Linda Ikeji, Tara Fela-Durotoye Laud Ecobank’s Women Empowerment Initiatives

Media entrepreneur and popular blogger Linda Ikeji , said she was motivated to partner with Ecobank on her “Selfmade Woman” initiative because of the bank’s various women friendly programmes, stressing that many individuals, especially women who own small businesses are supported by the bank to succeed. “When I conceive the idea of self-made women empowerment conference, Ecobank was the first bank I thought about because I love how much they are into women empowerment.

They have a lot of programmes, a lot of platforms internally to help women in business. They are really into helping women reach their full potentials. Fortunately, when I met with them and told them what I wanted to do, they immediately said yes to me, and they have been fully involved and here we are today. Ecobank today is my bank of choice”.

Linda Ikeji who spoke at the “2021 Selfmade Woman Conference”, her women empowerment initiative testified that Ecobank Nigeria as a female friendly is helping women achieve their dreams and full potentials. On why she initiate the Selfmade Women Conference Linda Ikeji said  “I am very passionate about women succeeding and it was very important for me to put something together as a platform where successful women would meet and mentor those  aspiring to be successful.

My purpose for doing this is to hopefully encourage more women to believe in themselves, encourage more women to fight for their dreams, encourage more women to know that there is absolutely nothing that they can’t achieve. I want them to hear stories of women who have achieved great feats, women who have broken tables and know that it’s possible for them to break through all these barriers, believe in themselves, see people like myself, Tara Durotoye and other women who have done amazingly well. Getting a women friendly bank like Ecobank to partner me is heartwarming”.

Also speaking, Founder, House of Tara, Tara Fela-Durotoye, applauded Ecobank for supporting women initiatives. She observed that partnering with young women and young entrepreneurs would go a long way to empowering women to play greater role in families.” I appreciate Ecobank’s various empowerment initiatives to support women and we can see the results. My advice to the bank is to sustain the initiatives”. This was the  view of several other speakers which included

In his keynote address, Managing Director, Ecobank Nigeria, Patrick Akinwuntan, said the decision to partner with Linda Ikeji Selfmade Woman Conference aligns with the bank’s empowerment policy for women. He noted that Ecobank recognizes women as the bedrock of most families and entrepreneurship in the society, stating that to succeed as a nation, it is imperative to recognize women’s unique potentials and support them sufficiently. Akinwuntan who was represented by Head, Consumer Banking, Korede Demola-Adeniyi reiterated that Ecobank remains a women friendly bank and have been playing the role, stressing that, the bank has many initiatives and innovative products targeted at empowering female entrepreneurs in the country.

“We have many women centred empowerment programmes such as the Ecobank Female Entrepreneurs’ Initiative (EFEI) which is designed to empower, and support women owned small-scale businesses. Under this initiative, there is special loan package where prospective female entrepreneurs could easily access credit facility with interest rates as low as 1 per cent. Through EFEI, we have trained many female business owners on digital marketing skills in our state-of-the-art Academy and have also organized capacity building workshop for them. We also have another women empowerment programme “Ellevate” for women in Business; this will be publicly launched across the country in July. With Ellevate, we want to ensure we raise and recognize our women for the significant role they have always played to ensure a better society for us all.” He said.

 

Further, the Ecobank Nigeria Managing Director said examples of the bank’s support to women entrepreneur includes “our long-standing partnership with Tera Kulture, that is Bolanle Austen Peters who has come out with various movies such as ‘Bling Lagosians’, ‘Moremi The Musical’, ‘Fela and the Kalakuta Queens,’ ‘The Oluronbi Musical’ and others. Recently, we also supported ‘The Wait’, a movie inspired by the popular book from renowned lawyer and entrepreneur, Yewande Zaccheaus.  We are currently working with the Ogun state government to promote the Adire industry which is also primarily women driven. In the agric industry, we have supported the Anchor borrowers programme of the CBN across the six regions of the country to reach out to farmers, especially the women folk to support them financially to increase their farm size and yield capacity through the introduction of new techniques.”

