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Energy Conservation: A Crucial Process for All

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By Okoko Chidozie Christian

chidochrisozonegold@yahoo.com; 090215179984

Energy plays the most important role in the economic growth,poverty eradication and security of any nation.

Energy Conservation: A Crucial Process for All

You might be wondering how simple it is in making conscious decision to use less energy.

But, when we lower our energy use; we slow down fossil fuel depletion thereby clean up our environment and save money for ourselves.

However, fossil fuel is a non-renewable source of energy that is created deep down with the earth’s surface over the course of millions of years.

Inevitably, we will run out of them at some point upon reliance as our primary source of energy.

These fossil fuelsnegatively impact the environment when we burn them creating an incredible amount of greenhouse gas emissions such as carbon-dioxide, methane, water vapour, nitrous oxide to mention but a few.

However, these gases such as carbon-dioxide, add up faster than the atmosphere can absorb, then prevents earth from maintaining a stable temperature properly.

For example, coal when burn, leads to carbon-dioxide emission that contributes to global warming, acidic rain, smog and soot which is limited to congenital disabilities, cancer and other severe health-related conditions.

As such, we must begin limiting our energy consumption because the faster we turn through these non-renewables sources; the more time we have to develop alternative energy solutions.

Today, uninterrupted energy supply is an important issue for all countries helping to supply a wide variety of critical loads, in situations of power outage or anomalies of the mains.

The applicability of such system can be found in distributed generation, micro grids and renewable energy systems.

Hence, the future economic growth of any country will crucially depend on the long-term availability of energy from sources that are affordable, efficient and environmentally friendly.

Meanwhile, it is difficult to grasp the amount of energy consumed worldwide.

To illustrate this, the global annual energy consumption corresponds to the energy released from the Hiroshima nuclear bomb energy every four seconds which is about 1.5 x 1013 joules of energy.

Energy remains an important factor in all sectors of any country’s economy;and enhances the provision of basic needs like cooked food, piped water, essential health care services, educational aids, communications, transportation and lots more.

Research reveals that security, climate change, and public health are closely related to energy, but inability to access these energieswill lead to poverty, deprivation and possibly economic decline.

Moreover, energy conservation is a crucial process that everyone should adopt because it helps protect the natural environment and greenhouse gas emission mitigation.

This could be achieved when you apply better ways of using the same amount of available energy to perform more useful work. It will also help in reducing the need for non-renewable source of energy.

Fortunately, we can minimizethese greenhouse gas emissions by reducing the use of energy in our homes.

This simple act of energy conservation can help slow global warming which allows for lower impacts on mental health, injuries and fatalities caused by severe weather; improve air quality and reduce air borne allergens leading to a reduced risk of cardiovascular and respiratory issues.

Conservation of energy can be defined as “the prevention of wasteful energy use”.

For example, turning off the light in room that are not currently occupied, using a programmable thermostat, walking instead of driving among others.

Since energy conservation entails reducing wasteful energy consumption by using fewer energy services, you can agree with me that improved efficiency through technological upgrade, improved operation and maintenance, changing user’s behaviour, monitoring appliances, and providing energy-saving recommendation among others will be a crucial process that everyone should adopt.

Energy crises as essential disruption in economy’s supply of energy resources has deepened in most developing economies due to the rapid exhaustion of non-renewable energy sources such as natural gas, oil and coal among others.

But, there are various reasons behindit such as increased population growth, no renewable resource options,increased in price of products, increased global warming, energy waste and unequal distribution of wealth to mention but a few.

Transition to renewable resources can be one of the best solutions to eliminate world’s reliance on non-renewable resources while improving overall conservation efforts.

According to the Law of Thermodynamics in Physics, “energy is neither created nor destroyed, but merely change forms.”

For example,changing potential energy to kinetic energy, chemical energy to mechanical energy and so forth.

Perhaps, it is easier to talk about what energy allows us to do.The story of energy never ends because energy can never be used up; it is said to be conserved.

 

 

 


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NIA Questions Legality of Reps’ Financial Probe

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The Nigerian Insurers Association has urged the House Committee on Capital Market and Institutions to respect the constitutional separation of powers as it carries out a probe on over 20 insurance firms.

In a statement on Tuesday night, the Director General/Chief Executive Officer of NIA, Mrs Bola Odukale, said the decision of NIA and the affected firms to approach the court was to seek clarity on the constitutional limits of the House Committee’s probe.

It would be recalled that the House of Representatives on Monday is investigating no fewer than 25 insurance companies operating in the country for various financial infractions spanning financial reporting, claims settlement, premium remittance, and issuance of policies.

The Chairman, House Sub-Committee on Capital Market and Institutions, Kwamoti Laori, during a meeting with the management of the insurance companies at the National Assembly Complex in Abuja, said the meeting was convened following the receipt of a petition on infractions by the insurance companies.

In the statement, Odukale said, “The Association wishes to state unequivocally that all actions taken by the NIA and the affected member companies in response to the Committee’s invitations and pronouncements were based entirely on legal advice by its Solicitors. It was on the firm instruction of legal counsel that recourse was made to the courts.

“The objective of approaching the Court is to seek judicial guidance on the legality, propriety, and constitutional limits of the Committee’s intervention in order to safeguard institutional integrity, uphold regulatory independence, and ensure that legislative oversight remains within the bounds of law.

“The Court action seeks to determine whether the current posture of the Committee reflects an exercise of legislative judgment, which, by constitutional design, is the exclusive province of statutory regulators, such as the National Insurance Commission, Securities and Exchange Commission, Nigerian Exchange, Financial Reporting Council, Nigeria Data Protection Commission, and the National Information Technology Development Agency.

“This raises serious questions about legislative overreach and an erosion of the doctrine of separation of powers, a cornerstone of Nigeria’s constitutional democracy.”

