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  •  The Minister of Power Mr Abubakar Aliyu says the ministry will ensure that the changes in corporate governance do not impact on the service and stability of the Distribution Companies DisCos Mal Isa Sanusi Special Adviser on Media to the Minister of Power made this known in a statement in Abuja on Wednesday Sanusi said that the minister had reassured electricity consumers that the recent changes in the governance of the DisCos would not adversely impact on the ongoing reform initiatives including the National Mass Metering Programme He said that the minister had been briefed by the Nigerian Electricity Regulatory Commission NERC and Bureau of Public Enterprise BPE on the recent events relating to corporate governance in Kano Benin Kaduna lbadan and Port Harcourt DisCos Sanusi said that the event had necessitated a change in the respective Board of Directors and Management of the DisCos According to him the changes announced was as a result of the receivership of the core investors in Kano Benin Kaduna and lbadan DisCos Whereas the actions in Port Harcourt DisCo are sought to provide much needed liquidity and prevent the insolvency and risk of collapse of the utility in implementing the changes Sanusi affirmed that while the Government continue to hold a 40 per cent equity stake in all the DisCos The utilities are still private sector led going concerns falling under the provisions of the COMPANIES AND ALLIED MATTERS ACT CAMA and subject to regulation by the Nigerian Electricity Regulatory Commission NERC The ministry had received a confirmation from the Bureau of Public Enterprise BPE and the Central Bank of Nigeria that in exercising the rights of lenders to the core investors The financial institutions do not retain the ownership of the shares and management of the DisCos in perpetuity It is therefore expected that clear timelines for exit of the banks would be prescribed by the regulators as and when appropriate he said The News Agency of Nigeria NAN recalls that Fidelity Bank said it planned to take over the boards of Kano Benin and Kaduna Distribution Companies DISCOs and to collateralize their shares The Director General of BPE Alex Okoh and the Executive Chairman Nigerian Electricity Regulatory Commission NERC Sanusi Garba said this in a joint statement on Wednesday in Abuja Today we were informed by Fidelity Bank that they have activated the call on the collateralised shares of Kano Benin and Kaduna Fidelity and AFREXIM DISCOs They have also initiated action to take over the Boards of these DISCOs and exercise the rights on the shares www nanews ng NewsSourceCredit NAN
    We’ll ensure changes in DisCos don’t disrupt service  – FG
     The Minister of Power Mr Abubakar Aliyu says the ministry will ensure that the changes in corporate governance do not impact on the service and stability of the Distribution Companies DisCos Mal Isa Sanusi Special Adviser on Media to the Minister of Power made this known in a statement in Abuja on Wednesday Sanusi said that the minister had reassured electricity consumers that the recent changes in the governance of the DisCos would not adversely impact on the ongoing reform initiatives including the National Mass Metering Programme He said that the minister had been briefed by the Nigerian Electricity Regulatory Commission NERC and Bureau of Public Enterprise BPE on the recent events relating to corporate governance in Kano Benin Kaduna lbadan and Port Harcourt DisCos Sanusi said that the event had necessitated a change in the respective Board of Directors and Management of the DisCos According to him the changes announced was as a result of the receivership of the core investors in Kano Benin Kaduna and lbadan DisCos Whereas the actions in Port Harcourt DisCo are sought to provide much needed liquidity and prevent the insolvency and risk of collapse of the utility in implementing the changes Sanusi affirmed that while the Government continue to hold a 40 per cent equity stake in all the DisCos The utilities are still private sector led going concerns falling under the provisions of the COMPANIES AND ALLIED MATTERS ACT CAMA and subject to regulation by the Nigerian Electricity Regulatory Commission NERC The ministry had received a confirmation from the Bureau of Public Enterprise BPE and the Central Bank of Nigeria that in exercising the rights of lenders to the core investors The financial institutions do not retain the ownership of the shares and management of the DisCos in perpetuity It is therefore expected that clear timelines for exit of the banks would be prescribed by the regulators as and when appropriate he said The News Agency of Nigeria NAN recalls that Fidelity Bank said it planned to take over the boards of Kano Benin and Kaduna Distribution Companies DISCOs and to collateralize their shares The Director General of BPE Alex Okoh and the Executive Chairman Nigerian Electricity Regulatory Commission NERC Sanusi Garba said this in a joint statement on Wednesday in Abuja Today we were informed by Fidelity Bank that they have activated the call on the collateralised shares of Kano Benin and Kaduna Fidelity and AFREXIM DISCOs They have also initiated action to take over the Boards of these DISCOs and exercise the rights on the shares www nanews ng NewsSourceCredit NAN
    We’ll ensure changes in DisCos don’t disrupt service  – FG
    Economy3 months ago

