By Modupe Gbadeyanka
One of the leading players in the energy sector in Africa, GE Power, has announced installing its 100th power plant in Sub-Saharan Africa.
This significant milestone was achieved with power plants in Angola powered by trailer-mounted aero gas turbine technology. The company has now installed over 300 turbines in up to 22 countries in Sub-Saharan Africa.
GE Power is at the forefront of innovation and technology in energy while collaborating with power producers across the region.
Commenting on this feat, Leslie Nelson, CEO, GE’s Gas Power business, Sub-Saharan Africa, said, “This milestone is a testimony of our commitment to providing power solutions to meet the growing energy needs in many countries in the region ahead of other OEMs.
“Our regional operations are led by an expert African team. Our flexible and modular energy solutions respond to the ever-changing needs of the communities where we work and live.
“Our ability to partner with independent power producers, EPCs, strategic investors and governments to deliver these power projects strengthens the trust and confidence that our customers place in us”.
GE’s first turbine installation in Sub-Saharan Africa can be traced as far back as the early 1970s with its Frame 5 gas turbine technology. Since then, GE Power has been at the forefront of innovation in power technology with the most recent fuel-flexible and highly efficient 9EMax gas turbines, superior ultra-super-critical steam technology as well as a broad range of hydro and wind turbines and generators. GE has power plant installations in up to 22 countries in Sub-Saharan Africa and this number is set to grow even further.
GE reinforces its commitment to investment in the region through skills development initiatives to broaden and nurture its talent pool within the countries it operates. In South Africa, $2.4 million worth of student bursaries have been awarded in partnership with Eskom.
In Ghana, $3.5 million was donated to support the Engineering Program at Ashesi University. Over 120 employees are on GE Leadership development programs today. Corporate Social Responsibility initiatives are also carried out through a wide range of projects in the areas of health, education, environment and community-building to improve lives in the countries where we work and live.
Over 70 percent of the thermal power in Ghana runs on GE technology with over 600MW added to the grid in the last 24 months, with an additional 900MW planned over the next 2 years. Leading examples include the 400MW Bridgepower project – in consortium with indigenous partners, Endeavour and Sage Petroleum – which will be the first LPG-fired power plant in Africa and the largest LPG fired power plant in the world. In partnership with Marinus Energy, the Atuabo Waste Gas to power project will be the first TM2500 plant to use otherwise flared Isopentane gas as a fuel source. The 200MW Amandi power plant which will come online in 2019, will run on GE’s latest 9E technology offering superior fuel flexibility.
In Nigeria today, GE technology provides over 75 percent of the gas-powered on-grid generation, with more than 3GW of heavy duty and fuel-flexible gas turbines at nine power plants including the Omotosho I & II power plants as well as GE’s innovative trailer-mounted gas turbines currently being installed at the Afam III Fast Power plant. GE is committed to Nigeria’s Vision 2020; signing a Country to company agreement with the Nigerian government to support development of up to 10GW of power.
GE and the Angola Ministry of Energy and Water are set to achieve the country’s additional electric power generation capacity target of 2000MW. Today, about 80 percent of Angola’s gas-powered generation runs on GE technology providing energy for up to 2 million Angolan households. With over 20 trailer mounted gas turbines installed at fast power plants and the 750MW Soyo I combined cycle power plant under construction, Angola is well on its way to achieving its energy ambitions.
GE is a historical player and a pioneer in the power sector in Ivory Coast. The first-ever gas turbines (Vridi, 1984), the first independent power production project (Ciprel, 1994) and the first combined-cycle power plants in the country (Azito and Ciprel, 2015) all run mainly on GE technology. In 2015, GE committed to support the country’s infrastructure development goals, which includes adding 1GW of power to the Ivorian national grid. The Azito Power plant produces more than a third of the electricity in the country and marks GE’s Power Services’ first GT13E2 MXL2 gas turbine upgrade in SSA. This upgrade will add an additional 30MW to the plant’s 450MW production capacity. In addition, GE is setting up an M&D (Monitoring and Diagnostic) centre in Ivory Coast to provide the digital data and analytics service to improve performance and lower lifecycle costs of all GE equipment in the region.
Kenya needs a diverse energy mix to support its growth initiatives. The 1050MW Lamu power project will use GE’s ultra-super critical technology to deliver superior efficiency and lowest emissions. The project will guarantee that up to 30 percent of electricity produced in Kenya is reliable baseload power.
In South Africa, GE is deploying smarter, cleaner, steam technology at the Medupi and Kusile Power plants. Kusile is the first wet flue gas desulphurization plant in the continent and has 93 percent removal efficiency rate. Upon completion, Kusile and Medupi will provide up to 9600MW – enough power to meet the electricity needs of about 7 million households in South Africa.
“As a company, we believe that one of the key drivers of development in Africa is power. Lowering the tariffs, figuring out how we can make the most of the grid, optimizing the energy value chain – this is what we think about as a business and work towards improving everyday” said Lee Dawes, General Manager, GE Steam Power in Sub-Saharan Africa.
CitiTrust Holdings Sells Commercial Paper for 22%
By Aduragbemi Omiyale
An opportunity has opened for commercial paper investors as CitiTrust Holdings Plc is offering the asset class at a coupon of 22.0 per cent per annum under its N50 billion commercial paper issuance programme.
According to details of the exercise obtained by Business Post, the company, in the financial services sector, is selling the debt instrument in four tenors of 90 days, 120 days, 180 days and 270 days.
The minimum subscription for prospective and potential investors is N5 million and can be purchased through any of the registered stockbrokers.
The 90-day instrument is going for 16.1 per cent, the 120-day paper is being sold for 17.5 per cent, the 180-day note is 19.1 per cent, and the 270-day instrument is going for 22.0 per cent.
