By Yemisi Izuora-Lagos Eaton Nigeria industries has identified the use of renewable energy as an answer to addressing the challenges of power demand in the West Africa utility network. Addressing a panel discussion at the West African Power Industry Convention which just ended in Lagos, Charles Iyo, Regional Sales Manager, West Africa stated that African countries have excellent solar radiances, dependable wind areas, and land for renewable power plants capable of providing the energy demand for the region. Speaking on the topic ‘Options for increased access to electricity in West Africa: The case for a regional electricity market’ Iyo said…
Author: orientalnewsng
By Yemisi Izuora-Lagos IFC, a member of the World Bank Group, has signed agreements to provide $80 million of debt financing to Azura Power West Africa Limited, a 450 MW gas-fired independent power project in Nigeria. The project is expected to strengthen Nigeria’s gas-to-power value chain and deliver much-needed electricity to almost 14 million residential consumers in the country. The Azura-Edo IPP consists of the construction, operation and maintenance of a 450 MW gas-fired open-cycle power plant located in Edo State, Nigeria. It also includes the construction of a short 330kV transmission line and an underground gas pipeline spur connecting…
By Yemisi Izuora-Lagos Mutual Benefits The Mutual Benefits Assurance Plc has taken a bold step to control retail insurance market in Nigeria anticipating to earn one billion naira monthly from the initiative. The company today inaugurated the first ever insurance franchise to drive the initiative. In an interview with Oriental News Nigeria, at the unveiling of the facility in Lagos, Ademola Ifagbayi, general manager retail of Mutual Benefits said the company is targeting a minimum of N1billion which will translate to N12billion premium per annum. Ifagbayi also said the initiative will create 50,000 jobs across the country. In his address…
By Yemisi Izuora-Katsina The Nigerian Deposit Insurance Corporation (NDIC) has explained that the Deposit Insurance System (DIS) is a financial guarantee, which was specifically developed to protect depositors in the event of bank failure and also to offer a measure of safety for the banking system. The Corporation also noted that the system was designed to particularly protect small savers who may not be privileged to adequate information on the financial condition of their banks. Speaking on the “Role and Challenges of Deposit Insurance in Mobile Payments Environment” at the ongoing seminar for business editors and financial correspondents association of…
By Yemisi Izuora-Katsina The central bank of Nigeria (CBN) has stressed the need to ensure safety and effectiveness of mobile payments services in Nigeria. The apex bank said it is not unmindful of the protection of users of financial services including mobile payments, and that customers funds in the custody of mobile money operators (MMOs) are under intense monitoring of the CBN. All stored value accounts with MMOs are tied to a settlement accounts in a deposit taking institutions, the bank said. Giving an overview of Mobile Payments Services Framework in Nigeria at the opening of the Nigeria Deposit Insurance…
Gunmen, suspected to be members of Boko Haram, stormed Damaturu in the early hours of today and began shooting and bombing the city. The attack, which was ongoing as at 7.30am today, has seen residents of the town scampering for safety. According to reports, the mobile Police base which is in the outskirts of the town has been burnt down and many state institutions have also been raided by the rampaging gunmen who are now reportedly advancing to the main town of Damaturu. They have also attacked some schools, including the Yobe State University located in Damaturu. The students have…
Emir Sanusi Lamido Sanusi II over the weekend said that Friday’s deadly attack at the Central Mosque at his palace was planned for two months. Over 120 people were feared dead after two suicide bombers and several gunmen launched the attack during the Juma’at prayers. The police, however, insisted yesterday that 34 people died and not 125. The claim contradicts the high number of bodies deposited at mortuaries at Abdullahi Wase Specialist Hospital, Sir Muhammad Sanusi Specialist Hospital, Sheikh Muhammad Jiddah General Hospital, Murtala Muhammed Specialist Hospital and Aminu Kano Teaching Hospital. The Emir, who was out of the country…
By Yemisi Izuora-Lagos The Nigerian Airspace Management Agency (NAMA) has announced commencement plan of 24 hour service in all its remote stations across the country to provide services for its customers. The managing director of NAMA Engr. Ibrahim Abdusalam who disclosed this in Enugu at the 32nd annual general meeting/election of the National Association of Air Traffic Engineers (NAAE) said the proposal for take off has been made. Engr. Abdusalam explained that the management was looking up to bringing on board the multilatration for the Niger Delta region and the voice Network for the coverage of the whole country as…
The Directorate of Consumer Protection (DCP) of the Nigerian Civil Aviation Authority (NCAA) has resolved 55,000 complaints in almost two years. But some of the complaints were roll over cases from the previous years which were eventually resolved alongside subsequent ones. Fan Ndubuoke general manager public affairs of the agency in a statement in Lagos said in 2013, a total number of 15,839 complaints were received from 13,954 International airlines operations and from the Domestic airlines 382 from 65,368 operations. While, between January and September 2014 there was a drastic reduction in complaints as the Authority received 5,578 from 11,683…
The Naira fell to an all time low against the dollar at the interbank and parallel exchange markets despite measures announced by the Central Bank of Nigeria (CBN). At the interbank market, the Naira lost another 160 kobo against the dollar as the interbank rate rose to an all time high of N178.70 per dollar. Consequently, the naira depreciated by N13.05 or 7.87 percent against the dollar in November. Mr. Godwin Emefiele, CBN governor Similarly at the parallel market, the Naira lost N17 against the British Pounds Sterling, as N190 exchanged for one pound as at the end of Friday…