By Constance Athekame

The West African Power Pool, (WAPP) on Monday said it would soon commence “day-ahead electricity trading” in the regional market.

Mrs Ndidi Mbah, General Manager, Public Affairs, Transmission Company of Nigeria (TCN), made this known in a statement in Abuja.

According to Mbah, the day-ahead energy market is a system that allows transactions for the buying and selling of electrical power one day prior to the delivery day.

Mbah said the decision was reached at the WAPP 59th Executive Board Meeting at Calavi, Cotonou, Benin Republic over the weekend.

“With the completion of the construction and equipping of the WAPP Information and Coordination Centre (ICC), the organisation is finalising arrangements to commence day-ahead electricity trading in the regional market,” she said.

The Managing Director of TCN, Mr Sule Abdullaziz, during the meeting, said the document for activation of the next phase of the market was undergoing the process of approval at the ECOWAS Electricity Regulatory Authority (ERERA).

Abdulaziz said in preparation for the new phase of the electricity market in West Africa, operators were currently undergoing training on the working of live trading system, to ensure that once approval was granted, the transition would be seamless.

He said with support from the World Bank, the organisation would recruit 11 new engineers to boost the capacity of the information and coordination centre.

“The study for the restructuring of the secretariat, in fulfilment of legal requirements for an independent system and market operator, has kicked off.

“ The collective actions of members will determine what the market turns out to be, as “building and equipping of infrastructure alone does not guarantee the success of the market.

“ Equally important is the behaviour of the market participants. The advent of the market requires discipline and competence in operations and management as well as in financial reporting”.

On the new WAPP secretariat, scheduled for inauguration in November, he said “this would be a unique occasion for pool to announce itself to the world at large.

”Let us make maximum use of this opportunity to not only inform the global audience about what WAPP is doing, but also the tremendous opportunities that our sector offers to private investors,” he said.

Earlier, in his address, the Secretary General of the organisation, Mr Siengui Ki, commended member utilities who paid their contributions to WAPP in spite of the COVID-19 pandemic and regional security crisis.

He urged those who had yet to pay to do so.

Ki said that the agenda for the 59th session was for the board to among others, look into the status of contribution by member utilities and the budget of WAPP secretariat.

It will also “review the consolidated 2022 financial statement, validate programme of activities and 2024 budget as well as the WAPP business plan for 2024-2027, ” he said.

On his part, Mr Kabiru Adamu, Chairman, Strategic Planning and Environmental Committee of WAPP, presented the pool’s business plan for the next four years to the Executive Board for consideration and adoption.

Adamu is also the General Manager, System Planning, TCN.

The 59th session witnessed the admission of two new heads of utilities – the Director-General of SONABEL, Mr Sulieman Ouedraogo and Mr Gabriel Degbegni, new Managing Director of Beninese Electric Power Company (SBEE).

They are to serve as members of the WAPP Board. (NAN) (www.nannews.ng) (NAN)

Edited by Idris Abdulrahman

L-R : Mr Tawiah Ben-Ahmed MD/CEO Sanlam Ghana, Mr Bode Opadokun, MD/CEO, Sanlam General, Mr Tunde Mimiko MD/CEO Sanlam Life, Mr Ajibola Bankole, Deputy Director, NAICOM

By Rukayat Adeyemi

Sanlam Nigeria on Wednesday launched the Family love and Code of Confidence insurance products in commemoration of the Nigeria’s 63rd Independence Anniverary

Mr Tunde Mimiko, Managing Director, Sanlam Life Insurance Nigeria Ltd. said that the family love plan is a funeral product that provides protection to family members to finance the funeral expenses of their loved ones.

Mimiko at the product launch in Lagos, explained that the plan was designed to enable Nigerians to give their departed loved ones a memorable farewell at ease.

“Indeed, when you buy a family love plan, celebration of life, becomes celebration of love. The product is designed with options for the lower, middle and the affluent retail market segment.

“At Sanlam Nigeria, we understand the love and care Nigerians have for family. That is why we created the family love plan.

“With this plan, you do not have to break the bank or compromise on your class, to give your love ones a deserving farewell when the unthinkable happens,” he said.

In his remarks, Mr Bode Opadokun, Managing Director, Sanlam General Insurance Nigeria Ltd., said that the Code of Confidence enables the insurer’s customers to report and settle third party motor insurance claims using a simple USSD code *1056#.

Opadokun noted that the unique product which is the first-of-its-kind in Nigeria, has since gained traction and popularity in the market.

He emphasised that the brand is committed to stakeholder-friendly ideas and innovations.

