Private Sector Investment Key to Steady Power Supply – Osinbajo
Osinbajo spoke yesterday in Abuja during the presentation of the discharge certificate of Ughelli power plant to Tony Elumelu, chairman of Transcorp Power Plc.
Transcorp Power is the core investor in the Ughelli power plant.
The delisting comes a month after the national council on privatisation (NPC) approved the Bureau of Public Enterprise (BPE’s) recommendations, and after Ughelli Power Plc (UPP) had met key post-acquisition requirements including available capacity and capital expenditure.
Commissioned in 1966 with an installed capacity of 972MW, the Ughelli power plant, whose capacity had dropped to 300MW, became an asset of Transcorp Plc in 2013 under the company’s power subsidiary, Transcorp Ughelli Power Limited.
Speaking at the ceremony before the commencement of the NPC meeting, Osinbajo encouraged other players in the industry to tow the line of Transcorp Power Plc.
“We hope that this will not be the last in the series of private power companies that are taking over power plants that are unable to meet the expectations of the post-evaluation plans,” the VP said.
“The power needs of our country are grave. And we strongly believe that the right approach is the privatisation of the power sector to enable serious-minded private sector players to invest in the provision of public power and ensure that they are efficient while they make a profit at the same time.”
Explaining the routine evaluation and monitoring of the power-generating company, Osinbajo said it was an essential feature of the post-acquisition plan by the BPE.
“It has covenants and deliverables which the enterprise is supposed to live up to. And we found, in this case, that Transcorp Power Plc has done exactly that,” he said.
“We have been able to ensure compliance with all of the deliverables and, in some cases, even exceeding the covenanted deliverables in the PAP.”
On his part, Alex Okoh, director-general of BPE, said the discharge certificate became necessary after an evaluation showed that UPP’s generation capacity under Transcorp Power grew by 227 percent in a decade.
“Following a capacity determination and validation of Ughelli Power PLC by the consultants engaged by the National Council on Privatisation, it was determined that generation capacity had increased by about 227 per cent from the operational status of 300 megawatts at the point of handover in 2013,” Okoh said.
“The company has achieved an available capacity of 680.8 megawatts, which surpasses the minimum performance target of 670 megawatts.
“Capital expenditure totaling N58.6 billion was the covenant established or phases one and two of the post-acquisition plan, while actual investments made by the current investor were in the sum of N83.85 billion.
“All the agreed benchmarks on human resources, health, safety and environment and corporate social responsibility have also been achieved.
“Your Excellency, having exceeded the minimum performance targets and having fulfilled all the agreed obligations, the National Council on Privatisation at its meeting on April 4, 2023, considered and approved the recommendations of the Bureau and its requests that the company, Ughelli Power PLC be approved for delisting from routine monitoring.”
Senate Defers Valedictory Session to Saturday
Trailed by unresolved wrangling over the election of its principal officers in the 10th assembly, the Senate yesterday postponed its earlier announced valedictory session.
The Green Chamber is yet to agree on who occupies what position in the incoming Senate principal officers’ election, following the All Progressives Congress (APC) to allocate the positions to the six geo-political zones of the country.
The APC National Working Committee (NWC) had zoned the Senate Presidency of the forthcoming 10th National Assembly to the South-South; and the Speakership of the House of Representatives to the North-West.The party also zoned the Deputy Senate Presidency to the North-West, and Deputy Speakership to the South-East.
President of the Senate, Ahmad Lawan, announced yesterday that the Senate has rescheduled its valedictory session to Saturday.
On the other hand, the House Representatives yesterday held its Valedictory Session.
Lawan had announced on Tuesday that the Upper Chamber would hold its valedictory session on Thursday.
The Senate President told members of the Senate Press Corps that the shift in the date was due to a scheduled meeting of President Bola Ahmed Tinubu with the lawmakers of the incoming 10th National Assembly on Thursday.
The Senate held plenary on Tuesday as well as yesterday.
“By the grace of God, we will still hold plenary today and then our valedictory session will be on Saturday.
“It is because tomorrow, Mr President, President Bola Ahmed Tinubu will be meeting with the Senators-elect and members-elect at 2pm.
“And we believe that a session as significant, important, historical and memorable as valedictory session of the Senate requires a whole day. Not one, two, three hours. And therefore we pushed it to Saturday,” Lawan said.
The Ninth Senate officially ends its four-year tenure on 11th June, 2023.
Lawan hinted that the 10th Senate would be inaugurated on Tuesday, 13th June, 2023.
Memories, Emotions as Reps Dissolve 9th Assembly
By Eze Okechukwu & Ubong Ukpong, Abuja
Memories and emotions went high yesterday during the valedictory session of the House of Representatives, as Speaker Femi Gbajabiamila officially dissolved the 9th assembly.
Rep. Alhassan Ado-Doguwa, the Majority Leader of the House, had moved a motion to commence the valedictory session, while Rep Ndudi Elumelu, the Minority Leader seconded the motion.
Gbajabiamila, in his valedictory speech, said: “I will miss all of you and miss this house, you have enriched my life and I cannot express how much you have impacted the house.
