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DisCos Get N14.4bn Loan for 263,860 Prepaid Meters

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Prepaid Meters DisCos

By Adedapo Adesanya

The federal government said it has distributed the sum of N14.35 billion to electricity distribution firms for the procurement of prepaid meters under the National Mass Metering Programme (NMMP).

The money was disbursed to the energy companies through the Central Bank of Nigeria (CBN) as loan for the purchase of 263,860 meters as part of the efforts of the administration of President Muhammadu Buhari to increase metering capacity.

According to a statement, the facility “is a loan that must be repaid by the DisCos on the basis of the previously agreed amortisation schedule. The repayment is to be deducted from payments made by consumers into the DisCos accounts with Deposit Money Banks (DMBs).”

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The maximum tenor for the loan is 10 years but not exceeding 2030, while the moratorium on the principal amount is for a period not exceeding 24 months from the date of loan disbursement.

In November 2020, it was reported by the FG intended to make immediate funding available for DisCos to roll out one million in the first phase of the mass metering programme.

Following the announcement, NERC released a list of the metering schedule for the first phase with Ikeja Electric getting meter allocation of 106,701 units (10.7 per cent).

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Others were Ibadan Electricity Distribution Company (IBEDC) with 103,997 units (10.4 per cent), Abuja Electricity Distribution Company (AEDC) with 101,186 units (10.1 per cent), while the Port Harcourt Electricity Distribution Company (PHEDC) got 77,070 units (7.7 per cent).

The federal government launched the NMMP and the CBN in October 2020 issued the framework for financing of the scheme. The structure seeks to, amongst others, increase the country’s metering rate and eliminate arbitrary estimated billing.

Under the policy, the apex bank will provide financing support to the DisCos for the procurement of meters for customers and the local meter manufacturers.

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The DisCo can neither use the facility to procure fully assembled meters imported by a MAP nor can it use the facility to import metering infrastructure that currently produced in Nigeria.

With respect to the facility granted to local meter manufacturers, such local manufacturer cannot use the CBN facility to finance the importation of fully assembled meters.

This implies that the local manufacturer can use the facility to import Completely/ SemiKnocked Down (CKDs/SKDs) components for assembling in Nigeria.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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FCT Administration Disburses N2.6bn to Area Councils, Others

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FCT Administration Area Councils

By Adedapo Adesanya

The Federal Capital Territory Administration (FCTA) has disbursed a total of N2.6 billion to the six Area Councils in the FCT and other stakeholders as their share of statutory allocation for the month of June 2021,

The figure shows that there was a minimal drop in revenue from N2.7 billion disbursed in the month of May to N2.6 billion in the month of June.

This was disclosed by the FCT Minister of State, Mrs Ramatu Tijjani Aliyu, who presided over the 155th Joint Account Allocation Committee (JAAC) meeting.

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She appealed to council chairmen and stakeholders to show understanding and make judicious use of the allocation.

The minister explained that the decline in the allocation was a result of the drop in the statutory revenue allocation from the federation account.

Giving a breakdown of the spending, the sum of N773.6 million was made available for distribution to the six area councils, while the sum of N1.9 billion was made available to other stakeholders, bringing the total sum to N2.6 billion.

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However, distribution to area councils shows that the Abuja Municipal Area Council (AMAC), received N188.5 million, while Gwagwalada got N177.6 million and Kuje received N108.5 million.

Also, Bwari Area Council received N84.7 million, Abaji got N117.5 million and Kwali received N97.1 million bringing the total sum to N773.6 billion disbursed to the six area councils.

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Furthermore, distribution to other stakeholders includes Primary Teachers which gulped N1.6 billion, 15 per cent Pension Funds took N226.5 million, One per cent Training Fund gulped N26.6 million, while 10 per cent Employer Pension Contribution gulped N107.8 million, bringing the total sum to N1.9 billion.

