Economy
African Utility Week to Showcase Continent’s Business Openings
By Dipo Olowookere
The award-winning African Utility Week, taking place from May 16-18, 2017, in Cape Town, will showcase how the continent is coming up with innovative, home-grown solutions to its energy and water challenges and how these are creating exciting and lucrative opportunities for utilities and industry suppliers alike.
Experts from respected partners in the industry such as the World Bank, KPMG, Power Africa, Huawei, GE, Shell, SAP and leading African utilities will head up the more than 7000 power and water professionals from more than 80 countries, including 30 African nations, who will gather for African Utility Week.
But this year also kick-starts a specific focus on a new trend in the industry: namely smaller, community scale off-grid projects that are starting to make a real difference in the development of the continent.
“The power and energy landscape in Africa is undergoing significant change” says Evan Schiff, African Utility Week event director, adding that current trends include “the availability of private investment for power and energy projects, the fast development of energy storage, renewable energy is becoming cheaper, gas that is an increasingly attractive mode of power generation in Africa, and that in the next 10 years, nuclear will become an increasingly important mode of base-load power generation.”
The investment, trade and development opportunities in the sub-Saharan African electricity sector are estimated at $835 billion of capital investment, $490 billion for generation capacity and $345 billion for infrastructure.
Community scale projects are another important emerging trend in the sector. “Utility-scale developments are decreasing,” says Ahmed Jaffer, Chairman of KPMG in South Africa and the Head of Power and Utilities, “while we see a lot more of community-sized generation projects. Businesses and communities are also showing interest in becoming less dependent on the national grids.
“In rural Africa, especially, the economics of expanding the national grids do not make sense; hence there is a significant trend towards mini-grids and other off-grid solutions.”
Alongside the long-running African Utility Week, a new platform for community scale projects, Energy Revolution Africa, will be launched in May this year.
Energy Revolution Africa will provide a unique forum for solution providers to meet with the new energy purchasers such as metros and municipalities, IPPs, rural electrification project developers and large power users, including mines, commercial property developers and industrial manufacturers. The latest innovations and projects in the sectors of renewables, future technology, energy efficiency, micro/off-grid and energy storage will be showcased.
Speaker highlights at African Utility Week include Lionel Zinsou, Former Prime Minister of the Republic of Benin, member of the West African Energy Leaders Group and investment banker; Matshela Koko, Acting CEO, Eskom, South Africa; Lazarus Angbazo, President and CEO of GE Energy Connections SSA; James Stewart, Global Head of Major Projects (Power and Utilities), KPMG; Bob Lockhart, Vice President of Cyber Security of the Utilities Technology Council; Subha Nagarajan, Managing Director for Africa, Overseas Private Investment Corporation (OPIC), USA; Ambassador Tebogo Seokolo, Chairperson of the Board of Governors of the International Atomic Energy Agency (IAEA); and Lucio Monari, Sector Manager for Africa Energy Group, World Bank.
The 17th annual African Utility Week is the leading conference and trade exhibition for African power, energy and water professionals who will have the opportunity to meet over 300 suppliers of services and technology to the industry.
The expo includes a record number of country pavilions, including from Belgium, Denmark, France, Germany, South Africa, China, Czech Republic, Taiwan and India.
Along with multiple side events and numerous networking functions the event also boasts a five track conference with over 300 expert speakers.
The conference programme will once again address the latest challenges, developments and opportunities in the power and water sectors: ranging from generation, T&D, metering, technology and water.
The African Utility Week expo offers an extensive technical workshop programme that are CPD accredited, free to attend, hands-on presentations that take place in defined spaces on the exhibition floor. They discuss practical, day-to-day technical topics, best practices and product solutions that businesses, large power users and utilities can implement in their daily operations.
More side events as part of the African Utility Week platform include:
African Power Finance & Investment Forum: Financiers and project owners will hear from expert speakers who will identify the key trends impacting project finance in regional energy markets with updates on and insights into market opportunities, sources of capital, financing instruments and access to project finance. A featured session on regional power integration will explore new methods of developing cross-border power projects on a PPP basis, explore the opportunities for investors, and show how regional power integration can substantially save capital investment costs.