    We’ll ensure changes in DisCos don’t disrupt service  – FG

    The Minister of Power, Mr Abubakar Aliyu says the ministry will ensure that the changes in corporate governance  do not impact on the service and stability of the  Distribution Companies (DisCos).Mal Isa’ Sanusi, Special Adviser  on Media to the Minister of Power,  made this known in a statement in Abuja on Wednesday.Sanusi said that the minister had reassured electricity consumers that the recent changes in the governance of the DisCos would not adversely impact on the ongoing reform initiatives including the National Mass Metering Programme.He  said that the minister had been briefed by the Nigerian Electricity Regulatory Commission (NERC) and Bureau of Public Enterprise(BPE) on the recent events relating to corporate governance in Kano, Benin, Kaduna, lbadan and Port Harcourt   DisCos.Sanusi said that the event had necessitated a change in the respective Board of Directors and Management of the DisCos. According to him, the changes announced was as a result of the receivership of the core investors in Kano, Benin, Kaduna and lbadan DisCos.”Whereas the actions in Port Harcourt DisCo are sought to provide much needed liquidity and prevent the insolvency and risk of collapse of the utility in implementing the changes.Sanusi affirmed  that while the  Government continue to hold a 40 per cent equity stake in all the DisCos.“ The utilities are still private sector led “going concerns” falling under theprovisions of the COMPANIES AND ALLIED MATTERS ACT (CAMA) and subject to regulation by the Nigerian Electricity Regulatory Commission (NERC).” The ministry had received a confirmation from the Bureau of Public Enterprise (BPE) and the Central Bank of Nigeria that in exercising the rights of lenders to the core investors.”The financial institutions do not retain the ownership of the shares and management of the DisCos in perpetuity.‘It is therefore expected that clear timelines for exit of the banks would be prescribed by the regulators as and when appropriate,” he said.The News Agency of Nigeria (NAN} recalls that Fidelity Bank said it planned to take over the boards of Kano, Benin and Kaduna Distribution Companies (DISCOs) and to collateralize their shares.

    The Director-General of  BPE, Alex Okoh, and the Executive Chairman, Nigerian Electricity Regulatory Commission (NERC), Sanusi Garba said this in a joint statement on Wednesday in Abuja.

    “Today, we were informed by Fidelity Bank that they have activated the call on the collateralised shares of Kano, Benin and Kaduna (Fidelity and AFREXIM) DISCOs.

    “They have also initiated action to take over the Boards of these DISCOs and exercise the rights on the shares.(www.nanews,ng)

