Connect with us

Business

Ambode Hails Longrich for Siting Manufacturing Plant in Lagos

Published

on

Gov. Akinwunmi Ambode of Lagos State on Sunday said his administration had performed well.

NAN reports that the outgoing Lagos helmsman spoke at the pre-launch of a $50 million manufacturing plant in the Lekki Free Zone, belonging to Longrich, a Chinese firm.

He said that the facility was another success story of the efforts of the government in attracting investment and an eloquent confirmation of the strategic importance of the free trade zone to the state’s economy.

Ambode noted that no less than 25 companies had set up their manufacturing plants within the zone, saying that it was indeed gratifying that the efforts to drive investments were yielding positive results.

Ambode said that the most important thing to him was that whether in government or outside of government, factories were springing up in the zone, thereby creating job opportunities for the people and improving the economy of the state.

According to the Governor, one of the most fulfilling feelings in life was to see one’s efforts yielding positive results.

Ambode said: ”It gives me immense satisfaction to be here today to witness this pre-launch of Longrich Nigeria Manufacturing Plant to be located in the Lekki Free Zone in Lagos State, Nigeria.

”At the inception of this administration, one of our core focus areas was attracting investments to our state; to create employment opportunities for our people and wealth for our investors.

”Today’s event is one of those crowning moments that confirm that our efforts have been rewarded.”

He commended Longrich Group of Companies for the decision to site the $50million factory in Lagos of all the cities and countries in Africa, saying the state and the country stand to benefit immensely from the investment.

”I have been informed that this Lekki Longrich facility, upon completion, will not only be the hub for the distribution of the products to the African sub-region but will provide employment for at least 1,000 new workers in our state.

”It will boost the nation’s foreign exchange earnings from exportation of manufactured products to other African countries.

”If we go by the success story of Longrich in China and the company’s track record, there is no doubt that Longrich Nigeria will be modelled after the world class LONGLIQI Bio-Industrial Park in China which covers an area of more than 133 hectares and serves as location of LONGLIQI Bio-Science Co., Ltd,” Ambode said.

While describing the firm as a global brand with a range of top class quality products and unique business model, the governor lauded the fact that Longrich had created wealth for over 500,000 people.

These people, he added, were trading in more than 30 brands of the company, with the majority of the traders residing in the state.

Ambode assured the people that the state government would continue to play its role as business enablers, especially by providing the necessary infrastructure and services required to support all investors and businesses who decide to make Lagos their home.

”Our administration has embarked on massive and ambitious projects. We have introduced public sector reforms and policies aimed at making it easier to do business in our state.

”Our governmental institutions like the Ministry of Commerce, Industry and Cooperatives, Office of Public Private Partnership and Office of Overseas Affairs and Investment are more than ever before, in the fore front of providing an enabling business environment for local and foreign investments to thrive.

These are just a few indicators to assure you of our commitment to securing not just Longrich’s investment in the South-West quadrant of Lekki Free Zone but to secure and attract more investments to our state,” he said.

Daily Post

Continue Reading
Advertisement

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Consumers Condemn Power Sector Privatisation As FG Hikes Electricity Tariff

Published

on

The Federal Government through its Nigerian Electricity Regulatory Commission on Thursday officially released different documents indicating the approved power tariff increase payable by consumers to various electricity distribution companies in Nigeria.

In different orders to the 11 Discos operating in Nigeria, the commission stated that the tariff hike was based on the extraordinary review of the Multi-Year Tariff Order, as it explained that the order took effect from January 1, 2022.

It further noted that the order shall only be subordinated to a new tariff review order as might be issued periodically by the NERC, but this hike in tariff by NERC was kicked against by different power consumer groups, as they called for the complete reversal of the sector’s privatisation.

The NERC provided myriads of reasons why it had to effect an upward review of the tariff payable to Discos, as figures from the individual approvals for each Disco showed that the commission hiked the amount to be paid by consumers for electricity beginning from February 2022.

In the Abuja Electricity Distribution Company, for instance, non-Maximum Demand power users in Band A had their tariff increased from N51.75/kWh in January this year to N56.28/kWh from February to December 2022.

Also, non-MD consumers in Band B had their tariff increased from N49.72/kWh to N54.13kWh, while the non-MD power users in Bands C and D had their tariff raised from N45.65/kWh to N50.65/kWh, and N29.70/kWh to N33.20/kWh respectively, under Abuja Disco.

For non-MD customers of AEDC in Band E, their tariff was raised from N29.38/kWh to N32.88/kWh.

In the service bands, the NERC explained that customers in Band A were those receiving a minimum of 20 hours of electricity daily, while those in Bands B, C, D and E include power users receiving 16 hours, 12 hours, eight hours, and four hours of power supply daily, respectively.

