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NERC says World Bank will Crash Solar Tariff in Nigeria
The Nigerian Electricity Regulatory Commission (NERC) has said the World Bank will soon be executing a solar auction framework that will reduce the cost of solar tariff in Nigeria.
The Head of the Renewable Energy/Corporate Planning and Strategy, NERC, Engineer O. Jonathan stated this during a webinar competency centre renewable series of the Major Energies Marketers Association of Nigeria (MEMAN).
He said: “We are having some challenges which have to do with integrating the solar energy into the national grid. Those challenges, many commissions, have come to the aid of the commission.
“World Bank presently is bringing out a solar auction framework. That solar auction framework, once it commences, it will allow the developers and the cost of solar tariff will go down.
“That is the essence of the solar auction. It will open the space for all the contractors in Nigeria to be in it.
“In financing and investment, the World has outlined how they will support in the distribution and transmission segment, not in the generation.”
Head Supply, HSEQ, and Technical at MEMAN in a communique made available to journalists on Friday remarked on the importance of the workshop in advancing Nigeria’s energy transition agenda. The workshop was titled: “Energy transition through solar energy.”
Permanent Secretary, Lagos State Ministry of Energy and Mineral Resources, Engineer Abiola Kosegbe, said there is a deficit in the energy needs of Nigerians and Lagos State residents, in particular.
She stated that Lagos State has set an ambitious target to generate 50% of its electricity from renewable sources by 2030, with initiatives like the “Solar for All” program playing a crucial role in achieving this goal.
She stressed the need for continued investment in infrastructure, supportive policies, and collaboration to sustain the growth of renewable energy in Lagos and across Nigeria.
Kosegbe said: “Advancement of renewable technologies and the transformative potential for the energy sector. We know that there is a deficit in the energy needs of Nigerians and in Lagos State, in particular. That cannot just be over-emphasised.
“We stand on a new era of advancement in renewable technologies. We need to fill the gaps that we are faced as we are in Nigeria today. Solar, wind, hydro, bioenergy are not just alternative sources.
“They are becoming the backbone of sustainable energy future. Innovations in this fields are driving efficiency, reducing costs and unlocking new possibilities.
“Focusing on solar power, for example, recent breakthroughs in the energy storage are dramatically increasing solar efficiency and making it more accessible than ever.
“Wind energy too, has seen remarkable strides with development of larger more efficient turbines and offshore installations that harness stronger and more consistent winds.
“For Lagos State we have set an ambitious renewable energy target. We are aiming to generate 50% of electricity through renewable sources by 2030. Solar energy is leading the charge with Lagos state government launching initiatives like Solar for all programme, providing affordable solar energy solutions for homes and businesses.
“In Lagos State today, we have seen the solar energy adaption grow by 200% in the last two years.
“The advancement in renewable energy technologies are not just shaping the future of energy, they are defining it, with continues innovation and dedication, we have the opportunity to create energy sector and in deed a society that is clean, resilient and sustainable for generations to come.”
Dr. Mustapha Abdullahi, Director-General, Energy Commission of Nigeria, said both the federal and state governments need to commission and adequately fund national research programmes on specific solar solar photovoltaic (PV) component aspects so that it will enhance the localization of some percentage of technology in Nigeria.
His presentation which focused on advancing solar photovoltaic (PV) technology in Nigeria, was delivered by the Director, Renewable Energy Department, Sulu Bolaji Fulani Ibrahim.
He stated that solar PV holds immense potential to transform Nigeria’s energy landscape, with applications ranging from home systems to large-scale utility projects.
According to him, there is a critical need to adopt the latest solar technologies to ensure cost-effectiveness and value for money.
He underscored the importance of policy documents such as the National Energy Policy and the Renewable Energy Action Plan in guiding the development of solar energy.
He added that the strategic use of Nigeria’s mineral resources, such as lithium, is crucial for supporting local content and driving the renewable energy industry.
He said: “We need do to have parameters for assessment so that we have value for money. This is for cost effectiveness. We also have to look at the technology readiness level and the local content of the solar PV technology.
“For technology readiness, most of the solar PV components we are using in Nigeria today are at the highest meaning that technology is matured. For local content, we have minerals that are key to energy transition.
“One of them is lithium. So we need to take advantage of the minerals reserves that we have. We need to develop the local content.”
The Export-Import Bank of the United States (EXIM) has signed a memorandum of understanding (MOU) with the Nigerian Export-Import Bank (NEXIM) that will deepen collaboration and trade ties between the United States and Nigeria.
The agreement was signed by Exim President and Chair, Reta Jo Lewis, on behalf of Export Import Bank of United states, while Abba Bello, Managing Director/ Chief Executive of NEXIM signed on behalf of the Nigerian Export-Import Bank.
During the signing ceremony, EXIM President and Chair, Reta Jo Lewis, highlights increased opportunities for U.S. exports to Nigeria in critical minerals, clean energy, aviation and infrastructure.
Also, NEXIM MD/CE, Abba Bello, highlights that the partnership is a significant milestone for Nigeria and the US that will provide increased access to trade financing for Nigerian businesses whilst facilitating smoother and more robust mutually beneficial trade flows between the two countries.
The MOU demonstrates a shared desire to identify and promote trade and economic cooperation between the two countries, especially in sectors like clean energy, critical minerals, aviation, maritime transport, digital connectivity, and infrastructure, amongst others.