 

The 2021 Selfmade Women conference attracted over 3000 female participants both online and at a physical event. The Linda Ikeji Selfmade Woman Conference was borne out of passion to see women succeed. it is a platform for women who want to achieve success to meet those who have already achieved success. The all-female event attracted many speakers and wide audience including potential and established women entrepreneurs, businesswomen and students. The Linda Ikeji Self-Made Woman debuted in 2013, as an advocacy project with the sole aim to mentor and provide financial empowerment to young female entrepreneurs or aspiring ones. it is essentially to build stronger economies and improve the quality of life for women, men, families and communities.

Photos: Fidelity Bank MD Mrs. Nneka Onyeali-Ikpe Receives New Air Peace Embraer Aircraft

Managing Director/CEO, Fidelity Bank PLC. Mrs. Nneka Onyeali-Ikpe was in Abuja on Thursday June 17, 2021 when Air Peace Airline took delivery of the first of 13 brand new E195-E2 directly from Embraer facility in São José dos Campos, Brazil. The new aircraft  with registration number 5N-BYF, named Helen Ekwusi Onyema, touched down at the Nnamdi Azikiwe International Airport, Abuja at about 2.00 pm  and was greeted with a water salute by men of the Fire service department of the Federal Airports Authority of Nigeria, FAAN.

TONY ELUMELU FOUNDATION TRAINS OVER 200,000 AFRICAN ENTREPRENEURS ACROSS 54 AFRICAN COUNTRIES

The Tony Elumelu Foundation (TEF), Africa’s leading philanthropy empowering young African entrepreneurs from all 54 African countries, has successfully trained over 200,000 entrepreneurs in core business management skills as part of its 2021 TEF Entrepreneurship Programme.

The Business Management training was conducted exclusively on TEFConnect,  the Foundation’s proprietary digital platform that provides capacity-building support, advisory and market linkages to over 1 Million Africans and counting.

The TEF Entrepreneurship Programme Business Management Training equips entrepreneurs with critical skills required to launch and run their businesses at the early growth stage. With a unique curriculum that encompasses topics on Starting Your BusinessBusiness Management & FundamentalsLeadership & Business GrowthSelecting and Building a Team, amongst others, entrepreneurs are effectively armed to achieve business growth, profitability, and sustained success.

Entrepreneurs were hosted to weekly information sessions, as part of the training, to address relevant concerns and share vital programme updates. All entrepreneurs received active support from coaches and mentors who provided technical guidance, counsel and one-one interaction throughout the duration of the training programme.

The training, which is one element of the 7 pillars of the Tony Elumelu Foundation Entrepreneurship Programme, was carried out in the official African languages including English, French, Portuguese and Arabic, and over 40 percent of trained participants were women.

Commenting on this milestone, Ifeyinwa Ugochukwu, CEO of the Tony Elumelu Foundation, said “Every year, our commitment to transform Africa is further strengthened with the passion, resilience and talent of the high-calibre entrepreneurs who onboard our flagship programme. Our curricular provides a holistic opportunity for entrepreneurs to learn, grow and contribute to the development of their communities.”

The Chief Executive Officer added: “Furthermore, it is a testament to the eagerness and readiness of African entrepreneurs across all of Africa to make themselves available to transform the continent for good. I would like to commend these entrepreneurs for their discipline, dedication and hard work throughout the training and look forward to the immense impact of their businesses across diverse sectors in Africa. We remain committed to empowering African entrepreneurs with the required resources and support that will ensure that their businesses can scale and drive sustainable change on the continent”.

The TEF Entrepreneurship Training is immediately followed by a Business Plan review process for each entrepreneur. The top-performing entrepreneurs subsequently participate in the Pitching phase of the Programme after which successful entrepreneurs receive a non-returnable seed capital of US$5000 each.

