General
Electricity Consumers Paid Discos N210.17bn in Q4 2021–NERC
By Adedapo Adesanya
The Nigerian Electricity Regulatory Commission (NERC) has revealed that electricity consumers paid N210.17 billion to Nigerian electricity distribution companies in the fourth quarter of last year.
It disclosed this in its Quarterly Report for Fourth Quarter 2021 released on Thursday, noting that the N210.17 billion represented 69.34 per cent of the total electricity bill given to consumers by electricity distribution companies during the period.
The regulator noted that the total revenue collected by all Discos in Q4 2021 was N210.17 billion out of N303.11 billion billed to customers – corresponding to a collection efficiency of 69.34 per cent, lower than 70.89 per cent in the third quarter of the year.
It noted, “Compared to 2021/Q3, the total billing by Discos increased by N30.12bn (+11.03 per cent) while the revenue collected increased by only N16.64bn (+8.60 per cent), hence the reduction in overall collection efficiency in 2021/Q4.”
On market remittance, NERC stated that the combined market remittance order adjusted invoices from the Nigerian Bulk Trading Company and Market Operator to Discos in the quarter was N210.72 billion for generation costs as well as transmission and administrative services.
Out of this amount, the Discos collectively remitted a total sum of N149.19 billion with an outstanding balance of N61.53 billion. This represents a remittance performance of 70.8 per cent during the quarter.
On remittance to NBET, it stated that out of the total invoice of N205.18 billion issued by the agency to Discos, it was expected to receive N160.13 billion but it got only N109.45 billion during the quarter.
“Overall, the total Disco remittance performance to NBET was 68.34 per cent of the expected market remittance for 2021/Q4 compared to 65.08 per cent (N100.16 billion remitted against an invoice of N153.90 billion) in 2021/Q3,” the NERC stated.
It added, “During 2021/Q4, Eko and Jos Discos surpassed their MRT to NBET by 32.64 per cent (+4.87 billion) and 0.86% (+0.03 billion), respectively.”
For the remittance to the Market Operator (MO), the commission stated that the total invoice from MO to Discos in 2021/Q4 for which a 100 per cent remittance was expected was N50.58 billion.
It said, “However, only N39.75bn was received from all the Discos, which means that the MO remittance performance for the quarter was 78.59 per cent.
“This represents a 2.58 percentage point increase compared to 76.01 per cent (N41.53bn remitted against an invoice of N54.64bn) recorded in 2021/Q3.”
On remittances by special/international customers, the report indicated that in 2021/Q4, the NBET and MO issued invoices of N380.62 million and N82.53 million, respectively to Ajaokuta Steel Company Limited but as was in the previous quarter, no remittance was made by this special customer.
“During the same period, MO issued an invoice of $13.11 million to bilateral customers (Paras-SBEE, TRANSCORP-SBEE, Mainstream-NIGELEC & Odukpani-CEET) but no remittance was made (payment of $6.22m was made in 2021/Q3 against invoice of $11.52m),” the regulator stated.
General
How to Stop Recycling of Criminals, Ex-Convicts—Onabulo
By Emmanuel Udom
The president of the Crime Reporters Association of Nigeria (CRAN), Mr Olalekan Onabulo, has explained how the various justice systems could work to stop the recycling of criminals and ex-convicts in the country.
Speaking in his welcome address at the CRAN Public Lecture/Award ceremony held at Sheba Event Centre in Ikeja, Lagos, Mr Onabulo said that there is no denying the fact that the pursuit of justice and security is a shared responsibility that demands collective efforts and collaborations.
He further explained that since recidivism, which is the recycling of criminals and ex-convicts is a hydra-headed monster, which has become a significant source of concern for security agents in the country.
Security operatives are in most cases ambushed, killed or maimed by criminals earlier arrested, investigated and prosecuted who returned to a life of criminalities after their convictions.
According to the CRAN leader, these criminals are emboldened and unrepentant and may want to take their pounds of flesh from security operatives to carry out their professional duties.
Speaking on Justice System Administration and Security in Nigeria: Challenges, Opportunities, and Solutions, Mr Onabulo said all hands must be on deck to address the issue as the whole process seems to have failed and must be redeemed by all and sundry.
”The security operatives, the judiciary and indeed all Nigerians must collaborate and work together to create a safer, just, and equitable society for all,” he stated.
General
NIWA to Collaborate With Coastal States to Secure Waterways
By Adedapo Adesanya
The National Inland Waterways Authority (NIWA) has commenced moves to collaborate with coastal states across the country to increase the safety of Nigerians using the waterways to commute.
According to the waterways regulator, this is part of bids to enhance safety on the nation’s waterways.
