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Sahara Power Group partners with South Sudan for power sector development

In keeping with its vision to ‘Light up Africa’, Sahara Power Group (SPG) has signed a Memorandum of Understanding (MoU) with the South Sudanese Ministry of Energy & Dams to develop the country’s power sector in the generation, transmission and distribution spaces.

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Aerial Shot of Egbin Power Plant

In keeping with its vision to ‘Light up Africa’, Sahara Power Group (SPG) has signed a Memorandum of Understanding (MoU) with the South Sudanese Ministry of Energy & Dams to develop the country’s power sector in the generation, transmission and distribution spaces.

The MoU would enable Sahara Power, one of Africa’s largest vertically integrated utilities companies expand the remit of its East African operations as well as develop the infrastructure necessary to grow the power sector and engender capacity building for economic transformation.

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Group Managing Director, Kola Adesina said “We consider this to be another landmark and major milestone in our quest to facilitate fast paced development in Africa through seamless power supply. We are already working with the Republic of South Sudan (RSS) to develop a dedicated crude oil processing plant to guarantee steady and adequate supplies to the power plants as and when needed. We believe this sort of end-to-end approach is necessary to make electricity a readily available resource to the people of South Sudan.”

The RSS and SPG would also collaborate to develop transmission backbone infrastructure and the establishment of the grid code. There will be further collaboration between the two parties on the Environmental Impact Study, Load Evacuation Study and overall project development.

SPG aims to achieve financial close on the proposed transaction in 2019.

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SPG is one of the largest privately run power conglomerates in Sub-Saharan Africa with interests in Egbin Power Plant, Ikeja Electric and First Independent Power Ltd. The organization is also working assiduously to launch a scheme to generate power into the sub-region through the West Africa Power Pool.

Adesina concluded “We have high hopes for this partnership with the Ministry of Energy and Dams and anticipate the commencement of the project in 2019. Developing the power sector brings the government closer to its vision for transforming the socio-economic landscape for the people of South Sudan. We are honoured to have been chosen as a strategic partner.”

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Business

Just in: Fuel scarcity looms as NUPENG directs Tanker drivers to withdraw services in Lagos

This was disclosed in a press statement by NUPENG on Friday, August 7, 2020.

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The scarcity of petroleum products appears to be looming in Lagos as the leadership of Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) has directed its members to withdraw its services in Lagos with effect from Monday, August 10, 2020.

This is due to the failure of government authorities to address the various issues that have been causing serious pains and harrowing experience on the petroleum tanker drivers in the state for several months now.

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This was disclosed in a press statement by NUPENG on Friday, August 7, 2020.

 

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President Buhari signs amended Companies Allied Matters bill

The President’s action on the document repealed and replaced the extant Companies and Allied Matters Act, 1990.

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Budget: FG completes just 31.7% of constituency projects, Nigerians react to President Buhari's signing of Finance Bill 

President Muhammadu Buhari has assented to the Companies and Allied Matters Bill 2020, which was recently passed by the National Assembly.

This was disclosed in a statement signed by a media aide of President Buhari, Femi Adesina and shared by the Personal Assistant to the President, Bashir Ahmad, via his Twitter handle.

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According to the statement, the President’s action on the document repealed and replaced the extant Companies and Allied Matters Act, 1990, and introduced several corporate legal innovations geared toward enhancing ease of doing business in the country.

Key innovations in the new Act:

* Filing fee reductions and other reforms to make it easier and cheaper for small and medium-sized enterprises to register and reform their businesses in Nigeria;

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* Allowing corporate promoters of companies to establish private companies with a single member or shareholder, and creating limited liability partnerships and limited partnerships to give investors and business people alternative forms of carrying out their business in an efficient and flexible way;

* Innovating processes and procedures to ease the operations of companies, such as introducing Statements of Compliance; replacing “authorised share capital” with minimum share capital to reduce costs of incorporating companies; and providing for electronic filing, electronic share transfers, e-meetings as well as remote general meetings for private companies in response to the disruptions to close contact physical meetings due to the COVID-19 pandemic;

* Requiring the disclosure of persons with significant control of companies in a register of beneficial owners to enhance corporate accountability and transparency; and

* Enhancing the minority shareholder protection and engagement; introducing enhanced business rescue reforms for insolvent companies; and permitting the merger of Incorporated Trustees for associations that share similar aims and objectives.

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Business

Update: FG extends second phase of eased lockdown by another 4 weeks

This is the third time the second phase of the eased lockdown is being extended.

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President Buhari may sign 2020 Budget tomorrow, President Buhari approves N37 billion for National Assembly renovation, President Buhari appoints Sarki Auwalu to head DPR , FG may stop interstate and inter-town travels, COVID-19: President salutes Elumelu, Dangote, Atiku, Banks, others for support, Naira export earnings, Covid-19: FG to set up N500 billion intervention fund, sovereign wealth, FG issues guidelines on implementation of gradual easing of lockdown nationwide

President Muhammadu Buhari has approved the extension of the second phase of eased lockdown by another 4 weeks.

According to a monitored media report, this is the third time the second phase of the eased lockdown which is currently observed across the country is being extended

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The disclosure was made by Boss Mustapha, the Secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19, during the Task Force briefing in Abuja on Thursday.

READ MORE: China will not accept any Microsoft-TikTok deal

The Federal Government had on July 27 extended the current lockdown by an additional one week due to the Sallah celebration on July 29.

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Mustapha disclosed that the extension followed the briefing and recommendation to President Muhammadu Buhari on Wednesday on the progress made so far by Presidential Task Force in containing the spread of Covid-19 and keeping citizens safe from contracting the virus.

The PTF Chairman noted that they made a couple of recommendations to the president and the extension of the current phase of ease of lockdown was one of the ones approved.

READ MORE: NCC initiates second phase of sim deactivation, disables 2.2 million lines

He revealed that in the recommendation that was made to the president about retaining the current phase of the lockdown, the PTF made some minor changes to address the economic, socio-political concerns of Nigerians.

Under the current extended second phase, the current curfew of 10 pm to 4 am is still in force, civil servants on grade level 12 and above are now to resume work fully and close by 4 pm and no longer 2 pm that currently operates. He, however, said that virtual meetings by government officials and parastatals will be maintained.

He also said that while the restrictions on recreational parks have been lifted for non-contact physical activities, the ban on entertainment centres will be sustained.

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Mustapha explained that despite the accomplishments and challenges, some challenges continue to pose a considerable concern. Some of them include increased non-compliance with non-pharmaceutical prevention measures, lack of enforcement of necessary guidelines issued to preserve lives, insufficient engagement by some states with the national response, and lingering concern about the gap between identified cases and the actual burden of disease.

He also talked about apathy, fatigue and disbelief combining to challenge public enlightenment, compliance and behaviour change.

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The SGF said that to address these challenges, the PTF decided that it was important to ensure that restrictions were not completely relaxed in order to control transmission.

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He noted that it was also important that at this Community Transmission Phase of the pandemic, sub-national governments should step up to take more responsibilities by owning the response.

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The various state authorities and the Federal Capital Territory were mandated to enforce non=pharmaceutical guidelines, the use of face masks in public appearances and places.

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