News
FG Restores Gas Supply to 6 GenCos After Repair of Burnt pipeline
The Minister of Power, Works and Housing, said that it has repaired and restored the western gas pipeline that supplies about six power Generation Companies (GenCos) producing about 3,100 megawatts (MW), that was burnt six days ago.
Mr. Fashola who disclosed this on Monday at the 23rd power sector meeting in Lafia, Nasarawa state, said with the restoration, the affected power plants would ramp up generation in few days.
Meanwhile Mr Usman Gur Mohammed, the Interim Managing Director of the Transmission Company of Nigeria (TCN) shortly after Fashola commissioned a 60MVA high voltage transformer in Keffi, said processes are on to get a $486 million loan from the World Bank as part of funding to expand transmission infrastructures nationwide.
It would be recalled that the Escravos Lagos Pipeline System (ELPS) delivering gas to western based power stations was shut down last Tuesday after a fire incidence at Okada in Edo state.
The cut in gas supply to the six GenCos caused a power blackout after the national grid collapsed with power generation falling from over 4,000MW to 0.50MW.
The fragile system collapsed again on Wednesday with generation falling to the 52MW as the western states saw huge cut in their electricity load.
But Fashola announced that the pipeline was restored on Sunday and that Olorunsogo GenCo in the axis was beginning to receive gas.
He said: “I am happy to inform Nigerians that as at last night (Sunday), the Nigerian National Petroleum Corporation (NNPC) informed us that repairs have been completed.
“We thank and commend them for their response.
“What remains is to test the lines and restore pressure and supply to the GenCos.”
At the Keffi transmission station, Fashola said the new installation will improve electricity supply around the town and across other communities in the state which is part of federal government’s steps towards incremental power.
However, the TCN, Mr Mohammed in his address said the project was supported by the World Bank under Nigeria Electricity and Gas Improvement Project (NEGIP).
He said the $486m loan was to support government’s Transmission Rehabilitation and Expansion Project (TREP). “Through this process several transformers and substations will be completed in the first quarter of 2018,”
TCN said with the strengthening of existing transformers and power lines including the Lagos axis under it’s TREP programme, about 3,000MW additional capacity would be added to its current 7,000MW wheeling capacity shortly.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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