Business
Fashola Inaugurates TCN Substation …Mulls N72bn DISCOs Funding
The Minister of Power Works and Housing, Mr Babatunde Fashola has commissioned a 132/33KV transmission substation with a 40MVA transformer at Mayo Belwa town in Adamawa state.
Fashola also announced a decision of the Federal Government to invest N72 billion as a shareholder loan and intervention to the 11 Distribution Companies (DISCOs).
After the power sector privatisation in 2013, government retained 40 per cent stake in the 11 DISCOs while private equity accounts for 60 per cent. The envisaged shareholder loan would be the first intervention loan to the DisCos directly from government shareholder since the privatisation of the sector.
Federal Government had in 2017 introduced a N701.9bn Payment Assurance Guarantee (PAG) to the Generation Companies (GENCOs) to boost their liquidity and generate more electricity.
The Central Bank of Nigeria (CBN) has been disbursing a loan of N213bn under its Nigerian Electricity Market Stabilisation Fund (NEMSF) to about 47 power firms including the DISCOs since 2015.
The Minister, represented by the Permanent Secretary (Power), Mr Louis Edozien, urged the 11 DisCos to invest more in their networks to complement TCN’s grid expansion following the envisaged N72bn commitment from government.
Fashola said with the new 40MVA (32MW capacity) Mayo Belwa substation, over seven towns of the state including Mayo Belwa, Numan, Jada and Lamorde would witness improved electricity delivery with the commissioning of the substation.
He added the Federal Ministry of Power, Works and Housing complemented the TCN project by installing distribution transformers in the franchise area.
“With this development, TCN has not only improved the quality of power in this area but it has also increased the wheeling capacity of TCN which was last simulated in December 2017 to be above 7,000 megawatts (MW),” he said.
He noted that TCN has acquired land to upgrade the new substation to a 330/132/33KV substation and the 132/33KV Jalingo substation to carry more power to sates in the North East.
He said while the procurement has advanced, the 330/132/33KV Yola substation would be upgraded by 350MVA capacity as a 150MVA, and two units of 100MVA transformers will be installed along with other equipment.
To improve power supply in the northeast, Fashola said the administration has resolved hurdles in completing the 40MW Dadin Kowa hydropower plant in Gombe state.
He also said TCN would install Static Var Compensator (SVC) in Gombe to improve the quality of power in the region.
Meanwhile, the Managing Director of TCN, Mr Mohammed Gur-Usman has also disclosed that the company would attain a transmission capacity of 9,000MW by end of 2018.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter
