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Elumelu wins Africa Investor ‘Person of the Year’ Award in New York. Dedicates it to all stakeholders working hard to Power Africa out of Poverty

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7 years ago

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Chairman of Heirs Holdings, Mr. Tony Elumelu, yesterday, while receiving the ‘Person of the Year’ award at the Africa Investor CEO Institutional Investment Summit hosted alongside the UN General Assembly in New York, extolled stakeholders in the public and private sectors committed to improving access to power in Africa.

He first acknowledged the staff and management of Transcorp Power, the biggest producer of thermal energy in Nigeria, providing about 18% of national output: “In accepting this award, I want to dedicate it to Transcorp Power staff who remain committed to realizing our dream of improving access to electricity in Nigeria and making our vision of a well-lit, fully powered Nigeria come true.” Transcorp Power has supported U.S. President Obama’s Power Africa initiative with a $2.5billion commitment. He thanked the broader coalition of investors in the African power sector, as he urged other institutional investors to consider long-term opportunities on the continent. “I also dedicate this to all stakeholders working hard to improve access to power in Africa. I call on others to please join us in this journey to powering Africa out of poverty.”

As the economies of African regional powerhouses like Democratic Republic of Congo, Mozambique, Uganda, Nigeria and Angola struggle due to excessive exposure to commodities’ prices caused by limited diversification, Elumelu proffered a sustainable solution to reduce Africa’s historical external vulnerability.

“Africa has been faced with this same challenge, in my view, for far too long. I choose to look at the recent episodes of economic contraction across the continent as opportunities to diversify our economies and invest in building critical infrastructure, especially in power, to reduce our susceptibility to commodity shocks and break out of the perpetual boom-bust cycles.”

He emphasized that to ensure a different type of growth trajectory for Africa – one that does not rely exclusively on the export of primary commodities –  there must be reliable, accessible, affordable power to support industrialization. “Industrialization must occur on a massive scale for our countries to be powered out of chronic dependency on commodities. We must power Africa’s next phase of development, by targeting and prioritizing growth of our manufacturing, industries and services. And power is the fulcrum that will make this happen,” he said.

Elumelu revealed that while there is an abundance of private capital available to be deployed to develop the African power sector, government must play its part in attracting these investments. He explained, “While there is huge private capital – local and global – seeking investment destinations, as we know, global private capital goes to where it is most welcome. Therefore, the challenge before African governments should be how to ensure they create the environment that will attract and retain these investments in our continent.” To the foreign investors gathered at the forum, he advised, “Though there are challenges in investing in Africa, these challenges can be overcome by investing in Africa through partnerships with qualified local partners who possess the right knowledge, requisite capital and technical know how.”

Speaking further, Elumelu urged private and public sector stakeholders to work together in what he describes as “Shared Purpose”. “It is critical for the public and private sectors to work together in “SHARED PURPOSE”, which is a key tenet of Africapitalism – the economic philosophy I espouse which calls for the private sector to play a key role in Africa’s social and economic development by investing in strategic sectors for both economic profit and social prosperity.”

Elumelu, who is also co-chair of the African Energy Leaders Group (AELG), a community of African energy leaders including Presidents and leading corporates, concluded his remarks by examining the role of power in creating opportunities for Africa’s jobless youth. “In the 21st century, the level of poverty we have in Africa and the dire youth unemployment, to a large extent, can be solved by improving access to power, and by extension other infrastructure deficiencies and deficits. Even though we are making progress, there is still a lot to be done. We need faster progress.”

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Turmoil in First Bank As Big Shots Run From Pillar To Post To Save Their Job After  ‘lavish’ party For Ex MD

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15 hours ago

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December 9, 2024

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Folake Ani-Mumuney was allegedly asked to resign as First Bank’s global head of marketing and corporate communications by Femi Otedola, the chairman of the holding company, insiders have revealed.

A top employee of the bank informed us that Otedola was “seriously irked” when he learned that a whopping sum was spent on a send-off party for Adesola Adeduntan, the former MD of the bank who was reportedly forced to resign over alleged negligence in a N60 billion electronic fraud.

Otedola, insiders said, believed it was “insensitive and wasteful” to throw such a lavish party when the clear direction and mandate of the bank is to recapitalise and reposition the institution from excesses of the past management.

The source also stated that Otedola, who has in recent times developed a reputation for being a “no-nonsense activist investor”, is planning to take more “drastic” decisions and actions to keep First Bank on the track of impeccable banking “devoid of extravagance and waste of shareholders’ resources”, we were told.

This development has sent panic across the top echelon of the Nigeria’s oldest bank, to run from pillar to post in order to save their jobs as nobody knows who is next to be fired or asked to resign honorably in the ongoing clean up process.

The source further said: “We are seeing efforts to plug leakages that have set the institution back over the years.”

The send-off party was held at the Harbour Point, Victoria Island, Lagos, on November 2, in honour of Adeduntan, who was GMD and CEO for nine years until April 2024.

Despite Otedola’s absence, the party had in attendance many dignitaries and top management of the bank.

