By Adedapo Adesanya

A technology group, Wärtsilä, will build, operate, and maintain, a new 30 MW power plant being for a Nigerian independent power producer (IPP) in Victoria Island, Lagos.

The facility will be operated for five years on behalf of the customer identified as Victoria Island Power Limited (VIPL), the special purpose company incorporated by Lagos-based Elektron Energy for this project.

The power plant will comprise three Wärtsilä 34SG gas engine-generator sets with related auxiliaries and is configured to accommodate an extension with one additional engine-generator set at a later stage.

The Wärtsilä modular power plant design concept enables this in a cost-effective manner with minimal disruption to ongoing operations.

This project is a first-of-its-kind for Nigeria and is expected to serve as a model to enable similar, optimally sized and locally financed power projects in the country.

This model means means the engineering, procurement, and construction (EPC) responsibility, together with the operation and maintenance (O&M) agreement, will be handled by Wärtsilä.

The equipment supply contract was booked by Wärtsilä in the fourth quarter of 2024.

The power plant running on natural gas will be embedded within the Eko Electricity Distribution Company (EKEDC) at their NEPA Close Site and has been developed through the collaborative efforts of Elektron Energy and their local partners.

The plant will enhance the availability and reliability of power supply to the consumers served by EKEDC.

VIPL has also secured power purchase agreements (PPAs) with individual customers on a service-based tariff philosophy.

“Elektron has conceptualised, developed, and funded the IPP and has secured the implementation by engaging Wärtsilä to assume single point responsibility for the major construction and operational aspects related to the eventual power generation facility. This pioneering project relies on reciprocating internal combustion engine (RICE) technology that has the efficiency and flexibility to deliver clean and reliable electricity to our customers”, says Mr Deen Solebo, Co-CEO & CFO at Elektron Energy.

“I was very impressed by Wärtsilä’s state-of-the-art manufacturing facilities during my visit to the Sustainable Technology Hub in Vaasa, Finland in late Q3 2024 and am happy with the readiness of the engine-generator sets. In parallel, clearing and preparation activities at the NEPA Close Site are progressing well and are due for completion within Q2 2025, after which construction can start. Commissioning is expected 15 months thereafter and the Operations & Maintenance agreement is timed to commence prior to the new build project reaching commercial operations date (COD)”, Mr Solebo added.

“Wärtsilä’s core competence in the engine power plant and services aspects represents a unique combination of a global company with a local presence that provides developers and financiers the comfort to invest and gives end-customers the confidence to sign up for PPA’s with medium to long-term tenures. The Wärtsilä solution is extensively adopted by industrial, utility & IPP customers worldwide and the excellent credentials and track record have been recognised as a great value proposition by lenders, insurance companies, and multi-lateral funding institutions,” says Mr Marc Thiriet, Energy Business Director, Africa at Wärtsilä Energy.

“Elektron is especially grateful to the invaluable contributions of its institutional investors and funding partners who have made this project possible including ARM Harith Infrastructure Fund LP, Nigerian Sovereign Investment Authority, InfraCredit, Bank of Industry, FBN Quest, and Stanbic Infrastructure Partners,” Mr Solebo added.

By Adedapo Adesanya

The Dangote Petroleum Refinery and Petrochemicals said it would partner with Vinmar Group, an international petrochemicals distribution company, to bring Dangote polypropylene to global markets.

In March, Dangote Refinery commenced operating its 830,000 metric tonnes per year polypropylene facility in Lagos in 25kg bags for the local market.

Polypropylene is a thermoplastic polymer that is commonly used in plastic packaging, textiles, reusable shopping bags, surgical equipment, household chairs, and kitchen utensils

“We’re pleased to partner Vinmar to introduce Dangote Polypropylene to the global markets,” said Fatima Aliko Dangote, an executive director at Dangote Group at the launch of the facility on Wednesday.

The company had previously said its $2 billion petrochemical plant located in Ibeju-Lekki, Lagos State, is designed to produce 77 different high-performance grades of polypropylene in the country.

With a turnover of $1.2 billion, the Dangote Petrochemical plant, situated alongside the Dangote Refinery, is positioned to cater to the demands of the growing plastic processing downstream industries, not only in Africa but also in other parts of the world.

“We have 77 types of polypropylene, which can be used for different purposes, and we can produce it from our petrochemical plant. Currently, the plant is capable of producing about 900,000 tonnes of polypropylene per annum. Our Petrochemical plant should be the biggest in Africa,” Mr Devakumar Edwin, now the Vice President of Dangote Industries Limited said earlier this year.

Nigeria currently imports 90 per cent of its annual polypropylene requirements amounting to 250,000 metric tonnes per year.

The Dangote facility seeks to not only meet local demand but become a net exporter.

Now fully operational, the facility is set to become Africa’s largest polypropylene production site, producing from two polypropylene units with capacities of 500,000 metric tonnes per year and 330,000 metric tonnes per year.

By Aduragbemi Omiyale

The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has denied owning Fidelity Bank Plc, saying he only became the Chairman of the lender like the others.

Mr Obi was reacting to reports that he was in Rome recently for the installation of Pope Leo XIV in the Vatican over the weekend to plead with President Bola Tinubu over a purported N225 billion Supreme Court judgement involving the bank.

In a statement posted on his X (formerly known as Twitter) on Thursday morning, the former Governor of Anambra State disclosed that he was in Italy for the event as a member of the Catholic Church.

“It’s obvious that the biggest business for blackmailers now is talking about Peter Obi from every negative perspective. Even my solemn spiritual trip to Rome has been twisted into yet another blackmail campaign by merchants paid ostensibly to propagate anything negative against Obi.

“One such individual, whose entire life revolves around blackmail, falsely claimed that I went to Rome to have a private meeting with President Bola Ahmed Tinubu regarding a purported N225 billion debt crisis involving Fidelity Bank. These claims are not only baseless, malicious, but entirely false.

“Let me categorically state that I have never sought an audience with, nor met, President Tinubu since he assumed office, except about 1 minute meeting at the arena of Saint Peter’s Basilica Rome during the inauguration Mass of Pope Leo XIV, where I was seated behind, and had to respectfully greet him, and other dignitaries present.

“I was previously in Rome on the 9th of May for the lying in state of Pope Francis. Immediately after the mass and exchanging pleasantries, I went straight from Vatican City to London, and then back to Nigeria.

“The self-proclaimed blackmailer-in-chief and others who thrive on spreading pain and falsehoods have also claimed that I own Fidelity Bank. For the record, I do not. Throughout my career, I have served as Chairman/Director of 3 banks/Financial institutions, of which Fidelity is one of them. Fidelity has over 500,000 shareholders, none of whom hold a majority stake. What this blackmailer seeks is to harm these hard-working Nigerians and cause them needless distress.

“To those peddling these falsehoods, and engaging in blackmail, I offer a simple prayer: May God grant you the virtues of gratitude and understanding to know that we came here with nothing and will go with nothing, that they cannot profit from their evil ways,” he wrote.