    NewsSourceCredit: NAN

  •  Fidelity Bank said it planned to take over the boards of Kano Benin and Kaduna Distribution Companies DISCOs and to collateralise their shares The Director General Bureau of Public Enterprise BPE Alex Okoh and the Executive Chairman Nigerian Electricity Regulatory Commission NERC Sanusi Garba said this in a joint statement on Wednesday in Abuja Today we were informed by Fidelity Bank that they have activated the call on the collateralised shares of Kano Benin and Kaduna Fidelity and AFREXIM DISCOs They have also initiated action to take over the Boards of these DISCOs and exercise the rights on the shares Fidelity Bank s action is a contractual and commercial intervention and is between the Core Investors in the DISCOs and the lender BPE is involved because of the 40 per cent shareholding of the government in the DISCOs According to the statement the new board members of the affected Kano DISCO are Hasan Tukur as Chairman Nelson Ahaneku and Engr Rabiu Suleiman as members It said Benin DISCO would have K C Akuma as the Chairman Adeola Ijose and Charles Onwera as members The statement said Kaduna DISCO would have Abbas Jega as Chairman Ameenu Abubakar and Marlene Ngoyi as members It said BPE had nominated Bashir Gwandu Kano Yomi Adeyemi Benin and Umar Abdullahi Kaduna as independent directors to represent the government s 40 per cent interest in the three DISCOs respectively during the transition We are engaging with the Central Bank of Nigeria as the banking sector regulator to ensure an orderly transition and to ensure that Fidelity Bank does not hold the DISCOs shares in perpetuity It is envisaged that the majority interest in the entities would be sold to capable private sector investors willing and able to re capitalise and manage the entities efficiently We have also received assurances that Fidelity Bank will participate fully in all the ongoing market initiatives aimed at improving the sector National Mass Metering Programme The statement said in the interim NERC and BPE met on an emergency basis and activated the Business Continuity Process and appointed interim Managing Directors in the affected DISCOs They are Ahmad Dangana Kano Disco Henry Ajagbawa Benin Disco and Yusuf Yahaya Kaduna Disco Also with the takeover of Ibadan DISCO by AMCON the BPE has obtained approval from NERC to appoint Kingsley Achife as the interim managing director In a temporary capacity the leadership of AMCON will be a placeholder board for the Ibadan franchise Ahmed Kuru will chair the board Eberechukwu Uneze and Aminu Ismail as members while Oluwaseyi Akinwale will represent the interest of the government on the board alongside the director general of BPE Lastly we are re structuring the Management and Board of Port Harcourt DISCO to forestall the imminent insolvency of the entity As a condition for support to the entity to meet its market obligations Iboroma Akpana will take over as the Chairman of the Board Emmanuel Okotete Eyo Ekpo Ismaila Shuaibu and the director general of BPE will form the interim Board It said Mr Benson Uwheru would take over as the Managing Director of PHEDC as part of the changes According to the statement the government will support the activation of emergency funds through the Nigerian Electricity Market Stabilisation Facility This according to the statement is to support the entity while it goes through restructuring and repositioning to serve the citizens of the franchise area better We are working with the Minister of Power to ensure no service disruptions during these transitions We remain committed to supporting the Nigerian Electricity Supply Industry to serve Nigerians better it said NewsSourceCredit NAN
    Fidelity bank set to take over boards of Kano, Benin, Kaduna DISCOs
     Fidelity Bank said it planned to take over the boards of Kano Benin and Kaduna Distribution Companies DISCOs and to collateralise their shares The Director General Bureau of Public Enterprise BPE Alex Okoh and the Executive Chairman Nigerian Electricity Regulatory Commission NERC Sanusi Garba said this in a joint statement on Wednesday in Abuja Today we were informed by Fidelity Bank that they have activated the call on the collateralised shares of Kano Benin and Kaduna Fidelity and AFREXIM DISCOs They have also initiated action to take over the Boards of these DISCOs and exercise the rights on the shares Fidelity Bank s action is a contractual and commercial intervention and is between the Core Investors in the DISCOs and the lender BPE is involved because of the 40 per cent shareholding of the government in the DISCOs According to the statement the new board members of the affected Kano DISCO are Hasan Tukur as Chairman Nelson Ahaneku and Engr Rabiu Suleiman as members It said Benin DISCO would have K C Akuma as the Chairman Adeola Ijose and Charles Onwera as members The statement said Kaduna DISCO would have Abbas Jega as Chairman Ameenu Abubakar and Marlene Ngoyi as members It said BPE had nominated Bashir Gwandu Kano Yomi Adeyemi Benin and Umar Abdullahi Kaduna as independent directors to represent the government s 40 per cent interest in the three DISCOs respectively during the transition We are engaging with the Central Bank of Nigeria as the banking sector regulator to ensure an orderly transition and to ensure that Fidelity Bank does not hold the DISCOs shares in perpetuity It is envisaged that the majority interest in the entities would be sold to capable private sector investors willing and able to re capitalise and manage the entities efficiently We have also received assurances that Fidelity Bank will participate fully in all the ongoing market initiatives aimed at improving the sector National Mass Metering Programme The statement said in the interim NERC and BPE met on an emergency basis and activated the Business Continuity Process and appointed interim Managing Directors in the affected DISCOs They are Ahmad Dangana Kano Disco Henry Ajagbawa Benin Disco and Yusuf Yahaya Kaduna Disco Also with the takeover of Ibadan DISCO by AMCON the BPE has obtained approval from NERC to appoint Kingsley Achife as the interim managing director In a temporary capacity the leadership of AMCON will be a placeholder board for the Ibadan franchise Ahmed Kuru will chair the board Eberechukwu Uneze and Aminu Ismail as members while Oluwaseyi Akinwale will represent the interest of the government on the board alongside the director general of BPE Lastly we are re structuring the Management and Board of Port Harcourt DISCO to forestall the imminent insolvency of the entity As a condition for support to the entity to meet its market obligations Iboroma Akpana will take over as the Chairman of the Board Emmanuel Okotete Eyo Ekpo Ismaila Shuaibu and the director general of BPE will form the interim Board It said Mr Benson Uwheru would take over as the Managing Director of PHEDC as part of the changes According to the statement the government will support the activation of emergency funds through the Nigerian Electricity Market Stabilisation Facility This according to the statement is to support the entity while it goes through restructuring and repositioning to serve the citizens of the franchise area better We are working with the Minister of Power to ensure no service disruptions during these transitions We remain committed to supporting the Nigerian Electricity Supply Industry to serve Nigerians better it said NewsSourceCredit NAN
    Fidelity bank set to take over boards of Kano, Benin, Kaduna DISCOs
    Economy3 months ago