 

Source: The Cable.

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NAFDAC demands full compliance with sachet, PET bottle alcohol ban

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19 hours ago

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December 9, 2024

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The Director-General of NAFDAC, Prof. Mojisola Adeyeye, has urged manufacturers and distributors of alcoholic beverages to comply with the ban on sachet and PET bottle alcohol.

She made this appeal while speaking at the News Agency of Nigeria Forum in Abuja, as reported on Sunday.

Emphasising that alcohol in PET bottles has been banned, she warned distributors and retailers to desist from selling and distributing the prohibited products.

Adeyeye referred to the ministerial ban and the agreement signed by the Distillers and Blenders Association of Nigeria in 2018.

The agreement, which introduced a phased withdrawal process, has now reached its final stage to ensure the complete removal of these products from the market.

She explained that NAFDAC stopped registering and renewing licences for such products in 2018, giving manufacturers sufficient time to exhaust their stock and cease production.

She added that enlightenment campaigns and stakeholder engagements have been conducted to encourage compliance with the ban.

Adeyeye expressed concern about alcohol consumption among teenagers and young adults, highlighting that sachets make alcohol cheap and easily accessible, with potentially devastating consequences.

She reaffirmed the agency’s commitment to protecting public health through strict regulatory measures.

The Director-General of NAFDAC, Prof. Mojisola Adeyeye, has urged manufacturers and distributors of alcoholic beverages to comply with the ban on sachet and PET bottle alcohol.

She made this appeal while speaking at the News Agency of Nigeria Forum in Abuja, as reported on Sunday.

Emphasising that alcohol in PET bottles has been banned, she warned distributors and retailers to desist from selling and distributing the prohibited products.

Prof. Adeyeye referred to the ministerial ban and the agreement signed by the Distillers and Blenders Association of Nigeria in 2018.

The agreement, which introduced a phased withdrawal process, has now reached its final stage to ensure the complete removal of these products from the market.

She explained that NAFDAC stopped registering and renewing licences for such products in 2018, giving manufacturers sufficient time to exhaust their stock and cease production.

She added that enlightenment campaigns and stakeholder engagements have been conducted to encourage compliance with the ban.

Adeyeye expressed concern about alcohol consumption among teenagers and young adults, highlighting that sachets make alcohol cheap and easily accessible, with potentially devastating consequences.

She reaffirmed the agency’s commitment to protecting public health through strict regulatory measures.

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Air Peace Explains The Operating Cost Of A One hour flight Against FCCPC’s False Claims..

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19 hours ago

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December 9, 2024

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Air Peace Ltd. says the operating cost for a one-hour flight exceeds N14 million.

The airline’s Chief Operating Officer (COO), Mrs Oluwatoyin Olajide, disclosed this on Friday in Lagos.

Olajide said that N7 million is required to purchase 4,000 litres of jet A1 (aviation fuel), currently sold for N1,400 per litre.

She added that for Aircraft, Crew, Maintenance and Insurance (ACMI), the airline spends about 4,000 dollars for a one-hour flight.

According to the COO, N5 million is required for every one-hour flight, a figure significantly higher than what operators’ counterparts pay globally.

“There are factors that define operating cost and they include aviation fuel which takes between 60 per cent to 65 per cent of the operating cost.

“One litre of fuel is N1,400. If I have to operate a one-hour flight from here to Abuja, Port Harcourt, Owerri, I am going to be using about 4,000 litres of fuel.

“So, on average, a one-hour flight costs N7 million on fuel alone. Also, ACMI costs 4,000 dollars for leasing planes, considering the challenges we are currently facing,” Olajide said.

She explained that, on average, operating a one-hour flight costs N7 million, with an additional N7 million for fuel, bringing the total to N14 million.

She noted that insurance for a one-hour flight costs an additional N5 million.

“For financing, we pay about 30 per cent to borrow money, while foreign airlines pay around three percent. Also, Nigerian airlines pay four times more than others for spare parts,” she added.

According to Olajide, given the operating costs of Nigerian airlines, it is not easy operating with the current airfares.

She emphasised that a one-hour trip within Nigeria should cost no less than N500,000.

Speaking on the recent report of fare exploitation, Olajide said that the allegation had cost the airline a major international slot.

She also clarified that the Federal Consumer and Customer Protection Commission (FCCPC) only invited the airline for enquiry and not investigation as reported by some media.

She said that the Chairman of the Airline, Dr Allen Onyema, honoured the invitation.

She, however, said that FCCPC, could have directed the enquiry to the Nigeria Civil Aviation Authority (NCAA), the regulator of the airline.

Olajide recalled the airline’s selflessness during COVID-19, Xenophobia and the evacuation of stranded Nigerians from foreign countries at no cost.

The News Agency of Nigeria (NAN) recalls that the FCCPC had on Dec. 2 written to the airline, inviting them for an enquiry on the complaint of fare exploitation.

The FCCPC later clarified that it was not conducting an investigation into the airline but rather an enquiry, contrary to reports circulated in the media.

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