Business

Electricity: WAPP Moves To Connect Nigeria, Others

Published

8 years ago

April 6, 2018

The West African Power Pool (WPP), has announced plans to begin construction of Nigerian component of the North core transmission line that will connect Nigeria, Benin Republic, Niger and Burkina Faso.
The Chairman of WAPP, Mr Mohamnmed Gur-Usman, said this in Abuja, while responding to questions on the sidelines of a meeting organised to disseminate the operational manual of WAPP.
WAPP is a Cooperation of the national electricity companies in West Africa under the auspices of the ECOWAS.
The members of WAPP are working for the establishment of a reliable power grid for the region and a common market for electricity.
It was founded in the year 2000 with present membership of 14 West African countries.
Gur-Usman, who is also the Managing Director of Transmission Company of Nigeria (TCN), said the transmission line was a project designed to be constructed by four member countries of WAPP.
According to him, the component of the line that concerns Nigeria is about 62 kilometers to other countries.
He said the line would run from Birnin Kebbi in Nigeria to the border, to Niamey in Niger.
He also said that the line would run from Benin Republic from Niamey to Burkina Faso.
According to him, the construction of the line that concerns other countries will be financed by the African Development Bank (AfDB) and the French Development Agency (FDA).
The component financed by AfDB is concentrated on the side of Ouagadougou, Burkina Faso and Niamey in Niger.
“That component has been approved already by the board of AfDB and the agreements signed with those countries.
“The component that concerns Nigeria is about 62 kilometres from Birnin-Kebbi to the border and we are discussing with World Bank to finance it.
“All the studies for it have been carried out including the environmental disclosure.
“For us to be able to supply energy on that line, we also have to build a 330kV double circuit line from Kanji hydropower plant to Birnin-Kebbi which is part of the Northern corridor project of TCN.
“We have done the feasibility study and what is remaining is the validation of the feasibility study which we have hired a consultant to do.
“We are at the final stage of completing the procurement of that contract, everything is starting this year.’’
He further disclosed that the funding of the project that concerns Nigeria would cost 29 million dollars for the transmission line from Birnin-Kebbi to the border of Nigeria and Niger.
“I don’t have the total funding cost for the other countries but the distance of the entire transmission lines is about 700 kilometres. So it is a long distance transmission line’’.
On the progress made on the Southern component of the transmission project, the WAPP Chairman said “the Southern backbone project is a separate project that is under preparation.
“We are doing the environmental impact assessment which is supported by the AfDB, once the study is completed, we will start looking for the financing.
“The grant given is three million dollars and is equal to the amount to pay for the study, they are paying for the contract we entered with the consultant.’’
The chairman also said WAPP in conjunction with the ECOWAS Regional Electricity Regulatory Authority (ERERA), was hoping to launch the regional electricity market in June.
He said sensitisation programmes were being done to sensitise member utilities firms on the plan to start the regional electricity market.
“There are several things that are involved in the regional electricity market and synchronisation is just one of them.
“It means that all the electricity that is generated across the sub-region have to be synchronised so that from Nigeria to Cote D’ivoire can have the same power frequency and other places.
“As TCN, we anticipated this and that is why last year, we embarked on the frequency control which we achieved and attained at 39.5 and 30.5 frequency.
“In the last 20 years, this has not been achieved and it enabled WAPP and the rest of the country to synchronise their power.’’
He said the vision of the regional electricity market was also to provide energy security.
“If tomorrow, Nigeria has a problem of gas supply, Nigeria can import energy from Ghana or Burkina Faso, depending on which has cheaper source of energy.”
On if the regional market will ensure improvement in the payment of electricity supplied to international customers, Usman-Gur said:
“We have other mechanism we are putting in place to ensure payment in the market but even as it is, the payment in the international market is better than the local market and we are still working to improve it.’’
He, however, said he could not guarantee that the launch of the regional market would ensure 100 per cent payment of electricity supplied to international customers.
“Whether it will guarantee 100 per cent payment, I can’t tell you because even in the WAPP sub-region like Benin and Niger, the distribution companies are still the weakest link as they are not collecting all the money.
“We are working with WAPP to improve the collection capacities of distribution firms by forming mechanisms that will guarantee payment like this synchronisation.”(NAN)

Business

NEM Insurance celebrates IWD 2026 with pledge to sustain support for women endeavour

Published

12 hours ago

March 16, 2026

The Tide

NEM Insurance Plc – the number one motor insurance provider in Nigeria, in a vibrant commemoration of the 2026 International Women’s Day (IWD), has reaffirmed its dedication to fostering an inclusive environment that empowers women to excel in their endeavours.

