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IBEDC Assures Customers of Committed Prepaid Metering

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The Ibadan Electricity Distribution Company (IBEDC) has assured its customers that  every household under its franchise will be supplied with the free digital prepaid meter in due course.


Dr Ademola Adewumi, IBEDC’s Regional Head, Ogun, gave the assurance on Thursday, at a public sensitisation programme on the ongoing National Mass Metering Programme (NMMP) held in Abeokuta.

The programme was organised by the Association of Nigerian Electricity Distributors (ANED) in collaboration with the MacArthur Foundation.
Adewumi said that the sensitisation programme had become necessary to update clients on the metering scheme and other operations, as well as to receive feedback for consideration on future policies.
He re-emphasised that the Federal Government planned to distribute one million meters to unmetered electricity customers across the country in the phase zero of the scheme.

The official said that IBEDC had already distributed 69,000 of the 104,000 quota ceded to it, and hoped to distribute the remaining metres as they were being supplied before the expiration of the phase zero in July.
According to him, IBEDC  has decided to distribute the meters firstly along the priority feeders which are categorised under A and B  to deal with huge financial losses, before moving to categories C, D and E.
He assured that by the end of phase three of the scheme, IBEDC would have covered the over one million-meter deficit under its franchise.

 Adewumi explained that areas which were nearer to power infrastructure had continued to enjoy regular supply of power while areas which were not so close to the infrastructure were not that opportuned.
He said that the firm had continued to address the infrastructure deficit by investing huge resources on the feeders and other facilities, so that power supply could get to the disadvantaged areas.
“We  are not relenting on our efforts. It involves huge investments and it is going to take some time, but we will definitely ensure that we continue to make more investments to improve power supply to our customers,” he said.

Adewumi said that many of the customers had continued to judge the firm through the bad experiences they had with  former power agencies without moving closer to IBEDC.
He, therefore, called  on the customers to take advantage of the various channels of communication set up by the firm to register their complaints.
Chief Sunday Oduntan, the Executive Director, ANED, who spoke with the News Agency of Nigeria (NAN) after the programme, noted that the scheme would put an end to the issue of estimated billing when completed.

Oduntan identified impatience on the part of customers as one of the challenges encountered by the distribution companies in the implementation of the scgeme.
He said that since the demand for the digital meter was high, while the rate of supply by the local manufacturers was low, customers needed to excercise patience before the meters could go round.
“We shall soon enter the phase one of the scheme and more meters will be supplied to us, and we can then move to other areas,” Oduntan said.
He commended IBEDC for its “laudable and wonderful” efforts at improving power supply to its customers.
The ANED chief said that IBEDC had continued to perform well underground without the knowledge of its clients.
He said that the greatest feedback from the programme was the need to establish effective communication lines between the distribution companies and their customers.
Oduntan said that the programme had been held in Lagos State with the Ikeja and Eko distribution companies.
“We shall soon move to Kano, Enugu, Port-Harcourt and Abuja,” he said.

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Half-Year Performance: Transcorp Plc Shows Powerful Growth as Profit Leaps by 713%

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Transcorp Hotels

Transnational Corporation of Nigeria Plc (Transcorp) has released its unaudited results for the half-year ended June 2021, recording significant improvement across its major income lines.

The Conglomerate with strategic investments in the Power, Hospitality, and Energy sectors, recorded a profit after tax of N6.5bn, rising by 713% up from N0.8bn recorded in June of the previous year. Other key highlights of the result include the following:

  • Revenue rose by 53%, from N35.0bn in June 2020 to N53.3bn in the period under consideration.
  • Gross profit grew by 60%, from N14.7bn in June 2020 to N23.5bn in June 2021.
  • Profit before tax rose by 689% from N0.9bn in June 2020 to N7.1b in June 2021.

Commenting on the performance, Transcorp’s President/Group CEO, Mrs. Owen Omogiafo, reiterated the Conglomerate’s commitment towards producing long-term value and sustainable impact. “We are pleased to see the sustained growth in our group performance, which was achieved as a result of the improved performance across all the sectors we operate in. The revenue achieved in our power business grew by 48%, as a result of improved gas supply and increased generation capacity”, she stated.

Commenting on the hospitality sector, Omogiafo stated that the company’s strategic actions have resulted in a growth in revenue of up to 84%, despite the ongoing impact of the COVID-19 epidemic on the Nigerian and global hospitality industries. She expressed confidence in the company’s recovery strategies, citing the recent official launch of Aura, the company’s digital hospitality platform, as a testament to that confidence.

On the Group’s capacity to sustain its performance, Omogiafo said, “We do not plan to rest on our oars. We will continue to sweat our existing assets and explore new frontiers, as we continue to deliver on our purpose of Improving Lives and Transforming Nigeria.”

