IBADAN Electricity Distribution Company, IBEDC, has restated its commitment to eradicate estimated billing system and other corrupt practices that hinder effective distribution of electricity in its areas of franchise. Fortunato Leynes, managing director, IBEDC, stated the resolve at a customers’ forum in Ilorin, Kwara State.
The forum, according to the company’s statement, was organised to create an atmosphere for positive dialogue among the IBEDC, its customers and other stakeholders so as to foster the development of best solutions for identified problems and also ensure that the firm met its customers’ needs and expectations.
Among the plans rolled out by the company was the engagement of an Australian company to produce customised meters that would give good service to customers and protect the interest of the electricity distributor when tampered with.
Leynes said the company wants to eradicate billing by estimation. “To ensure that every customer shall pay promptly and adequately for every kilowatts/hour consumed through accurate metering and billing, the IBEDC has started its meter roll out plan. While we are still in the process of buying meters, our customers without meters can be availed of meters through the Credit Advance Payment for Meter Improvement scheme,” he said.
Under the CAPMI scheme, meters would be installed within 45 days and the IBEDC would refund to the customer the cost of the meter plus interest for a period of not more than 36 months, according to him. The IBEDC boss promised that the company would employ the best hands and equipment to ensure that customers got the best service.
Many of the customers, who spoke on the occasion, highlighted some of the challenges they faced in their homes and businesses to include prepaid meters paid for and not installed, distribution of ‘crazy’ bills, corruption among workers of the company and outright blackout running into days and months. The IBEDC franchise area covers Oyo, Ogun, Osun, Ondo and parts of Kwara, Kogi and Niger states.
Ughelli Power Plant Capacity Expansion
THE power plant capacity of Ughelli Power Plc is to increase from 170 megawatts to 420 megawatts. This follows the decision of the core investor to commit N65 billion into the project ever since it took over in November, 2013. Adeoye Fadeyibi, chief executive, Transcorp, who disclosed this when the Senate Committee on Privatisation paid an oversight visit to Ughelli Power plant, said the increase represented 46 percent of the 972MW available capacity.
Fadeyibi explained further that the short, medium and long term goal include a gradual increase of plant output, while hoping to stabilise energy sent out to conform with industry standards to the plant’s installed capacity of 1000MW by end 2015.
Senator Olugbenga Obadara, chairman of the Senate Committee on Privatisation, commended the company over the local content of the management team. In another development, the Committee visited the new Warri Ports where the members praised the satisfactory performance of the operators, Messrs Associated Maritime Services, for the excellent development of the infrastructure and commitment to the Concession Agreement.
Obadara advised the concessionaire to apply for extension of the concession period to enable it continue with its good works and development of the ports given that the firm has three years left of its 10 year-concession period. Officials of Nigeria Ports Authority, NPA, also attested to the excellent performance of the concessionaire with regard to safety, revenue target, infrastructure development, manpower training and almost 100 percent local content of its personnel.
Meanwhile, Emmanuel Uduaghan, Delta State governor, commended the management of Ughelli Power for the level of development and investment within six months of take over. He said that the Delta State government decided to invest in the power sector so that the profit would be used to subsidise power supply to the rural communities in the state.
The governor, who made the observations when the Senate Committee on Privatisation paid him a courtesy call in Warri, also commended the management of the Benin Distribution Company for its effort at boosting power distribution within its area of operation. He noted that the oversight activities of the law makers would help to keep managers of privatised companies on their toes and ensure returns on investment for the benefit of Nigerians.
Swala Oil and Gas IPO Oversubscribed
SWALA Oil and Gas Plc in Tanzania has been listed on the Dar es Salaam Stock Exchange. It is the first public oil and gas company to be listed in East Africa. The company is the 20th to be listed on the DSE and the secon under the Enterprise Growth Market, EGM, an equity market specifically intended for Small and Medium Enterprises and start-ups.
The company listed on the EGM with 99 million shares after a very successful Initial Public Offer, IPO, which raised 6,650,000,000 billion TZS. The IPO was oversubscribed by nearly four million shares and has raised nearly 2 billion TZS more than the maximum subscription of 4.8 billion TZS.
The momentous event took place at the DSE offices and was graced by Ali Hassan Mwinyi, former President of the United Republic of Tanzania, who rang the bell at 10:30 am EAT to officiate the event, the traditional symbol signifying the opening of Swala’s first trading day. Mwinyi asserted that Swala’s oversubscription shows a great investment appetite amongst Tanzanians in investing in their country’s economy and a growing confidence in the national Stock Exchange.
Moremi Marwa, CEO of the DSE remarked, “In October of 2013, the DSE introduced the EGM segment at the Exchange whose main objective is to enable Small and Medium Sized business access to the capital market. Swala is the second company to list on EGM within a year of its launching. Listing on DSE comes with transparency, good corporate practices and proper disclosures. Swala has made the right decision to join the family of companies aiming at being open and transparent to their shareholders, the public and the world at large”.
Ernest Massawe, chairman of Swala, stated, “Today’s listing on the EGM marks a new chapter for our company and another step forward in realizing our ambition to achieve a successful venture based on private and public partnership. We wish to extend our thanks to all those who have made this possible: the regulators, our advisors and, most importantly, our new investors. The company is now ready to commence its 2014 seismic programme and we look forward to fruitful results. I am confident that Swala, as a public company, will be able to capitalize on its achievements to date and continue to deliver for all its stakeholders.”
Compiled by Anayo Ezugwu— Aug. 25, 2014 @ 01:00 GMT