The leading African philanthropy also hopes to train and empower thousands more across the African continent as part of its commitment to catalyze economic growth, drive poverty eradication and ensure job creation.

In 2020, the Tony Elumelu Foundation marked ten years of impact, having empowered and funded nearly 10,000 African entrepreneurs from all 54 African countries as part of its US$100 million TEF Entrepreneurship Programme. The Tony Elumelu Foundation is inspired by Tony Elumelu’s economic philosophy of Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the long-term social and economic development of the African continent.

To learn more about the Tony Elumelu Foundation, please visit TonyElumeluFoundation.org; and to receive the Foundation’s free business training, please visit TEFConnect.com.

Unbelievable! Cristiano Ronaldo’s Rejection of Coca-Cola Cost The Company Value Loss

Cristiano Ronaldo’s recent gesture towards bottles of Coca-Cola may have adversely impacted the share price of the company.

Ronaldo removed two bottles of Coca-Cola from his region during Monday’s news conference ahead of Portugal’s game against Hungary. The Portuguese star sat down and spotted the two bottles of the carbonated drink and pushed them aside. Unfortunately, the gesture had a big negative influence on the brand.

The Portuguese international has even said in some interviews that it is important for children to have a healthy and healthy diet, away from sugar and fats. Being asked on one occasion about his relationship with his son on this issue, Ronaldo was clear. “I’m tough on my son. Sometimes he drinks Coke and Fanta and eats chips and he knows I don’t like it,” he said.

According to The Athletic, Coca Cola’s shares were worth $56.1 each when the market opened in Europe on Monday. But by the end of the press conference, they had fallen to $55.2 each. The 1.6% drop in share price meant a loss of $4 billion dollars in terms of company worth. At the time of writing this article, the stock price has seen some recovery to $55.44.

It is important to note that Coca-Cola shares were on a bearish trend on Monday trading session with a dropped by -1.09%. Investors are expectant of a strong bullish recovery as regards their next earnings release.

Lagos Assembly Wants FG To Engage Secession Agitators and Consider True Federalism

The Lagos Assembly on Tuesday called on the federal government to engage agitators across the country rather than employ the use of force.

This is as the Speaker of the House, Rt. Hon. (Dr) Mudashiru Obasa, argued that the use of the military in an attempt to quell agitations for secession would not yield the desired result since it is part of democracy for a people to speak out concerning how they are governed.

Obasa, who noted that the 22 years of unbroken democracy being enjoyed by Nigeria is worthy of celebration, however, said there many things yet to be done after so long adding that these had led to the tension in the country.

The Speaker of the Lagos Assembly, who made the comment during the debate on a motion about the 22 years of unbroken democracy in Nigeria raised by Hon. Setonji David, commended President Muhammadu Buhari for signing an executive order granting autonomy to state legislatures and judiciary and for honouring the late MKO Abiola with the declaration of June 12 as democracy day.

Noting that democracy is a wholesome package, he added: “It is not about electing us alone. Those that elected us also have freedom, they have the right to protest where they think things are not working.

“The right to protest should not be taken away from them as long as such right is not taken for granted.

“There is no crime in seeking for separate nations within an existing nation,” he said as he mentioned some countries where the citizens have called for disintegration.

“Those representing the people through the ideology of social contract must listen to the people,” he said urging the government to engage the groups and calling on the National Assembly members to go beyond weeping on the floor of the House and truly rejig the constitution.

“For the southern governors, having stated their position, they should not go to sleep. They should follow it through,” he urged.

Concerning the issues of insecurity, the Lagos Assembly Speaker said: “We will continue to cry that we have state police and devolution of power.”

He said restructuring, which he described as part of the solutions and not a problem, should have addressed economic challenges and poverty level just as he lamented that the Naira has continued to fall against the Dollar.

He praised Lagos as the true example of democracy and promised that the state would continue to lead in this area.

The House observed a minute silence in honour of the late MKO Abiola and all those who lost their lives in the course of the struggle for democracy.