Speaking at the corporate headquarters in Lagos, the Chairman of NEM Insurance Plc, Tope Smart, stated that the company remains resolute in its mission to support women affairs, noting that their contributions are vital to the sustainability of the insurance industry.

Aligning with the global theme “Give To Gain,” Smart highlighted that the insurance provider views gender diversity not just as a corporate social responsibility, but as a core driver of innovation and high-level performance.

“Our commitment to female professionals at NEM Insurance is unwavering,” Smart declared. “We recognize that by ‘giving’ women the right tools, mentorship, and leadership platforms, the industry ‘gains’ unparalleled dedication and diverse perspectives that move the needle of progress.”

The multiple award winning underwriting company and one of the top three leading general insurance business companies in Nigeria, has remained focused in promoting and supporting women affairs.

Adding her voice to the celebration, the General Manager, Corporate Services, Mrs. Mojisola Teluwo, emphasized that the company’s gender-focused initiatives, such as the “She Means Business” contest, represent a practical approach to inspiring inclusion.

Mrs. Teluwo maintained that supporting women-led initiatives is a strategic investment in the fabric of society, rather than just a philanthropic gesture.

“At NEM Insurance, we believe that when a woman thrives, a family thrives, and the nation prospers,” Mrs. Teluwo stated. “The ‘She Means Business’ initiative is our way of moving beyond mere applause for women toward active, tangible support. We are proud to provide the financial catalyst needed for visionary women to turn their business aspirations into reality.”

To mark the occasion, the leadership outlined several key pillars of support:

Leadership Development: Targeted training programs to prepare more women for executive-level decision-making.

Inclusive Work Culture: Sustaining a workplace environment that balances professional growth with personal well-being.

Economic Catalyst: Providing grants and professional frameworks to help female entrepreneurs upscale their operations.

The event featured a series of internal sessions where female staff engaged in mentorship dialogues, focusing on career advancement within the evolving landscape of the Nigerian insurance sector and paint and Sip, which provided an opportunity for women to showcase their creativity.

Smart concluded by urging other industry stakeholders to prioritize the development of female talent, asserting that a more inclusive sector is a more prosperous one for all Nigerians.

Business

Nigeria: Profit-Taking Persists as NGX Dips Marginally by 0.2%

Published

12 hours ago

March 16, 2026

The Tide

Trading on the Nigerian Exchange (NGX) closed slightly lower on Wednesday as profit-taking in selected equities continued to weigh on the market, dragging key performance indicators into negative territory.

Market data showed that the benchmark All-Share Index (ASI) declined by 0.09 per cent to close at 195,898.53 points, compared with the previous session’s level, as investors booked profits in some large and mid-cap stocks.

Consequently, market capitalisation shed N107.57 billion, settling at N125.75 trillion. Despite the marginal decline, the market still maintained positive returns, with the month-to-date gain standing at 1.6 per cent, while the year-to-date return moderated to 25.89 per cent.

The downturn was largely driven by losses recorded in stocks such as Presco Plc and UAC of Nigeria Plc, both of which declined by 10 per cent, alongside Dangote Cement Plc, which slipped by 0.6 per cent.

Market breadth closed negative, reflecting bearish investor sentiment, as 40 stocks recorded losses compared with 29 gainers, translating to a market breadth ratio of 0.7 times.

Among the top gainers were NGX Group Plc and Premier Paints Plc, which appreciated by 10 per cent and 9.9 per cent respectively. Other notable gainers included Omatek Ventures Plc, Prestige Assurance Plc and HMC Allied Plc.

On the losers’ chart, Presco Plc and UAC of Nigeria Plc led the decline with 10 per cent losses each, followed by Morison Industries Plc, LivingTrust Mortgage Bank Plc and SCOA Nigeria Plc.

Sectoral performance was mixed, with the Industrial Goods index leading the gainers after advancing by 1.42 per cent, while the Banking index recorded a marginal gain of 0.04 per cent.

Conversely, the Commodities sector topped the laggards, declining by 1.30 per cent. The Insurance index fell by 0.44 per cent, the Consumer Goods index dipped by 0.43 per cent, while the Oil and Gas index edged down by 0.06 per cent.

