30th Nov to 6th Dec 2015

2nd December 2015
Lagos power plant attains 85 per cent capacity utilisation

The operator of Egbin power plant in Lagos State, KEPCO Energy Resource Limited (KERL), has injected N46 billion in the facility since it took over in November 2013, pushing the plant’s capacity utilisation to 85 per cent. The Managing Director/ Chief Executive Officer of Egbin Power Plc, Dallas M. Peavey Jr, disclosed this yesterday, while receiving the officials of the Bureau of Public Enterprises (BPE) who were on a monitoring visit to the enterprise at Egbin. Peavey Jr explained that the expenditure profile has bolstered the operational efficiency of the plant, raising its capacity utilisation from 50 per cent to 85 per cent. Peavey said that the power plant, which hitherto was operating less than 50 per cent capacity prior to its takeover, is now operating at over 85 per cent with the fixing of unit-06, which was not operational for eight years Read More

3rd December 2015
Nigeria's Forex Reserves Drop to $29.88 Billion

Nigeria’s foreign reserves fell below $30 billion for the first time in more than four months, putting more pressure on the Central Bank of Nigeria's (CBN) bid to defend the naira and avoid a devaluation. Gross reserves decreased to $29.881 billion as at December 1, the first time they have fallen below $30 billion since July 13, according to data from the central bank. “With the oil price remaining low, the pressure isn’t dissipating,” said Ikechukwu Iheanacho, who manages N40 billion ($202 million) of stocks and bonds for Lagos-based Chapel Hill Denham Securities. “It raises questions about how long the central bank can continue defending the naira.” Read More

Minister seeks implementation of e-govt scheme

To raise Nigeria’s competitiveness in the global community, the full implementation of eGovernment has been described as very important in the country’s scheme of development. Minister of Communications, Adebayo Shittu, who made this call in Abuja at the Stakeholders’ engagement workshop on ‘E-Government Master Plan 2020’, noted that the initiative was developed by the Federal Ministry of Communications as an essential blueprint of modalities and protocols for the adoption of e-Government best practices, across board, by all Federal Government Ministries, Departments and Agencies (MDAs). Read More

CR2 strategizes to reduce bank’s operational cost in Nigeria

CR2, a broad banking software developer said it is strategizing to improve quality of personalised customer services, reduce operational cost and help Nigerian banks boost revenue sources. Disclosing the plan in Lagos on Tuesday, Chief Commercial Officer and member of the Executive Board of the Irish firm who was on a trade mission to Nigeria, Kieran Kilcullen said there was need for Nigerian banking sector to leverage on the growing internet penetration to deploy technologies that would enhance operations, reduce cost and make customers an integral part of the banking system. Read More

Nigerian Finance Minister Says To Focus On Cutting Cost Of Government

Nigeria will focus on cutting the cost of running the government rather than on slashing jobs next year, and will present its 2016 budget proposals by the end of the year, the new finance minister told Reuters on Monday. Widespread corruption and mismanagement have stunted development in Africa’s biggest economy and left it with paltry savings, dangerously pot-holed highways and constant power outages after a period of record high oil prices. Kemi Adeosun, the new minister appointed at the start of November, has launched an Efficiency Unit based on a UK model aimed at pinpointing spending excesses and imposing guidelines in an effort to cut the vast amount of waste. “We’re spending currently more on overhead than we are on capital, so that’s unsustainable and we don’t have the revenues that we had,” Adeosun said in an interview. “We don’t want to slash staff…because this is a government that is committed to job creation, so the obvious area to look for savings is overhead” she said. Read More

Remittance & Mobile money stakeholders meet over ‘lowering transaction cost’

More than 250 delegates from over 25 countries are expected for the 6th remittance and mobile money expo to be held in Nigeria, Africa’s largest remittance recipient nation on Feb 02 – 03, 2016 to discuss issues around lowering remittance transaction cost. Africa pays nearly $2bn a year due to the higher-than-average cost of sending money to the continent with average cost to transfer money to sub-Saharan Africa at about 12 per cent, compared with a global average of 7.2 per cent according to the Overseas Development Institute, a UK think-tank. Remittance providers and stakeholders such as money transfer operators, financial services providers, financial technology providers, vendors, agent network operators, mobile financial services providers, regulators and stakeholders from the supply and demand side of the remittance industry will be meeting at the event to address lowering transaction cost by leveraging new innovations in the African mobile financial services ecosystem. Read More

6th December 2015
LED technology reduces energy consumption by 40% — Boulanger

The Chief Executive Officer, Philips Lighting Africa, Mr. Thierry Boulanger who was interviewed by punch gives his opinion on energy consumption. He said “The continent’s population is in the region of 1.3 billion and approximately half of the population has no access to electricity. For example in Nigeria, if I look at the utility and the use of generators, I think the utility companies manage to produce some amount of energy”. He went further to say that “It is important for the Nigerian government to know which is quicker between providing efficient lighting solution that will reduce energy consumption in the short term and building new power stations. The logic is that while it may take another five years to build new power plants, it takes less time to reduce energy consumption through the right lighting technology. If Nigerians switch to LED lighting, they can reduce their energy bills between 40 per cent and 70 per cent sometimes even 80 per cent.” Read More