Earlier in his contribution, Hon. Rotimi Olowo described the current constitution as fraud.

“This 1999 constitution amended so many times can no longer be embellished. It is fraud,” he said as he called for the semblance of regionalism where the interest of the minority is taken care of.

To him, the current amendment is another effort in futility and a new constitution reflecting the will of the people has to be produced.

Hon. Gbolahan Yishawu suggested an overhaul of the constitution while noting that some items on the exclusive list be devolved.

On his part, Hon. Bisi Yusuff noted that Nigeria’s democracy is not a true reflection of the will of the people adding that the constitution was promulgated through a decree.

Supporting the motion, Hon. Desmond Elliot said Nigeria will not progress more than it is now if the constitution is not overhauled.

Other lawmakers of the Lagos Assembly who spoke concerning the motion include Hon. Tobun Abiodun, who complained that states are not allowed to manage their resources, and Hon. Kehinde Joseph, who noted the high level of insecurity in the country.

The Lagos Assembly also called on the National Assembly to ensure true federalism while it urged Governor Babajide Sanwo-Olu and the government to engage in enlightenment of the people on security consciousness.

Ecobank Partners Linda Ikeji’s Selfmade Woman Conference; says Women Are Bedrock of Entrepreneurship

The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has said the decision to partner with the media entrepreneur and blogger, Linda Ikeji to host the latest edition of her yearly popular empowerment programme, ‘Selfmade Woman Conference (SMWC) 2021’ is in line with the bank’s empowerment policy for women, stressing that the challenges facing the nation has made it more imperative to recognize the potentials in women and develop it.

 

According to Mr Akinwuntan, Ecobank recognizes women as the bedrock of most families and entrepreneurship in society, and if we must succeed as a nation, it is imperative that we recognize their unique potentials and support them sufficiently.

“Our decision to support Linda Ikeji conference aligns with our women empowerment policy. As a bank, we have been playing a leading role in this respect. Like you know, we have a long standing partnership with  Tera Kulture, that is Bolanle Austen Peters who has come out with various movies such as ‘Bling Lagosians’, ‘Moremi The Musical’, ‘Fela and the Kalakuta Queens,’ ‘The Oluronbi Musical’ and others. Recently, we also supported ‘The Wait’, a movie inspired by the popular book from renowned lawyer and entrepreneur, Yewande Zaccheaus.

We are also currently working with the Ogun state government to promote the Adire industry which is also primarily women driven. In the agric industry, we have supported the Anchor borrowers programme of the Central Bank of Nigeria across the six regions of the country to reach out to farmers, especially the women folk to support them financially to increase their farm size and yield capacity through the introduction of new techniques. Let me also add that Ecobank has a women empowerment programme “Ellevate” for women in Business; this will be publicly launched across the country in July. With Ellevate, we want to ensure we raise and recognize our women for the significant role they have always played to ensure a better society for us all”.

The Linda Ikeji Self-Made Woman, which debuted in 2013, is an advocacy project with the sole aim to mentor and provide financial empowerment to young female entrepreneurs or aspiring ones. it is essentially to build stronger economies and improve the quality of life for women, men, families and communities.  Speakers for this year’s conference scheduled for Saturday, June 19th at the Federal Palace Hotel, Victoria Island, include Tara Durotoye, renowned beauty and make-up entrepreneur; Dr. Ola Brown, Founder of the Flying Doctors Healthcare Investment Company; and Dr. Nancy Nnadi, Serial Entrepreneur & CEO of Telecom Distribution Company.  They will provide actionable strategies and hope to women who would like to start their own businesses, enhance their impact in various industries or broaden their creative roles in traditional industries.

Other guest speakers will include Tomie Balogun, Investment Expert & Fin-tech Entrepreneur; Sola Adesakin,  Finance Coach & Chartered Accountant; Kemi Adetiba, Film Maker and content creator; and TV star Dorathy Bachor.

