Connect with us
SSN
Advertisement
IZIKJON
Advertisement
forex
Advertisement
Stanbic IBTC
Advertisement
Binance
Advertisement
Esetech
Advertisement
Patricia
Advertisement
Fidelity ads
Advertisement
app

Business News

NERC fines power firm N10.2 million over illegal supply of electricity

The Nigerian Electricity Regulatory Commission (NERC) in a bid to eliminate illegal generation and supply of large capacity volume of electricity without approval has fined Cummins Power Generation Nigeria Limited (CPGNL)

Published

on

power distribution NERC

The Nigerian Electricity Regulatory Commission (NERC) has fined Cummins Power Generation Nigeria Limited (CPGNL) the sum of at least 10.2 million.

According to NERC, the power company trespassed on the distribution network of Ikeja Electric, by supplying customers on IE’s priority feeders without the approval of the Commission. Ikeja Electric had also accused the company of tampering with the distribution infrastructure.

More Details: NERC said it investigated and found out that CPGNI was supplying electricity to Nigerian Carton and Packaging Manufacturing Company Limited (NICAPACO). More so, NICAPACO connected Fountain of Life Church in lIupeju without the approval of NERC.

NERC said it subsequently issued a Notice of Intention to Commence Enforcement (NICE) to the firm on January 30, 2019. CPGNI didn’t respond to this until February 11, 2019.

CPGNI’s Response:  The power company said it applied to NERC on June 28, 2016 for an off-grid generation licence to generate and supply 1.75 megawatts (MW) to NICAPACO following the commission’s procedures. It said there was no objection after 21 days of publishing a notice on the application. The response also noted that NERC did not send any correspondence to the company stating any objections to the application.

Consequently, the power company said it “took NERC’s silence as acceptance, in line with the Executive Order 01 issued by the Vice President for the purpose of ease of doing business.”

Note that NERC recently directed the immediate suspension of electricity supply to NICAPACO from CPGNl’s plants. It also ordered the decommissioning of the distribution infrastructure from NICAPACO to Fountain of Life Church and compensation of the DisCo for the loss.

The Nigerian Electricity Regulatory Commission (NERC) recently fined a third party electricity distributor in Lagos, PIPP LVI DisCo Limited the sum of N10,000 for each day that it allegedly supplied electricity illegally to customers that were not within its license terms.

Deal book 300 x 250

About NERC: NERC is an independent regulatory body with authority for the regulation of the electric power industry in Nigeria. It was instituted primarily to regulate the tariff of Power Generating companies owned or controlled by the government, and any other generating company which has a license for power generation and transmission of energy, and distribution of electricity.

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sports

Cristiano Ronaldo: The billionaire businessman you probably don’t know about

The mercurial Portuguese sets the bar for other professional footballers when it comes to making money off the pitch.

Published

on

Cristiano Ronaldo tests positive for COVID-19

When you hear the name Cristiano Ronaldo, what probably comes to your mind is the image of the exceptionally talented, handsome, and successful football player that has taken the term “world-class” to another pedestal.

Records upon records have been broken by this 36-year old, and the best part is that it seems he is not stopping anytime soon. However, there is more to football when it comes to the Portuguese. He is an avid businessman.

Yes, you heard that right. Ronaldo recently became the first footballer, and only the third sportsperson, after Tiger Woods and Floyd Mayweather Jnr., to hit the $1bn mark in terms of earnings. He cost over a $100m while swapping Real Madrid for Juventus back in 2018, while he will also earn close to $140m, if he stays for the entirety of his 4-year contract.  While his on-pitch successes have brought him a lot of fortune, he has made more off it.

He is 36 now, which means he is closer to the end of his career, and while many players opt to go towards the football line after their playing days are over, Ronaldo has consistently stated that he doesn’t see himself in football after he retires.

Since he clocked 30 years old back in 2015, he has been actively pursuing business opportunities that would continue to fetch him money even after he hangs up his boots.

This article highlights 4 ways in which the mercurial Portuguese has set the bar for other professional footballers when it comes to making money off the pitch.

The name of the game is endorsement

Ronaldo has been able to milk his public persona to good and effective use. He is adored by millions of fans all over the world for his consistency, excellence and longevity. These attributes make him the perfect fit for tons of businesses who jostle for his signature to be their brand ambassadors. His deal with Nike will see him earn at least $19m a year until he is 73 years old. He also has sponsorship deal with Herbalife, KFC, Castrol, and Samsung.

He has been able to leverage the sheer numbers of his followers across different social media platforms. He has 91m followers on Twitter, approximately 125m follow him on Facebook, while a whopping 266m people follow him on Instagram. A combined fan base of 482m means that he commands a high price for endorsements, as brands would pay over the odds to see him promote their goods and services.

Partnerships all the way

For all his success on the pitch, Ronaldo has astute business sense. In 2019, while speaking about his partnership with Insparya, a haircare group, Ronaldo said, “Alopecia is a very big problem in Europe and around the world and we want to help people improve their self-esteem and not be ashamed to come to us. This project is going to be a success, as we want to help the Spaniards and the Spanish economy.”