Odukale maintained that the NIA was committed to lawful and constructive engagement with all arms of government, provided that such engagement respects the autonomy of statutory regulators and the boundaries established by the Constitution.

“The NIA will continue to provide its full support to all member companies while upholding the principles of legal compliance and sector-wide integrity,” Odukale concluded.

17 of the companies that went to court were represented by their lawyer, Mr Abimbola Kayode, at the meeting with the committee.


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Horn of Africa Leaders Seek Enhanced Digital Integration for Increased Regional Growth

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Finance ministers and development partners from the Horn of Africa have called for enhanced digital integration to boost trade, drive economic growth and promote regional stability during the 25th Ministerial Meeting of the Horn of Africa Initiative (HoAI).

Held in Nairobi, on July 14, the meeting was co-chaired by the African Development Bank’s Vice President for Regional Development, Integration and Business Delivery, Nnenna Nwabufo and Somalia’s Minister of Finance, Bihi Iman Egeh. Discussions underscored the critical role of digital integration in reducing trade barriers, boosting government service delivery and creating employment — particularly for the region’s youth.

“Digital technologies are shaping today’s economy and tomorrow’s industries. By embedding these technologies into our programs, we can not only improve inclusion but also leapfrog outdated development models,” said Nwabufo.

She called for digital integration a “central enabler” in each of the Horn of Africa Initiative’s pillars – trade, infrastructure, resilience, and human capital,

Learning through experience

Drawing from global and regional success stories, speakers highlighted the transformative potential of technology-led development. The ministers pointed to the Philippines as a strong example, where ICT has generated millions of jobs in business process outsourcing. Similarly, Kenya’s fintech innovation—especially the success of M-PESA—was cited as a model for scaling digital financial services across the region.

Participants urged governments to proactively foster digital ecosystems by capitalizing on the demographic dividend, identifying infrastructure upgrades, tighter regulatory reforms, and digital skills trainings as priorities to enable broader participation in the digital economy.

Minister Egeh reiterated the need for more coordinated regional efforts to create the enabling environment required for accelerated digital integration and expansion. He referenced the HoAI Digital Policy Matrix, adopted in 2023 which provides a blueprint on how to address key obstacles to achieving effective digital integration across the region.

Barack Makokha, Kenya’s Cabinet Secretary for National Treasury, underscored the importance of regionally-aligned public private partnerships and advocated for blended financing to reduce investment risk and expand digital access in underserved areas.

World Bank Vice President for Eastern and Southern Africa, Ndiame Diop, called for a comprehensive multi-pronged approach, combining cross-border coordination, large-scale financing, robust policy support, and digital infrastructure investments. He pointed out that such measures could transform digital integration into, “a powerful engine of economic transformation” for the Horn of Africa—ensuring no one is left behind in the digital era.

The meeting concluded with a shared recognition that sustained political will and the determination to implement a multifaceted approach are essential to unlocking the region’s economic potential and driving long-term growth.

The event also welcomed observers from the East African Community, Agence française de développement, and Shelter Afrique, reflecting strong regional and international backing for the HoAI in the development community.


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CSCS Inaugurates Custodian Portal to Enhance Digital Access, Operational Efficiency

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Central Securities Clearing System Plc (CSCS), Nigeria’s capital market infrastructure provider, has launched its Custodian Portal, a user-centric digital solution designed to optimise custodian operations through intuitive, secure and efficient features.

Haruna Jalo-Waziri, Chief Executive Officer (CEO), CSCS, announced this in a statement on Monday.

The CSCS is a Public Limited Company with a diversified shareholder base, which serves as the Central Securities Depository for the Nigerian Capital Market.

It serves as the Central Depository for Equities, Commercial Papers, Corporate Bonds, Sub-National Bonds, certain Sovereign Bonds like the FGN Sukuk and the FGN Savings Bond, Equity-traded Funds, Real Estate Investment Trusts, Mutual funds and Commodities.

Jalo-Waziri said that the custodian portal offered a streamlined experience for market participants with powerful tools that facilitate comprehensive portfolio and trade management, document tracking, share transfer operations, client symbol search, and real-time access to vital data.

He explained that the portal, designed to operate through a flexible subscription-based model, empowered users to manage their records effortlessly and securely through convenient payment channels such as GTPay and Paystack.

According to him, “Digital transformation remains at the core of our strategy to enhance the efficiency, transparency and accessibility of Nigeria’s capital market services.

“The custodian portal is a significant leap in that direction, offering custodians a centralised platform to manage critical processes in real-time.

“We are excited about the value this innovation brings to our stakeholders, and we will continue to evolve the platform in line with users’ needs and industry trends.”

The CEO also explained that the portal was designed with user experience in mind with feature tools like portfolio viewing and downloads in PDF or Excel format.

He further said that it also featured tracking of stock movements across date ranges, inbox messaging and request tracking, as well as robust user management capabilities including role assignment and status tracking.

Similarly, the Divisional Head, Business Technology and Digital Innovation, CSCS Plc, Tobe Nnadozie, said that the portal aligned with CSCS’s drive to automate the market.

“In addition to the normal features, the platform is a part of an omnichannel platform for custodians, and includes API services.

“It also connects to the market-wide workflow, which CSCS has built to ensure secured communication and approvals across all major stakeholders in the market.

“The platform is well secured with best-of-breed cybersecurity solutions and our SOC,” he said.

The Custodian Portal reinforces CSCS’s commitment to leveraging technology to streamline back-office functions and support a more agile, data-driven capital market ecosystem.

All custodians in the Nigerian capital market have now been successfully on-boarded on the Custodian Portal, marking a significant milestone in CSCS’s ongoing drive to enhance collaboration, standardise operational processes, and promote digital adoption across the market.


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