Heirs Life Assurance Partners Avon Medical on World Blood Donor Day

Newly launched specialist life insurance company, Heirs Life Assurance (HLA) has partnered Avon Medical to organize a blood drive in commemoration of the 2021 World Blood Donor Day. The event, which was held on Monday, June 14, 2021, at the ultramodern Avon Medical Dialysis Centre in Ikeja, Lagos had individuals present to donate blood for those in dire need of medical attention.

This year’s edition, the first partnership between both companies, set out to increase awareness of the importance of safe blood for transfusion and highlight the critical role voluntary blood donors play in national health. The Chief Marketing Officer, Heirs Life Assurance, Ifesinachi Okpagu confirmed that the partnership is in line with the company’s goal of promoting, not just the importance of life insurance, but wholesome living.

‘At the core of our business operations at Heirs Life Assurance is care for people and their families and we are pleased to have demonstrated this with our partnership with Avon Medical. There are several statistics that show that blood donation is of much benefit to the end user as much as it is to donors and here today, we are raising awareness for the need to encourage this culture and celebrate as many that have come out to be superheroes’, she said.

Shekinah Olagunju, Head, Marketing and Corporate Communications at Avon Medical, also expressed delight in the partnership, describing it as laudable especially as it helps both companies further their commitment to building a healthier nation and, in the process, improving the economy and transforming Africa; values held by the companies within the Heirs Holdings group portfolio.

Since its official launch on Tuesday, June 1, 2021, Heirs Life has continued to actively push its offering of life insurance that is simple, quick, accessible, and reliable with its array of value adding products, served on several easy-to-use platforms. Heirs Life’s product offerings comprise of insurance-backed savings plans and life insurance security for individuals, families, children’s education, debtors, creditors, entrepreneurs, and employees. The company is backed by top-notch Reinsurers to provide second-layer security for its clients’ insurance portfolios.

FIRSTBANK’S SPONSORED MOVIE, ‘AYINLA’, PREMIERES THIS SUNDAY IN LAGOS

FirstBank of Nigeria Limited announces its lead sponsorship of the movie titled ‘Ayinla’, which is billed to premiere on Sunday, 13 June 2020.

The movie is suspense-driven, narrating the life of Ayinla Yusuf, popularly known as Ayinla Omowura (an Apala musician), his rise to fame, his identity, the depth of his craft and music, and the basis for his relevance after his tragic death forty years ago as a result of a stab from his manager, Bayewu, during a bar fight on the 6th of May, 1980 in Abeokuta.

Ayinla is directed by multiple award-winning and globally acclaimed Nigerian filmmaker and director, Tunde Kelani, and produced by Jadesola Osiberu.

According to Tunde Kelani, filmmaker and founder, Mainframe Opomulero Productions,” the making of Ayinla allows us to throw a glance over our shoulders to our often-neglected intangible heritage. Nigeria is blessed with huge cultural diversity and locked away are thousands of stories we can share with a global audience.

FirstBank’s partnership with us at this stage is not a mere coincidence, owing to its over hundred years of historical contribution in unlocking the huge potentials in Nigeria which can offer continental and global audiences”.

With the sponsorship of similar socio-cultural initiatives in the creative arts industry like Moremi, Makaliki, Oba Esugbayi stage drama, October 1st (a movie) and the Calabar Festival. The Bank’s sponsorship of ‘Ayinla’ affirms the Bank’s support for the development of arts in Nigeria under its First@arts initiative.

First@arts is FirstBank’s platform for consolidating all its efforts in the arts, supporting the entire value chain of the creative arts, providing much-needed financing and advisory support, showcasing and facilitating the successes of the industry, and enabling customers to explore and access the wealth of opportunities the creative industry has to offer.

Achieving these and a host of many others have been implemented through strategic partnerships with organizations like the British Council, Duke of Shomolu Productions, Live Theatre Lagos, Freedom Park, Terra Kulture, and the Cross Rivers State Government (Calabar Festival), amongst many others.