Ronaldo also has interests in the hospitality industry through his partnership with the Pestana Hotel Group. There are currently five hotels: one each in Lisbon and Madeira, his hometown while finishing touches are being put in place for three locations in New York, Madrid and Marrakech. CR7 Pestana Paris will also open in 2021, with the Portuguese looking at more premium locations to further establish his brand.

Varied Investment Portfolio

He also has a stake in Grupo Mabel Capital alongside Spanish celebrities such as Pau Gasol, Rafa Nadal and Enrique Iglesias. Grupo own the chain of restaurants called Tatel, which has presence in Madrid, Miami and famous resort and holiday town, Ibiza. He has also invested in Zela Restaurants, which has outlets in both London and Ibiza.

Ronaldo’s investments surely won’t seem right if he doesn’t own or run a fitness line. His determination to excel in his career has seen him reach unbelievable levels of fitness. His match recovery regimen and nutrition is well-known, which has seen him score an astonishing 300 goals since turning 30. In 2016, he agreed a partnership with Crunch Fitness, with two CR7 Crunch Gyms still running in Madrid.

He also has a creative agency named 7EGEND, whose credo, according to their website, is to “create innovative solutions and experiences, through the best thinking, strategy, design and engineering”. 7EGEND designed the websites for Valencia FC as well as the store for the Portuguese national team.

bitcoin train

Multiple businesses

CR7, as he is fondly called has well-known businesses and investments in fashion, namely high-end underwear and luxurious fragrances. His underwear line, CR7 underwear sell briefs, trunks, socks for men and boys. He also has a footwear brand that deals with a diverse product range including boots, slippers, casuals, as well as belts, wallets and bags.

Binance

Ronaldo does fragrances too. He is actively involved in the ideation, design, branding, as well as production of the different fragrances, selling other products such as aftershaves, shower gels, deodorants, as well as other men’s grooming products. There is also the CR7 Museu, a museum in his native Madeira. It showcases over 100 trophies and medals he has won in his prestigious career till date.

One Last Thing…

Ronaldo has earned praise for his remarkable 19-year football career but even more, praise should go his way for the way he has been able to manage himself off-pitch, which means that if he decides to retire today, he has his pick of what could be the next career for him. An astute businessman indeed.

Jaiz bank ads

 

Written by Ademola Kadiri

Coronation ads
Continue Reading

Sports

Manchester United announces Q2 2021 financial results, as net debt increases to £455.5m

According to Manchester United’s second-quarter financial results,.net debt grew to £455.5 million, an increase of £64.2 million.

Published

on

English top-flight club, Manchester United’s net debt has increased to £455.5m, a £64.2m (16.4%) increase compared to last year as the club reveals its latest reports for the second quarter of fiscal 2021.

The English club also revealed an operating profit of £48.5m a positive increment of £12m (32.9%) compared to that of last year as the top-flight club continue to adjust and adapt to the Covid-19 pandemic. The Old Trafford Stadium, Museum and Stadium Tour operations remain closed and also the Old Trafford based Megastore was closed on 31 December 2020 and remains closed due to the pandemic.

Key highlights include:

  • The club posted a total revenue of £172.8m, a profit of £4.4m (2.6%) compared to the £168.4m made at the same period last year.
  • United’s commercial revenue for the quarter was £62.6m with a drop of £8.0m (11.3%) compared to that of last year.
  • Sponsorship revenue was also down to £37.8m, a decrease of £7.3m (16.2%) compared to that of last year.
  • Retail, Merchandising, Apparel & Product Licensing revenue also dipped to £24.8 million, a decrease of £0.7 million, (2.7%) compared to that of last year.
  • Broadcasting revenue for the quarter was £108.7m which is an increase of £44.0m (68%) compared to the £64.7m made at the same period last year.
  • The revenue increase this quarter due to the participation of United in the UEFA Champions League compared to last year when they were in the Europa League.
  • United ended the quarter with net debt of £455.5m, an increase of £64.2m (16.4%) compared to a net debt of £391.3m last year.

Unsurprisingly, due to the effect of the pandemic, fans are restricted from entering the attending matches, matchday revenue fell drastically from £33.1m to £1.5m, a dip of £31.6m (95.5%) due to all matches being played behind closed doors compared to last year where nine home games were played with fans in attendance. However, the UK is expected to ease down lockdown measures in May which might see a return of fans to attend matches.

What they are saying

Manchester United Executive Vice Chairman, Ed Woodward said the following in the financial report:

  • “As we approach a full year since our last game with fans at Old Trafford, we reflect on an extraordinarily challenging 12 months for football and society as a whole. The rapid rollout of vaccines in the UK and beyond gives us confidence that we are now on a path towards normality, including the return of fansto stadia. While the disruption to our operations remains significant, we are pleased by the tremendous resilience the club has demonstrated through the pandemic, underpinned by the dedication of our people and the strength of our commercial business. We have been reminded of the importance of football as a source of community, entertainment and pride to fans around the world, even as we have sorely missed them at Old Trafford. The progress made by Ole and the players this season is clear and our thriving Academy and Women’s team are also adding to the optimism we feel about the future on and off the pitch.”

Continue Reading



Advertisement





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.