“We are particularly proud to highlight our USSD Code of Confidence, *1056#, which revolutionises the way our customers report and settle third party motor insurance claims.

“The code works on MTN and Airtel networks on any mobile device.

“With this innovation, our customers can be rest assured that they are just a dial away from getting their motor insurance settled on the spot.

“Once the claim is initiated, a Sanlam representative will contact the customer within 24 hours to verify the details and process the payment,” he said.

According to him, the launch of both products reflect Sanlam’s continuous innovative strategy and commitment to customer satisfaction.

Sanlam Nigeria, formerly FBN Insurance,

is a member of the Sanlam Pan Africa (SPA), founded in 1918 as a life insurance company.

It is a non-banking financial services group, with presence in 33 countries. (NAN) (www.nannews.ng)

Edited by Abdulfatai Beki/Olawunmi Ashafa

By Rukayat Adeyemi

Dr Yeside Oyetayo, pioneer Rector of the College of Insurance and Financial Management (CIFM), Lagos, has described her efforts to build the institute from the scratch as “tough, but interesting”.

Oyetayo told the News Agency of Nigeria (NAN) in Lagos on Monday that she resumed at CIFM in April 2014 when the college had neither funds nor structures on ground.

She explained that the college was still operating from the Chartered Insurance Institute of Nigeria’s (CIIN’s) building at Ebute-metta, when she was appointed.

“There was neither a structure, an administrative plan nor a solid academic curriculum in place for the college at that time.

“The college was only running a few short-term technical courses and the Agency Proficiency workshops annually at different locations, but mainly at the Lagos Chamber of Commerce and Industry (LCCI) in Alausa, Ikeja,” she said.

According to her, her first task was to choose a team to work with and then develop curriculum for some approved programmes with the help of some of her former colleagues at the Lagos State University (LASU).

Oyetayo stated that curricular for five programmes were later developed and approved by the CIIN’s Governing Council for the college.

The programmes included Diploma in Insurance, Foundation programme, Graduate Induction, among others.

“We began the promotion of our programmes and movement to the campus in Jan. 2015 to facilitate the commencement of the Diploma in Insurance Programme.

“Our faculty was drawn from the pool of skilled and passionate trainers in the academia and the industry.”

According to her, five insurance companies nominated a total of 17 students to enrol in the college and the maiden diploma programme took off in January 2015, while the students graduated within a year.

The rector said that the college was like a start-up business for her because it had no visibility within the insurance industry, hence she began the pace-setting and trail-blazing task of putting together a world-class institution.

She noted that the college, which was envisioned to be ‘the Insurance College of Choice of Africa’, was strategically positioned to provide cutting-edge training of global standards, with supports from local and international partners.

Oyetayo commended the board of CIIN for approving her request of a take-off grant of N20 million, which though was barely enough to furnish and run the college.

She stated that she sought ways to drastically increase the college’s revenue through trainings.

According to her, within a couple of months of her resumption, a more robust calendar introducing training programmes in areas where skill gaps were identified in the industry was designed.

The rector said that the CIIN’s board also sourced funding, developed strategic plans, and pursued the CIFM project with so much dedication.

She stated that the insurance industry contributed immensely to the infrastructural development of the college through the donation of equipment, generators, sponsorship of buildings and chalets, which facilitated rapid growth of its campus.

“The National Insurance Commission (NAICOM), the insurance firms,

professionals and members of the CIIN Council rallied round the CIFM.

“It was often said that the college was the future of the CIIN. I am sure everyone is proud to say the CIFM is their college.

“We simultaneously commenced the task of getting the college registered with the

Corporate Affairs Commission (CAC) and creating a brand for the college, leveraging on CIIN programmes which served as a platform to sensitise the

industry about the college’s activities.

“We began collaborative training with the International Labour Organisation (ILO)Impact Insurance Facility and German Corporation for International Cooperation ( GIZ).

“We furnished and inaugurated the college, organised short-term training programmes that more than doubled the number and income of the college in the previous years.

“In the first year of operating as a college, we achieved a lot, so much that members

of the board were amazed at the number of activities that were going on in the

college,” she said.

According to the rector, the college is currently doing great and has grown tremendously, from operating under the Training Directorate in the CIIN Secretariat to a full-fledged college.

Oyetayo said the college had also grown from an annual income of N20 million in 2014 to about N290 million in 2022.

She stated that the college similarly developed from three unfurnished buildings to seven fully-furnished accommodation and office space and a 1500-seater hall named after NAICOM.

The rector expressed optimism that the CIFM, having become a brand, would, in the next few years, expand the scope of its services beyond Africa and grow into the global insurance college of choice that it was envisioned to be.