Ayinla appeals to a multifaceted audience that cuts across fans of highlife and afrobeat music, the youth, and the elite Yoruba demography. It features some of Nollywood’s favorite stars including Adedimeji Lateef who played the role of Ayinla Omowura, Kunle Afolayan, Bimbo Ademoye, Mr. Macaroni, Omowunmi Dada, Ade Laoye, Jumoke Otedola, and Bimbo Manuel.

Speaking on the movie, Jadesola Osiberu, Movie Producer & Founder, Greoh Studios said, “Working with the great Tunde Kelani is something I have wanted to do for a long time, and I am so glad that we were able to do it on a project like Ayinla. This collaboration was an interesting experience, and I am glad everyone finally gets to see the film we made in the cinemas nationwide from 18 June 2021. I’d like to thank the management of First Bank of Nigeria Limited for choosing to come on this journey with us.”

Expressing her delight on the movie, Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, FirstBank said; “For over 127 years, FirstBank has been at the forefront of nation-building; enabling Nigeria and Nigerians through resourceful partnerships to build the Nigerian creative industry value chain, especially the arts and entertainment sub-sectors.  We remain proud of this sponsorship that creates an excellent platform to showcase Nigeria to the world as being part of a collective goal to continually keep dreams and hope alive; holding strong to our commitment to reignite cultural heritage.”

“Without a doubt, the movie industry remains part of the creative and entertainment industry value-chain across the globe and indeed a powerful channel to drive our heritage and culture, which resonates with our legacy of being woven into the fabric of society.”

According to research disclosed in PWC’s recent Entertainment & Media Outlook report, Nigeria’s entertainment is expected to rise from $4.46 billion in 2018 to a $10.5 billion market by the end of 2023. In addition, with this initiative and other sponsored event, FirstBank is committed to strengthening its contribution to the development of the entertainment industry in the country.

Actress Halima Abubakar Stuns In New Pictures …Floats Habibi Luxury Items Store On June 12

Veteran actress and philanthropist, Halima Abubakar has once again impressed her fans as she looks absolutely radiant and stunning in her new collection of pictures released today.

Halima Abubakar, who has proved her mettle as one of the longest standing and relevant actresses, is not relenting on her oars. She is set to float Habibi Luxury Items, a store that deals in all kinds of jewelry, hairs and luxury items. The store will be opened on June 12, which also coincides with her birthday.

Habibi Luxury Items stores, according to Halima, will soon be opened in the Federal Capital Territory, Abuja and other states of the federation.

She hinted that “we will also be doing deliveries once the orders are placed online or electronically. It’s a one-stop store where you can pick or order for golds and diamonds.”

For many years, the proud Kogi State indigene has been putting smile on the faces of the less privileged persons in the society under the auspices of her Halima Abubakar Foundation.

The foundation has been saddled with the responsibility of providing free food for children in rural areas from the actress’s farm produce. Hundreds of children have been fed from this charity project over the years.

Halima Abubakar has also been an ambassador for good hygiene in children. She has been sensitizing the girl and boy child, talking about how to take care of the human body from the child perspective.

“We also give out sanitary pads and every necessary hygiene items. All these and more are what we do for children in rural areas who ordinarily won’t have access to what their counterparts in the cities have,” Halima added.

Meanwhile, one of Halima’s movies, Inside Nollywood, is set to be premiered on Netflix.

 

Eko Disco, NDPHC Address Electricity Supply Shortfall In Lekki And Agbara

In order to improve electricity supply around Ibeju-Lekki area in Lagos and Agbara Industrial area in Ogun State, the Niger Delta Power Holding Company (NDPHC) and Eko Electricity Distribution Company Plc (Eko Disco), have signed a bilateral agreement for the sale of up to 300MW of power from NDPHC’s power plants to customers in these areas within Eko Disco’s franchise areas.

