By Constance Athekame

The  Federal Government says  it plans to restructure the Transmission Company of Nigeria(TCN) to align with the Electricity Act 2023 and the industry demands.

The Minister of Power, Mr Adebayo Adelabu said this in Abuja at the Ministerial Retreat on the Integrated National Electricity Policy and Strategic Implementation Plan.

The retreat has as its theme ‘’Navigating and Aligning on the Path to Enhanced Electricity Reliability’’.

Adelabu said ‘’it is time to restructure the TCN into two entities: the Independent System Operator (ISO) and the Transmission Service Provider (TSP).

“This restructuring must synchronise with the evolving landscape of state electricity markets, addressing calls for the decentralisation of the national grid into regional grids interconnected by a new higher voltage national or super-grid.

“Essentially, we must ask whether the government should directly provide electricity nationwide or rather facilitate its provision by drawing comparisons with China’s centralised model and the US’s diverse access models.

“Understanding how to handle subsidies, cross-subsidies, and aligning the Rural Electrification Agency’s role with emerging state markets are vital questions that demand stakeholder scrutiny for effective resolution, ‘’he said..

The minister said that for the country to increase its Gross Domestic Product (GDP) to one trillion dollars by 2030 as projected by President Bola Tinubu it must massively increase investments in electricity.

Adelabu said that the Federal Government must work with state and local governments to increase the coverage and distribution of electricity across the country.

“Certain observable aspects within our sector require attention. These include the poor track record in contracting, contract management, and adherence to contractual obligations, in some cases, even by design.

“With impartial examination, it is evident that these identified factors erode confidence in the viability of the sector and pose fundamental challenges of inadequate capitalisation and limited access to funds.

“ For the diverse players along the energy value chain, from gas supply to electricity distribution, ‘’ he said..

The minister said that a major issue in the power sector was the pricing of gas utilised by Generation Companies (GenCos) in dollars describing it as a huge volatile variable that affects the pricing of electricity for end-users.

“A preferable option was to ensure that gas utilised by the GenCos is traded in naira so as to manage the foreign currency-related inflationary trends that challenge the application of the Multi-Year Tariff Order (MYTO) methodology.

“ We must find ways and means to pursue domestic gas policies and incentivise stakeholders for the supply of gas for inland use in electricity supply.

“Other industrial activities and conversion to Compressed natural gas (CNG)   and Liquefied Petroleum Gas (LPG) for transportation and domestic uses respectively,’’ he said.

According to him, one of the major deliverables from the policy-making process is a viable method for establishing a sustainable capital investment programme around gas processing and transportation infrastructure.

“We must be forthright and passionate about our industry while remaining objective in finding the necessary solutions to propel us forward, establishing a credible policy framework for reliable electricity in the country,” he said.

Mr Wale Edun, Minister of Finance and Coordinating Minister of Economy, said that power was one of Tinubu’s priority areas.

According to him, 40 per cent of the Nigerians populations do not have access to electricity and clearly to the president and other stakeholders that is unacceptable that is why what is being done here today is critical.

“Ten years ago there was a privatisation exercise, but it has underwhelmed and underperformed and the results have been disappointing so it is important that those stakeholders are part of the conversation and solutions.

“In addition to all other options that we have for providing electricity, we now have an array of option with the renewable energy, green energy.

“What we want to see is a solution of providing power and growing the economy rapidly and inclusively,“ he said.

Earlier, Permanent Secretary, Ministry of Power, Mr.Temitope Fashedemi said that the retreat was for stakeholders to sit together to and chat a way forward to achieve the mandate of kps given to the minister.

Fashedemi said that participants at the retreat were drawn across the value chain of the power sector as well as other sectors of the economy that align with the sector.

“It is, therefore, expected that the outcome of the retreat will form the basis of the development of the new integrated national electricity policy and its strategic implementation plan which will guide other reforms the minister has for the sector,“ he said.(NAN)(www.nannews.ng)

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Edited by Uche Anunne

By Kadiri Abdulrahman

TAJBank Limited, one of Nigeria’s leading non-interest banking services provider, has again set a record with Bbb+ rating by the foremost rating agency – Agusto & Co.

This makes the  bank the best rated in the nation’s Non-Interest Banking (NIB) space.

According to a statement by Founder and Chief Executive Officer (CEO) of TajBank, Hamid Joda, the latest rating is a notch up from the bank’s previous rating.

Joda said that it came in recognition of the bank’s high quality balance sheet and robust earnings capacity.

He described the improved rating by Agusto & Co as a clear demonstration that TAJBank has continued to prioritise necessary risk management and operational control.

“The latest rating of TAJBank by the reputable agency has, once again, confirmed the management’s commitment to world-class standardisation of the bank’s operations.

“Especially, in terms of ensuring high operational standards and service provisions for our growing customers on a sustainable basis.

“As we have consistently assured our customers and industry regulators, our primary goal is to deliver cutting edge quality and operational systems and services as well as protect the interest of our customers.

“By so doing, retain TAJBank as the leader in the NIB subsector of the banking system and make it the preferred choice for value-conscious customers in non-interest banking services in Nigeria and globally.

“Our message to our current and potential customers is that with TAJBank, they can be rest assured of safety of their transactions.

“TAJBank is ready to support their business and other endeavors in line with our operational mantra, which says our interest is only the customer,” he said.

The bank’s Executive Director, Sherif Idi, said that the latest ratings reaffirmed TAJBank as a system and operational-conscious and standard-drive non-interest lender.

“Today, TAJBank remains at the leading edge of the NIB sub-sectoral market and is determined to retain this position in the years ahead by prioritising investment in human capital and innovative technologies and solutions.