The Gas-to-Power World Congress reflects the continuing transformation of the energy ecosystem in Africa and beyond. Gas and renewables are perfect partners to help address an array of future energy challenges, including climate change, energy security and energy finance, currently three of the world’s largest and most important challenges. The event will look at new business and investment opportunities in gas-to-power, energy infrastructure, FSRU, LPG and LNG.
The Utility CEO Forum is held as a 3-day by invitation only board meeting alongside African Utility Week, where the men and women who lead and guide Africa’s power and water sectors discuss the path of transformation. Discussions centre on areas of co-operation, development plans and the advancement of regional centres of excellence throughout Africa.
The Nuclear Power Africa Conference features expert speakers who will address the myths and realities, latest technologies, regulatory and financing challenges and the economic spin offs created by a nuclear new build programme. Nuclear stakeholders and prospective suppliers will gain first hand insights into prospects for new jobs, training programmes, and the business opportunities created by the localisation of the supply chain of a nuclear new build.
The fourth edition of the African Utility Week Power Industry Awards brings together 800 of Africa’s most renowned power and water industry professionals. The Power Industry Awards is the leading gathering to recognise, reward and celebrate the successes of Africa’s power and water sectors during 2016/17.
Africa Utilities Technology Council: Telecommunications/ICT conference track programme to be presented that will cover topics such as: IT/OT convergence, IP networks and utility telecoms network performance measures. The AUTC content will continue in three dedicated sessions – one each in the T&D, Metering and Water tracks of the main strategic conference.
Site visits – these capture practical insights and demonstrate real world case studies of innovative technology combined with a unique experience of South African hospitality. Locations include the Bokpoort CSP plant, Eskom Sterrekus substation, Biomimicry Genius of Space project in Langrug, Koeberg Nuclear Power Station, Africa’s only nuclear power plant and a tour of Cape companies that are shining examples with regards to renewable energy and efficiency including HoHotel Verde, Black River Park and Cape Brewing Company.
Apart from KPMG’s diamond sponsorship, industry stalwarts EPG, GE, Huawei, Landis+Gyr, Lucy Electric, Ontec and Shell are platinum sponsors while Aberdare Cables, Conlog, Oracle Utilities, SAP, SBS Tanks and Vodacom have already confirmed their gold sponsorships.
African Utility Week and Energy Revolution Africa is the flagship energy event organised by the multi-award winning Spintelligent, leading Cape Town-based trade exhibition and conference organiser, and part of Clarion Events Ltd, based in the UK. Other well-known energy events by Spintelligent are Future Energy Nigeria (formerly known as WAPIC), Future Energy East Africa (formerly EAPIC), Future Energy Uganda and Future Energy Central Africa. Other industry-leading events organised by Spintelligent are DRC Mining Week, Kenya Mining Week, Nigeria Mining Week, Agritech Expo Zambia, Property Buyer Show, African Real Estate & Infrastructure Summit and Eduweek.
Earlier this year, Spintelligent won four major awards at the ROAR Organiser and Exhibitor Awards, which honour excellence in the exhibition and events industry on the continent and were organised by the Association of African Exhibition Organisers (AAXO). African Utility Week won for Best Trade Exhibition 6001-12000 sqm category (joint winners with the World Travel Market).
By Dipo Olowookere
The trio of Wema Bank, FBN Holdings, and Universal Insurance topped the activity chart of the Nigerian Exchange (NGX) Limited last week with a turnover of 1.679 billion shares worth N20.838 billion transacted in 4,922 deals, contributing 35.74 per cent and 24.50 per cent to the total trading volume and value, respectively.
Data from Customs Street showed that in the five-day trading week, investors bought and sold 4.698 billion stocks valued at N85.043 billion in 72,562 deals versus the 2.618 billion stocks sold for N69.742 billion in 47,953 deals in the preceding week.
The financial services industry attracted the attention of the market participants with 3.470 billion equities worth N40.791 billion traded in 34,364 deals, contributing 73.86 per cent and 47.97 per cent to the total trading volume and value, respectively.
The services sector followed with 407.032 million shares worth N2.226 billion in 4,996 deals, and the ICT space transacted 237.680 million stocks valued at N3.628 billion in 5,280 deals.
Business Post reports that 51 shares appreciated in the week versus 82 shares in the previous week, 39 equities depreciated compared with 18 equities a week earlier, and 62 stocks closed flat versus 52 stocks in the preceding week.
