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TCN Boosts Power Supply With 100MVA Transformer

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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.’’

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Eazipay  Offers Zero-Interest Loans To  150,000 SMEs, Employees

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With a mission to ignite growth, encourage business continuity and help businesses and employees thrive, Eazipay is gearing up to propel the dreams of 150,000 SMEs and employees to new heights through her relief fund.
Gone are the days of financial constraints and stifled dreams. With Eazipay’s support, SMEs and employees alike can bid farewell to limitations and embrace a world of endless possibilities.
Whether it’s start up,  business expansion or personal development, Eazipay is here to make dreams come true.
The mind-blowing initiative, which  kicked off this month, would end in December, and will also offer a range of perks and benefits designed to put a smile on the faces of SMEs and employees alike.
From exclusive discounts to various advisory services and beyond, Eazipay is committed to spreading happiness and creating lasting impact in people’s lives and to the growth of businesses.
The technology company which offers products and services that range from payroll management to IT/Device management and assessments, “Eazipay isn’t just providing financial support but also unleashing a wave of growth and prosperity for SMEs and employees across the nation.
“Interested businesses and individuals can take part in this initiative directly from the Eazipay website: www.myeazipay.com”.

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SMEs Critical For Sustainable Dev – Commissioner

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The Commissioner of Finance, Lagos State, Abayomi Oluyomi, has described Small and medium Enterprises (SMEs) as a critical engine for sustainable development in any economy.
He said this recently at the 10th anniversary of the Alert Group Microfinance Bank and the opening of their new head office in Lagos.
According to the National Bureau of Statistics, SMEs accounted for about 50 per cent of Nigeria’s gross.
He commended the positive impact of the Alert MFB as it empowers SMEs in the State.
“Alert MFB in the past 10 years has been at the forefront of empowering SMEs in Lagos State, disbursing over N30bn in loans to over 30,000 individuals having small to medium businesses over that period, which is quite remarkable”, he said.
Speaking, the Group Managing Director of Alert Group, Dr Kazeem Olanrewaju, revealed that the financial institution commenced business in 2013 as a microfinance bank.
“We started this journey in 2013 and it has been expanding. Today, they have about 10 branches across Lagos. They have supported well over 30,000 clients and have disbursed over N30bn.
“The company has been profitable since the second year. Looking at the market and the available opportunity, the Alert MFB board decided to come together to establish a Microfinance Institute (MFI), which is the Auto Bucks Lenders”, Dr. Olanrewaju said.
The GMD further stated that the company was focused more on supporting businesses and small and medium enterprises.
“The loan to support business represents over 98 per cent. The consumer loans you will see are the ones given to entrepreneurs. So, the area of focus of Alert MFB and Auto Bucks Lenders is to support businesses across the country.
“With the establishment of Auto Bucks Lenders, we have the opportunity to also do business outside Lagos. So, presently, we have offices in Ogun State and Oyo State. We intend to go to every part of Nigeria to support what we are doing”, he declared.

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Retailers Explain Price Drop In  Cement Cost

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The cement market, in the last couple of weeks, has seen a significant turnaround with prices tumbling from between N10,000 and N15,000 per 50kg bag to between N7,000 and N8,000.
The sudden rise in the prices of cement and other major building materials in February this year upsets  the construction industry, especially in real estate, where many developers were forced to abandon building sites.
A recent market survey conducted by The Tide’s source in different locations across the country confirmed a price drop, ranging between N7,000 and N7,500 per bag, though BUA cement is selling for N7,500 to N7,800 per 50kg bag, depending on location.
Both entrepreneurs and major distributors who were interviewed,  explained that the price drop is due to low demand and government’s intervention.
At the peak of the price hike, the Federal Government called a meeting with major producers where it was agreed that a bag of cement should be between for N7,000 to N8,000, depending on location.
But the producers did not comply with this agreement immediately, followin which “Nigerians stopped demanding for cement; many project sites were abandoned as developers sat back and waited for the prices to come down.
“So, what has happened is an inter-play of demand and supply with price responding, which is Economics at work”, Collins Okpala, a cement dealer, told the source in Abuja.
In the Nyanya area of the Federal Capital Territory, a 50-kg bag of Dangote cement now sells for between N7,000 and N7,500, while BUA cement sells for between N8,500 and N9,500, down from between N11,000 and N12,000 respectively.
In Lagos, the product has seen significant price drop too. In Ojo area of the state, Sebastin Ovie, a dealer, told our reporter that what has happened is a crash from the January price, attributing the crash to low demand and stronger naira.
“The current price of the product is between N7,000 and N7,500 per 50kg bag, depending on the brand. This is a significant drop from the average of N12,000 which most dealers were selling in February and March”, he said.
A dealer in Agege area of the state who identified himself as Taofik Olateju, told the source that sales are picking up due to the drop in price.
He recalled that Nigerians at a point stopped buying due to the high price of the product at N15,000 per bag.
“I am sure most dealers ran at a loss then because we had mainly old stocks which we wanted to offload quickly”, he said, confirming that the product sells for between N7,500 and N8,000, depending on the brand and the demand for the brand.
Continuing, Olateju noted that “because the naira is now doing well against the dollar, it will be unreasonable for manufacturers to continue to sell the product at the old prices. I also believe that the federal government’s intervention and the threat to license more importers may have worked, leading to the reduction in price”.
In Enugu, the source reports that the product sells for between N7,200 and N7,500 depending on the brand and location.
“This is a city where the price of a 50kg bag went for as high as N12,000 and N13,000 in some cases in February and March”, Samuel Chikwendu said.
He added that the prices of other building materials, especially iron rods, have also dropped considerably which is why, he said, activities are picking up again at construction sites.
The story is slightly different in Owerri, the capital of Imo State, where Innocent Okonkwo told the source that low demand was also driving the price drop, adding that a 50kg bag was selling for N9,000 on the average in the state.
Sundry market observers are optimistic of further price reductions, but they remain cautious as manufacturers, wholesalers, and retailers continue to play critical roles in setting prices for end-users.
They lamented, however, that despite Nigeria’s status as one of the largest producers of cement in Africa, the price of the product continues to rise, particularly in the face of high inflation impacting the building materials market generally.
Okpala in Abuja highlighted the variations arising from direct sourcing from manufacturers versus procurement through dealers, with traders holding old stocks selling products at prices ranging from N8,500, N8,300 to N8,000 per bag.
Lucy Nwachukwu, another dealer in Abuja, said the significance of  procurement volume in determining cement costs, noting that stability in prices has been observed over the past month, with the product retailing for between N7,000 and N7,800 depending on the brand.
In Port Harcourt also, a customer, Daniel Etteobong Effiong, said the price goes between N7500 to N8500, depending on the brand and the location one is buying from.

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