guinea worm eradication in Nigeria. “She has a rich professional experience as a researcher and an administrator. In July 2010, Professor Braide was honoured by the President of Nigeria with the award of Officer of the Order of the Federal Republic (OFR) for her contribution to disease control in Nigeria. “She was nominated by the Honourable Minister of Health to serve in the Ministerial Expert Advisory Committee on COVID-19 Health Sector Response (MEACoC-HSR). “Professor Braide served as Vice-Chancellor, Cross River University of Technology (CRUTECH) Calabar, Nigeria (2004 to 2009) and as P...

NLNG Signs Letter Of Intent On Delayed Gas Expansion Project

The Nigerian Natural Liquefied Gas LTD has signed a letter of intent for the engineering, procurement and construction of its long held up Train Seven project. In a statement released by the company on Wednesday, it said that the $10bn project will be executed by a consortium of Italian firm Saipem, Japan’s Chiyoda and South Korea’s Daewoo. The statement reads, “The project will form part of the investment of over $10bn including the upstream scope of the LNG value chain, thereby boosting the much needed Foreign Direct Investment profile of Nigeria.” Managing Director of NLNG, Tony Atta, said in 2018 that the Final Investment Decision would be made in the fourth quarter of that year. This did not however, materialize. According to the release, the project will have a four to five-year execution time after the signing of the FID. The project is expected to add an extra 8 million tons per annum of gas to the 22 mtpa currently exported by the company. Oil News AddThis :...

Former Maritime Agency Boss, Buba Galadima, Accuses AMCON Of Witch-hunt After Property Takeover

A former Director-General of the Nigeria Maritime Agency, Buba Galadima, has accused the Asset Management Corporation of Nigeria of witch-hunt after the agency took possession of his business and assets on Tuesday in Abuja. Galadima, an ardent critic of President Muhammadu Buhari, claimed that he did not borrow money or have unpaid debt with Unity Bank, which lodged a complaint against him and occasioned AMCON’s move on Tuesday. The properties taken over include House No. 15, Addis Ababa Crescent, Wuse Zone 4, Federal Capital Territory, Abuja and House No. 4, Bangui Street, Wuse 2, also in Abuja. Reacting to the situation, Galadima said, “This is an attempt to disgrace and break me down. This is injustice and an attempt to humiliate me. "But I am unbreakable and they can never silence me. They sacked me and over 50 people that sleep in the apartment. "We don’t know where to go. We will remain on the streets. We will remain on the streets until God provi...

EDUPEDIA247

Search This Blog