Tomiwa Igun

Today, our Chairman, Tony O. Elumelu, C.F.R, President/GCEO Owen Omogiafo OON, and MD/CEO of Transcorp Energy Christopher Ezeafulukwe along with other leaders within Heirs Holdings Group, met with Ms. Fatou HAIDARA Deputy Director-General of UNIDO, and Mr. Mohamed Moustapha Fall, United Nations Resident Coordinator in Nigeria, to discuss transformative collaborations for empowering Africa. Strategic partnerships are crucial for fostering sustainable development and socio-economic growth. The private sector plays a vital role in attracting these collaborations and investments. The day concluded with an exclusive dinner focused on sustainable energy financing with Ms. Ahunna Eziakonwa reinforcing our commitment to impactful investments. Power is essential for our continent's development. That is why we have invested heavily in this sector and continue to expand our efforts to ensure sustainable and equitable energy access for all communities. "We’ve had some interesting conversations around energy, and I am excited and invigorated by the people at this table. Africa needs a strong, clear, firm, and resolute voice to address what needs to be done for the continent. There is a huge energy deficiency in Africa, and no amount of pretty speeches about building the Africa of tomorrow will solve this gap. One of our group's core focus is bridging that energy gap, and we are pushing for energy sufficiency for all, rather than just energy transition." – Dr. Owen Omogiafo At Transcorp Group, we are dedicated to pushing boundaries and forging partnerships that drive investment across Africa. We are improving lives and transforming Africa. #Africapitalism #OwenOmogiafo #TranscorpTransforms

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PRESS RELEASE OVH Acquisition: The Facts, by NNPC Ltd The attention of NNPC Ltd has been drawn to a press release signed by Mr. Paul Ibe, a Media Adviser to the former Vice President, Alhaji Atiku Abubakar. In the statement, the former Vice President was quoted to have lamented “the criminal hijack of the NNPC by corporate cabals around the current President". He was also quoted to have listed the retention of Mr. Mele Kyari as the Group Chief Executive Officer of NNPC Ltd as a compensation for the alleged acquisition of NNPC Retail Ltd by OVH in which he claimed Mr Wale Tinubu held 49% stake. He further alleged that the NNPC Retail Ltd—OVH acquisition deal was part of a grand scheme by President Bola Ahmed Tinubu to integrate his personal business interests into Nigeria’s public enterprises at the federal level. NNPC Ltd wishes to set the records straight with the following facts: 1. We are a commercially-focused and profit-driven company managed by professionals who are committed to adding value to the nation. 2. Investment decisions by NNPC Ltd Management are strictly determined on the basis of commercial viability and national interest. 3. At the time NNPC Ltd acquired OVH in 2022, Oando (in which Mr. Wale Tinubu has equity interest), had fully divested its equity in OVH to the two other partners – Vitol and Helios. Oando actually began its divestment in 2016, with Vitol and Helios coming in as equity partners, leading to the change of name from Oando to OVH. In 2019, Oando fully divested its equity interest in OVH resulting in Vitol and Helios holding 50% equity interests respectively. 4. Upon acquisition of OVH by NNPC Ltd, both NNPC Retail Ltd and OVH effectively became subsidiaries of NNPC Ltd. However, based on professional advice and sound commercial considerations, NNPC Ltd opted to merge NNPC Retail Limited into OVH, and thereafter retain NNPC Retail Limited as the company name post-merger. 5. The first step of merging NNPC Retail Ltd into OVH has been completed and the post-merger renaming as NNPC Retail Ltd is ongoing. 6. Contrary to the false alarm raised, neither Wale Tinubu nor the President has any interest in the OVH acquisition. 7. As a businessman, the former Vice President should know that effectiveness in business leadership is best measured by balance sheets and bottom lines rather than pedestrian considerations. 8. The management of NNPC Ltd, under the leadership of Mr. Mele Kyari, has done very well in growing the company’s fortunes as shown in the 2023 Audited Financial Statement (AFS), where it reported N3.3 trillion as profit after tax. 9. NNPC Ltd as a commercial entity is devoid of political interest and shall continue to conduct its business full of commitment to national interest and value creation for the benefit of all stakeholders. NNPC Ltd shall resist any attempt to draw its Board and Management into partisan politics. *Olufemi O. Soneye* CCCO NNPC Ltd. Abuja. 22 August, 2024