In an emotion laden speech, Gbajabiamila said the joint efforts in nation building by members were to ensure that the dreams of the nation’s founding fathers did not die.
“We have come, we have seen and while we are yet to conquer, my enthusiasm to serve remained undiminished,” he said.
According to him, it has been the honour of his life to serve the people of the country.
“I thank my constituency and I express gratitude to my colleagues for the privilege to serve.”
He said since he assumed office, the house had changed drastically in such a manner he had not witnessed, adding that the change came with speed as witnessed in the last four years.
He said the 9th House of Reps had governed well with some interventions, including COVID-19 pandemic, Police Reform Bill, Electoral Acts Amendment Bill, Constitutional Review, among others.
“We have worked to take advantage of social and economic transformation that benefit us; we have left our mark on every sectors of our national life,” he said.
He said the House was able to introduce discipline on the Appropriation Act that now commenced from January to December of every year.
According to him, the 9th House of Reps has ended and the 10th will commence.
“I urge you to ensure that you are not found wanting by man or God in the final judgment.”
Also, Rep. Julius Ihovhre (APC-Edo), said he would forever cherish the friendship he made in the 9th assembly, adding that such relationship would last forever.
He commended the speaker for leading the house well and perfectly and demonstrated that he could manage a diverse group of people.
“In your new roles as the Chief of Staff to the President, the challenges you will face are more than here, we plead with you not to abandon the spirit of excellence,” he said.
He said Nigeria required the kind of leader with a sense of mission, while urging Gbajabiamila to ensure the Federal Government paid attention to basic education.
Rep. Luke Onofiong (PDP-Akwa-Ibom) said members had made relationships that would last forever and commended his constituency for giving him the privilege to serve.
He commended the speaker for accommodating members and relaxing the rules to give new members a voice, noting that the speaker was gentle enough to accommodate their errors.
He urged the house to take the judiciary seriously with salary review.
Rep. Yusuf Gadgi (APC-Plateau) on his part said, “In my constituency, Muslims are 30 per cent while Christians constitute 70 per cent but they have always sent me here and for using me as a good example of how Nigeria should behave.
“What I want to say is the message of forgiveness, I want, on your behalf and other members, to forgive one another. In this assignment, we must have offended one another.
His comment on forgiveness generated some uproar, as members grumbled endlessly.
Unperturbed, Gagdi said “irrespective of the grumbling, what is right is right and people must learn to forgive others”.
Rep. Aisha Duku (APC-Borno) expressed gratitude for the opportunity to serve as the first woman to represent her constituency.
“Mr Speaker you have blessed me to bless others, I have changed the perspective of politics in my area because this is the first time that a Fulani woman and a Muslim will come out from that area.
“I have been able to enlighten people and bring out the women to vote, which hitherto they had not.
“I have participated in Bills assented to by the president and today they are laws, I commend my committee as the Chairman, House Committee on INEC, for supporting me.
Duku said she was now a better Nigerian, as she traveled to a lot of places in the country but her only regret was that no gender bill was passed.
In attendance at the session of the 9th assembly were former speakers, House Leader such as Gali Na’abba, Patricia Etteh, Mulikat Akande and some former clerks of NASS.
Tinubu Directs NEC to Work on Subsidy Removal Palliatives
By Mathew Dadiya, Abuja
President Bola Tinubu, yesterday directed the National Economic Council (NEC) led by Vice President Kashim Shettima to device an approach and begin the process of working on interventions to mitigate the impact of subsidy removal on the Nigerians.
Governor of Ogun State, Dapo Abiodun, stated this after leading some major oil marketers on a courtesy visit to the President at the State House in Abuja.
Addressing correspondents after the meeting, Abiodun, who was a former chairman of the oil marketers association, stated that the marketers expressed solidarity with the President for removing the N4trn subsidy burden, a move that can enhance the Federation Account Allocation Committee (FAAC) allocation to states.
The group of marketers subsequently announced their intention to donate to 50 to 100, fifty-seater mass transit buses that would run on CNG, costing N100m each and N10bn cumulatively, to cushion the effect of the removal within the next 30 days.
They are hoping other corporate bodies can emulate their action.
The President’s meeting with the oil marketers comes amid the controversy and protests trailing the removal of subsidy on Premium Motor Spirit known as petrol.
President Tinubu, during his inaugural speech on May 29 at the Eagle Square in Abuja had announced the removal of subsidy payment on petrol. The President said that the immediate past administration of Muhammadu Buhari did not make provisions for subsidy in the 2023 budget beyond June.
Many Nigerians had expected that the new price regime would come into effect by July 1 but almost immediately after the presidential pronouncement, queues resurfaced at filling stations across the country even as retail outlets hoard the product and increase prices.
Already, a litre of petrol is being sold at over N500 across the country following NNPC price adjustment and the presidential pronouncement on subsidy removal.
Fuel queues have since surged for the vital commodity, compounding the traffic situation in parts of the country, even as transportation cost skyrocket to more than 100% increment.
The Organised Labour had resolved to embark on a nationwide strike beginning Wednesday but was restrained by a court order of Monday, June 5, 2023. The Organised Labour subsequently shelved its planned strike after a meeting with the Federal Government late Monday.
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