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Geodrill Supports Tamale SHS Science Lab Complex

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Geodrill Lab Complex

Geodrill Ghana Limited, an exploration drilling go company in the mining sector, has presented a cheque of GH¢150,000 to the OLD TAMASCANS Association (OTA) in Accra.

The amount is Geodrill’s contribution towards equipping the Tamale Senior High School Science Laboratory complex to a state-of-the-art facility for use by the current and future students of the school.

Mr Beninett Yaw Quist Awume the Interim Chairman of the Old Tamascans received the cheque from the CEO of Geodrill in the presence of some alumni of the school.

Making the Presentation, the Chief Executive Officer of Geodrill Ghana Limited, Mr Dave Harper, explained that the donation forms part of the Company’s Corporate Social Responsibility (CSR) and also as a way of giving back to society.

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Mr. Harper revealed that Tamale Senior High School was picked because of the good relationship that he shares with one Dr Ali, a prominent member of Old Tamascans.

The company recently also made a cheque donation of GH¢150,000 to Support the Achimota Senior High School Science Lab Complex.

Mr Dave Harper encouraged other companies to take their Environment, Social and Governance (ESG) obligations seriously and support worthy institutions to fulfil their mission. He expressed hope that science education in Tamale Secondary School, would set the students on the path to successful adult careers so that they can contribute meaningfully to the development of Ghana.

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He furthered that Geodrill was committed to being a socially responsible company that actively promotes social causes such as education, training of Ghanaian youth and also to provide support for science laboratories in schools in Ghana.

Receiving the cheque, the Interim Chairman of the OLD Tamale secondary school Association, TAMASCANS, Mr. Beninett Yaw Quist Awume, expressed his profound gratitude to Geodrill Ghana Limited towards helping equip Tamale Senior High School Science Laboratory Complex.

According to him, the donation is very dear to their heart. He promised that they will make good use of the money and make sure that the project gets completed on time. “It will come to completion and we will look back and say Geodrill Ghana Limited has helped Tamale Senior High School to progress,” Mr Awume

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Mr Awume, also called on other Institutions, Non-governmental Organizations and Civil Society Organizations to emulate Geodrill’s example.

“We look forward to receiving more donations from other companies to sustainably fund the provision of science education and other programs for the benefit of our students,” he said.

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Osinbajo, Jonathan, Others for GbaramatuVoice 6th Anniversary

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Osinbajo Cryptocurrency Trading

By Modupe Gabdeyanka

Several top personalities led by the Vice President of Nigeria, Mr Yemi Osinbajo, will be at the 6th anniversary of GbaramatuVoice Newspaper slated for Tuesday, August 10, 2021, by 10:00am, at the Eko Hotels and Suites, Lagos State.

Other important guests expected at the ceremony include former president Goodluck Jonathan, Governor Babajide Sanwo-Olu of Lagos State, Governor Douye Diri of Bayelsa State and Governor Ifeanyi Okowa of Delta State.

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A statement issued by the Publisher and CEO of the newspaper, Mr Jacob Abai, stated that other dignitaries for the anniversary lecture/Niger Delta awards include traditional rulers, captains of industries within and outside the country, executives of International Oil Companies (IOCs) operating in the country, public office holders from the Niger Delta region, leaders of specialized groups in Nigeria, among others.

He said the anniversary/lecture has its central theme as Dwindling State of Crude Oil Demand in the Global Market: The Way Forward, noting that it will centre on critical new research themes as sustainable development goals in the Niger Delta. Its deliberations will address all spectra of analyses including the oil and gas industry.

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Mr Abai further said the event, the third in the series, comes after similar ones held at Transcorp Hilton, Abuja, the Federal Capital Territory (FCT) and Hotel Presidential, Port Harcourt, Rivers States.

It has a rich history of promoting national unity, recognizing the good works of various individuals that have positively imprinted their names in various areas of endeavours while contributing to the life chances of humanity.

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List of eminent Awardees made up of Nigerians and Non-Nigerians drawn from different sectors of human endeavours through rigorous but transparent process shall be made known to the general public in due course.

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