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Ikeja Electric signs pact with Onigbongbo Residents Association

Ikeja Electric has signed Premium Power Purchase Agreement with the Onigbogbo Residents Association to ensure the community access 24 hours daily power supply.  

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Just In: Ikeja Electric signs pact with Onigbagbo Residents Association

Ikeja Electric has signed Premium Power Purchase Agreement with the Onigbogbo Residents Association to ensure the community access 24 hours daily power supply.

The company tweeted this on Wednesday disclosing that the development is in line with its bilateral agreement.

Premium Power is Ikeja Electric’s offering in line with the Federal Government’s “willing seller, willing buyer” policy. Under this agreement, residents will enjoy up to 24 hours daily supply.

[READ MORE: FCMB and SystemSpecs sign MoU, launch a payroll solution for SMEs]

What this means: The Power Purchase Agreement suggests residents of Onigbagbo RA will enjoy a steady power supply when compared to non-residents. However, they will have to pay tariffs much higher than is provided for in MYTO.

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Residents in Magodo, who currently enjoy a similar arrangement, informed Nairametrics that they pay higher tariffs but have enjoyed regular power supply and often go days without a power cut.

They also explained that even when the power cuts, they get messages from Ikeja Electric, explaining why the power was cut and indicating when it will return. We understand Ikeja Electric still relies on the grid to deliver this power as such power cuts will still be expected in the transmission and distribution end.

In its previous Power Purchase deal with Ikeja GRA Residents, it stated that, “with the agreement, IE will provide the residents with electricity supply beyond the existing standards, with guaranteed performance levels. In addition, there will also be access to dedicated Customer Care and Technical teams for prompt resolution of queries and/or technical issues within the estate.”  

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Also, the Chief Operating Officer, IE, Mrs. Folake Soetan expressed confidence in the success of the trend-setting agreement, which she noted was in line with the Federal Government’s willing seller, willing buyer policy.

Backstory: In August, Ikeja Electric announced it signed a similar power purchase agreement with residents of Magodo, providing them power supply of up to 20 hours daily. Residents of Magodo have been enjoying steady power since then and are thought to be paying about N47 per kilowatt-hour of power compared to the MYTO tariff which is N23.10 for residential customers.

[READ ALSO: Dangote Cement signs pact with GE to digitise plants]

Sources with knowledge of the transaction indicate Ikeja Electric is likely to extend this arrangement to other estates within Lagos, in a move that disrupts the power sector dynamics. Residents in the Eko Franchise area seeking regular power supply have also demanded a similar deal and are ready to pay for a tariff that is higher than the MYTO approved tariff for general customers.

It is however not clear if the Nigerian Electricity Regulatory Commission, NERC has approved this arrangement.

https://twitter.com/IkejaElectric/status/1189552256787595264

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper. The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference. The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

2 Comments

2 Comments

  1. Anonymous

    November 1, 2019 at 11:37 pm

    Th

  2. Anonymous

    November 1, 2019 at 11:40 pm

    There are communities in Lagos that have been enjoying 24hours power supply. This is not the first.

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Business News

FG issues guidelines to access N75 billion MSME survival funds

FG released guidelines to access the N75 billion MSME Survival Fund.

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Small Businesses in Nigeria

The Federal Government (FG) has released the guidelines to access the N75 billion Micro, Small and Medium Enterprises (MSME) Survival Fund and Support Initiatives, which took effect from September 21, 2020.

The scheme, which is the core of the N2.3 trillion stimulus package of the Nigerian Economic Sustainability Plan includes the N60 billion MSMEs Survival Fund and the N15 billion Guaranteed Offtake Schemes.

This disclosure was made in an official statement by the Federal Government through a series of tweet posts on its official Twitter handle.

The statement from FG read, “As the portal for the registration of prospective beneficiaries of Survival Fund opens, interested Nigerians in the Payroll Support Scheme are to note that the site will be open from 10 pm Monday, September 21, 2020.”

The statement says that the registration for the payroll support will start with the educational institutions at 10 pm Monday, September 21, 2020, and will be followed by businesses in the hospitality industry by 12am Friday, September 25, 2020.

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The portal will also open for other categories of small businesses from 12am, Monday, September 28, 2020. It should be noted that the scheduling of the registration for prospective beneficiaries is to ensure that the process is seamless and hitch-free. The registration of every sector is to continue until Thursday, October 15, 2020.

To register for this initiative, the Federal Government has also provided a portal for entry. Potential beneficiaries are advised to log on to https://survivalfund.ng to complete their registration.

As part of the registration process, the beneficiaries are expected to provide personal registration details, activate their account, register their organization after they have successfully activated their account.

Corporate Affairs Commission (CAC) Number, Bank Verification Number (BVN), SMEDAN Number, a Tax ID (optional) and the organization’s bank account details will be needed.

Completing the Payroll Support Registration, beneficiaries’ first name, last name, email, mobile number and Password will be required. Also, their Date of Birth, residential address and residential Local Government Area will also be provided.

 

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Corporate Press Releases

Tony Elumelu named in “Time 100” list of the 100 Most Influential People in the World 2020

The UBA and Transcorp Plc Chair is one of three Nigerians on the list, alongside Tomi Adeyemi and Tunji Funsho.

