Economy
Toshiba Aims To Solve Energy Problems In Africa
By Modupe Gbadeyanka
Toshiba Corporation has disclosed that it is working hard to partner with African countries with a view to proffering solutions to the energy problems facing the continent.
Toshiba participated in the Tokyo International Conference on African Development 2016 in Nairobi, Kenya, which was held on August 27 and 28 at the Kenyatta International Convention Center.
The company showcased its ability to provide total energy solutions that ‘Make Energy”, “Transmit and Store Energy” and realize the “Smart Use of Energy”.
It said these ideas demonstrate its ideal positioning to support growing demand for power in Africa with world-class geothermal power generation equipment and high efficiency energy transmission and distribution (T&D) technologies.
It further said some of its company’s key next-generation products for Africa include smart meter systems that deliver enhanced energy network management and support for off-grid energy solutions – essential for providing stable energy in a region as diverse and challenging as Africa.
“Already, almost 60% of our sales are outside Japan,” said Takeshi Yokota, Toshiba’s Corporate Senior Vice President and Corporate Representative for Europe, the Middle East & Africa.
“We are growing our business by promoting expansion in emerging markets, and see Africa as very promising. We have done business in Africa for over 50 years, and established our first office here in 1967. Since 2014, our business here has been driven by Toshiba Africa (Pty) Ltd. We are very happy to participate in TICAD Japan Fair and to introduce Toshiba’s potential to a wide audience,” he added.
Toshiba now focuses on three business domains, energy, infrastructure and storage, all of which can support Africa’s move toward sustained growth. Most important as a driver for growth and improved wellbeing is the company’s energy business. The countries of Africa all target economic growth, and all must contend with demanding environmental conditions.
“Toshiba can contribute,” says Mr Yokota. “We have established technologies that can contribute to supply power stability and make the best use of natural resources for energy generation. Our corporate philosophy is ‘Committed to people, Committed to the Future’, and I have no doubt that Toshiba has a lot to offer in terms of contributing to people’s lives and a better future for Africa.”
Toshiba first entered Africa’s hydroelectric and thermal power plant market in the 1970s.
More recently, in 2013, the company supplied four 70-megawatt turbines and generators for Olkaria I and IV at the Olkaria Geothermal Power Plant, Kenya’s largest geothermal power complex, and they were successfully brought on line in February 2015.
Toshiba has an unrivaled record in the global geothermal power market. It delivered Japan’s first geothermal steam turbines and generators in 1966, and since then has delivered 53 turbines around the world, with a total capacity of 3,400 megawatts. As the source of approximately 23% of the world’s installed geothermal capacity, Toshiba is the global top supplier.
In East Africa, which can look to the vast geothermal potential of the Great Rift Valley, Toshiba is collaborating with numerous countries in the geothermal power business. In 2015, the company concluded MOUs with Ethiopian Electric Power and Tanzania Geothermal Development Company Limited, and on August 9 this year announced its most recent MOU, with Office Djiboutien de Développement de l’Energie Géothermique (ODDEG), the government organization responsible for developing Djibouti’s geothermal power capabilities.
Toshiba’s contributions in Africa also cover power transmission and distribution. In 2015, Toshiba Transmission & Distribution Systems (India) Pvt. Ltd. (TTDI), an Indian subsidiary of Toshiba, won a contract to supply Kenya Power & Lighting Company (KPLC) with approximately 4,000 transmission and distribution (T&D) transformers for the substation network that connects power plants to end-consumers in Nairobi and the surrounding region. After successfully completing this order, TTDI was awarded an additional US$34-million contract in April this year to supply approximately 8,000 more distribution transformers.
Looking to the future in Africa, Toyoaki Fujita, Business Development Executive for overseas operation in Toshiba’s Energy Systems and Solutions Company, had the following comment: “All the data points to rapid economic growth over the next 30 years boosting African energy demand 1.7 times. Meeting the challenges of growth requires comprehensive solutions, and that is where Toshiba can contribute. As a company that can “Make Energy”, “Transmit and Store Energy” and support “Smart Use of Energy”, we can help to build smarter energy networks and support efficient transmission and use.”
At Japan Fair, Toshiba showed how energy transmission and use can be enhanced by its Advanced Metering Infrastructure (AMI) Systems, which has won the lion’s share of the global market, 35%. The system can be utilized with smart grid technologies to build efficient and effective transmission and distribution networks. The exhibition will also include H2One, Toshiba’s CO2-free off-grid energy solution system, a fuel-cell in a container, which can easily be installed in off grid areas and that uses renewable energy sources, such as solar and wind, plus water, to deliver a stable supply in areas that are isolated and lack electricity.
Mr Fujita added, “Our rich experience allows us to support Africa’s growing demand for clean energy with our latest and eco-friendly solutions, like H2One. The MOU we have agreed in the geothermal business also include provision for training local people, to ensure sustainability over the long term. Looking at everything we can do, I am confident that Toshiba can be Africa’s friendly partner in building a better future.”
By Modupe Gbadeyanka
The federal government, the 36 states of the federation and the 774 local government areas have received N1.727 trillion from the Federal Accounts Allocation Committee (FAAC) for December 2024.
The funds were disbursed to the three tiers of government from the revenue generated by the nation in November 2024.
