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Sahara Group Seeks Global Collaboration on Power

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By Dipo Olowookere

Power supply has been described as a subject that requires global collaboration by different stakeholders, given its impact on sustainable development.

This was the submission of the Executive Director and Co-Founder, Sahara Group, Mr Tonye Cole, during a tour of the power operations of the energy conglomerate in Lagos, by 20 Harvard Kennedy School graduates on August 9, 2017.

Mr Cole took his guests, led by Toyosi Akerele-Ogunsiji, the graduates from the 2017 Master in Public Policy Class, to an affiliate of Sahara Group, Egbin Power Plc, where they learned about how continuing investments in technology, human capital, overhauls and upgrades were driving the unfolding transformation the power plant which is responsible for 25 percent of power generated in Nigeria.

An elated Arohi Sharma, the team’s Student Government President 2016-2017 said, “It is quite exciting and amazing to see the remarkable work that is going on at the power plant.

“This is my first time in a facility like this and I am personally looking forward to the emergence of a vibrant power sector in Africa with institutions like Egbin Power playing important roles in this regard.”

Following the nation’s privatization exercise, Sahara, through its power division, Sahara Power Group and sundry affiliations, acquired the 1320MW installed capacity Egbin Power Plant, Ikeja Electric Plc and generation assets at First Independent Power Limited in Rivers State.

In total, Sahara Power Group currently operates power generation facilities with a total of approximately 1,750MW of available capacity and working towards deploying a minimum of 5,000MW of electricity generation over the next five years.

Mr Cole informed the delegates that the privatization of the sector was a critical step Nigeria had to take in its pursuit for a reliable and sustainable power sector.

“What we now need are policies that will drive and sustain productivity across the value chain of generation, transmission and distribution. We have been pioneering advocacy efforts to this end and given the commitment of the current administration through the Minister of Power, Mr Babatunde Fashola as well as the collaboration of all stakeholders in the sector; we believe that we can look forward to a brighter future for the power sector.”

Mr Cole further explained that adopting the right policies would encourage continuing and new investments; address the need for cost reflective pricing of electricity; improve customer experience; promote alternative energy and off-grid solutions and ultimately, position the sector for enhanced efficiency.

He said sundry smart power solutions can be explored and deployed to serve rural communities and boost power generation and supply across Africa.

“At Sahara, we believe that the world needs a cohesive platform to address power challenges as across the globe in order promote peace, economic growth and development.

“In Africa where the need is quite dire, I believe we can deliver power to more people and businesses with collaborative interventions led by the private sector, power firms, multilateral institutions and the governments that determine policy,” he added.

Speaking on ongoing efforts to diversify the economy, Mr Cole said the bedrock of sustainable growth can only be achieved through multiple streams of income.

He urged the delegates to pursue the adoption of destination specific research activities that will throw up appropriate business models that will thrive across diverse markets.

“With a better understanding of the interesting and peculiar business environment that exists within Africa, we will generate business models that can attract more direct foreign investments.

“Nigeria, one of the continent’s leading nations, is a universal boot camp for any business idea. If it succeeds in Nigeria, it can succeed anywhere,” he said.

Akerele-Ogunsiji said the trip to Lagos was part of team’s Inaugural Public Sector Leadership & Innovation Field Visit aimed at enabling the delegates learn more about Lagos State’s polies, competitiveness and Smart City Plan.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Economy

Naira Remains Stable at N1,500/$1 at Official Market

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Fake Naira notes banknotes

By Adedapo Adesanya

The Naira closed flat against the United States Dollar at N1,500.65/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, February 7, after recording losses in four straight sessions in the trading week.

The recent pressure on the market across majorly regulated channels came despite recent policy moves by the Central Bank of Nigeria (CBN) creating more trading transparency and ethical practices.

However, the domestic currency depreciated against the Pound Sterling in the official market yesterday by N8.78 to trade at N1,868.76/£1 compared with the previous day’s rate of N1,859.98/£1 and against the Euro, it weakened by N1.95 to settle at N1,557.13/€1, in contrast to Thursday’s closing price of N1,555.18/€1.

At the parallel market, the Nigerian currency improved its value further against the US Dollar on Friday by N5 to sell for N1,565/$1 compared with the preceding session’s N1,570/$1.

As for the cryptocurrency market, it slumped yesterday after the US Bureau of Labor Statistics said the country’s economy added 143,000 jobs in January, below the forecast 170,000 and down from 256,000 in December.