“The CIFM platform afforded me the opportunity to become the first female Chief Executive Officer(CEO) of Insurance College in Africa.

“I was also able to impact positively on the African continent through my membership of the African Association of Insurance Educators and Trainers (AAIET) and the African Insurance Organisation (AIO) Book Review Committee, among other contributions.

“To the glory of God, I am leaving a solid legacy that will endure for a very long time

“As a pacesetting pioneer Rector, I will continue to contribute my quota to the industry in other capacities when called upon,” she said. (NAN) (www.nannews.ng)

RUKY/ETS

By Olatunde Ajayi

The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has appealed to the Federal Government to find a lasting solution to the rising price of cooking gas in the country.

Mr Abideen Olatunbosun, National President, NALPGAM, made the appeal during the 36th Annual General Meeting of the association held in Ibadan on Tuesday.

Olatunbosun expressed the concern that if the rising gas prices are not addressed, gas might become a commodity only affordable to the affluent.

“It is very vital for me to state that continuous increase in the price of gas in recent time stands as a big challenge to LPG marketers.

“The government needs to find ways to ensure stability of gas price as well as make gas available to common Nigerians.

“As a country, we need to improve on our gas utilisation level and if we all adopt gas, it will save our forest and improve quality of our lifestyle and the economy will grow.’’

According to him, the hike in price of gas is a concern to all.

Olatunbosun called for collaborative effort between the government and the private sector to establish critical gas infrastructure.

The guest speaker, Prof. Sunday Isehunwa, Department of Petroleum Engineering, Faculty of Technology, University of Ibadan, said that LPG offered a huge promise for increased domestic gas utilisation in Nigeria.

He said that cooking gas also served as the country’s energy transition to net-zero carbon emission by 2060.

According to Isehunwa, there is need for increased LPG supply to meet rising demand and curtail sharp practices by some operators.

“The Nigeria Liquefied Natural Gas (NLNG) has been the major supplier of LPG, however, additional supplies are essential through functional refineries, and adequate natural gas processing facilities.

“Removal of difficulties in importation when necessary is also essential for additional supplies.

“Adequate infrastructure development is highly necessary to enhance access to LPG by rural communities.

“Accessibility will increase through increased economic empowerment of consumers and relatively low costs of products,’’ the don said.

Also, Mr Ogbugo Ukoha of the Nigerian Midstream And Downstream Petroleum Regulatory Authority (NMDPRA), said that the recent deregulation policy would result to a reflective petroleum products pricing.

Ukoha, who is the Executive Director, Distribution Systems, Storage and Retailing Infrastructure, NMDPRA, noted that current data had shown that the domestic gas supply had overtaken the import supply.

He said that necessary infrastructure investment must be put in place to address challenges of gas reserve so as to achieve smooth distribution of the product.

“Our focus is to make necessary investment in gas infrastructure to increase LPG supply so as to force its price down for Nigerians,” Ukoha said.

The News Agency of Nigeria reports that the conference also featured dissolution of the current governing council of NALPGAM, election of new national executives and presentation of plaques. (NAN)

Edited by Janefrances Oraka/Christiana Fadare

By Joan Nwagwu

The Organised Private Sector in Nigeria (OPSN) has urged the National Assembly to strengthen the capacity of business institutions in the country to enable them thrive.

The OPSN is made up of Manufacturers Association of Nigeria (MAN), Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA).

Others are the Nigeria Employers Consultative Association (NECA), Nigeria Association of Small-Scale Industries (NASSI) and Nigeria Association of Small and Medium Enterprises (NASME).

Mr Segun Kadir, Director General of MAN, said this while addressing newsmen on behalf of OPSN on Tuesday in Abuja.

According to him, the economy is undergoing major macroeconomic changes, with the fallout of recent economic reform measures.

“We urge the National Assembly to focus on strengthening the capacity of the Executive Agencies to effectively carry out their functions.

“To also refrain from carrying out any activity that would constitute a burden or destabilise law abiding businesses in the form of duplicated audit/regulations,” he said.

Kadir, however, alleged that NASS’s ‘incessant investigative hearings’ would have negative economic consequences for the country.

He said: “The National Assembly does not have the constitutional backing to continually interfere in the affairs of private business owners.”

Kadir added that there were agencies under the executive arms saddled with such responsibilities.

He said: “The numerous forced travels of business chief executives to attend the investigative sessions constituted avoidable distractions, loss of manhour and erosion of confidence in the system.

“Members of organised businesses have been inundated with several letters of invitations and summons for different investigative hearings by various Committees and Ad-hoc Committees of the National Assembly.