The documents for each Disco also showed that aside from non-MD customers, there were other categories of maximum demand power users classified as MD1 and MD2, but most of the tariffs of these categories of power users were also raised.

It was observed that aside from the AEDC, the tariff hike played out in other Discos, as the regulator raised the tariffs payable by consumers in the various franchise areas of the power distribution companies.

For Eko Electricity Distribution Company, it was observed that there was a marginal decrease in the amount payable by non-MD consumers in Band A, those in Band B had their tariff unchanged, while others in Bands C, D and E had their tariffs hiked.

Under Eko Disco, non-MD customers in Band A had their tariff reduced from N56.08/kWh in January to N55.55/kWh from February to December, while non-MD customers in Band B had theirs unchanged at N51.81/kWh.

For non-MD customers in Band C, D and E, their tariffs were raised from N42.44/kWh to N47.44/kWh, N28.63/kWh to N31.75/kWh, and N28.63/kWh to N31.71/kWh, respectively.

Taking the Port Harcourt Electricity Distribution Company as another example, it was observed that the approved end-user tariffs for all the bands for non-MD customers from A to E were hiked by the NERC.

Non-MD Band A customers of PHED had their tariff raised from N57.16/kWh in January to N60.67/kWh from February to December 2022, while the tariff of non-MD Band B customers was increased from N56.79/kWh to N59.64/kWh.

Non-MD customers in Bands C, D and E had their tariffs raised from N50.15/kWh to N55.15/kWh, N35.31/kWh to N38.81/kWh, and N35.08/kWh to N38.58/kWh, respectively.

It was also observed that customers in MD1 and MD2 in the various bands under the PHED had their tariffs also raised by the NERC, as similar scenarios played out in other Discos.

This came as power consumer groups condemned the hike in tariff by the NERC, describing it as unfortunate considering the fact that power supply had failed to improve across the country amidst the hardship nationwide.

An industry expert and legal practitioner, who doubles as President of the Nigeria Consumer Protection Network, Kunle Olubiyo, stated that the increase should be resisted and the privatisation of the sector reversed.

He said, “They did it in January and gave the licensees permission to surreptitiously increase the tariff and do mechanical configurations such that we are being shortchanged.

“The key performance indicators that they put forward which have to do with supply being contractual and service-based have not been met, they have failed on that. Yes, if they say inflation is high, do we get commensurate service as per what we pay?

“I was at Aso Drive on Monday here in the capital city of Abuja, they get supply for just three hours in a day. The supply to areas outside the city centre has been bad too. So if we can’t get power and there is a lot of blame game, what is the justification for tariff increase?”

Olubiyo stated that many customers on estimated billing had received up to 300 per cent hike in their electricity bills, as the capping methodology approved by the NERC had not been effective.

He wondered why the commission would be bold enough to release documents showing the approved tariff hike payable by customers to the Discos, as he called for the complete reversal of the power sector privatisation.

He said, “The NERC we have today is NERC for the Discos. We’ve reached a crossroads now and the next thing we expect from the Federal Government is to go for all the credit lines and clean up their books, those who are owing Nigerian banks or so, and make sure that this privatisation exercise is reversed.

“This is because this is not the end of it. Their new MYTO under the service-based tariff has given the Discos an open cheque to continue to increase tariffs without the basic principles of equity. We have two parties to this contract, the demand, and the supply sides.

“But NERC that we have is on the side of the market. They are not taking the demand side, but you must have demand for you to maintain supply. So for us what we want is an outright reversal of the privatisation, we are not saying review.”

Also speaking on the development, the National Secretary, Network of Electricity Consumers Advocacy of Nigeria, Uket Obonga, regretted that the tariff hike was approved by NERC despite the hardship in Nigeria.

“We are going to bombard them. It is official now that they have increased the electricity tariff even in this hardship. This is unacceptable. We cannot continue like this,” he stated.

Meanwhile, the NERC explained that pursuant to the Extraordinary Tariff Review Application and Performance Improvement Plan filed by Discos, the commission approved the MYTO 2020 Serviced Based Tariff effective from September 1, 2020.

It said this was to ensure that rates paid by customers were in alignment with the quality of service to customer clusters as measured by the daily average availability of power supply.

It said the objectives of the latest order on tariff hike were to reflect the impact of changes in the projected minor review variables for the period January to December 2021 for the determination of Cost-Reflective Tariffs, adjust the Discos’ capital expenditure for the years 2021 to 2026 in consideration of the approved PIP.