Activity level on the exchange weakened as investors traded a total of 671.27 million shares valued at N26.13 billion in 58,792 deals.

This represents a decline of 8.61 per cent in volume, 5.18 per cent in value and 9.31 per cent in the number of transactions compared with the previous trading session.

Wema Bank Plc emerged as the most actively traded stock by volume and value, accounting for 106.36 million shares worth N2.75 billion.

Analysts said the cautious mood in the market reflects continued portfolio rebalancing by investors following the strong rally recorded earlier in the year.

They noted that trading may remain mixed in the near term as investors react to corporate earnings releases and macroeconomic development.

Business

Wema Bank Admits 10 Startups into Hackaholics 2026

Published

12 hours ago

March 16, 2026

The Tide

Wema Bank has admitted 10 Nigerian startups into the 2026 edition of its Hackaholics Accelerator Programme as part of efforts to strengthen innovation, entrepreneurship, and sustainable business growth in the country.

The 10 cohort selected startups for the 2026 edition such as; Farmslate, Ploy, Stocmed, Feest , Varsityscape, MamaAlert, Sane, Cyclex, Kieva and Loocomo were drawn from the top performing finalists of Hackaholics 6.0.

The Hackaholics Accelerator, a selective growth programme under the bank’s Hackaholics platform, is designed to help promising startups reinforce their business foundations while preparing them for scalable growth and investment readiness.

Wema Bank said the programme represents a strategic expansion of its support for innovators, moving beyond ideation and competition to hands-on startup development after six years of driving innovation through the Hackaholics initiative.

According to Wema bank, the accelerator provides founders with structured mentorship, industry guidance and access to networks required to transform innovative ideas into viable and scalable businesses.

Speaking at the programme, Managing Director and Chief Executive Officer of Wema Bank, Mr. Moruf Oseni, said the accelerator demonstrates the bank’s commitment to supporting founders beyond the early stages of innovation.

He noted that Hackaholics has evolved from a competition into a platform that showcases Nigeria’s entrepreneurial potential and technological creativity. Where he explain that the second edition of the accelerator focuses on helping founders transition from ideation to building sustainable business capable of long trem projects .

“Over the past six years, Hackaholics has grown into more than a competition; it has become a platform that reveals the depth of innovation and entrepreneurial potential that exists across Nigeria,”Oseni said.

Oseni stressed that the startups selected are representing some of the most promising solutions emerging from the Hackaholics ecosystem, and the back remain committed to helping them refine their business models, strengthen their operational foundations, and scale their impact.

Also speaking at the program , Wema Bank’s Chief Transformation Officer,Mr. Babatunde Mumuni, said the accelerator would guide founders through a structured process aimed at strengthening their operations and positioning them for sustainable growth.

As part of the programme, startups founders will participate in intensive training sessions facilitated by industry experts across key areas of business growth. Facilitators include Wema Bank executives such as Chief Transformation Officer, Babatunde Mumuni; Head of Strategy and Investor Relations, Femi Akinfolarin; Head of Data Transformation, Olamide Jolaoso; and Team Lead, Corporate Social Investment, Oluwatoyin Adetunji. While External facilitators include Managing Director of Impact Hub Lagos, Idowu Akinde; Managing Director of B4B Partners, Napa Onwusa; startup advisor and scout, Onaopemipo Dara; Google for Startups mentor, Rosemond Phil-Othihiwa; Head of Growth at Africhange, Tega Ogigirigi; and startup advisor and mentor, Ademola Adewuyi.

The Hackaholics Accelerator is also supported by Wema Bank’s broader innovation ecosystem, including IDEAx Labs, the bank’s innovation and venture platform, and its corporate venture programme focused on enabling startup growth through partnerships, infrastructure and access to capital.

Since its launch in 2019, Hackaholics has grown into one of Nigeria’s leading youth innovation platforms, attracting more than 15,000 applicants and supporting hundreds of digital solutions across multiple sectors.

Through the initiative, Wema Bank said it has disbursed more than $400,000 in funding to young innovators and startup founders nationwide.

Previous participants such as Feegor, Myitura and Bunce have emerged from earlier editions of the programme, highlighting the accelerator’s focus on nurturing growth-ready companies. Meanwhile the 2026 edition builds on this progress by supporting startups as they transition from innovation to sustainable business growth.