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Gencos Accuse DisCos of Hiding Accounts

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The crisis in the Nigerian Electricity Supply Industry (NESI) got messier as the electricity generation companies (Gencos) asked the electricity distribution companies (DisCos) to open their account books for scrutiny.

Whereas the DisCos had condemned the request from the Nigeria Electricity Regulatory Commission (NERC) to escrow their accounts, the Gencos under the auspices of Association of Power Generation Companies (APGC), described it “as not just a welcome development but also a wake-up call to all participants in the electricity market.”

Dr Joy Ogaji, APGC Executive Secretary, who addressed reporters in Abuja yesterday, recalled that a fortnight ago the Association of Nigerian Electricity Distributors (ANED) likened the move to centralise their revenue accounts to the nationalisation of the Discos.

Ogaji expressed surprise that Discos are churning out stories and “crying wolf” to gain consumers’ sympathy whereas the NERC enacted the tariff with their consent.

She added that “there is something that Discos are not telling the people. What government is calling for is not just escrowing but visibility.”

She, however, explained that the electricity sector is a value -chain that needs to be remunerated as applicable covering the cost of generation, transmission and distribution.

The Gencos, according to her, are entitled to “60% of markets remittance as they not just generate power but also pay for gas supply and gas transportation. Transmission charge cost 11%, distribution gets 25% while the remaining 4% is meant for regulatory charges and NBET.

” The revenue referred to by the distribution companies are not their personal revenue but market funds to which they were made trustees to collect and remit.”

Continuing, Ogaji revealed that the poor remittance of market funds by the DisCos has prevented the rest of the electricity value-chain from meeting up with their operations and also service their liabilities which includes gas payments.

The APGC said that Gencos, the supply sector of the industry, can no longer perform required scheduled maintenance and also pay for gas supply.

This, she said, has made the need to monitor the flow of market funds necessary to enhance transparency in the market and also give the regulator the ability to identify the issues that will progress the sector and act accordingly in advising the government and stakeholders where funds actually needs to be plugged into in order to bring about self-sustenance and competitiveness.

According to her, the federal government are now owing the Gencos over N500billion that excludes interest, which has made paucity of cash the major challenge of the operators.

Asked to comment on the N701 government intervention that is underway for the power sector, she said the Gencos were not consulted but only read about it in the newspapers.


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Glo Urges Workers to Reflect on Furthering National Growth on May Day

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Telecommunications services provider, Globacom, has admonished Nigerian workers to reflect on more ways of contributing further to the growth of the country.

In a solidarity message on the occasion of the 2024 International Workers’ Day, the company noted that Nigerian workers were resilient in spite of the challenges they encounter in the course of discharging their duties.

The telecommunications giant further noted that the story of Nigeria cannot be adequately chronicled without acknowledging the immense contributions of workers, both in the public and private sectors.

The day is observed on May 1 yearly in recognition of the contributions of workers all over the world and to advance fairer and more sustainable future by advocating for workers’ rights.

“We salute Nigerian workers on this day and commend them for the hard work, commitment, resourcefulness and industry which are essential for the growth of the economy of any nation,” Globacom said.

 


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CWG Board of Directors Approves 400% Increase in Dividend Payout

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CWG Plc has announced a significant milestone in its commitment to delivering value to shareholders. Following a thorough review of the company’s financial performance and outlook, the Board of Directors has approved a substantial increase of 400per cent in dividend payout to shareholders.

This decision reflects CWG’s confidence in its financial stability, growth trajectory, and ability to generate sustainable returns. By enhancing the dividend payout, CWG aims to reward shareholders for their continued trust and support while reaffirming its commitment to creating long-term value.

Mr. Philip Obioha, Chairman of the Board of Directors at CWG Plc, said, “The decision to approve a 400% increase in dividend payout underscores our confidence in CWG’s performance and outlook. We are dedicated to delivering value to our shareholders and believe that this significant dividend increase is a testament to our commitment to shareholder value creation.”