The commission said it was to ensure sustained improvement in reliability and quality of supply in line with Discos’ capital expenditures proposal and PIP commitment.

It said the order would ensure that tariffs payable by customers were commensurate and aligned with the quality and availability of power supply committed to customer clusters by Discos.

The NERC said the tariff order would ensure that prices charged by Discos were fair to customers and were sufficient to allow Discos to fully recover the efficient cost of operation, including a reasonable return on the capital invested in the business, pursuant to the provisions of sections 32(d) and 76 2(a) of Electric Power Sector Reform Act.

It further said the order would provide appropriate incentives to ensure continuous improvement in the performance of the Transmission Company of Nigeria Plc in reducing its network technical losses, among others.

The Punch

Continue Reading

Business

Access Bank Promotes 800 Employees, Transitions to Holdco Structure

Published

on

Access Bank PLC has announced the promotion of 800 employees following a transparent and robust performance management review in line with global best practices.

This announcement comes as the financial giant shores up its transition to a Holding Company (Holdco) starting May 1, 2022.

The Bank’s consistent growth over the years has been due to the immeasurable effort and sacrifice of its employees.

The beneficiaries of this whole scale performance review exercise spanned the Bank’s senior, middle, and junior management levels even as the management strives to continuously put employees in the best position to grow and be successful in today’s highly competitive work environment.

Over the years, Access Bank has demonstrated that employee performance and rewards remain a critical pillar of the Bank’s business operations. The Bank has consistently provided adequate resources to deepen core job skills while entrenching a culture of high performance amongst employees.

The Bank’s penchant for rewarding high performance is particularly highlighted by the annual CEO Awards, one of the programs under it’s ‘We Clap Initiative’ which is designed to support the development of a culture of excellence as well as motivate employees and teams for superior performance.

Recently, Access Bank was named the best institution to work in Nigeria by global professional network company, LinkedIn, having assessed data across seven pillars that serve as identifiers of career progression, namely: the ability to advance, skills growth, company stability, external opportunity, company affinity, gender diversity and spread of educational backgrounds.

Continue Reading

Business

World Earth Day: Unity Bank, RESWAYE Clean Lagos Beach, Plant Trees

Published

on

In commemoration of this year’s World Earth Day, Unity Bank Plc in partnership with 3 non-government organisations – Recycling Scheme for Women and Youth Empowerment, RESWAYE, MEDIC and KBG – has conducted a beach cleaning exercise as part of its commitments to promoting environmental sustainability.

No fewer than 200 members of staff, as well as over 100 members of RESWAYE thronged the venue of the cleaning exercise – the Lagos Kids Beach Garden within the Oba Elegushi beach environs – where they picked and removed over 100,000 plastic bottles from the beach to make the beach safer and reduce ocean pollution.

The Bank also carried out a tree planting exercise across the country, as the Staff of the Bank across the bank’s branches nationwide planted at least one tree.

Speaking at the event, the Group Head, Risk Management, Unity Bank Plc, Mr. Chris Nwambu said that the World Earth Day initiatives are part of the Bank’s corporate social responsibility aimed at leading major collaborative initiatives for climate action.

Citing recent reports on ocean pollution, he decried that “of the over 300 million tons of plastic waste ends up in ocean’s yearly, an estimated 8 million tons of plastic enters our oceans. There are 5.25 trillion pieces of plastic waste estimated to be in our oceans. While 70% of our debris sinks into the ocean’s ecosystem, 15% floats, and 15% lands on our beaches.”

He added that such activity as the collaboration and partnership by organizations would play a vital role in reducing the threats of ocean plastics and thereby reduce the climate risks they pose to the earth.

He reiterated that Unity Bank will continue to be very aggressive in terms of environmental protection and sustainability commitments, adding that “in line with the Bank’s agribusiness strategic focus over the past couple of years, the Bank has granted access to credit to businesses in greenhouse farming and metal recycling to the tune of 3.25 billion naira”.

He said, “But beyond supporting sustainability-related business, the operations of the Bank have adopted sustainable practices in the way we carry out daily activities as a matter of corporate culture. As of today, thirty-one branches of the bank are running on Hybrid Solar Solution while 70% of our 416 ATMs Bank-wide are powered by hybrid solar solutions with a projection to migrate an additional 15% to hybrid solar solutions before the end of 2022.

“The reduction of carbon emissions by the bank since migrating branches and ATMs locations to Hybrid Solar Energy in 2018 now totals 21,631kg of Carbon Dioxide, saved monthly.”

Unity Bank has over time promoted corporate and business philosophy that encourages low paper usage, recycling and adoption of renewable energy through increased investment in solar-powered branches and ATMs.

Continue Reading