Business News
Despite FG’s N900 billion investment, Nigeria’s power sector remains in failing state
The Nigeria power sector has over the years remained in a failing state despite the whooping N900 billion invested into the sector by President Muhammadu Buhari’s administration, since assumption of office in the year 2015.
The Nigeria power sector has over the years remained in a failing state despite the whooping N900 billion invested into the sector by President Muhammadu Buhari’s administration, since assumption of office in the year 2015.
Vice President, Yemi Osinbajo, who paid a courtesy visit to the Asagba of Asaba, Professor Chike Edozien, on Friday, revealed that the present administration has so far invested in terms of support, the sum of N700 billion after the sector received an earlier investment of N200 billion. According to him, another N600 billion investment is being pumped into the sector presently.
“Since assumption of office, we have invested so far in terms of support N700 billion in the power sector. Earlier, we invested N200 billion. However, the Federal Government was in the process of investing another N600 billion.’
[READ MORE: SMEs are suffering due to Nigeria’s epileptic power supply – MAN]
Reasons for the investments: Prof. Osinbajo further stated that the aim of the investment was to ameliorate the challenges being experienced in the sector. He said the challenges were associated with Distribution Companies (Discos) controlling a territory, without power supply to the region, amongst other things. The Federal Government had decided to take a second look into the sector to reposition it.
The Vice President also noted that one of the strategies the administration is employing to revamp the sector is restructuring, as power supply has been a major challenge to businesses in the country.
“And now we are saying that any company that wants to provide power to any territory, should be able to provide power for the territory and the people. We have been able to break the existing monopoly in the power sector. Whether upgrade or not, the discos should be able to serve the people.
Another strategy we are trying to introduce is to open up the power sector by restructuring.’
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Prof. Edozien, who lauded the efforts of the Vice President, appealed to the Federal Government to intervene in the situation, as most businesses within the state depend on power supply to thrive.
Further details: After the privatisation of the 11 Distribution Companies of the Nigeria Electricity Supply Industry (NESI) in 2013, the Federal Government of Nigeria retained 40% of the equity in the DISCos, while it divested 60% to private investors. Few years after the privatization exercise, the sector seeks huge investments to be functional at optimal capacity.
Corporate Press Releases
Transcorp Hotels launches Aura, an online marketplace for accommodation and experiences
Nigeria’s largest hospitality brand launches a new platform for booking vacation homes, holiday lets, and experiences.
Africa’s leading hospitality brand Transcorp Hotels Plc. has announced the launch of Aura, a new digital platform through which people can book accommodation, restaurants, and experiences.
The new brand, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.
“It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc., Dupe Olusola said.
“For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.
The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.
Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”
“To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.
Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.”
Working with thousands of partners across Nigeria and different cities in Africa, Transcorp Hotels Plc. is building the continent’s largest platform for people-driven hospitality. While travellers enjoy the right selections at the best prices on Aura, hosts can also earn a lot of money by receiving guests in their unoccupied homes and sharing the local culture with them.
For travellers who would rather stay in hotels, Aura also has a great selection of some of the best hotels in every city.
With the launch of Aura, Transcorp Hotels Plc. has further cemented its leadership in the hospitality industry and reinforced its commitment to innovation and superior guest experience across different demographics.
Guests and hosts can sign up at aura.transcorphotels.com to start booking or hosting. The service is currently available in Nigeria only, but the company said plans are already in place to expand to major cities in Africa.
Transcorp Hotels Plc is one of Africa’s leading hospitality companies, committed to redefining service standards across the continent while remaining truly and authentically African.
Aura by Transcorp
Aura is Africa’s best platform for connecting travellers with great accommodation, good food, and memorable experiences. The platform is also an avenue for people with unoccupied homes, hotels, restaurants, or different skill sets that may interest others can earn an income by becoming hosts.
Corporate Press Releases
DISCLAIMER: Ex-Cavendish MD distances self from alleged statement on OML 110
Alhaji Ibrahim Mai Deribe, a former MD of Cavendish Petroleum Limited, has dissociated himself from an alleged statement on OML 110.
