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Makinde Places Oyo State On Road Towards Electricity Sustainability

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PDP’s Agboworin wins House of Representatives re-run election in Oyo

…Signs Electricity Regulatory Commission bill into law

Oyo State may finally be moving towards self-sufficiency in Electricity generation and supply as Gov. Seyi Makinde on Friday signed into law, the State Electricity Regulatory Commission Bill 2024.

Makinde, signing the bill in Ibadan, said it was to give the state the opportunity to develop its roadmap to sustainable electricity.

He said: ”This law will enable Oyo state to generate, transmit, and distribute electricity within the state.

“With the decentralisation of electricity generation, transmission, and distribution, it has become obvious that Nigerians can access dividends of democracy if federalism is practised as it should be and more powers devolved to the states.

“Amendments of the constitution like this is what we mean when we advocate for fiscal federalism.

“In years to come as we work towards energy sufficiency, our people can hold state governments accountable on the issue of electricity supply”.

Earlier, the state House of Assembly Deputy Speaker, Mr Mohammed Fadeyi, said that signing the bill into law would make it the first time the state would come up with an independent electricity project.

Government functionaries that witnessed the occasion include the Deputy Gov., Chief Bayo Lawal; Secretary to the State Government, Prof. Olanike Adeyemo; and Chief of Staff to the governor, Mr Segun Ogunwuyi.

The Head of Service, Mrs Olubunmi Oni, and Commissioner for Energy, Mr Temilolu Ashamu, were also present.

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Energy

TCN Says Grid, Finally Restored

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The Transmission Company of Nigeria (TCN), says the national grid has been restored after it collapsed at about 1.49 p.m. on Tuesday.

The General Manager Public Affairs of TCN, Mrs Ndidi Mbah said this in a statement in Abuja on Monday.

Mbah said ”The grid experienced a collapse today.  Presently, supply has been restored except for the Jos Axis, which will soon have supply within the hour.

”The collapse happened by 1.49 p.m. on Tuesday afternoon and It is now fully restored”.

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Energy

Nigeria, Germany Sign $500m Renewable Energy Pact, Gas Export Agreement

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Nigeria and Germany have signed two Memoranda of Understanding (MoU) on the supply of gas from Nigeria to Germany and another $500 million worth of renewable energy projects in Nigeria

A statement by presidential spokesman, Ajuri Ngelale, said President Bola Tinubu witnessed the signing of the two MoUs on the sidelines of the 10th German-Nigeria Business Forum on Tuesday in Berlin, Germany.

The signing is part of the burgeoning economic partnership between Nigeria and Germany as well as a further expansion and strengthening of their bilateral ties.

The agreements are between Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany on the gas export partnership, while the other is between Union Bank of Nigeria and DWS Group on cooperation in renewable energy.

CEO of GasInvest, Mr David Ige, who signed the MoU on gas supply, said the Riverside LNG project aims to supply energy from Nigeria to Germany, extinguishing about 50 million cubic feet per day of flared gas in Nigeria.

”The project will supply energy from Nigeria to Germany at 850,000 tonnes per annum, expanding to 1.2 million tonnes per annum.

”The first gas will leave Nigeria for Germany in 2026, and there will be further expansion.

‘’This will extinguish about 50 million cubic feet per day of flared gas in Nigeria and open alleyways of new and greater exports of gas to Germany,’’ he said.

The German partners expressed confidence in investing in Nigeria’s gas sector.

Chief Operating Officer of Johannes Schuetze Energy Import AG, Mr Frank Otto, described the partnership as a “big deal” for the German market.

Chairman of Union Bank, Mr Farouk Gumel, disclosed the commitment of $500 million for e-energy projects in Nigeria, emphasizing the importance of rural inclusion and bringing more people into the formal economy.

”We believe this would bring rural inclusion and capture more people into the formal economy. Without inclusion, there is no growth. Thank you, Mr President,” Gumel said.

Welcoming the new deals, Tinubu assured German businesses that with Nigeria’s stable political landscape, foreign investments into the country are secure.

He said, ”Since 1999, we have witnessed changes in democratic governance, with peaceful transfers of power within and between parties. Democracy in Nigeria has proven to be flexible and resilient.

‘’Shake off any remnants of the military era syndrome; we have moved beyond that. Despite challenges faced by other African nations, Nigeria stands firm, and we are your partners.”

Outlining some of the achievements of his administration, which include his globally acclaimed economic reforms, Tinubu emphasized his commitment to sustaining the reforms and building stronger Nigerian-German relations.

He added, ”For those who fear various obstacles; look at me—I come from the private sector, trained by Deloitte. I served as the treasurer in Exxon Mobil.

”Define corporate governance in any way, and I am in it. I governed Lagos for eight consecutive years.

‘’Today, I can proudly beat my chest that Lagos State is on the horizon and the fifth-largest economy in Africa, rising from ground zero. This is the track record that led me to the presidency.

”Nigerians voted for me for reforms, and from day one of my inauguration, I implemented the reforms. My inaugural speech did not disclose what I would do.”

According to Tinubu, he removed the fuel subsidy that was a great burden to Nigerians from the moment he stepped into office.

”The arbitrage regime is gone forever. Now, you can bring your money in and out as you wish. If you encounter any problems, rest assured that I have built one of the most reliable teams Nigeria has seen to address them.

‘’I appeal to you to forget the past and focus on building a relationship that removes obstacles, fostering progress and prosperity in Nigerian-German relations.

”You can rely on us; we can rely on you; both of us can chorus Hallelujah at the same time,” the president said.

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Energy

$321m: Reps Summon CBN, DISCOs, Contractors over alleged Misuse of Electricity Projects Loans

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…Funds were transferred as repayable loans directly to the DISCOs by CBN for execution of various projects***

The House of Representatives Public Accounts Committee has summoned the Central Bank of Nigeria (CBN) and 11 Electricity Distribution Companies (DISCOs) in connection with alleged mismanagement of the US$321 million and N18.2 billion loans.

The loans were designated for accelerated transmission and distribution interface, lines, and substation projects.

Rep. Bamidele Salam, Chairman of the Committee, issued the summons during the appearance of Engr. Sule Abdulaziz, Managing Director, Transmission Company of Nigeria (TCN), before the committee in Abuja on Thursday.

These entities were asked to appear before the committee on November 8.

The investigation was prompted by a petition regarding the alleged misuse of funds, which had been disbursed to the DISCOs by the CBN at the request of the TCN.

Salam demanded detailed information regarding the loan disbursements, procurement processes, the involvement of DISCOs in the projects, the current status of the projects, and the loan repayment structure from the beneficiaries.

Salam emphasised the importance of ensuring that public institutions adhere to the law and international best practices while ensuring the judicious utilization of funds.

Appearing before the Committee, Abdulaziz clarified that the funds were transferred directly to the DISCOs by the CBN for the execution of various projects, with the intention of repaying the loans using TCN’s revenue.

However, this repayment arrangement has raised concerns within the committee.

He explained that there was a gap in the electricity sector, leading to complaints from distribution companies regarding the inadequate supply from TCN.

He said, consequently, the need arose to invest in critical projects to enhance the distribution of electricity to Nigerians.

According yo him, the Financial institutions and regulatory bodies, such as CBN and NERC, were involved in the financing and oversight of these projects.

He said the TCN played a beneficiary role, while the DISCOs were responsible for executing the projects.

He added that loan repayments were intended to come from TCN’s revenue, amortized on a monthly basis.

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