Business
MOMAS Installs 4,000 Meters For Eko DISCO
An indigenous electricity meter manufacturer, Kola Balogun, last Monday said that more than 4,000 pre-paid meters were recently installed by the Eko Electricity Distribution Company.
The mass installation was done between August and November, 2013.
Balogun, who is the Chief Executive Officer of MOMAS Electricity Meters Manufacturing Company, disclosed this to newsmen in Lagos.
He said that the commencement of the Credited Advanced Payment for Metering Implementation Scheme in August had yielded good dividends.
The MOMAS CEO said that electricity metering would address the billing complaints and other components in the new national power service delivery.
He said that the scheme would enable consumers to acquire meters within 48 hours and get their money reimbursed over a period, through discounts on electricity consumption.
“The CAPMI Scheme is optional and will run concurrently, alongside the government’s existing meter roll out programme.
“It is designed as an alternative for consumers who are willing to make advance payments to their distribution companies for speedy installation of prepaid meters, thereby help to reduce their electricity bills,” he said.
Balogun said that customers are refunded the cost of the meters by way of monthly reductions on the fixed charge elements on their electricity bills, over time.
He reassured consumers that adequate measures had been put in place to ensure that they delivered prepaid meters to subscribers within 48 hours.
He also urged the new investors in power distribution to patronise indigenous meter companies in the promotion of local content in the nation’s energy sector.
“It is our expectation, now that the distribution companies have been privatised.
“Indigenous manufacturers will get enough patronage from them and the government ministries, because that is the only way our economy can grow,” he said.
According to him, the revolution in telecommunications can be sustained in Nigeria through indigenous innovations.
“I can confidently say that we local manufacturers of meters can meet our supply needs,” he added.
Balogun said that employment opportunities would triple if local manufacturers get more support from all stakeholders in the nation’s electricity industry.
He said that the local content policy of government would not succeed if home-made innovations were not adequately utilised.
“I can tell you that our company has 100 per cent local content in the manufacture of meters.
“Even all our operations and the production processes are managed by Nigerians; we have reached a stage where we are not supposed to be importing meters.
“In our company alone, we have a production capacity of 500,000 to one million meters monthly,” Balogun added.
According to him, no nation can develop without enough supply of electricity to industries and no business can be profitable with the power supply situation in Nigeria.
According to The Tide source, MOMAS and Mojec International Ltd., were selected and accredited by the National Electricity Regulatory Commission (NERC) as manufacturers, suppliers, and installers at the commencement of the CAPMI scheme in EKDC.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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