The Lagos State Governor, Mr. Babajide Sanwo-Olu who hosted the signing of the agreement for these projects at Lagos House, Marina recently, commended the initiative by NDPHC and Eko Disco, and stated that “he will monitor the implementation of the agreement.” The Governor expressed his confidence that the collaboration between NDPHC and Eko Disco will complement the current policies of the state government in economic and infrastructure development.

NDPHC and Eko Disco have committed to work together to deliver safe, reliable and steady supply of power to customers in the areas of collaboration. The project will be structured to remove the commercial and technical inefficiencies in the Nigerian electricity market and will mobilise significant capital investment in transmission/distribution infrastructure and metering technology.

In his remarks, the NDPHC Managing Director/CEO, Mr. Chiedu Ugbo stated that the challenges in the industry inspired NDPHC to “source alternative means to sell and ensure dispatch of its stranded power generation capacity and explore innovative ways to unlock investment in infrastructure for improved supply to customers.”

In turn, the MD of Eko Disco, Engr. Adeoye Fadeyibi said that the partnership aligns with the efforts of the Eko Disco to bridge the metering gap and improve the quality of electricity supply to customers. He appreciated customers for their continued support for the Company in its quest to continue to empower the quality of lives of all stakeholders.

The agreement signed between NDPHC and Eko Disco is only the latest milestone in NDPHC’s innovative and ambitious programme to tackle the industry-wide challenges in the Nigerian power sector. These challenges have resulted in the inability of the operators in the industry to fulfil their investment and industry payment obligations, and a continuing low access to reliable power for industry, businesses and homes.

Despite a significant installed generation capacity – estimated to be more than 13,000 MW – access to electricity remains acutely low because much of this installed capacity is stranded and cannot be conveyed to customers because of inadequate transmission and distribution capacity. Operators insist that tariffs remain at a level that cannot guarantee returns for investors in the sector and as a result, an estimated $20 billion capital investment required to upgrade the transmission and generation infrastructure is not available. Insufficient investment in metering, collection and surveillance, among other factors, has also made collections by the distribution companies inefficient, thereby causing revenue loss across the value chain. A combination of these factors has led to severe liquidity shortfalls and a ballooning deficit in the market, and there simply is not enough collections from customers to cover the cost of power generation and delivery. The Federal Government has on several occasions intervened with financial bailouts to the sector, but this solution is only short term and is becoming an increasingly heavy burden on a cash-strapped government struggling with low oil prices and a struggling national economy.

The operators in the industry have had to innovate or go out of business. It is in this regard that NDPHC is blazing a trail in structuring deals that are solving many of the industry-wide challenges affecting its business. NDPHC, holds a portfolio of 10 power plants with aggregate installed capacity of more than 4,000MW and growing. To ensure that much of its capacity does not remain idle, NDPHC, with support from Electric Utilities Nigeria Limited, is now targeting to work with discos and other project developers to, in the first phase, sell more than 1,000MW from its power plants in manner that resolves the current commercial and technical inefficiencies in the market without a need for government funding intervention.

In addition to the agreement signed with Eko Disco, NDPHC has executed similar agreements with Port Harcourt Electricity Distribution Company Plc, Enugu Electricity Distribution Company Plc, Kaduna Electricity Distribution Company Plc and Benin Electricity Distribution Company Plc. In each case, the parties will mobilise investment in the expansion of the distribution network of the discos to enable increased offtake of power and in metering technology including smart meters in order to increase the collection rate of the discos.

For NDPHC, these collaborations will lead to greater offtake of power from its under-dispatched power plants, thereby increasing the company’s revenue. For the industry generally, these collaborations will attract the requisite investment in the industry and increase liquidity that enables higher payment receipts across the value chain. Now that NDPHC has executed the agreements with 5 discos and more in the pipeline, it is projected that the impact on the Nigerian power sector will be massive in improving electricity access, market payments and attracting more investments to the industry.

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