The offer commenced on November 23, 2022, and is expected to close on Wednesday, December 7, 2022, with the net proceeds to be used for the company’s general corporate purposes and working capital.
CitiTrust said investors would be paid their interests from the operating cash flows of the organisation, with purchases to be settled via direct debit, electronic funds transfers, NIBBS Instant Payment (NIP), NIBBS Electronic Funds Transfer (NEFT) or Real-Time Gross Settlement (RTGS).
CitiTrust is a leading pan-African financial and investment conglomerate owned by reputable institutional and private investors. The company has a focus on high-end financial products and services for its targeted sectors of the economy, with operations in commercial banking, investment banking, wealth management, pension management, insurance and alternative investment.
The firm is a foremost financial solutions provider and has been an intricate part of the Nigerian economy since 2007. It has grown and evolved over the years into an award-winning market leader in the financial sub-sector of the Nigerian economy, establishing its footprints in 12 African countries: Nigeria, Ghana, Rwanda, Botswana, Liberia, Benin Republic, Malawi, Kenya, Tanzania, Uganda, Cote d’Ivoire, South Africa and the UK.
In 2019, the organisation upgraded its operations into a reputable financial services provider to align with the strategic vision of its shareholders to build an enduring institution that delivers cross-functional services to its clientele.
The company’s deep knowledge of the market, dexterity, smooth and reliable processes driven largely by technology and the high quality of its personnel puts it on the cutting edge of strategic Importance with its clientele.
No Individual Should Operate Domiciliary Account in Nigeria—Tope Fasua
By Modupe Gbadeyanka
An economist and former presidential candidate of the Abundant Nigeria Renewal Party (ANRP) in the 2019 general elections, Mr Tope Fasua, has kicked against the opening of a domiciliary account in Nigeria for an individual, calling it an abnormality.
Speaking on a Channels Television’s Saturday breakfast show, he said only corporate organisations involved in international trades should be allowed to operate a dorm account.
As individuals who need foreign exchange to transact any business transaction, they should be given a credit card or prepaid card, which would be loaded with the value of Dollars they require instead of giving them cash.
According to him, this would limit the demand for FX and strengthen the Naira in the forex market segments.
Mr Fasua made these submissions while reacting to the decision of the Central Bank of Nigeria (CBN) to redesign the N200, N500, and N1,000 notes.
“Personal dorm accounts are mostly unnecessary; only companies that are doing international trade transactions or financial market companies should be able to hold dorm accounts because they have a reason to,” the renowned analyst said on the programme monitored by Business Post.
“When I travelled abroad recently, GTBank loaded by card with Dollars, and when I need to spend where I am going, I just use my card,” he added, stressing that, “If you are an exporter, you have export proceeds coming in, you can have a dorm account.
“If you are an importer and you need to pay your customer once in a while, you can have a dorm account as a company, but if every Tom, Dick and Harry can speculate against their own currency, you will never get it out of crises.”
According to him, “The ease at which people move against their currency in this country is too much; it should not be that easy.”
LIBIZFAIR Will Boost Business Opportunities in Lagos
By Modupe Gbadeyanka
The Chairman of Nigeria in Diaspora Commission (NiDCOM), Mrs Abike Dabiri-Erewa, has disclosed that the Lagos Island Business Fair (LIBIZFAIR) will improve business opportunities in the state and also attract more investments.
The former federal lawmaker said this at the opening ceremony of the fair organised by the Lagos Island Connect, in conjunction with the Lagos State Ministry of Commerce, Industry and Cooperatives.
At the programme held at the Tafawa Balewa Square (TBS), Onikan, Lagos, Mrs Dabiri-Erewa, represented by the Head of the Lagos Annex of the agency, Mr Oladipo Odebowale, commended the state government for the initiative.
She noted that the platform provides a unique opportunity for entrepreneurs to showcase their businesses, saying, “This will boost investment and business opportunities in the state.”
The Commissioner for Commerce, Industry and Cooperatives, Mrs Lola Akande, in her remarks, described the empowerment of Micro, Small and Medium Enterprises (MSMEs) as critical to the empowerment of youths.
Represented by the Permanent Secretary in the minister, Mrs Adetutu Ososanya, she noted that building the capacity of youth-oriented enterprises, with the goal of providing opportunities for growth, will lead to an increase in prosperity among Lagos Island youths.
“I believe this platform can leverage socio-economic networking and Information Communication & Technology to provide more interactive opportunities for the teeming youth of Lagos Island and its environs from diverse cultural, religious, social and educational backgrounds to grow their businesses and services, as well as the State’s economy,” she said.
The Commissioner explained that the fair aligns with the policy of Governor Babajide Sanwo-Olu of creating a conducive environment for businesses to thrive, widening access to the market and encouraging networking and collaboration among entrepreneurs.
Also speaking at the event, the Special Adviser to the governor on Sustainable Development Goals & Investment (SDG&I), Mrs Solape Hammond, stressed that the programme was geared towards supporting businesses to thrive at the local government level.
“The study discovered that the youths of Lagos Island are versatile, technologically enabled, driven and willing to be positively engaged, particularly in personal and communal development.
“Though most of them are faced with different challenges yet, there is an enormous zeal to be gainfully engaged rather than being idle, which could contribute to community nuisance.
“Young people in Lagos Island have a brighter vision for the future, and all stakeholders must join together to support them to deliver it,” the governor’s aide said in her presentation on the Lagos Island Youth Needs Assessment Survey.
The co-founder of the Lagos Island Connect, Mrs Yemisi Ransome-Kuti, while addressing participants, noted that the LIBIZFAIR 2022 was geared towards taking businesses in Lagos Island from a local to a global level by investing in the youths and preventing their massive migration to foreign lands.
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