This increase in dividend payout aligns with CWG’s strategic objectives to prioritize shareholder interests and maintain strong financial discipline. The Board remains committed to prudent financial management and sustainable growth, ensuring that CWG continues to be a reliable investment for shareholders.

As CWG continues to execute its growth strategy and expand its presence in the market, the Board anticipates that the increased dividend payout will further strengthen investor confidence and support CWG’s vision for the future.


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Prof. Aliyu, AI Practitioner to Keynote ABoICT 2024

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CommunicationsWeek Media Limited, a certified global ICT company with over two million online subscribers, is delighted and proud to announce Prof. Yakub Aliyu, as the keynote speaker at Africa’s Beacon of ICT Merit and Leadership Distinguished Lecture series 2024.

 

Aliyu, will be speaking on the theme: Artificial Intelligence (AI): The Good, The Complex and The Anticipated”, this leans heavily on the fact that AI changing our lives– we just need to know where to look today.

This year’s rebranded Africa’s Beacon of ICT Merit and Leadership Distinguished Lecture/Awards Series is slated for Saturday, May 25, 2024 at the Four Points by Sheraton, Lagos.

The event is the most prestigious annual event that brings together captains of industry in both technology and financial worlds.

According to Ken Nwogbo, CEO, Communication Week Media Ltd, organisers of the ABoICT Distinguished Lecture/Awards Series, “the choice of Prof. Yakub Aliyu is deliberate because of his exceptional career in Artificial Intelligence (AI)”.

He added that, AI is considered to have the potential to instigate a fourth industrial revolution,1 and is dramatically changing people’s patterns of interaction and economic activities.

“The traditional factors of production and physical capital and labour may no longer promote substantial economic growth. It is generally believed that AI will be one of the most important factors determining future economic growth,” he said.

A professor of microelectronics and a scholar-practitioner in artificial intelligence and deep machine learning for industrial applications and high-speed application processors. His research interests include Multimodal AI models for high-efficiency industrial robot applications and Human AI interactions.

He also has adjunct academic professorships at five African, USA, and UK universities. Holds a BS in Applied Physics Electronics from Karlsruhe and A Bello Universities in Germany and Nigeria, an MBA in International Business Management from the University of London, an MSEE (Master of Engineering, Electronics), and a Ph.D. in Electronics Engineering from the University of Wales.

Prof. Aliyu is the global quality director for Bourns Inc., Riverside, California, USA, an electronics system, and components manufacturer. I oversee quality functions in 21 factories worldwide.

He has also held quality and operational management leadership positions at National Semiconductors, Bell Labs-Lucent Technology, Texas Instrument, Global Foundries, and Roper Technologies USA.

Authored and coauthored over 30 Advanced Technology United States-issued patents in High-Speed Application Processors and Contributed to over 40 international impact Journals, chapters, and conferences; FASI, SMIEEE USA, MIEE UK, M. Inst pf Physics Chartered Phys and C Eng UK.

Past lecturers included Dr. Ernest Ndukwe, then executive vice chairman, Nigeria Communications Commission (NCC); Engr. Yomi Bolarinwa, former Director-General of National Broadcasting Commission (NBC); Dr. Jean Luc Fort, CEO at OR System France and a specialist in Counterparty Risk; and Professor Chris Nwagboso, Chairman, Knowledge Factory International, United Kingdom.

Others are: Uche Orji, managing director/chief executive officer, Nigeria Sovereign Investment Authority (NSIA); Biodu Omoniyi, Managing Director/CEO, VDT Communications; Ayotunde Coker, Managing Director, Rack Centre Limited; Peter Adedayo Arogundade, managing director and chief executive officer, Sidmach Technologies Nigeria Limited; Dr. Adewale Obadare, chief visionary officer, Digital Encode and John Obaro, CEO and founder of Systemspecs; Prof. Isa Pantanmi, minister of Communications and Digital Economy; Dr. Seyi Akindeind, co-founder, Digital Encode; Dr Krishnan Ranganath, Regional Director, Africa Data Centres.


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