This was disclosed by Mr Bola Oyebamiji, the Managing Director of NIWA while speaking at a one-day consultative forum on safety and insecurities on inland waterways, organiwed by the Nigeria Transportation Commissioners’ Forum in Ilorin, Kwara State on Thursday.
He emphasised the critical role that safety and security play in fostering a thriving water transportation system.
The conference, themed Prevalent Safety, Security Hazards and Practices in Inland Waterways: Passenger Transport Safety in Ilorin, Kwara State, sought to address the pressing issues facing the inland waterways sector.
Mr Oyebamiji acknowledged the ongoing efforts by NIWA to improve safety, such as the recent unveiling of the transportation code for public use, and the inauguration of several operational assets including survey boats, gunboats, water ambulances, and a passenger ferry.
He also noted that safety campaigns have been launched across all operational bases, targeting local communities in their native languages.
The NIWA boss highlighted the support from the National Assembly, including the ongoing discussions on establishing coastal guards and the attention safety and security on inland waterways have received from the House Committee on Inland Waterways.
He appealed to the Commissioners for Transportation across relevant states to collaborate with NIWA in areas such as training, safety campaigns, infrastructure development, and financial empowerment.
He also stressed that while the challenges are significant, they are surmountable through collective action, adding that the efforts must be complemented.
The NIWA MD expressed optimism for actionable and implementable outcomes from the forum, which he believes will contribute significantly to ensuring safer and more secure inland waterways in the country.
General
Seedstars Africa Ventures Raises $42m in First Close
By Adedapo Adesanya
Seedstars Africa Ventures I, a venture capital fund making early-stage investments in highly scalable start-ups in Africa, has achieved a first close of $42 million
The raise was led by the African Development Bank and EIB Global with the support of the European Union, under the ACP Trust Fund – EU Compartment and Boost Africa among other global investors.
The fund, with offices in Nairobi, Dakar and Paris, has further secured $50 million in commitments towards an $80 million fundraising target.
The milestone was announced at the 2024 Africa Investment Forum Market Days currently underway in Rabat, Morocco.
The fund has already deployed over $10 million to five pioneering African startups in the climate, food systems, energy access, internet connectivity, financial inclusion, and payments infrastructure sectors.
These are Beacon Power Services (Nigeria), Poa! Internet (Kenya), Xeno (Uganda), Bizao (Cote d’Ivoire, Senegal, and France): and Shamba Pride (Kenya).
According to a statement, it was disclosed that these businesses serve over 60 million people, including by connecting 60,000 households to the internet, supporting 50,000 farmers, and empowering 30,000 individuals with financial inclusion services across eight African countries.
“The portfolio is also fully 2X compliant, empowering women in startups and ecosystems,” the statement added.
Both the African Development Bank and the European Investment Bank are founding partners of the Africa Investment Forum, a platform that advances transformative African projects toward financial close.
Seedstars Africa Ventures I is addressing gaps in early-stage financing across Africa through investments of up to $2 million in seed and series A rounds, with significant follow-on capacity of up to $5 million, thereby bridging available pools of capital.
By leading successive investment rounds, the fund will catalyse co-investment while offering operational support to start-ups.
The Fund was founded by Ms Maxime Bouan, Mr Tamim El Zein and Mr Bruce Nsereko Lule who have over 45 years of experience investing and working across the continent.
Seedstars Africa Ventures is a member of LBO France Group, which played a pivotal role in seeding this initiative as part of their multi-asset class African strategy, alongside other initiatives.
Speaking on this, Mr Robert Daussun, and Ms Stéphanie Casciola, Chairman and CEO respectively of LBO France said “We are delighted by Seedstars Africa Ventures’ latest milestone, and proud to have been the initial supporter of the team. The portfolio the team has built with our support is innovative and transformative, already providing significant impact and value to the continent. LBO France appreciates the opportunity SAV provides for us and our partners to be part of Africa’s growth story.”
“The African Development Bank views Seedstars Africa Ventures as a strategic opportunity to provide innovative support to Africa’s venture capital industry. It serves as a conduit to improve access to finance for youth and women while also enhancing the availability of risk capital in Francophone Africa.
“This is an area that has traditionally faced limited access to risk capital,” said Mr Ahmed Attout, African Development Bank Group Director for Financial Sector Development.
“We welcome the investment of the African Development Bank, our Boost Africa partners, in the Seedstars Africa Ventures fund,” said EIB Vice-President, Mr Ambroise Fayolle. “Accelerating digitalisation is a priority for the EIB, and we are committed to supporting African businesses as they drive innovation and prosperity on the continent.”
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