“By this, we will continue to serve our customers better and add value to the businesses or socioeconomic well-being ” he said. (NAN)(www.nannews.ng)

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Edited by Isaac Aregbesola

By Lucy Ogalue

Ms Aisha Rimi, the new Chief Executive Officer (CEO), Nigerian Investment Promotion Commission (NIPC), has expressed resolve to ensure ease of doing business and attract quality investments to Nigeria.

In a statement by the commission on Tuesday, Rimi also expressed delight at officially beginning her journey as NIPC CEO.

She said: “My vision for the NIPC is clear; to attract high-quality investments that align with national development goals.

“I will create an enabling environment conducive to business growth and ensure investors feel supported and empowered every step of the way.

“I’m committed to working tirelessly with the NIPC team to deliver on these goals and contribute to the realisation of a thriving and resilient Nigerian economy.”

Rimi said that her appointment alongside others in the Ministry of Industry, Trade, and Investment, aligned with President Bola Tinubu’s Renewed Hope Agenda, marked a new era for Nigeria’s economic trajectory.

“I’m honoured to be entrusted with this significant responsibility and ready to leverage my extensive experience in law, business, and investment.

“To position the NIPC as the leading facilitator of sustainable and impactful investments in Nigeria,” the executive secretary said. (NAN)

Edited by Bayo Sekoni

By Lucy Ogalue

The Abuja Chamber of Commerce and Industry (ACCI) has reiterated commitment to world-class training for youths and businesses to boost economic growth and development.

Its Director-General, Ms Victoria Akai, said this at the inaugural ACCI Business Entrepreneurship Skills and Technology (ACCI-BEST) Centre Day, on Tuesday in Abuja.

Akai, the pioneer director of the Centre, expressed joy at the level of growth and successes the institute had recorded since inception.

She said: ”Today, we celebrate not only the accomplishments of the past year but also the enduring legacy created by our esteemed alumni.

”Many of whom have gone on to make significant contributions to their industries and communities.

”The impact of the BEST Centre reverberates in the achievements and successes of those we have had the privilege to serve.

”Our commitment to providing world-class training, fostering a culture of innovation, and contributing to the growth of businesses remains unwavering.”

According to her, the BEST Centre has become a hub for transformative experiences, where individuals and organisations alike discover their potential and chart new paths to success.

She said the Best Centre with the support from its partners had been able to train over 4,000 individuals across different sectors.

Akai, however, commended stakeholders, partners, and supporters who had been instrumental in the journey of the BEST Centre.

Earlier, the ACCI 2nd Deputy President and Chairman BEST Centre, Prof. Adesoji Adesugba, said the focus of the centre on empowering youths and women remained paramount.

Adesugba said over 80 per cent of its alumni belonging to these demographics had received training across various skills and business support programmes.

He said the past few years presented challenges, particularly in engagement with the Centre’s paid training programmes.

He said: ”The BEST Centre remains steadfast in reaching out to local and international entities for support to implement training at reduced costs.

”In our commitment to the business community and the public, we aspire to provide capacity development programmes for a minimum of 5,000 individuals within the next next years.

”As we embark on this journey, we reflect on the past, celebrate our achievements, and anticipate a future of greater significance.

Mr Gilmore Ogbaje, the Head of Facility Management Technology, Industrial Training Fund (ITF), commended the training efforts of the Centre, while expressing the fund’s continued support where necessary.

For his part, Dr Munir Aminu, the Director, Center for Clean Energy and Climate Change, Base University, thanked the centre for the practical learning it provided for the students.

Aminu said, unlike the theoretical education the classroom provided, Best Centre gave the students the opportunity to practically carry out the knowledge gathered.

Similarly, the Country Director, Center for International Private Enterprise, Lola Adekanye, said: ”Best Centre understands the importance of capacity building.

”Their approach is very practical. I am delighted and proud to be a partner and look forward to a more impactful year.

The News Agency of Nigeria (NAN) reports that the event was attended by alumni, partners, clients, trainers, faculty members, and stakeholders of the Best Centre.(NAN)

Edited by Chinyere Joel-Nwokeoma

By Femi Ogunshola

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the administration of President Bola Tinubu will account for revenue from oil.

Edun said this when he appeared before the House of Representatives Committee on Appropriation to defend the 2024 appropriation bill.

He said the issue of accounting for oil revenue is germane, “and clearly whatever we have met as a way of monitoring oil revenue and payment into the federation account will be done.”

The minister said he was in agreement with many who had pointed out the fact that, the federal government must have a system of paying into government coffers with exchange rates.

He said that the current administration`s plan was to increase revenue from taxation, adding that there was a need to increase the efficiency of tax administration collection.

Edun said the government depends on foreign direct investment, including domestic and the private sector to grow the economy.

He said the government was not spending enough on key infrastructure, adding that there was a need to interrogate why there seemed to be an overestimation of certain expenditures.

The minister said the plethora of share waste in the number of taxes was being compressed, saying that 90 per cent of tax revenue from the government comes from a particular tax end.

According to him, all the rest that goes out in the name of taxes and levies do not go into the government coffer.

Edun said there was a comprehensive revamping of tax administration, which was done through the instrumentality of the tax reform committee.

This, according to him, has a lot to operate with and will be suggesting ways to go about the tax system.

Rep. Abubakar Bitchi, the Chairman, Appropriation, said there was a need to look at the 2024 budget proposal in order to support the president’s renewed hope agenda.

He said money was needed to achieve this through more funding, saying all the revenue-generating agencies were summoned to ensure Nigeria got the money.

We need to find a way out to achieve the objective of the president’s renewed hope budget. Nigerians are happy that we are reducing borrowing. (NAN)(www.nannews.ng)

Edited by Benson Iziama/Joseph Edeh