General
Heritage Bank, Cross River, Ita Giwa Raise Climate Change Awareness
By Modupe Gbadeyanka
The two devastating hurricanes in the United States of American (USA) in the past weeks have made some people around the world see the threat posed by climate change.
In Nigeria, the flooding in Lagos and Benue States this year and also the flood alert this week to states around the River Niger by the National Emergency Management Agency (NEMA) has further let Nigerians know that the issue is not for the western world alone.
In view of this, Heritage Bank Plc has aligned forces with Cross River State and Senator Florence Ita Giwa-led Seagull Band to educate the people on Climate Change: A time for Change.
The event, which held in Lagos recently, was put together by Seagull Band, one of the five bands of the Carnival Calabar at a symposium titled ‘An evening of lecture and stage presentation of the Seagull winning theme of the 2016 Carnival Calabar’ edition which dwelt extensively on climate change and the need for an affirmative action to manage the environment on a sustainable basis.
Speaking at the programme, Managing Director/Chief Executive of Heritage Bank, Mr Ifie Sekibo, said the bank collaborated with the state government because it believed so much in making the lives of mankind better by preserving it today so that it could transfer it to future generations.
He also explained that the bank developed interest in the alignment because the cause conforms to the Central Bank of Nigeria’s regulation on Sustainability Banking.
Represented at the occasion by Chioma Obiakor, Head, Sustainability Banking, Mr Sekibo said Heritage Bank always operates in tune with the standard set by the apex bank for operators in the sector.
His words, “We have set up a framework within Heritage Bank which helps us to work with the CBN’s principles for sustainability banking. We are very much interested in collaboration with any corporate organization that shares the vision of safety of environment and its sustainability with us.”
The Chief Executive Officer observed that “if we destroy the environment, we will pay for it,” adding that there is need to prevent what is happening in Benue State where several thousands of people had been displaced by floods.
He said the bank was very happy to collaborate with the Cross River State Government for putting together the platform to discuss and find solutions to the issues of climate change. He noted that people build on waterways without conducting proper environmental scanning, remarking that calamities may not happen today, what about tomorrow!
The deputy governor of Cross River State, Professor Ivara Esu invited all the participants at the symposium to the 2017 edition of Carnival Calabar, adding that the theme of this year’s programme is Migration, which is how people are dying in Sahara Desert trying to seek greener pasture in other countries. He said the state would also unveil a new city to be called Calasvegas in December during the carnival.
In her opening remarks, Senator Florence Ita Giwa, leader of Seagull Band, refused to agree to the public perception that the yearly carnival is Africa’s Biggest Street Party. According to her, the carnival is not a party but a platform for interpretation of crucial issues in our society through various literary techniques.
She said except one understands the basic motive behind the carnival, the person would lose the essence of the various activities organized during the event which has become a means of global tourist attraction for the nation.
According to her, many people who hitherto did not understand what climate change meant before the 2016 carnival were educated by the various activities at the event. She therefore, implored investors, tourists and other willing individuals to ensure participation in this year’s edition as it promises to be electrifying.
In his lecture on effects/impact of climate change, Mr Desmond Majekodunmi gave international and local perspectives of what the negative impacts of mankind was doing to the environment which has resulted in Hurricane Harvey in Houston Texas, which was the first major hurricane to make landfall in the United States of America since Wilma in 2005, ending a record 12-year drought in which no hurricanes made landfall at such an intensity in that country.
He said in Sierra Leone about 400 died due to over flooding while in Benue State in Nigeria about 110,000 people were displaced by floods, adding that if care is not taken, Lagos and South-South coastal cities might be affected by the rising sea levels from the Atlantic Ocean.
Mr Majekodunmi said global warming caused ice to melt and ocean levels to rise, adding that it also increases the magnitude and incidences of ocean surge due to thermal expansion of water.
By Dipo Olowookere
A $15 million debt facility has been obtained by Watt Renewable Corporation from the AfriGreen Debt Impact Fund to finance hybrid solar power plants to be built and operated by the former, especially in Nigeria.
WATT intends to use the projects to serve commercial and industrial clients in Nigeria, particularly in the telecommunication and financial services sectors.
By integrating solar hybrid solutions, the firm aims to significantly reduce diesel consumption and CO2 emissions, enabling its clients to achieve substantial energy cost savings while promoting environmental sustainability.