“That is the Senate and House of Representatives, premised on section 88 and 89 of the 1999 Constitution of the Federal Republic of Nigeria, as amended.

“This has been a notable challenge since the 7th National Assembly, from 2012,” he said.

Kadir said that recently, several letters were received by member-companies from the Ad-hoc Committee on Non-Remittance to the National Housing Fund and Utilisation of the Fund from 2011 to date.

He urged that the Ad-hoc Committee should investigate the compliance of Ministries, Departments and Agencies of government and corporate bodies with the Industrial Training Fund Act, amongst others.

Kadir said: “We appreciate the efforts of the National Assembly and its various Committees and Ad-hoc Committees to investigate and carry out oversight functions on Ministries, Departments and Agencies of Government.

“We are of the view that sections 88 and 89 of the Constitution, relied upon by the Committees of the National Assembly are not applicable to businesses in the private sector.

“Some of the implications will be the closure of companies in the country and loss of employment by Nigerians, loss of revenue through taxes and levies from the companies, unrest and increase in insecurity, among others.

“The action creates a duplication of the regulatory functions and activities of the various Ministries, Departments and Agencies (MDAs) of government.

According to him, the National Assembly has also assume the roles, functions and responsibilities of the MDAs and the executive arm of government.

He added: “We are convinced that this is not the legacy that the 10th National Assembly would like to leave.” (NAN)(www.nannews.ng)

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Edited by Bashir Rabe Mani

By Lucy Ogalue
The African Development Bank (AfDB), and Eritrea have strengthened their partnership to support the country’s growth.
The aim is to place it on a more sustainable development path in the coming years.
The President of AfDB, Dr Akinwumi Adesina, in a statement said the bank had committed to supporting Eritrea’s development, including its goal of self-reliance.
Adesina said the bank as an important partner of Eritrea, was currently supporting the country in energy, water and sanitation, agriculture, skills and capacity development, and economic and financial governance.
“I had an excellent visit to Eritrea. I came away highly impressed by the passion to develop and the incredible resilience and self-reliance of the Eritrean people.
“ The best part was when I was told by a United Nations (UN) senior level official that in Eritrea, corruption is zero per cent.
“Another UN senior official said Eritrea’s capacity for pharmaceuticals meets all World Health Organisation (WHO) global standards.”
Adesina said the Eritrean president, Isaias Afwerki, had been consistent with his engagement with AfDB since Eritrea joined the institution nearly 30 years ago.
“The capacity and first-rate skills of Eritrean engineers are amazing and should be shared with other African countries.
“President Afwerki is so passionate, determined very simple. Eritrea and its highly committed people have all it takes to rapidly grow and thrive in the years ahead.
“As president of AfDB, I can assure you that under my leadership, the bank will be there to support Eritrea’s drive to transform its economy.
“It can only get better with all the projects we have talked about today. If we work together, I know that Eritrea will be a much better country in many ways,” he said.
The AfDB boss highlighted the need to prioritise agro-industrialisation to further grow the agriculture sector and ensure food stability.
He also proposed the AfDB’s Special Agro-Industrial Processing Zones initiative as a model for transforming Eritrea’s rural communities into prosperous economic zones, harnessing the power of commercial agriculture and food production.
The Eritrean president thanked Adesina for the strategic role the bank was playing in improving the lives of the Eritrean people.
Afwerki said the country had identified the AfDB Group as the partner of choice to drive rapid socio-economic development and to move its economy “from subsistence to industrialisation.”
According to him, Adesina is the first AfDB president to visit Eritrea, which joined the institution in 1994.
“We have had fruitful engagements with the bank and want to do more with the institution on a sustainable level.”
Afwerki called for more resources for the bank and for it to be strengthened to support Africa’s development priorities.
He also called for additional support in other critical areas, including fishing communities, agriculture, skills and capacity development to increase self-sufficiency, and integrated infrastructure.
He said these would enable the country to make the most of its large potash deposits.
In April, the AfDB’s board of directors approved a 49.92 million dollars financing grant for the construction of a 30-megawatt solar photovoltaic power plant in Dekemhare.
This is the Bank’s largest investment in the country. The project will have a transformative impact on improving access to energy in Eritrea.
It will contribute to the Eritrea’s target of generating 360 megawatts of electricity by 2030.
In 2018, Eritrea signed a peace and cooperation agreement with its neighbour, Ethiopia. This milestone marked the end of 20 years of conflict that had hampered economic development.
The agreement and the lifting of United Nations and United States sanctions ended a decade of international isolation for Eritrea. (NAN) (www.nannews.ng)
LCN/EEE
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Edited by Ese E. Eniola Williams