Ethereum (ETH) declined by 4.5 per cent to sell at $2,615.76, Cardano slumped 4.3 per cent to trade at $0.6949, Litecoin (LTC) depreciated by 1.9 per cent to settle at $103.35, Dogecoin (DOGE) fell by 1.7 per cent to $0.2476, Solana (SOL) recorded a 1.4 per cent loss to close at $193.39, Bitcoin (BTC) depleted by 1.2 per cent to $96,138.53, and Binance Coin (BNB) went down by 1.1 per cent to quote at $578.78.

On the flip side, Ripple (XRP) gained 1.8 per cent to trade at $2.36, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat $1.00 each.

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Economy

Oil Prices up on Fresh Iran Crude Export Sanctions

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Crude Oil Prices

By Adedapo Adesanya

Oil prices went up on Friday after new sanctions were imposed on Iran’s crude exports, with Brent crude futures expanding by 37 cents or 0.5 per cent to $74.66 per barrel, and the US West Texas Intermediate (WTI) crude futures growing by 39 cents or 0.55 per cent to $71.00 a barrel.

However, for the week, prices were down by 2 per cent as investors worried about US President Donald Trump’s renewed trade war with China and threats of tariffs on other countries.

Reports of planned tariffs from the Trump administration reined in gains following the sanctions announced on Thursday.

The American president on Friday said he plans to announce reciprocal tariffs on many countries by Monday or Tuesday of next week.

President Trump did not identify which countries would be hit but suggested it would be a broad effort that could also help solve US budget problems.

However, Mr Trump’s Commerce secretary nominee Howard Lutnick voiced concerns about India’s high tariff rates, while US Trade Representative nominee Jamieson Greer discussed US complaints about Vietnam’s and Brazil’s tariffs and trade barriers.

He had earlier announced a 10 per cent tariff on Chinese imports as part of a broad plan to improve the US trade balance, but suspended plans to impose steep tariffs on Mexico and Canada.

But market analysts noted that this could be a major escalation of his offensive to tear up and reshape global trade relationships in the US favour.

On Thursday, it imposed new sanctions on a few individuals and tankers helping to ship millions of barrels of Iranian crude oil per year to China as it intensified war against Iran.

Iran’s President, Mr Masoud Pezeshkian, called on its fellow members in the Organisation of the Petroleum Exporting Countries (OPEC) to stand united against ‘destabilizing’ US sanctions, meeting with OPEC Secretary General Khaitam al-Ghais as the country assumes the rotating presidency of the organisation.

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Economy

Bulls Tighten Grip on Nigerian Exchange With 0.48% Growth

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Nigerian Exchange

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited appreciated further by 0.48 per cent on Friday after market participants showed no signs of slowing down in their hunt for stocks with sound fundamentals.

During the session, all the key sectors of the bourse witnessed bargain-hunting activities, with the banking counter growing by 1.72 per cent.

Further, the insurance index expanded by 1.64 per cent, the industrial goods sector jumped by 0.77 per cent, the consumer goods industry rose by 0.11 per cent and the energy space also gained 0.11 per cent.

Consequently, the All-Share Index (ASI) increased by 502.88 points to 105,933.03 points from the 105,430.15 points it ended a day earlier, and the market capitalisation gained 0.47 per cent or N305 billion to settle at N65.592 trillion compared with Thursday’s N65.287 trillion.

A total of 37 equities ended on the gainers’ chart yesterday and 17 equities on the losers’ table, implying a strong investor sentiment and positive market breadth index.

Academy Press appreciated by 9.93 per cent to N2.99, Cadbury Nigeria also improved its value by 9.93 per cent to N29.35, Eterna rose by 9.90 per cent to N36.65, Livestock Feeds expanded by 9.85 per cent to N5.80, and UPDC soared by 9.75 per cent to N2.59.

On the flip side, Multiverse lost 9.95 per cent to close at N9.05, MeCure Industries shed 9.71 per cent to N12.55, NPF Microfinance Bank slumped by 7.94 per cent to N1.74, Learn Africa declined by 4.44 per cent to N4.30, and Tantalizers soured by 3.85 per cent to N2.00.

Investors transacted 468.2 million shares worth N13.2 billion in 12,612 deals on the last trading session of the week compared with the 537.2 million shares valued at N23.0 billion traded in 15,450 deals in the preceding session, representing a decline in the trading volume, value and number of deals by 12.84 per cent, 42.61 per cent and 18.37 per cent, respectively.

The busiest stock for the day was Zenith Bank with a turnover of 108.8 million units worth N5.0 billion, Cutix traded 24.3 million units valued at N58.7 million, Access Holdings exchanged 23.6 million units for N657.7 million, Sterling Holdings transacted 22.8 million units valued at N136.0 million, and Fidelity Bank sold 20.4 million units worth N426.3 million.

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