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Business News

Africa’s second largest hydro power project to take off after legal tussle

The Federal Government seems to have overcome a major stumbling block that has been stalling the progress of Mambila hydropower project.

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Hike in electricity tariff inevitable, as FG introduces a new policy, Power sector loses N19.15 billion to gas shortages, transmission infrastructure challenges, Second largest hydro power project in Africa to finally take off after settlement of legal dispute

Over 40 years after the idea of the Mambila hydropower project was conceived and design approved, the Federal Government appeared to have overcome a major stumbling block that has been stalling the progress of the project.

The Minister of Power, Sale Mamman, disclosed that the power project, which is reputed to be the second-largest hydroelectric plant in Africa is back on track after the government settled a legal dispute that was delaying it.

Babatunde Fashola

In an interview in Abuja, the Minister said, ‘’We have overcome the major problem stopping this project and it is nearly over.”

He said that the Attorney General of the Federation, Abubakar Malami is working at finalizing the terms of the settlement that are yet undisclosed. The contract for the Mambila project, which was initially estimated to cost $5.79 billion, was signed in November 2017 by then Minister for Power, Babatunde Raji Fashola, who said that the project would give Nigeria an opportunity to comply with the Paris climate change agreement.

This is because it would be delivering renewable energy as well as giving us the opportunity to unlock the gift of nature to Nigeria in Taraba.

[READ MORE:  Power sector loses N19.15 billion to gas shortages, transmission infrastructure challenges)

The project was first conceived in the 1970s and is expected to produce 3,050 megawatts of electricity, which is about a quarter of Nigeria’s current installed capacity. The Minister disclosed that an International Arbitration in Paris initiated by Sunrise Power and Transmission Company, which once had the construction contract was recently resolved, removing a major obstacle to the construction of the project.

On the Arbitration Award, Sunrise was seeking an arbitration award of $2.3 billion following the breach of its 2003 agreement by the Nigerian Government, when it granted a separate contract to Chinese companies four years later.

The Export-Import Bank of China had to withhold its interest in financing the Mambilla project due to the legal conflict arising from the breakdown of the agreement.

National electricity grid collapses again, as NUEE suspends strike action , FG to increase electricity tariffs in order to improve power supply, Power: Liquidity crisis-same old story in 2020?, GenCos urges NBET to pay up N1 trillion debt, Electricity Tariff: FG, electricity stakeholders to work on equitable rate 

Following the resolution, the Minister said he expected the Chinese consortium of China Energy Engineering Corporation and Sinohydro Corporation Limited, who are the project contractors, to start construction this year. The estimated new cost of the project will be $4.8billion, which is about $1 billion less than the earlier estimates.

It would be recalled that President Muhammadu Buhari approved the constitution of two committees namely an inter-ministerial steering committee and project delivery committee last month.

The committee are to ensure the speedy take-off of the project. With about 13,000 megawatts of installed electricity production capacity, Nigeria has about 80% of them coming from gas-fired plants. Only about 7,500 megawatts of that is available with just 4,000 megawatts dispatched to the National grid each day.

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The Mambilla hydropower project will be a huge boost towards solving the nation’s energy crises.

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

1 Comment

1 Comment

  1. Anegbu Chidiebere David

    February 24, 2020 at 6:23 pm

    Stupid reports, just fix the electricity problem. We have been reading about big electricity projects since obj regime.

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Cryptocurrency

PayPal is buying a Crypto security startup for less than $200 million

PayPal is set to outrightly purchase a crypto-security firm, Curv as part of its campaign in building its crypto ecosystem.

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Paypal

PayPal is set to outrightly purchase a crypto-security firm Curv as part of its campaign in building its crypto ecosystem, the company disclosed today.

According to a report credited to CNBC, the deal is estimated to be worth less than $200 million, it’s expected to close before June this year.

The company’s stock price however recorded some selling pressures at the time of writing amid rising U.S Treasury yields and greenback keeping global investors on their toes.

READ: CBN and cryptocurrency ban

The crypto startup about to be acquired by PayPal provides companies with Crypto security technology via the cloud. PayPal revealed that the purchase would help its expansion on supporting crypto.

“The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system,” PayPal’s Jose Fernandez da Ponte said in a statement.

In a press statement seen by Nairametrics, Dan Schulman, president, and CEO, PayPal, gave key insights on why the global payment company was going crypto; The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of; financial inclusion and access, efficiency, speed, the resilience of the payments system and the ability for governments to disburse funds to citizens quickly.

READ: U.S customers can now buy Cryptos with Paypal

“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption, and inter-operability of these new instruments of exchange,” he said.

Furthermore, he said, “We are eager to work with central banks and regulators around the world to offer our support and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”

This offering was made possible through a partnership with Paxos Trust Company, a regulated provider of crypto services and products.

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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.

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Dupe Olusola

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.

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www.transcorphotels.com

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.

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