“Nigeria is the second largest U.S. export destination in Sub-Saharan Africa, but there is so much opportunity to grow,” said Chair Lewis.
“This MOU with NEXIM sends a strong market signal to Nigeria that EXIM is eager to forge a stronger commercial relationship by supporting U.S. exports in key sectors.”
The MD/CE NEXIM in his own remarks noted that, “This collaboration marks a significant milestone in our efforts to strengthen trade ties between Nigeria and the United States.
We are confident that this partnership will open new avenues for economic growth and development”. The MOU, signed virtually marks a significant milestone for the United States and Nigeria.
The MOU will enhance the competitiveness of companies in both nations and strengthen collaboration by exploring options for utilizing EXIM’s medium- and long-term loan guarantees and/or direct loans to finance U.S. exports to Nigeria.
This MOU contributes directly to EXIM’s Sub-Saharan Africa mandate. Over the past three years, EXIM has approved approximately $4 billion of authorizations in support of U.S. exports to sub-Saharan Africa.
The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports.
To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including credit insurance, working capital guarantees, loan guarantees, and direct loans.
As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States.
Economic and Financial Crimes Commission (EFCC) has filed a 13-count charge of N12.3 billion fraud against Chief Oba Otudeko, chairman, Honeywell Group, and Stephen Olabisi Onasanya, the former managing director, First Bank of Nigeria (FBN).
Chief Oba Otudeko, chairman, Honeywell Group, and Stephen Olabisi Onasanya, former managing director, First Bank
The charges were filed at the Federal High Court in Lagos.
They are joined by Soji Akintayo, a former board member of Honeywell, and Anchorage Leisure Limited, a company linked to Otudeko.
The four defendants are accused of orchestrating a fraudulent scheme involving the diversion of N12.3 billion from First Bank, with the fraudulent activities allegedly occurring between 2013 and 2014.
The charges against them include claims that they unlawfully obtained funds in multiple transactions, including N5.2 billion, N6.2 billion, N6.15 billion, N1.5 billion, and N500 million.
These funds were allegedly obtained under the false pretence of credit facilities for V-Tech Dynamic Links Limited and Stallion Nigeria Limited.
The EFCC further alleged that the defendants falsified documents to mislead First Bank into processing these transactions.
In the first charge, the defendants were accused of conspiring to fraudulently obtain N12.3 billion from First Bank, misrepresenting that it was for V-Tech Dynamic Links Limited and Stallion Nigeria Limited, despite knowing the information to be false.
In the second charge, they allegedly obtained N5.2 billion from First Bank on November 26, 2013, by falsely claiming it was for V-Tech Dynamic Links Limited.
Between 2013 and 2014, the defendants are accused of obtaining N6.2 billion from First Bank, falsely claiming it was for Stallion Nigeria Limited.
The EFCC also alleged that, on or about September 3, 2013, the defendants forged documents, including a “Letter of Application” to deceive First Bank into believing that the documents were from V-Tech Dynamic Links Limited.
In a similar manner, they were accused of forging a document titled “Authorization to Issue Investment Certificate to First Bank” with the intent to mislead the bank.
Additionally, the charges included accusations that the defendants procured the transfer of N6.2 billion from Stallion Nigeria Limited’s account at First Bank to conceal fraudulent activities.
On December 11, 2013, the defendants allegedly facilitated a transfer of N2.09 billion from Stallion Nigeria Limited’s account to Emmerado Logistics Limited as part of the fraudulent scheme.
Alos, Chief Otudeko is accused of failing to declare a personal interest in a loan facility of N6.15 billion sought by V-Tech Dynamic Links Limited, in breach of banking regulations.
The charges are based on violations of the Advance Fee Fraud and Other Fraud Related Offences Act 2006, the Miscellaneous Offences Act, the Money Laundering (Prohibition) Act 2011, and the Banks and Other Financial Institutions Act 2004.
The four defendants are expected to face serious legal consequences if found guilty.
The case is set to proceed on January 20, 2025, and could set an important precedent in the fight against financial fraud in Nigeria’s banking sector.
TikTok plans to shut U.S. operations of its social media app used by 170 million Americans on Sunday, when a federal ban is set to take effect, barring a last-minute reprieve, people familiar with the matter said.
The Washington Post reported President-elect Donald Trump, whose term begins a day after a ban would start, is considering issuing an executive order to suspend enforcement of a shutdown for 60 to 90 days. The report did not say how Trump could legally do so.
Users who have downloaded TikTok would theoretically still be able to use the app, except that the law also bars U.S. companies starting Sunday from providing services to enable the distribution, maintenance, or updating of it.
The Trump transition team did not have an immediate comment. Trump has said he should have time after taking office to pursue a “political resolution” of the issue.
“TikTok itself is a fantastic platform,” Trump’s incoming national security adviser Mike Waltz told Fox News on Wednesday. “We’re going to find a way to preserve it but protect people’s data.”
The New York Times separately reported that Tiktok CEO has been extended an invitation to attend the President-elect’s inaugration and sit in “a position of honor”.
A White House official told Reuters Wednesday President Joe Biden has no plans to intervene to block a ban in his final days in office if the Supreme Court fails to act and added Biden is legally unable to intervene absent a credible plan from ByteDance to divest TikTok.
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