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Nigeria's first Grid-connected Battery Storage is in the making. Reeling in pain in my sick bed earlier this month, I came across some intriguing news: ESS, Inc., an Iron Flow battery company, will supply Sapele Power Plc (IPP) with a 1MW/8MWh capacity iron flow long-duration Battery Energy Storage System (BESS). Partly financed by the Export-Import Bank of the United States, the BESS solution to Sapele IPP will enable load smoothing, peak demand shifting, and ramp up and down, all ancillary services in Nigeria's first grid-connected BESS project (Stand to be corrected). While this is a novelty technology in the Nigerian electricity space, the business model behind this investment is clear, as Sapele IPP is chasing the ancillary market with intentionality in an audacious and unprecedented move. Historically, the Sapele Power plant has underperformed compared to its "contemporaries" from NEPA days in the energy market. The plant's availability factor has consistently been below 15% (Generating <100MW on average vs 720MW installed capacity) The capacity and energy market dominates the PPA in the NESI, with a seemingly non-existent ancillary services market (Ops reserves, FCAS, FFR, Black Start, Inertia, etc.). Sapele IPP's investment in the BESS solution to support ramp up and down, "synthetic" spinning reserve and supplemental signal is a new but exciting development. The BESS may also provide dispatchable power for grid frequency augmentation (FCAS or FFR) banking on stranded assets like the nearby Sapele NIPP for charging and possibly competitive ancillary services contract rates. Incorporating BESS into the national grid will herald a wave of grid-connected VREs, which can help solve many issues by localizing capacity and generation and alleviating issues of T-line vandalism. Significant chaos-forming changes are coming with the unbundling of the TRANSMISSION COMPANY OF NIGERIA to SO and TSP, and state electricity framework development necessitates a fortification of the electricity ancillary services market, which Sapele may be positioning for. While much of this is speculative, introducing BESS into the NESI undoubtedly signals something new. Whatever it is, it is a good sign for the industry's development. Good luck to the Sapele team with closeout, construction and commissioning. Photo: ESS Inc. #nigeria #electricity #africa #batterystorage

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Lagos: A new electricity era on the horizon? Lagos State may be unveiling its subnational electricity policy soon, and I am excited to see its framework. When the EA 2023 was signed into law last year, I suggested that Lagos would lead the law's comprehensive and inclusive implementation, setting an example for other states due to its historical background, economic strength, and level of preparedness. Historically, as noted by Prof. Damilola Adebayo, PhD of York University, Lagos is a pioneer in terms of Africa's electricity development. In a historical shift from dominant energy systems development geared towards the colonial government and its commercial and industrial activities (mostly mining), like in NESCO in Jos, VALCO (Ghana), Lagos was the first city in West Africa in 1898 to have a functioning electricity utility developed and built with the active participation, interest and inclusion of the African population. Lagos State has experience running state-level electricity systems. Enron barges (later AES Barges), before they were bought and relocated to Sapele, were a brainchild of Lagos State and the first of such in West Africa. With a comprehensive Integrated Resource Plan (IRP) in place, Lagos is well-prepared for subnational electricity sovereignty. The state has the market size, financial capability, and consumer base necessary to support a subnational electricity system. Personally, Lagos's influence in the EA, particularly in certain sections, is glaringly obvious signifying its proactive and pivotal role in shaping energy policies for social development. My opinion Lagos should develop a semi-island electricity infratructure and market, including a 132kV transmission system state-wide. This transmission network can leverage the 4th MB project to reduce ROW hassles. Licensing new generation facilities to feed into this transmission network, starting with existing tie-in facilities at Ijede, is crucial. Increased gas availability and infrastructure are also needed to sustain gas-fired generation. In addition, I am proposing the development of energy hubs with gas facilities, generation plants, transmission switchyards, and interconnect facilities in the Epe axis, Ikorodu, Agbara, Ikeja, Mile 12 and Iju axis. The interconnection facilities will be key tie-in points to the national grid. All these can make a dynamic electricity market viable with active energy trading, investment, and collaboration in the capacity, energy and ancillary markets. The success of this framework will depend on financing and DISCOs' ability to deliver value. It may require decentralizing electricity distribution intra-state. Conclusion Lagos state may be on the verge of heralding in a new and unprecedented era, an era of reliable and available electricity. At least, so I hope. Ref: Damilola Adebayo, PhD, 2024. #nigeria #electricity #lagos #africa

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In our first volume of #TheInsights, we project Nigeria's headline inflation rate to reach 33.80% in August. This rise is primarily driven by exchange rate volatility, higher food prices, energy costs, and an increase in utility tariffs. How did we arrive at this forecast?  Using data from the National Bureau of Statistics (NBS) and the Central Bank of Nigeria (CBN), we analyzed the current economic trends and key drivers to estimate the Consumer Price Index (CPI) movement for the month. We also explore actionable insights for government, businesses, and consumers 🚀 Read the full report to understand these trends and share your thoughts in the comments. Let’s discuss how we can navigate these challenging times together.  Your feedback is valuable! 👉 React, comment, and share to keep the conversation going. #Inflation #EconomicGrowth #BusinessStrategy #NigeriaEconomy #PolicyRecommendations #DataAnalysis #FinancialInsights

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