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UBA’s Tony Elumelu, Wizkid

TIME has named Tony O. Elumelu, one of Africa’s leading investors and philanthropists, in the 2020 TIME100, the annual list of the 100 most influential people in the world. The list, now in its seventeenth year, recognises the activism, innovation, and achievement of the world’s most influential individuals. Mr Elumelu, who is one of only four Africans on the 2020 list, is recognised for his track record of business turnaround and value creation, and economic empowerment of young Africans.

Tony Elumelu is the Founder and Chairman of Heirs Holdings, his family-owned investment company, committed to improving lives and transforming Africa, through long-term investments in strategic sectors of the African economy, including financial services, hospitality, power, energy and healthcare. He is the Chairman of top pan-African financial services group, the United Bank for Africa (UBA), which operates in 20 countries in Africa, the United Kingdom, France, and is the only African bank with a commercial deposit taking licence in the United States. The bank provides corporate, commercial, SME and consumer banking services to more than 21 million customers globally.  Elumelu also chairs Nigeria’s largest quoted conglomerate, Transcorp,  whose subsidiaries include Transcorp Power, one of the leading generators of electricity in Nigeria and Transcorp Hotels Plc, Nigeria’s foremost hospitality brand.

Mr Elumelu is the most prominent champion of entrepreneurship in Africa. In 2010, he created The Tony Elumelu Foundation (TEF), the philanthropy empowering a new generation of African entrepreneurs, catalysing economic growth, driving poverty eradication and ensuring job creation across all 54 African countries. Since inception, the Foundation has funded just under 10,000 entrepreneurs and created a digital ecosystem of over one million as part of its ten year, US$100m commitment through the TEF Entrepreneurship Programme.  Self-funded, the Foundation is increasingly sharing its unique ability to identify, train, mentor and fund young entrepreneurs across Africa, with institutions such as the UNDP, the ICRC and leading European development agencies.

Heirs Holdings, which serves as a corporate role model for African businesses, and the Tony Elumelu Foundation will both celebrate 10 years of impact in November. Their mission continues to be inspired by Mr Elumelu’s economic philosophy of Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the continent.

The full list of the 2020 TIME100 and tributes appear on time.com/time100.

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Business

Rack Centre to create West Africa’s largest data centre in $100m expansion

Rack Centre’s expansion programme will increase capacity to a total net lettable white space of 6000 square metres.

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Leading carrier neutral data centre operator in West Africa, Rack Centre, has announced an expansion programme that will increase capacity to a total net lettable white space of 6000 square metres, which will pave way for 13MW of  IT power capacity in its Lagos campus.

This was disclosed in a press release by the company, which was seen by Nairametrics.

The expansion is expected to bring carrier neutral scale to West Africa, and this is in response to increasing demand for data centre space from cloud uptake, telecommunication investment and outsourcing of IT facilities by enterprises in the region.

READ: Multichoice, StarTimes, others’ reception increase by 23% in Nigeria- Report

The funding for this expansion will come from a $250m pan-African data centre platform, established by Actis and Convergence Partners, a leading ICT infrastructure investor in Africa.

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In addition to the expansion in  Rack Centre, the platform is also actively developing additional buy and build opportunities across Africa, to establish a network of carrier neutral data centres aimed at catering to carrier, cloud and hyperscale customers. 

Back story:  It is noteworthy that on March 2020, in a bid to pave way for the expansion programme, Actis, a London private equity firm, announced an investment in Rack Centre, taking a controlling stake in the business alongside Jagal.

READ: Are we heading towards a food crisis?

Why this matters

Nigeria is a key entry point for global telecommunications, content, and cloud players seeking access to the region. Despite the potentials of the country; with 138 million internet subscribers, more than any country in Africa or Europe, and the largest population and GDP in Africa, a lack of cost-effective, energy-efficient IT infrastructure, has been a constraint to doing business in the region. 

However, in a bid to create unrestricted connectivity between customers, telecommunication carriers, and internet exchange points within its data centres in the region, as a unique scale carrier neutral player, Rack Centre brings global best practice to Nigeria, as the first carrier neutral data centre in the region, to achieve Uptime Institute Tier III Certification of Constructed Facility (TCCF).

READ: Lagos announces N10 billion public-private partnership for aquaculture centre

The global leaders that the platform has engaged include:

  • Tim Parsonson, Co-founder, Teraco Data Environments – the largest carrier neutral operator in Africa, who joins the Board as Chairperson on the board.
  • Frank Hassett, a veteran of the global data centre industry and previous Vice President of Infrastructure, at Equinix, brings over 1300MW of build and operate experience, to assist with hyperscale expansion.

While speaking on the expansion of capacity, Andile Ngcaba, Chairman of Convergence Partners, said;  “Africa is at the start of a critical time in its development, as the 4th industrial revolution offers the chance to leapfrog many of Africa’s challenges, and harness the immense potential of its people. Convergence Partners is delighted to partner with Actis in accelerating the growth of high quality data centre infrastructure, an indispensable part of the foundation of this revolution in the region.”

Dr Ayotunde Coker, Managing Director of Rack Centre, emphasized that the group is proud of the quality and scale bar which they have set in the region.

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“We are proud of the quality and scale bar we have set in the region and are scaling to be the de-facto digital data hub for West Africa

“Mass adoption of digital working models and content distribution is driving growing investment in the region and Rack Centre offers a world class location to house these IT and telecoms facilities,” Coker said.

Supporting this ambition, engineering consultancy Arup, have been appointed for the project.  The leadership status of Arup is uncontested,  having designed over 2,000MW of IT capacity for industry-leading tech giants, and co-location providers across the globe.

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