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Total Darkness Looms as Egbin Cries out Over N110Bn Debt

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Mr Dallas Peavey, managing director, Egbin Power Plc, yesterday has warned that the country is heading towards another blackout by next week as liquidity, poor transmission and gas supply issues stand against its operations.

Egbin Power Plc, largest power generation company in Nigeria, is indebted to banks, gas producers and Korean Electricity Power Company (KEPCO).

Egbin doubles as biggest single power generating station in Africa with an installed capacity of 1320 megawatts consisting of six units of 220MW each.

Peavey speaking on the dropped in generation at an interactive session with journalists yesterday said the plant was being forced to gradually shutdown due to adverse effect of grid instability that endangers its turbines.

He said inadequate gas supply to generate at optimal capacity as well as the huge debts owed the company by federal government owned Nigerian Bulk Electricity Traders (NBET) and Market Operator are posing serious threat to the plant operations.

According to him, Nigeria’s electricity supply may get worse in the coming weeks as liquidity, transmission and gas supply issues are threatening the operation of its biggest power station, Egbin.

“Egbin power plant is one of the biggest single power generating stations in Africa, with an installed capacity of 1320 MW consisting of 6 units of 220MW each.

“Following the conclusion of the government’s privatization exercise in November 2013, the consortium formed by the partnership between New Electricity Distribution Company and the Korean Electric Power Corporation (NEDC/KEPCO) acquired Egbin Power plc,” he said.

He said the effect of the debt has become worse for the company owing to the fact that it is owed N110billion. He said: ‘‘We owe gas companies, technical partners (KEPCO) and our lenders. We have made massive investments in making the plant readily available to generate electricity sustainably but unfortunately, we can’t break even due to the gross inefficiency in the value chain.

‘‘The government guarantees to pay us for every megawatt we generate and sell to NBET but they have not done that. We just got paid for the month of December, 2016, three months later and we were only paid a paltry 28 per cent out of the total 100 per cent  of the verified and accepted invoice for that month.

‘‘That is how the outstanding debts kept accumulating for three and half years now.’’ He also said that eventually these unbearable business operating circumstances and conditions will shut us down any moment if it persists. “That is the simple but bitter truth. On transmission the company had reached 1,100 MW while the installed capacity is 1, 320 MW.

‘‘The grid could not take the power because of the capability issues within the Transmission Company of Nigeria system. We are constrained and limited to generate about 350MW daily due to both TCN system operations and inadequate gas supply issues.

‘‘So, 70 per cent of our output is lost because available power can’t be evacuated. When you get good news from TCN that you can increase your generation, we will be faced with not enough gas and when there is gas, you have TCN issues. So, you have one, you don’t have the other.

“Let me be honest, if Egbin fails, it’s going to be dark as Egbin provides close to 30 per cent of Nigeria’s power, so let the required intervention be completed and urgently too, however, the Egbin turbines are ready to light up Nigeria,” Peavey said.


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NCC Board Chairman Alleges Threat to His life by Agents of DG

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Tonye Jaja, chairman, Governing Board of the Nigerian Copyright Commission (NCC), has raised the alarm over alleged threat to his life by agents of John Asein, director general of the agency.

NCC Board Chairman Alleges Threat to His life by Agents of DG

He disclosed that an unnamed member of the NCC Governing Board had threatened his life through phone calls and SMS messages.

The Board Chairman, who made the claim in a statement, titled: “Notification of threats to my life and reputation in the line of duty as chairman of the Governing Board of the Nigerian Copyright Commission,” ‎said the development followed statements he submitted to the Code of Conduct Bureau and the Independent Corrupt Practices and other related offences Commission as part of ongoing investigations into allegations against Asein. ‎

According to Jaja, Asein is being investigated over alleged conflict of interest and abuse of office, among other offences.

The chairman of the NCC Governing Board also alleged that Asein and his agents have vowed to destroy his reputation through publications in the media.

The statement read: “Yesterday, I received a verbal threat during a telephone call and an SMS from one member of the Governing Board of the Nigerian Copyright (NCC).‎

“In a nutshell, he threatened that he will use online newspapers and other means to disgrace me and rubbish my reputation.

“His annoyance and threats is not an isolated incident, it is part of a coordinated onslaught of threats, publications of propaganda and other acts of reprisal targetted against me in my capacity as the Chairman of the Governing Board of the Nigerian Copyright Commission (NCC).

“The persons behind this have gone to the illegal extent of forging certain documents and leaking government official documents to Online newspapers in their desperate attempts at smearing my hard earned reputation.

“The Office of the Inspector-General of Police is currently investigating one of such incidences.

“All this smear campaign is because I ‎was invited by the Code of Conduct Bureau and the ICPC as part of their investigation of Mr John Asein the Director-General of the Nigerian Copyright Commission (NCC) whom they are investigating for allegations of conflict of interest and abuse of office, etc.

“‎As a responsible and law-abiding citizen,  who could not disobey the invitation of the ICPC and the Code of Conduct Bureau, I went to the High Court of the Federal Capital Territory (FCT) and deposed to an affidavit to confirm the veracity of the written and oral statements that I submitted to the Code of Conduct Bureau.

“Instead of these persons to apply the same steps of going before the High Court of the Federal Capital Territory (FCT) or any other court of Justice in Nigeria to swear an affidavit and oath on the pain of perjury, in support of any statements they are making, they have resorted to peddling fake news, falsehood and false, unsubstantiated allegations through the pages of online newspapers and other social media platforms.

“In recent times, their anger and onslaught has intensified because their attempts to “kill” and “bury” the investigations proved abortive considering that the ICPC, the EFCC and the Code of Conduct Bureau continued with the investigations which they had previously in an online newspaper described as the petition against Mr. John Asein as jokers.’”

The Governing Board Chairman added that anybody who is sincerely interested in knowing and verifying the truth of the allegations against Asein can make Freedom of Information requests to the Department of State Services, ‎Chairman of the ICPC,‎ Chairman of the Code of Conduct Bureau, Acting Chairman of the Economic and Financial Crimes Commission and Inspector-General of Police through the Assistant Inspector General of Police in Charge of the Federal Investigations Bureau.

 


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Health Plus Accuses Foreign Firm of Attempt to Fraudulently Takeover Business

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Health Plus, a pharmaceutical company, has accused Alta Semper Capital, a foreign private equity firm (PEF), of a fraudulent attempt to take over its business.

Health Plus Accuses Foreign Firm of Attempt to Fraudulently Takeover Business

In a rejoinder to a press release earlier issued by the PEF, Health Plus dismissed the appointment of Chidi Okoro as chief transformation officer and the claim that Olubukunola Adewunmi George, chief executive officer, remains a director and shareholder

Health Plus stated that it entered into a five-year partnership with Alta Semper Capital in 2018 to inject fresh capital to further grow the business.

George, the rejoinder stated, was prepared to give PEF a controlling stake in order for them to realise their investment.

However, it added, PEF started working of schemes aimed at taking over the business after seeing the vastness of the Nigerian market.

PEF, according to Health Plus, deliberately starved the company of funds, neglected its obligations to the business, appointed Okoro as CTO and was running the company in utter disregard for George’s wishes.

The Chairman of the Board of Directors was said to have resigned two days ago while another director resigned five weeks ago over the debilitating effect of the impasse on the company.

The rejoinder stated that George had, in May 2020, instituted a suit at the Federal High Court (FHC/L/CS/609/2020) seeking to stop HealthPlus Africa Holdings Limited (the investment vehicle used by Alta Semper Capital and which they control) and their nominee directors from continuing to run and manage the company with disregard to her interests as a member of the Company.

After being served the court summons, PEF appealed for a mediation of the crisis outside court, a process frustrated after three meetings in three months.

Alta Semper thereafter filed an arbitration claim in England.

“Alta Semper’s latest actions, including the arbitration claim that it has now filed, constitute a serious affront to the authority of the Court seised of the suit, a desecration of the integrity of the Nigerian judicial system and a gross violation of Nigeria’s extant legislation.

“The General Public, the Pharmacists Council of Nigeria, our Staff, loyal Customers, Vendors, Landlords, Bankers and all Stakeholders are advised to totally disregard and ignore the earlier unauthorised Press Release from those who have no real stake in the Company, its employees or Nigeria.

“Mrs. Bukky George remains the Founder & CEO of the Company and is focused on preserving and growing this national treasure,” the rejoinder read.

 

 

 


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Labour Vows to Shut Down Airports, Banks, Others from Today

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Organised Labour in Lagos State has said all sectors would be shut from Monday.

Labour Vows to Shut Down Airports, Banks, Others from Today

Amaechi Asogwuni, deputy vice president, Nigeria Labour Congress (NLC), spoke at a news conference on Sunday, said airports, banks, and offices would not be allowed to function.

“No airport will be in operation in Nigeria; banks are not expected to function, so no business owners should risk himself, for Nigerian workers have taken that decision”, NAN quoted him as saying.

“We are the workers and we are withdrawing our services; we have the right to do so because protests are our constitutional right. And I believe we will enforce it; schools shall remain closed until this action ends.”

The labour leader appealed to Nigerians to join the protest.

He reminded them that it was part of their quota to democracy.

On the increase in petrol price, Asogwuni said the federal government should have engaged the organised labour and other stakeholders.

“The government did not do that at a time it ought to; it failed in its duty to engage labour before time. On the issue of electricity, the government had earlier had an interaction with labour in Kano and we discouraged it from proceeding.”


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