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Business News

FEC approves $64 million for Escravos power supply

Kachikwu made this disclosure after the FEC meeting at the Presidential Villa, Abuja.

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NIPP, GenCos to halt supply if NBET insists on new service charge, Gencos want Discos’ job as it seeks to sell electricity directly to customers , Nigeria secures $210 million facility to boost power infrastructure,

The Minister of State for Petroleum Resources, Ibe Kachikwu has disclosed that the Federal Executive Council has approved the sum of $64 million for power supply to communities around Escravos area in Delta State.

Kachikwu made this disclosure after the FEC meeting chaired by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

The approved fund, according to the Minister, is expected to halt the N18 million spent monthly by the Nigerian National Petroleum Corporation (NNPC) to supply power to the area.

Recall that the NNPC had announced the completion of repairs of Escravos pipeline. In addition, gas supply to power generating companies has been restored.  The Federal Ministry of Power, Works and Housing had in a statement released last week promised to restore power as soon as possible.

Shutting down of pipeline meant that several power stations in the country had to be shutdown. They include the Egbin 1,320MW, Olorunsogo NIPP 676MW, Olorunsogo 338MW, Omotosho NIPP 450MW, Omotosho 338 MW, and Paras 60MW power stations.

The sudden loss of generation due to an interruption in gas supply from these stations caused the national transmission grid to trip off around 20:20 on 2nd January 2018, throwing a large section of the country into darkness. The national transmission grid is owned and operated by the Transmission Company of Nigeria (TCN).

Most of Nigeria’s power generation is from thermal power stations that require gas for fuel. The gas is produced by oil and gas companies overseen by the Ministry of Petroleum Resources. The gas is delivered to the power stations through pipelines owned and operated by Nigerian Gas Processing and Transportation Company Limited (NGPTC), a subsidiary of Nigerian National Petroleum Company (NNPC).

Escravos is located in Warri South-West Local Government Area of Delta State. Communities likely to benefit from the provision of power supply include Ugborodu, Ogidigben, Jaghala, Madagho and Ajidaibo.

Escravos also hosts two major multinational oil companies, Shell and Chevron. While Shell has three flow stations (Sagara, Otumara and Ogidigben), Chevron has its flow station offshore.

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Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Business News

Senate calls for the liberalization of cement policy to crash the price of the commodity

The Senate also tasked the FG on providing more industrial incentives to bring new players into the cement industry.

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BUA Cement

The Nigerian Senate has called for the liberalization of Nigeria’s cement policy to boost production and subsequently crash the price of the commodity in the country.

This motion was raised by Senator Lola Ashiru at today’s senate plenary, the senator also tasked the Federal Government on providing more industrial incentives to bring new players into the cement industry, in addition to the liberalization of the cement policy in Nigeria.

Ashiru explained that to reduce the price of cement and in extension, other building materials in the country, the Federal Government needs to provide an enabling operating environment that will encourage new entrants in the country.

The Senate in conclusion called on the FG to provide more industrial incentives and protections such as concessionary loans and larger tax incentives to encourage new entrants and expand the national cement production infrastructure, as this boost in production will lead to a downward review of cement price in Nigeria.

What industry leaders are saying

Earlier this year the founder of BUA Group, Abdulsamad Rabiu, called for the liberalization of Nigeria’s cement policy to boost production and reduce the price of the commodity.

The billionaire philanthropist faulted the belief that Nigeria is self-sufficient in terms of cement production, noting that recent statistics and figures on Nigeria’s population and cement production do not support this status of sufficiency in cement production as stated by some individuals.

He attributed the high price of cement products in the country to the supply gap which exists in the country, as the few producers who currently operate in the country are unable able to meet the country’s huge and growing demand.

The Group Executive Director, Strategy, Portfolio Development and Capital Projects, Devakumar Edwin, explained that the demand and consumption of cement in the nation currently outstrips supply, and this can be pegged on the growth in the country’s population, and the strong appetite for real estate investment and construction in the country.

He revealed that a supply gap of about 40% exists in the country’s cement market and that all players in the industry are working hard to level production with the rising demand in the country.

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Business News

Paypal’s Venmo now permits cryptocurrency trading

Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

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Venmo, a mobile payment service owned by PayPal has announced that it has started allowing users to buy, hold and sell cryptocurrencies on its app. Just like PayPal, Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, and users can carry out transactions with as little as $1 on the app

Founded in 2009, Venmo has over 70 million users and it is one of the most popular payment channels in the US. The payment platform processed around $159 billion in payments last year.

Since the app functions like a social network, adding cryptocurrency will offer a more user-friendly feel for people who love buying and selling crypto.

READ: 28 million merchants to be granted crypto usage on PayPal

As bigger companies show more interest in cryptocurrency, there will be wider adoption of virtual currencies in future. Venmo is the latest payment app that is offering support for cryptocurrency on its platform.

Paypal, the parent company of Venmo is one of the most active companies in the crypto space as it allows users to buy, sell and hold cryptocurrencies in their digital wallets. Paypal users can also spend their coins at millions of merchants globally.

Crypto on Venmo is enabled through PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.

What they are saying

Darrell Esch, Venmo’s Senior Vice President and general manager said “Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.”

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