General
FCDA Threatens to Shut Globacom Over N1.3bn
By Adedapo Adesanya
The Federal Capital Development Authority (FCDA) has threatened to seal up the business premises of M/S Globacom Nigeria Limited in Abuja over failure to pay N1.3 billion debt allegedly owed for the lease of telecommunication ducts network in the nation’s capital city.
The ultimatum given by the Authority to M/S Globacom Nigeria to pay up or have its premises sealed up had since August 12, 2021, elapsed, according to a statement from the FCDA Board.
The statement on Friday explained that the telecommunications duct network in the Federal Capital Territory (FCT) is one of the underground infrastructures provided to house the telecommunications industry.
Each and all telecommunications providers are allowed to lease ¼ duct space in the city at a token.
It noted that over the years, many telecommunications service providers have leased the various length of telecommunications duct in the FCT spanning across the developed districts of the Federal Capital City (FCC), of which one of such lessees is M/S Globacom Nigeria Limited with a commencement date of 2004.
However, Globacom was said to have over the years defaulted in the renewal of the “lease rate” in the agreement entered with the Authority.
As of date, Globacom’s indebtedness to the Authority stands at N1,337,441,027.60 and all efforts made to recover this debt have failed and every attempt to get M/S Globacom Nigeria Limited to reason with FCDA and make payments have yielded no positive results.
FCDA noted that it was resorting to this approach due to Globacom’s nonchalant attitude towards the reconciliatory efforts made by the Authority and the company’s failure to respond to the series of reminders and warning letters sent to it.
It was noted that on Wednesday, September 8, 2021, the board members, alongside the key management team of the FCDA, picketed the business premises of M/S Globacom Nigeria in Abuja to drive home the expiration of the ultimatum earlier given by the Authority.
Speaking during the exercise, the Acting Executive Secretary of the FCDA, Zaliha’u Ahmed, noted that, “We have put in a lot of resources to give them facilities and services to carry out their businesses.
“We maintain these telecom ducts with a lot of funds from the government. However, they are unwilling to cooperate by not paying the charges they are supposed to pay. So, in view of that, we are trying to see how we can as much as possible recover our funds.”
Also speaking, the Chairman of Finance and General-Purpose Committee of the FCDA Board, Mr Hussaini Monguno stated that, “if they don’t pay the debt, we know what to do. They have signed an agreement and the content of the agreement is very rich. We can do quite a lot. We can seal up this place, we can disconnect them.”
He added Globacom is not the only Private Telecoms Operator (PTO) that is owing FCDA, but quite a number of them have settled their bills.
“FCDA has given you an enabling environment to operate your business. They constructed telecommunication ducts for which your fibre cables are laid. You must pay for those services.
“We have written, we have called for reconciliation, nothing was done. We are just here to identify their infrastructure and do the needful. You will hear from us very soon,” he added.
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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