Multiverse was the best-performing stock with a a price appreciation of 53.42 per cent to N12.35, Honeywell Flour gained 31.67 per cent to close at N10.02, DAAR Communication expanded by 25.71 per cent to 88 Kobo, MTN Nigeria leapt by 21.00 per cent to N242.00, and NCR Nigeria soared by 20.66 per cent to N7.30.
On the flip side, Sunu Assurances was the worst-performing stock after it went down by 36.52 per cent to N7.30, Caverton shed 15.00 per cent to N2.38, Consolidated Hallmark slumped by 15.00 per cent to N3.40, RT Briscoe slipped by 14.33 per cent to N2.57, and Jaiz Bank depreciated by 10.77 per cent to N2.90.
At the close of business, the All-Share Index (ASI) and the market capitalisation gained 1.80 per cent to close the week at 105,451.06 points and N64.303 trillion, respectively.
Also, all other indices closed higher apart from the insurance, AFR Bank Value, AFR Div Yield, MERI Value, consumer goods, energy, and industrial goods, which depreciated by 6.91 per cent, 0.08 per cent, 1.11 per cent, 0.17 per cent, 0.34 per cent, 0.34 per cent and 0.26 per cent, respectively, as the ASeM closed flat.
By Modupe Gbadeyanka
Owners of companies operating in Lagos State have been reminded of the statutory filing of their annual tax returns for the 2024 financial year on or before Friday, January 31, 2025.
This reminder was issued by the Lagos State Internal Revenue Service (LIRS) through its Deputy Director for Corporate Communications, Mrs Monsurat Amasa-Oyelude.
The agency emphasized that employers are required to adhere to this in line with the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended).
The statement quoted the Chairman of LIRS, Mr Ayodele Subair, as stressing that the filing of the tax returns is a legal obligation, warning that failure to comply will result in statutory sanctions, including penalties, as prescribed by law.
Section 81 of PITA mandates employers to submit comprehensive annual returns detailing all emoluments paid to employees, including taxes deducted and remitted to relevant tax authorities. These returns must be filed no later than January 31 each year and cover the income and taxes paid during the preceding year (2024).
“Employers must prioritize the timely filing of their annual income tax returns to avoid penalties.
“Submitting returns on or before the deadline ensures compliance with the law and supports accurate revenue tracking, which is essential for Lagos State’s fiscal planning and sustainability,” the LIRS chief stated.
To simplify the process, the agency has transitioned to a fully digital filing system, allowing employers to file their annual tax returns exclusively through the LIRS e-Tax portal, as manual submissions are no longer accepted.
Mr Subair described the e-Tax platform as secure, user-friendly, and designed to provide employers with a convenient way to manage their tax obligations.
Employers are reminded to include the Payer ID of all employees in their returns, advising employees without a Taxpayer ID to generate one immediately on the e-Tax platform to prevent disruptions during the filing process.
To assist employers, LIRS has deployed staff across its offices to provide guidance on using the e-Tax portal and addressing related concerns.
By Adedapo Adesanya
For almost a month, the National Bureau of Statistics (NBS) website has been down, blocking access to crucial information about the Nigerian economy.
The nation’s statistics agency shut down its website after it claims it had been hacked on December 18, 2024.
Since then, important information such as capital flows into the Nigerian economy in the third quarter of 2024, as well as an update on outstanding local and foreign debt for the same period, have become inaccessible.
The website blackout occurred a day after the NBS published its Crime Experience and Security Perception Survey on December 17. According to the report, Nigerians paid a total of N2.23 trillion in ransom within one year, from May 2023 to April 2024.
There was a widespread report (excluding Business Post) that the Department of State Services (DSS) summoned the Statistician-General of the Federation, Mr Adeniran Adeyemi, based on the report.
This was later denied by the secret police.
The agency then closed the site on December 18, further warning against using any information posted on it until it was fully restored.
In its last update on X, formerly Twitter, the stats office said, “This is to inform the public that the NBS Website has been hacked and we are working to recover it. Please disregard any message or report posted until the website is fully restored. Thank you.”
This lack of information has raised worry about inflation report for December, which is usually due on January 15 as per recent trends.
The inflation numbers set the tone for decisions of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria, which should hold its first policy meeting for 2025 on January 27-28.
Analysts told this newspaper that the continued blackout on the NBS website raises concerns about credibility and trust on data that will be provided in the future.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN