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Revolutionary Renewal Green Energy Power System To Hit Shores Of Nigeria

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Engineer Ifeanyi Ogochukwu, chief technology strategist, Debbie Mishael Consulting

Debbie Mishael Consulting Limited, Nigeria has partnered with Ospreywood Labs Inc, Canada to bring this unique solution for sustainable living to the Nigerian people powered by a team of highly qualified engineers and scientists who are subject matter experts in their respective areas namely, Mechanical, Electrical, Aerospace, Thermodynamics, Fluid Dynamics, and Mechatronics Engineering disciplines with industry working experience of cumulative 250 plus human years.

Project ‘light up your home’, a revolutionary renewal green energy power system – heat to electricity is hitting the shores of Nigeria.

Dubbed “Light Up Your Home” Programme (LUYH), the project is a result of more than 10 years of research & development.

“You will find the product as useful as any other amenity and necessity of life. It will become part of your daily routine very easily.  The product is a result of technology collaboration of scientists and engineers from Canada. Canadian designed and manufactured product is now for your use,” Engineer Ifeanyi Ogochukwu of Debbie Mishael Consulting told Nigeria CommunicationsWeek, while indicating the product captures the waste heat produced abundantly from cooking and household fires, “no matter what fuel you are using such as coal,  wood, gas, kerosene, etc. The waste heat is then converted into useful electricity. Businesses like MSME who generate heat will benefit from this source of electricity”.

He said that the “Light Up Your Home” product will charge mobile phones, batteries, power DC fans and light up lights in at homes; very easy to use, adding that the unit does not have any moving part and therefore there is no maintenance required.

Speaking further on the ‘Building solutions for sustainable living’, Engr. Ogochukwu told Nigeria CommunicationsWeek that they are currently seeking partnership with NGOs, Communities and even government intervention to provide free electricity to homes.

Background Information

Global Energy Crisis
“Modern energy services are crucial to human well-being and to a country’s economic development; and yet globally over 1.3 billion people are without access to electricity and 2.6 billion people are without clean cooking facilities. More than 95% of these people are either in sub-Saharan African or developing Asia and 84% are in rural areas.  Source: Int’l Energy Agency – 2016

We Have A Unique Solution!
“No matter what the weather, environmental conditions are, people will NOT stop cooking food. The waste heat that goes into environment is reclaimed/recuperated and then transferred to another place and generating electrical energy – we are NOT asking for any “extra’ fuel and we do not interrupt the cooking and/or house warming process

“The company manufactures low-cost products at highly affordable prices offered to masses living in a highly deficient energy environment where they are without power for more than 50% of the day and night time.

“The group manufactures extremely efficient, “renewable & green” alternate energy products utilizing state-of-the-art ‘thermal’ management solutions and technology for the developing nations where a large chunk of energy produced not only by low value fuels (wood, cow dung cakes etc. – one dung cake of an average size gives 2100 kJ but also high value fuels like LPG/LNG) is being wasted in highly inefficient burning processes for cooking and house warming.

“The unique product range varies in shapes and sizes according to individual consumer electrical load requirements. Typically, our products are designed and manufactured as per following wattages; they are highly scalable and can fit into any budget and requirements.

“Light-Up 5 watt; Light-Up 10 watt; Light-Up 20 watt Light-Up 50 watt; Light-Up 100 watt and can scale up 5 Kilo Watts depending on heat availability– Size varies according to watt consumption, powered by heat transfer mechanisms. Hot water is the by-product and can be used as required.  All the operation is ‘plug n play’ and there is NO maintenance required as there are no moving parts in our products”.

The basic idea, according to Engr. Ogochukwu, people will neither stop cooking food nor will not stop warming their houses, rather the products need fire / flame / heat to produce electricity, no matter what the fuel type is – wood fire, natural gas, kerosene, cow dung cakes, LPG / LNG etc. our products run irrespective of the extra fuel being added.

“We do not ask to put extra fuel at all. We recuperate / reclaim the waste heat energy and transform into useable electrical energy in the form of Free Electricity.

Disaster Management
He said that the ultimate objective of disaster management is to prepare for it. “Prevention, preparedness, response and recovery are the four main interdependent pillars of disaster management.

“We have to be ready to respond to a disaster and manage its magnitudes and consequences through processes taken prior to an event, for example emergency response plans, mutual assistance agreements, resource inventories and training, equipment and exercise programs. We have the ‘equipment’ necessary to assist the affected communities for power and telecommunication.

“Due to global warming and other environmental and security challenges we are faced with more and frequent natural calamities which results in mass destruction and disasters. In Nigeria the electricity deficit is alarming and also this is a unique product for IDPs, NGOs in their quest to better living standards of the people needs to adopt this unique product in their focus environments.

“Our products and solutions enable readymade and immediate power to charge phones and provide electricity for basic needs which will help in rescue operations and limit the loss of human life and suffering.

“All our products ‘naturally’ fit for disaster recovery non-food items. The first thing that goes is power, then other utilities. Our products provide Instant power for lighting, charging batteries and mobile phones. They provide instant relief in search and rescue operations for floods, earthquakes, other natural calamities and for internally displaced persons. Products can be designed and customised to meet any solution for your particular needs

This product is widely used in many parts of Asia to serve unreached areas and peoples with electricity,” he explained.

   

 

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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Umudioka Awka to Commission ICT Centre Next Week

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Prototype ICT centre

Okolobia Umudioka, Awka, a body of youths in Umudioka Community in Awka South Local Government Area of Anambra state will next commission its information Communications Technology (ICT) centre to empower youths in the community.

 

The ICT centre situated at the village community hall, will support, empower and up-skill youths in the area, leveraging on ICT.

 

The centre equipped with handy tools for learning and computer appreciation was made possible by the joint efforts of all the age-grades and some well-meaning individuals.

 

Anyaor Obiakor, chairman, Okolobia Umudioka, Awka, said that the centre would generate digital activities that would drastically reduce the number of youth restiveness.

 

He also solicited support from government and other well-meaning Nigerians as well as corporate bodies to make the centre a model in Nigeria.

 

The Umudioka ICT centre still requires amenities like standby electricity supply; as well broadband internet access the would create tremendous networking opportunities and lead to digital activities that would generate employment and income.

 

Apart from ICT centre, youths on their own have also embarked on palliative road maintenance; community security and mentorship programmes

 

 

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CBN Mulls New Credit Mechanism for Real Sector @ Single Digit

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To encourage banks to give credit to the real sector of the economy, at single digit rates, the Central Bank of Nigeria (CBN), has offered to complement the effort of Deposit Money Banks (DMBs) through a mechanism to support banks that lend to corporate entities at single digit rate.

Addressing journalists at the end of the Monetary Policy Committee (MPC) Meeting in Abuja, which saw the retention of all monetary rates, the CBN Governor Mr Godwin Emefiele disclosed that the mechanism “is not meant to bring competition among Deposit Money Banks, but it is meant to complement their efforts.”

According to Emefiele, “the most important thing is that we want to see to it that we achieve a single digit rate. We believe this will work because rather than the banks keeping the money in the reserves they can key into this and promote these transactions as long as they meet the terms and conditions.”

Specifically, Emefiele said “a differentiated dynamic cash reserve requirement regime will be implemented to direct cheap long term bank credit at nine per cent and a minimum tenor of seven years and two years moratorium to the employment elastic sectors of the economy.”

Details of this framework he said are being worked out by the banking supervision and the monetary policy departments and will be released very soon stressing that more details on this new mechanism “will be provided soon for the banks and everybody to know.

MPC was concerned that credit to the economy was sliding and we looked at means to incentivize the Deposit Money Banks to increase credit to the real sector.”

The MPC was of the opinion  that while it is difficult to encourage job creation in an environment within deficit infrastructure, the committee believes that the bank should continue to encourage Money Deposit Banks to increase the flow of credit to the real economy to consolidate economic recovery.

To achieve this, Emefiele noted that two approaches were considered: the first approach, in order to achieve the objective of lowering interest rate particularly to those priority sectors- manufacturing sectors, agric sector, the CBN “will encourage large corporates to issue commercial papers/note to the market and there will be a memorandum that will detail explanations of what they are going to do with that money.”

In order to complement the effort of the banks, the CBN he said “will expect that this commercial papers will come at low rate of single digit of 9 per cent or below that and for long tenor at least a period of 7 years with a specific purpose for that loan.”

If central bank sees that kind of notes in the market, Emefiele noted that the “CBN will complement the effort of the banks through a mechanism to support that bank that lends to that corporate at single digit rate.

It is not meant to bring competition in the money deposit banks, it is meant to complement their efforts. The most important thing is that we want to see to it that we achieve a single digit rate.”

The second approach he said is “if a bank lends money for new projects and planned expansions, verifiable not refinancing, to a project for seven years inclusive of two years moratorium at 9 percent interest rate, that the bank providing this evidence and verified by the central bank, we will go into that bank’s CRR and release equivalent of that cash from our CRR at zero kobo spread.”

Emefiele explained further that “in this case, that bank earns its 9 percent of that money. We feel this is novel; it is something that we should give a chance.

In the past we have reduced CRR and release liquidity into the market but the liquidity was not channeled properly to the high impact corporations – we mean employment generating sectors or output improving sector of the economy.”

Updating journalists on the Chinese Currency swap deal, the CBN Governor revealed that they “opened the first auction last week Friday and the result from that auction will be released on Friday, but from the preliminary information I heard is that it was a successful auction. The details will be unfolded by Friday.”

About the declining foreign reserves from $47.7 billion in May to $47.2 billion in June, Emefiele said “this has nothing to do with politics. What is happening is as a result of US Fed normalisation.

Since the interest rate has gone up in the US, and other advanced economies, in an attempt to stimulate their economies, these money that moved into the emerging economies have now being taken back and this means there will be so much outflow of cash than inflow of cashflow, and of course we have our own share of it.”

He noted that “Nigeria has performed better than other emerging market around the world, with a stabilized exchange rate that has remain stable because we have been able to build enough buffer to support our currency and that is why the exchange rate has remain stable.

Countries like South Africa and others have had their currencies depreciated but the Naira remains stable at N360/$ at this time.”

Speaking on the outcome of the MPC meeting in general, Emefiele said “MPC commended the approval of the Federal Government’s 2018 budget and called for the accelerated implementation to further support the fragile growth recovery.”

The committee also called for sustained implementation of the Economic Recovery and Growth Plan (ERGP) to further stimulate output growth.

However, the MPC was “concerned about the liquidity impact of the 2018 expansionary fiscal budget and increasing FAAC distributions due to rising prices of crude oil as well as the buildup in election related activities.”

Exactly two years after the MPC decided to hold rates at 14%, at the end of Tuesday’s  meeting, MPC again voted to retain the: Monetary Policy Rate (MPR) at 14.0%; Cash Reserve Ratio (CRR) at 22.5%; Liquidity Ratio at 30.0%; and Asymmetric corridor at +200 and -500 basis points around the MPR.

Defending the MOC’s decision, Emefiele stated that “in the discussion for a hold, it was noted that risk to the macroeconomic and financial environment appears fairly balanced with improvement in output growth and inflation.”

Holding policy at the current stand he said “will support growth and further moderate inflation. However, committee noted the appetite of the public for loosening and concern that hold MPR at 14 per cent since July 2016 and considering the dynamic nature of the market, the rates might have lost its signal effect on the market, hence dampen market expectations.”

“The argument in favor of maintaining the current policy stand, is to monitor the magnitude of the liquidity impact of the fiscal injections and elections related expenditures ahead of the 2019 elections” he explained.

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Illegal Charges: CBN Orders Banks to Return N65Bn to Nigerians

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Godwin Emefiele, Governor of the Central Bank of Nigeria

Central Bank of Nigeria (CBN) said it has ordered banks in the country to refund some N65billion to Nigerians.

 

The money were recovered from the banks as wrongful deductions and charges from customers’ deposits and other transactions in the last six years.

 

Mr Isaac Okorafor, acting director, Corporate Communications, CBN, explained that the recovery was made between 2012 and now, stressing that the funds had since been returned to customers, who hitherto complained of wrongful charges and deductions by commercial banks.

Nigerian-banks.jpg

“We have recovered and returned to customers over N65bn out of complaints by people over acts of treatment on customers, wrong charges, wrong deductions and others since 2012/2013 when we started,” he said.

 

He stated that the purpose of the fair was to have a face to face interaction with customers and critical stakeholders in order to understand their challenges and proffer solutions.

 

Okorafor added that hawking of various denominations of the naira was an offence punishable under the CBN Act of 2005, and warned that the apex bank would not tolerate the breach of its Act, and called on those involved, particularly its staff members, to desist from the practice as they would be dismissed if caught.

 

He, however, blamed the police for the lack of prosecution of offenders who were caught hawking naira during various raids in Lagos, Port Harcourt, Onitsha, Ibadan and other cities.

 

He stated, “The CBN is very committed to making sure that people do not hawk the naira, because it is an offence punishable under the CBN Act of 2005. We have made it clear to any of our staff involved in the practice that they will be dismissed.

 

“We have also made it clear to banks that any of them caught doing it will be severely punished. We are a regulator and not a law enforcement agency. It is the duty of the Nigerian Police to enforce the law. We have collaborated with them at different times.

 

“We have had raids in Lagos, Port Harcourt, Onitsha, Ibadan and so on, and we will continue to do that, and people have been caught and money confiscated. We are waiting on the police to begin to prosecute those people.”

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