Economy
Privatisation: Quest Electricity Ltd. pays N19bn for YEDC, Invests N28bn
Quest Electricity Nigeria Ltd. has paid N19 billion to acquire Yola Electricity Distribution Company (YEDC), the Bureau of Public Enterprise (BPE) has said.
Mr Alex Okoh, the Director-General of the Bureau of Public Enterprises (BPE), said this in a statement issued, on Monday in Abuja, by Amina Othman, Head, Public Communications of BPE.
He said the company would invest N28 billion to transform the company over a period of two years.
According to the statement, Okoh made the remarks at the signing ceremony of the Share Sale and Purchase Agreement (SSPA), for the privatisation of Yola Electricity Distribution Company (YEDC).
He also said the new investor was committed to improving the quality of life of the inhabitants in the North East geopolitical zone, through aggressive investment drive, thereby providing an economic tool for combating the insurgency in the region.
The DG said this investment would be utilised to carry out an extensive upgrade of the company’s electricity distribution network.
He added that it was expected that the investment would deliver results within a five-year period.
He said the results included reduction in Aggregate Technical, Commercial and Collections (ATC & C) losses from the current level of 80 per cent, which was the highest in the industry, to 29 per cent which translated to a 51 per cent loss reduction.
He stated that the customer base increased from 396,650 to 596,650, a 50 per cent growth and a significant increase in energy supplied from 1,305 Gigawatt Hours (GWh), to 1,714GWh.
He said similarly, as a result of the aggressive investment drive by the investor, it was expected that the increase in energy supply would stimulate economic growth and development in the region.
This, he said, would be through the creation of new industries and opportunities, attracting much needed investment and boosting job creation.
He acknowledged the rigorous process of the negotiation, which took place in the wake of the COVID-19 pandemic and its crippling impact on economic activities as well as the challenging operational environment in the North East region of the country.
Okoh, however, said it was a testament to the commitment and doggedness of the parties to deliver on the transaction and the high collaborative spirit between the Federal Government and the core investor.
“Moreover, it is a clear indication that there is still a significant level of interest on the part of investors in the Federal Government’s reform and privatisation programme.
“Notwithstanding the challenges in the power sector and the reaction that has trailed the privatisation process, this continued interest shows that the Federal Government took the right decision in reforming the power sector,” he said.
Mr Adamu Mele, the Chairman of Quest Electricity Ltd., acknowledged the insecurity in the company’s area of franchise, but assured that it would work round it to transform the distribution company within a short time through infrasctrucure upgrade.
The BPE recalled that following the approval of the National Council on Privatisation (NCP) for the privatisation of YEDC and the conclusion of a competitive and transparent bidding process, Quest Electricity emerged preferred bidder, with a bid price of N19 billion. (NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
The Oyo State Stakeholder Forum says Chairman of Federal Inland Revenue, Mr Zeech Adedeji, will revamp Oyo State Internally Generated Revenue (IGR) if contests and wins the 2027 governorship election.
Mr Jelili Akande, the convener of the Forum, said this at a news conference in Abuja on Tuesday.
According to him, as Governor, Adedeji will modernise Oyo State’s tax administration system, making it more inclusive, transparent, and technology-driven.
“His strategy will involve the deployment of innovative tools to identify untapped revenue streams, expand the tax base, and ensure that every taxable entity contributes fairly to the state’s development’’, he told newsmen.
He said central to the transformation would be a shift from the traditional reliance on federal allocations to a robust IGR framework.
According to him, by leveraging data analytics and automation, Adedeji would aim to reduce leakages, improve compliance, and make the tax process seamless for individuals and businesses alike.
Akande urged the state government to embrace the template of FIRS chairman to improve the IGR.
He said Adedeji’s tenure at FIRS was marked by strategic reforms that had improved efficiency and transparency.
“Key among these achievements is the introduction of a digital tax filing system, which has streamlined tax processes and minimised leakages.
“This technological transformation has made compliance easier for businesses and individuals alike, leading to a significant increase in tax revenues,’’ he said.
According to him, Adedeji championed public-private-partnerships to create awareness about tax compliance, ensuring that more businesses became part of the formal economy.
He said the FIRS boss’s efforts had not only widened the tax net but had also restored public confidence in how tax revenues are utilised. (NAN)
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