    Fidelity bank set to take over boards of Kano, Benin, Kaduna DISCOs

    Fidelity Bank said it planned to take over the boards of Kano, Benin and Kaduna Distribution Companies (DISCOs) and to collateralise their shares.

    The Director-General, Bureau of Public Enterprise (BPE), Alex Okoh, and the Executive Chairman, Nigerian Electricity Regulatory Commission (NERC), Sanusi Garba said this in a joint statement on Wednesday in Abuja.

    “Today, we were informed by Fidelity Bank that they have activated the call on the collateralised shares of Kano, Benin and Kaduna (Fidelity and AFREXIM) DISCOs.

    “They have also initiated action to take over the Boards of these DISCOs and exercise the rights on the shares.

    “Fidelity Bank’s action is a contractual and commercial intervention and is between the Core Investors in the DISCOs and the lender.

    “BPE is involved because of the 40 per cent shareholding of the government in the DISCOs.’’

    According to the statement, the new board members of the affected Kano DISCO are, Hasan Tukur, as Chairman, Nelson Ahaneku, and Engr. Rabiu Suleiman as members.

    It said Benin DISCO would have K.C. Akuma, as the Chairman, Adeola Ijose and Charles Onwera as members.

    The statement said Kaduna DISCO would have Abbas Jega as Chairman, Ameenu Abubakar and Marlene Ngoyi as members.

    It said BPE had nominated Bashir Gwandu (Kano), Yomi Adeyemi (Benin), and Umar Abdullahi (Kaduna) as independent directors to represent the government’s 40 per cent interest in the three DISCOs respectively during the transition.

    “We are engaging with the Central Bank of Nigeria (as the banking sector regulator) to ensure an orderly transition and to ensure that Fidelity Bank does not hold the DISCOs’ shares in perpetuity.

    “It is envisaged that the majority interest in the entities would be sold to capable private sector investors willing and able to re-capitalise and manage the entities efficiently.

    “We have also received assurances that Fidelity Bank will participate fully in all the ongoing market initiatives aimed at improving the sector (National Mass Metering Programme).’’

    The statement said in the interim, NERC and BPE met on an emergency basis and activated the Business Continuity Process and appointed interim Managing Directors in the affected DISCOs.

    They are Ahmad Dangana, Kano Disco, Henry Ajagbawa, Benin Disco, and Yusuf  Yahaya, Kaduna Disco.

    “Also, with the takeover of Ibadan DISCO by AMCON, the BPE has obtained approval from NERC to appoint Kingsley Achife as the interim managing director.