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Rethinking safe-haven assets and building resilient portfolios with Xend Finance

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As with most things in life, feeling overwhelmed as a newbie is simple, and this is especially true in such a volatile market as the world of cryptocurrencies. Regardless of the uncertainty and worries, the world of cryptocurrency has the potential to have a unique and substantial impact on anyone’s financial stability.

Government Bonds, treasury bills, and other forms of fixed income investments are undeniably considered as safe haven investments due to their low risk, but with inflation on the increase, the question arises how safe is money locked up for a specific period of time?

It is therefore important to build a resilient portfolio able to minimize risks and mitigate volatility, diversity into multiple unrelated investments, deliver steady returns and also able to recognize changing market conditions, new opportunities and respond accordingly.
Enter the world of Stablecoins. A less volatile cryptocurrency asset pegged to a cryptocurrency, fiat money, or to exchange-traded commodities (such as precious metals or industrial metals).

Compare to other forms of cryptocurrency assets like bitcoin, or altcoins the advantages of stablecoins are stabilized by assets that fluctuate outside of the cryptocurrency space that is prices are pinned to real-world assets.
Most stablecoins are pegged to the US Dollar as they are an easy way to get exposure to the crypto space without having to worry about volatility.

You can build a resilient portfolio with stable coins by having a good foundation on which you can build and protect your investment portfolio. This is necessary to provide a buffer when the markets are volatile or things go south.

These stablecoins also provide diversification as Investor Phillips Hodges mentioned in an interview emphasized the importance of balancing factors affecting the returns you can get across the different than the classes themselves. Stable coins also provide the extra diversification a portfolio needs to stay afloat in a stormy market, minimize losses due to their low volatility.

Be rest assured as an investor that your portfolio can only said to be strong when you have investments that can stand the test of time. Inflations and rickety market conditions.
If you’re a fund manager looking to get exposure to the crypto space through stable coins, send an email to [email protected] and someone would be in touch with you.

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Market formation framework, driver to optimally develop solid mineral sector- Ifie Sekibo 

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Ifie Sekibo

MD/CEO of Heritage Bank Plc, Ifie Sekibo has said that the market formation framework is the key to optimally exploit Nigeria’s precious metal and solid minerals endowments. He disclosed this during a webinar organized by the Securities and Exchange Commission (SEC) in collaboration with the Federal Ministry of Mines and Steel Development with the theme, “Financing the Solid Minerals Sector through the Capital Market and the Critical Role of Commodity Exchanges.”  

Sekibo explained that a fully established market formation process that would lead to having a Corporation as an integrated solid mineral institution like NNPC which allows the collateralization of assets those banks can rely on for alternative funding options.

According to him, this will guarantee other creative ways of raising funds for financing commercial activities relating to solid minerals and viable projects along its value chain.

Sekibo who was represented by the Divisional Head, Strategy and Business Solutions, of the Bank, Olusegun Akanji, said for the sector to be viable, it requires lots of converged government interventions because for any development focused sector to kick-off around the world, it needs government intervention to lay the foundation for the private sector and funders to step-in and pool their resources.

“Once, we can collateralize these assets, whether they are under the ground or being determined, you use different instruments to bring liquidity into them. Then investors will follow up once we have established there is enough they can explore.” the MD stated.

He further suggested that finance sector regulators need to expand their Prudential Guidelines to accommodate the instruments such that precious metal-backed or solid minerals-backed assets could qualify as part of the computation of liquidity ratios.

“Once banks start injecting their resources, customers would certainly follow that trend. You can start arranging for sophisticated solutions like bonds, bullion-backed assets and pension notes. Again, banks will have to be poised to hold the funding that comes from this sector; that way, they can open new transactional frontiers either locally or internationally.

“At the base of this, are the issues of pricing and integrity of the market. Once banks play in that sector and we have a government institution like the NNPC type to hold all this documentation, it would be very easy to establish price discovery on an ongoing basis. This will in turn attract international funders, hedge funds and retail investors. Today, we have retail bonds in the same way; we can have gold-backed or any of the solid mineral assets where retail investors can put in the funds,” Sekibo explained.

Meanwhile, it would be recalled that Heritage Bank Plc has said its involvement in the private sector collaboration with Dukia Gold & Precious Metals Refining Co. Limited is set to unlock the over N344 trillion market worth of gold investible instruments in the solid minerals sector.

However, he reiterated that a consistent packaged framework, which could only be held by an established government institution, as part of the layers of the framework, would help to tackle major challenges in trying to support Dukia Gold’s clients.

“With a consistent packaged framework, it will be easier for Dukia Gold and help in less spending. If Dukia Gold should speak of their challenges, they will speak about tonnes of documents they have to produce. But with a unified source of documentation, it makes the process easier and improves cost management. These are some of the challenges we have experienced in trying to support a few clients we worked with,” Sekibo stated.

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