As a pioneer in renewable energy solutions, WATT continues to drive innovation in Nigeria’s energy sector.
The company’s robust roll-out plan includes deploying hundreds of hybrid solar power sites nationwide to meet the growing energy demands of commercial & industrial clients.
This strategic expansion aligns with WATT’s vision to revolutionize energy access across Africa, enabling sustainable development and reducing reliance on fossil fuels.
The funds from AfriGreen provide the critical capital needed to accelerate WATT’s ambitious projects, strengthening its market position and empowering businesses with reliable and affordable energy solutions.
Business Post gathered that to mitigate the currency risk for WATT in the event of devaluation of the Nigerian Naira, AfriGreen is offering a local currency facility that matches the payment structure of the power purchase agreements.
“We are thrilled to partner with AFRIGREEN on this transformative journey to expand reliable and sustainable energy solutions across Africa.
“With this support, it enables us to accelerate our shared mission of providing hybrid solar power to businesses, reducing carbon emissions, and supporting economic growth while enhancing energy security for our clients,” the Managing Director of WATT, Mr Oluwole Eweje, said.
“We are delighted to support WATT in rolling out hundreds of hybrid sites across the country.
“This represents another key transaction for AFRIGREEN in Nigeria. The combination of high energy prices, good solar irradiation, and strong demand from industrial and commercial energy users makes this market particularly attractive for companies like WATT.
“By leveraging these favourable market conditions alongside WATT’s exceptional operational performance and a well-structured financing solution, we are setting the stage for a strong and lasting business partnership,” the Managing Director of AfriGreen, Mr Alexandre Gilles, stated.
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has denied issuing a directive that gas supply to power generating companies (GenCos) be halted.
In a statement on Wednesday, the authority also denied instructing wholesale gas suppliers to stop further supply of gas to companies due to failure in payment obligations.
The NMDPRA described reports stating that it has directed the stoppage of gas supply to GenCos over N2 trillion debt as “false and completely unfounded”.
“It has absolutely no bearing on the information shared at a recent stakeholders’ engagement held in Lagos between the Authority, the OPTS, IPPG and other stakeholders in the oil and gas industry,” the NMDPRA said.
“The purpose of the engagement was to sensitise stakeholders on the requirements, opportunities and benefits associated with the implementation of the wholesale supply license as provided by sections 142 and 197 of the Petroleum Industry Act (PIA) 2021.
“It was a follow-up to an earlier stakeholder engagement held at the NMDPRA corporate headquarters in Abuja on November 27, 2024.
“The Authority wishes to reassure all our stakeholders and indeed the general public that at no time was the false statement made at that event and anywhere else, and are advised to completely disregard the publication as every effort is being made to ensure that the supply and distribution of natural gas and petroleum products to end users is seamless and unabated as we head into the festive season and indeed all through the coming year 2025.”
Recall that Nigeria’s national grid experienced another collapse on Wednesday, the 11th time in 2024 as Gencos couldn’t generate enough power, compounding issues facing the Nigerian power sector.
This was the first time in over a month as the last time the nation witnessed a nationwide shutdown in electricity supply was on November 7, 2024.
Before then, the country was experiencing an incessant collapse of the grid, which prompted the federal government to set up a team to address the issue.
By Aduragbemi Omiyale
Nigeria is currently experience a cut in power supply after the national grid collapsed for the 11th time in 2024.
This is the first time in over a month as the last time the nation witnessed a nationwide shut down in electricity supply was on November 7, 2024.
Before then, the country was experiencing an incessant collapse of the grid, which prompted the federal government to set up a team to address the issue.
However, just when Nigerians were thinking they will not witnessed another national grid collapse in the year, it issue reared its ugly head again.
On Wednesday afternoon, most of the energy distribution companies suffered power outage, prompting them to inform their customers of the situation.
One of the DisCos, Ikeja Electric Plc, in a message to electricity consumers under its franchise area, said, “Please be informed that we experienced a system outage today, December 11, 2024, at about 13:32 hours affecting supply within our network.
“Restoration of supply is ongoing in collaboration with our critical stakeholders. Kindly bear with us.”
Recall that on Tuesday, in a report, Google listed national grid as one of the top trending searches by Nigerians this year.
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