    “In a temporary capacity, the leadership of AMCON will be a placeholder board for the Ibadan franchise.

    “Ahmed Kuru will chair the board, Eberechukwu Uneze and Aminu Ismail as members, while Oluwaseyi Akinwale will represent the interest of the government on the board alongside the director-general of BPE.

    “Lastly, we are re-structuring the Management and Board of Port Harcourt DISCO to forestall the imminent insolvency of the entity.

    “As a condition for support to the entity to meet its market obligations, Iboroma Akpana will take over as the Chairman of the Board. Emmanuel Okotete, Eyo Ekpo, Ismaila Shuaibu and the director-general of BPE will form the interim Board. ‘’

    It said Mr Benson Uwheru would take over as the Managing Director of PHEDC as part of the changes.

    According to the statement, the government will support the activation of emergency funds through the Nigerian Electricity Market Stabilisation Facility.

    This according to the statement is to support the entity, while it goes through restructuring and repositioning to serve the citizens of the franchise area better.

    “We are working with the Minister of Power to ensure no service disruptions during these transitions.

    “We remain committed to supporting the Nigerian Electricity Supply Industry to serve Nigerians better,’’ it said.

    NewsSourceCredit: NAN

  •  Vice President Yemi Osinbajo says it has become imperative for Africa to define its plan and come up with a vision that addresses the continent s peculiarities on energy transition Osinbajo s spokesman Laolu Akande in a statement on Thursday in Abuja said that the vice president spoke at the Infrastructure Solutions Summit organised by the Africa Finance Corporation AFC The summit featured a set of two fireside chats with the vice president and the President of Ghana Nana Addo Akufo Addo anchored by BBC s Nancy Kacungira We are in a peculiar position this is why Africa needs to come in very forcefully to chart a different path We are not just challenged in terms of global warming but for us it is also the existential challenge of just survival There are several voices around the world and in Africa who are saying the same thing I think that there is some change The EU has categorised nuclear and gas as green investments and they are saying they are going to need more investments in gas over the next 10 years so as to be able to meet their targets of 2050 They are leaving us room to say that we in Africa are going to be needing investments in gas in the next 30 years for us to be able to meet our targets According to him Africa first needs to come together to put out its vision for climate change or carbon neutrality by 2050 2070 or whenever it is convenient He said he believed there were ongoing efforts towards that We think that at Egypt COP27 forthcoming climate change conference in Egypt we will begin to articulate an African vision and initiative because all of the decisions were initiated and taken by wealthier countries where they defined practically everything about how we respond to climate change But our own peculiarities and challenges are different We need to have access to energy access to electricity just to be able to survive and create industry for the millions of people So Africa has an existential challenge and survival around our economies On infrastructure development the vice president said the Federal Government was committed to the infrastructure development of the country According to him there is a Presidential Infrastructure Development Fund in the order of a billion dollars for a start We started with the seed fund of about a trillion naira I think we have key opportunities and it may be impossible now we might need to do more for me I think what we need to do will be more innovation There s a huge gap there but I think innovation is what will play a significant part For example seeing the models that already exist there is plenty of room for more improvements such as insurance that has not yet been leveraged or used he said Other speakers at the opening session of the summit were the Deputy Governor of the Central Bank of Nigeria CBN Kingsley Obiora President of AFC Mr Samaila Zubairu President of the AFREXIM Bank Prof Benedict Orama among others NAN
    Climate change: Osinbajo advocates African plan on energy transition 
     Vice President Yemi Osinbajo says it has become imperative for Africa to define its plan and come up with a vision that addresses the continent s peculiarities on energy transition Osinbajo s spokesman Laolu Akande in a statement on Thursday in Abuja said that the vice president spoke at the Infrastructure Solutions Summit organised by the Africa Finance Corporation AFC The summit featured a set of two fireside chats with the vice president and the President of Ghana Nana Addo Akufo Addo anchored by BBC s Nancy Kacungira We are in a peculiar position this is why Africa needs to come in very forcefully to chart a different path We are not just challenged in terms of global warming but for us it is also the existential challenge of just survival There are several voices around the world and in Africa who are saying the same thing I think that there is some change The EU has categorised nuclear and gas as green investments and they are saying they are going to need more investments in gas over the next 10 years so as to be able to meet their targets of 2050 They are leaving us room to say that we in Africa are going to be needing investments in gas in the next 30 years for us to be able to meet our targets According to him Africa first needs to come together to put out its vision for climate change or carbon neutrality by 2050 2070 or whenever it is convenient He said he believed there were ongoing efforts towards that We think that at Egypt COP27 forthcoming climate change conference in Egypt we will begin to articulate an African vision and initiative because all of the decisions were initiated and taken by wealthier countries where they defined practically everything about how we respond to climate change But our own peculiarities and challenges are different We need to have access to energy access to electricity just to be able to survive and create industry for the millions of people So Africa has an existential challenge and survival around our economies On infrastructure development the vice president said the Federal Government was committed to the infrastructure development of the country According to him there is a Presidential Infrastructure Development Fund in the order of a billion dollars for a start We started with the seed fund of about a trillion naira I think we have key opportunities and it may be impossible now we might need to do more for me I think what we need to do will be more innovation There s a huge gap there but I think innovation is what will play a significant part For example seeing the models that already exist there is plenty of room for more improvements such as insurance that has not yet been leveraged or used he said Other speakers at the opening session of the summit were the Deputy Governor of the Central Bank of Nigeria CBN Kingsley Obiora President of AFC Mr Samaila Zubairu President of the AFREXIM Bank Prof Benedict Orama among others NAN
    Climate change: Osinbajo advocates African plan on energy transition 
    Environment5 months ago

