Business
TCN Boosts Power Supply With 100MVA Transformer
The management of Transmission Company of Nigeria (TCN), has inaugurated 100 MVA transformer at Alimosho substation, Lagos to boost electricity supply to residents within Ikeja Disco.
The Managing Director of TCN, Mr Usman Mohammed, while inaugurating the project, said the company was not just concerned in increasing the quantum of power, but also the quality of electricity being supplied.
Mohammed said that the upgrading of 1X30MVA with 1x100MVA transformer at Alimosho 132/33KV transmission substation had raised the station output capacity from 160 MVA to 230 MVA.
“With this development, TCN has not only established adequate Transformer capacity to serve these parts of Lagos but has also provided the necessary redundancy in line with the requirements of N-1 reliability criterion at Alimosho transmission substations at present.
“In addition, two projects under the transmission rehabilitation and expansion programme will intervene in Lagos and environs.
“The Nigeria Electricity Transmission Access Project (NETAP) will significantly upgrade the following substations; Ijora, Lekki, Alagbon, Alausa, Maryland, Otta, Egbin, Omowu odofun, Itire and Akoka.
“Similarly, the preparation for the Lagos Ogun Transmission Project financed by JICA has reached advanced stage.
“The project will build transmission lines and substations in Likosi, Arigbajo, Badagry, New Agbara, Mountain of Fire and Redeem among others,’’ he said.
According to Mohammed, all the projects that TCN is implementing in Lagos and Ogun are consistent with both states policies on power development.
He said that TCN would appreciate the support of the two states in resolving disputes over land where substations had been built.
Mohammed said that the ongoing project was part of the World Bank 300 million dollars on International Development Association credit to support the rehabilitation and upgrade of Nigeria’s electricity transmission substations and lines.
He said that the project was part of the Federal Government’s power sector recovery programme to boost electricity generation and distribution system.
The managing director noted that the Nigeria Electricity Transmission Project would help to address key bottlenecks in the transmission network and improve access to affordable and reliable electricity service to Nigerians.
The TCN boss said that the company had secured close to two billion dollars for the rehabilitation of National Grid infrastructure and expansion of its transmission capacities up to 20,000 megawatts target within the next three years.
He, however, lauded Mr Babatunde Fashola, the Minister of Power, Works and Housing under whose leadership, TCN was transformed from the weakest to the strongest in the NEI value chain.
“I wish to use this occasion to call on the distribution companies to invest in their network so that the massive investment by TCN and generation companies can lead to economic growth and development of Nigeria.’’
According to him, with the replacement of 1X30MVA with 1X100MVA, 132/33kV transformers at Alimosho 132/33KV substation, the communities under the network of Ikeja DISCO are expected to experience remarkable improvement in power supply.
“This would increase supply to Gowon and Shagari Estates, New Ipaja, Ayobo, Abule Egba, Ekoro, Ajasa Command, Okunola, Idimu Road, Olorun Adaba, Shasha, Sanyos Layout, Akowonjo, Orile-Agege, Arigbanla, Dopemu, Tower Alumium, Oko Oba and Oki areas.’’
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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