General
Lagos State Executive Governor Commissions Babajide Sanwo-Olu International Market Ikosi
By Adedapo Adesanya
***Constructed By Total Value Integrated Services
The Governor of Lagos State, Mr Babajide Sanwo-Olu, recently commissioned the third phase of the Ikosi International Model Market and the Ikosi International Fruits Market Phase 2, delivering on a promise made to the people of the community.
The Governor speaking at the commissioning, which was held amid fanfare and jubilation on Thursday, May 25, stated that commercial activities in markets have had a great impact on the state’s economy.
He added that building a befitting environment for traders remained a noble initiative to drive grassroots democracy and socio-economic growth.
The Governor said, “I commend the vision and leadership which facilitated the delivery of these two ultra-modern markets befitting the status of our state and resonate with the vision of a Greater Lagos.
“The impact the markets have had on the economy of Lagos is invaluable, as they serve as focal points of economic activities in the State. These are the real examples of initiatives of grassroots democracy and socio-economic growth.”
On his part, Mr Chris Onyekachi, the Managing Director (MD) of Total Value Integrated Services, a conglomerate involved in real estate development, construction, and civil engineering contracting works and the brain behind the construction of the ultra-modern markets with structures named after notable personalities including the Lagos State Deputy Governor, Mr Obafemi Hamzat, Mr Busura Alebiosu, Mr Mudashiru Obasa, et al. revealed that it wasn’t easy building a market of the magnitude of the third phase of the Ikosi International Model Market and the Ikosi International Fruits Market Phase 2.
He revealed that the journey to where the market is today began almost two and half years ago when his company came to reconstruct the market, which started from phase one to the third phase.
He said, “It wasn’t an easy journey because convincing market traders that we had good plans for them wasn’t an easy one. In their minds, they thought we wanted to chase them away. Some people felt that we wanted to use the place to build an estate, but we were lucky to have the leaders in the environment intervene. To the glory of God, we completed the first phase, we allocated it, then we started the second phase, and we also completed and allocated that. This is the third phase, and to the glory of God, we are here today. I thank God for His grace and mercy.”
Stating that the shops are affordable, Mr Onyekachi said that Total Value Integrated Services has a timeline for payment for those who can’t afford to finish their payment once, noting that once 60 per cent of the first deposit is paid, the remaining balance can be spread as agreed.
“We have our management team that is going to be on the ground to manage all the facilities here. I can assure you that in the next 10 years, whatever you have seen today is going to be in the same condition because we are going to manage them properly. Everything is properly designed, the landscape included. You can see our car parks. We have about 500 car parks here, and it makes it convenient for every person that is coming to buy and trade.
“We have a 300 KVA generator, a fire hydrant in case of fire; definitely we don’t pray for that, but we have made provision. All of the shops will be metered; we also have our security house here. We have six mobile policemen that are going to be here day and night, and we also have members of the Odua Peoples Congress (OPC)/that are also going to be here to provide security.”
Adding her voice to the narrative, the chairman, Ikosi-Isheri LCDA, Mrs Bada, noted that the markets were built in the quest to improve the standard of trading and to serve as an alternative to the existing markets.
“The markets were built in phases. The first phase was commissioned last year by Mr Governor, which consisted of key-clamp shops (fruit section) where all old occupants and fruit-market shop owners were conveniently relocated, with more than 3,000 units of spacious key clamps.
“Today, I am delighted that the second phase has been completed and is being commissioned by Mr Governor and will be allocated to old users,” she concluded.
The event attracted several notable personalities, including the Chairman of Ikosi-Isheri LCDA, Mrs Samiat Bada; Commissioner for Wealth Creation, Mrs Rabiat Arobieke; Special Adviser to the Governor on Works and Infrastructure, and Mr Aramide Adeyoye, among others.
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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