    Climate change: Osinbajo advocates African plan on energy transition 

    Vice President Yemi Osinbajo says it has become imperative for Africa to define its plan and come up with a vision that addresses the continent’s peculiarities on energy transition.

    Osinbajo’s spokesman, Laolu Akande, in a statement on Thursday in Abuja said that  the vice president spoke at the Infrastructure Solutions Summit organised by the Africa Finance Corporation (AFC).

    The summit  featured a set of two fireside chats with the vice president  and the President of Ghana Nana Addo Akufo-Addo, anchored by BBC’s Nancy Kacungira.

    “We are in a peculiar position; this is why Africa needs to come in very forcefully to chart a different path.

    “We are not just challenged in terms of global warming, but for us, it is also the existential challenge of just survival.

    “There are several voices around the world and in Africa who are saying the same thing; I think that there is some change.

    “The EU has categorised nuclear and gas as green investments, and they are saying they are going to need more investments in gas over the next 10 years so as to be able to meet their targets of 2050.

    “They are leaving us room to say that we, in Africa, are going to be needing investments in gas in the next 30 years for us to be able to meet our targets.”

    According to him, Africa first needs to come together to put out its vision for climate change or carbon neutrality by 2050, 2070 or whenever it is convenient.

    He said he believed there were

     ongoing efforts towards that.

    “We think that at Egypt COP27 forthcoming climate change conference in Egypt, we will begin to articulate an African vision and initiative, because all of the decisions were initiated and taken by wealthier countries where they defined practically everything about how we respond to climate change.

    “But our own peculiarities and challenges are different.

    “We need to have access to energy, access to electricity just to be able to survive and create industry for the millions of people.

    “So, Africa has an existential challenge and survival around our economies.”

    On infrastructure development, the vice president said the Federal Government was committed to the infrastructure development of the country.

    According to him,  there is a Presidential Infrastructure Development Fund in the order of a billion dollars for a start.

    ”We started with the seed fund of about a trillion naira.

    “I think we have key opportunities, and it may be impossible now; we might need to do more; for me, I think what we need to do will be more innovation.

    “There’s a huge gap there, but I think innovation is what will play a significant part.

    “For example, seeing the models that already exist, there is plenty of room for more improvements; such as insurance that has not yet been leveraged or used,” he said.

    Other speakers at the opening session of the summit were the Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Obiora, President of AFC, Mr Samaila Zubairu,   President of the AFREXIM Bank Prof Benedict Orama among others.

    (NAN)