General
Experts, Groups Want NDDC Audit Supervised by New Board
Positive reactions from segments of the society have continued to trail President Muhammadu Buhari’s pronouncement on Thursday for a forensic audit to be undertaken on the operations of the Niger Delta Development Commission (NDDC).
While receiving governors of the states that make up the Commission in Aso Rock, President Buhari said what is presently on the ground in the Niger Delta region does not justify the huge resources that have been made available to the organization.
Mr Femi Adesina, Presidential Spokesman, quoted President Buhari in a statement released from his office as expressing disappointment with the current state of operations at the NDDC vis-à-vis the volume of funds that have been pumped into the interventionist agency.
“I try to follow the Act setting up these institutions especially the NDDC. With the amount of money that the Federal Government has religiously allocated to the NDDC, we will like to see the results on the ground; those that are responsible for that have to explain certain issues.
“The projects said to have been done must be verifiable. You just cannot say you spent so much billions and when the place is visited, one cannot see the structures that have been done. The consultants must also prove that they are competent,” the President said.
It would be recalled that the Presidency had been angered with reports of messy water hyacinth amounting to about N1.9bn purportedly approved and paid to phoney companies by the current interim Management team. The controversial payments which were in clear breach of Presidential directive and violation of extant procurement rules were said to have alarmed top Presidency Officials.
In their swift reaction, experts and stakeholders in the Niger Delta have expressed support for the presidential directive on forensic audit. They however urged President Buhari to quickly put the new Board that he appointed in August in place since they have never been part of the NDDC in the past, to help supervise the audit.
Dr Jeffrey Emerson, a Development Economist in Port Harcourt, who has written extensively on the Niger Delta, while lauding Buhari’s bold move stated that “It’s a very laudable and encouraging move. Stakeholders like us are elated but in carrying out the audit, it has to be supervised by a new Board, the New Board that has never been part of the rot in the past. You don’t expect the acting Managing Director or bureaucrats who have been part of the rot in the past to supervise that audit…The auditing team should work independently with a team and that team, in my view should be the newly named Board. That is the standard practice globally.”
In their own reaction, the President of Ijaw Diaspora Coalition, Elder Johnson Ebibai stated that it was widely reported in the national media that the commission under the current interim management had secretly interviewed and was set to recruit over 300 new staff members without a board approval for such massive recruitment, and it took the intervention and outcry of well-meaning stakeholders in the Niger Delta Region to halt the exercise.
In his view, this, therefore, is not the leadership that should be entrusted with this level of activity to unravel what has happened in the past which involves them.
By Dipo Olowookere
A $15 million debt facility has been obtained by Watt Renewable Corporation from the AfriGreen Debt Impact Fund to finance hybrid solar power plants to be built and operated by the former, especially in Nigeria.
WATT intends to use the projects to serve commercial and industrial clients in Nigeria, particularly in the telecommunication and financial services sectors.
By integrating solar hybrid solutions, the firm aims to significantly reduce diesel consumption and CO2 emissions, enabling its clients to achieve substantial energy cost savings while promoting environmental sustainability.
As a pioneer in renewable energy solutions, WATT continues to drive innovation in Nigeria’s energy sector.
The company’s robust roll-out plan includes deploying hundreds of hybrid solar power sites nationwide to meet the growing energy demands of commercial & industrial clients.
This strategic expansion aligns with WATT’s vision to revolutionize energy access across Africa, enabling sustainable development and reducing reliance on fossil fuels.
The funds from AfriGreen provide the critical capital needed to accelerate WATT’s ambitious projects, strengthening its market position and empowering businesses with reliable and affordable energy solutions.
Business Post gathered that to mitigate the currency risk for WATT in the event of devaluation of the Nigerian Naira, AfriGreen is offering a local currency facility that matches the payment structure of the power purchase agreements.
“We are thrilled to partner with AFRIGREEN on this transformative journey to expand reliable and sustainable energy solutions across Africa.
“With this support, it enables us to accelerate our shared mission of providing hybrid solar power to businesses, reducing carbon emissions, and supporting economic growth while enhancing energy security for our clients,” the Managing Director of WATT, Mr Oluwole Eweje, said.
“We are delighted to support WATT in rolling out hundreds of hybrid sites across the country.
“This represents another key transaction for AFRIGREEN in Nigeria. The combination of high energy prices, good solar irradiation, and strong demand from industrial and commercial energy users makes this market particularly attractive for companies like WATT.
“By leveraging these favourable market conditions alongside WATT’s exceptional operational performance and a well-structured financing solution, we are setting the stage for a strong and lasting business partnership,” the Managing Director of AfriGreen, Mr Alexandre Gilles, stated.
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has denied issuing a directive that gas supply to power generating companies (GenCos) be halted.
In a statement on Wednesday, the authority also denied instructing wholesale gas suppliers to stop further supply of gas to companies due to failure in payment obligations.
The NMDPRA described reports stating that it has directed the stoppage of gas supply to GenCos over N2 trillion debt as “false and completely unfounded”.
“It has absolutely no bearing on the information shared at a recent stakeholders’ engagement held in Lagos between the Authority, the OPTS, IPPG and other stakeholders in the oil and gas industry,” the NMDPRA said.
“The purpose of the engagement was to sensitise stakeholders on the requirements, opportunities and benefits associated with the implementation of the wholesale supply license as provided by sections 142 and 197 of the Petroleum Industry Act (PIA) 2021.
“It was a follow-up to an earlier stakeholder engagement held at the NMDPRA corporate headquarters in Abuja on November 27, 2024.
“The Authority wishes to reassure all our stakeholders and indeed the general public that at no time was the false statement made at that event and anywhere else, and are advised to completely disregard the publication as every effort is being made to ensure that the supply and distribution of natural gas and petroleum products to end users is seamless and unabated as we head into the festive season and indeed all through the coming year 2025.”
Recall that Nigeria’s national grid experienced another collapse on Wednesday, the 11th time in 2024 as Gencos couldn’t generate enough power, compounding issues facing the Nigerian power sector.
This was the first time in over a month as the last time the nation witnessed a nationwide shutdown in electricity supply was on November 7, 2024.
Before then, the country was experiencing an incessant collapse of the grid, which prompted the federal government to set up a team to address the issue.
By Aduragbemi Omiyale
Nigeria is currently experience a cut in power supply after the national grid collapsed for the 11th time in 2024.
This is the first time in over a month as the last time the nation witnessed a nationwide shut down in electricity supply was on November 7, 2024.
Before then, the country was experiencing an incessant collapse of the grid, which prompted the federal government to set up a team to address the issue.
However, just when Nigerians were thinking they will not witnessed another national grid collapse in the year, it issue reared its ugly head again.
On Wednesday afternoon, most of the energy distribution companies suffered power outage, prompting them to inform their customers of the situation.
One of the DisCos, Ikeja Electric Plc, in a message to electricity consumers under its franchise area, said, “Please be informed that we experienced a system outage today, December 11, 2024, at about 13:32 hours affecting supply within our network.
“Restoration of supply is ongoing in collaboration with our critical stakeholders. Kindly bear with us.”
Recall that on Tuesday, in a report, Google listed national grid as one of the top trending searches by Nigerians this year.
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