At the December meeting of FAAC held in Abuja, it was stated that the amount distributed comprised distributable statutory revenue of N455.354 billion, distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion and Exchange Difference revenue of N671.392 billion.
According to a statement signed on Friday by the Director of Press and Public Relations for FAAC, Mr Bawa Mokwa, the money generated last month was about N3.143 trillion, with N103.307 billion used for cost of collection and N1.312 trillion for transfers, interventions and refunds.
It was disclosed that gross statutory revenue of N1.827 trillion was received compared with the N1.336 trillion recorded a month earlier.
The statement said gross revenue of N628.972 billion was available from VAT versus N668.291 billion in the preceding month.
The organisation stated that last month, oil and gas royalty and CET levies recorded significant increases, while excise duty, VAT, import duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and EMTL decreased considerably.
As for the sharing, FAAC disclosed that from the N1.727 trillion, the central government got N581.856 billion, the states received N549.792 billion, the councils took N402.553 billion, while the benefiting states got N193.291 billion as 13 per cent derivation revenue.
From the N585.700 billion VAT earnings, the national government got N87.855 billion, the states received N292.850 billion and the local councils were given N204.995 billion.
Also, from the N455.354 billion distributable statutory revenue, the federal government was given N175.690 billion, the states got N89.113 billion, the local governments had N68.702 billion, and the benefiting states received N121.849 billion as 13 per cent derivation revenue.
In addition, from the N15.046 billion EMTL revenue, FAAC shared N2.257 billion to the federal government, disbursed N7.523 billion to the states and transferred N5.266 billion to the local councils.
Further, from the N671.392 billion Exchange Difference earnings, it gave central government N316.054 billion, the states N160.306 billion, the local government areas N123.590 billion, and the oil-producing states N71.442 billion as 13 per cent derivation revenue.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.65 per cent gain on Friday, December 13, boosted by three equities admitted on the trading platform.
On the last trading session of the week, Okitipupa Plc appreciated by N2.70 to settle at N29.74 per share versus Thursday’s closing price of N27.04 per share, FrieslandCampina Wamco Nigeria Plc added N2.49 to end the session at N42.85 per unit compared with the previous day’s N40.36 per unit, and Afriland Properties Plc gained 50 Kobo to close at N16.30 per share, in contrast to the preceding session’s N15.80 per share.
Consequently, the market capitalisation added N6.89 billion to settle at N1.062 trillion compared with the preceding day’s N1.055 trillion and the NASD Unlisted Security Index (NSI) gained 19.66 points to wrap the session at 3,032.16 points compared with 3,012.50 points recorded in the previous session.
Yesterday, the volume of securities traded by investors increased by 171.6 per cent to 1.2 million units from the 447,905 units recorded a day earlier, but the value of shares traded by the market participants declined by 19.3 per cent to N2.4 million from the N3.02 million achieved a day earlier, and the number of deals went down by 14.3 per cent to 18 deals from 21 deals.
At the close of business, Geo-Fluids Plc was the most active stock by volume on a year-to-date basis with a turnover of 1.7 billion units worth N3.9 billion, followed by Okitipupa Plc with the sale of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 million.
In the same vein, Aradel Holdings Plc remained the most active stock by value on a year-to-date basis with the sale of 108.7 million units for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with a turnover of 297.3 million units worth N5.3 billion.
By Adedapo Adesanya
The Naira appreciated further against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N1.50 or 0.09 per cent to close at N1,533.00/$1 on Friday, December 13 versus the N1,534.50/$1 it was transacted on Thursday.
The local currency has continued to benefit from the Electronic Foreign Exchange Matching System (EFEMS) introduced by the Central Bank of Nigeria (CBN) this month.
The implementation of the forex system comes with diverse implications for all segments of the financial markets that deal with FX, including the rebound in the value of the Naira across markets.
The system instantly reflects data on all FX transactions conducted in the interbank market and approved by the CBN.
Market analysts say the publication of real-time prices and buy-sell orders data from this system has lent support to the Naira in the official market and tackled speculation.
In the official market yesterday, the domestic currency improved its value against the Pound Sterling by N12.58 to wrap the session at N1,942.19/£1 compared with the previous day’s N1,954.77/£1 and against the Euro, it gained N2.44 to close at N1,612.85/€1 versus Thursday’s closing price of N1,610.41/€1.
At the black market, the Nigerian Naira appreciated against the greenback on Friday by N30 to sell for N1,650/$1 compared with the preceding session’s value of N1,680/$1.
Meanwhile, the cryptocurrency market was largely positive as investors banked on recent signals, including fresh support from US President-elect, Mr Donald Trump, as well as interest rate cuts by the European Central Bank (ECB).
Ripple (XRP) added 7.3 per cent to sell at $2.49, Binance Coin (BNB) rose by 3.5 per cent to $728.28, Cardano (ADA) expanded by 2.4 per cent to trade at $1.11, Litecoin (LTC) increased by 2.3 per cent to $122.56, Bitcoin (BTC) gained 1.9 per cent to settle at $101,766.17, Dogecoin (DOGE) jumped by 1.2 per cent to $0.4064, Solana (SOL) soared by 0.7 per cent to $226.15 and Ethereum (ETH) advanced by 0.6 per cent to $3,925.35, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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