No More on the Drawing Board

Aliyu
Aliyu

|  By Anayo Ezugwu  |

AS part of his mandate to ensure steady power supply, President Goodluck Jonathan has kick-started the N162.9 billion Zungeru hydroelectric power project in Niger State 31 years after it was identified by the former National Electricity Power Authority, NEPA. Jonathan said the power plant, when constructed, would generate 700 Megawatts of electricity for the country.

According to him, the Zungeru Hydro Electricity Power Project was conceived in 1982, but due to constraints of funds the construction work could not commence. Jonathan said his administration had now solved the financial challenge, which was holding the construction of the dam, by making funds available to build it.

The president said the ground breaking to commence the project was a history making event because the power plant would be the largest to be built by his administration. He listed employment opportunities, agricultural development, and tourism as benefits derivable from the dam. He said exportation of perishable food through the Minna Airport would also be a benefit from the dam, adding that the airport would be revitalised because of the construction of the dam.

Jonathan called on the people of the state to give their support to ensure that the project went on smoothly for the period of four years the construction would last. He also commended the federal ministry of power for its readiness to pay appropriate compensations and the resettlement of persons affected by the project.

Babangida Aliyu, Niger State governor, expressed appreciation to the president for making funds available for the project under the Power Sector Intervention Fund. Aliyu assured the president of the full cooperation of the people of Niger State to ensure that the project went on smoothly.

World Bank Investment in Nigeria

Marie-Nelly
Marie-Nelly

THE World Bank and its subsidiary, the International Finance Corporation, IFC, have concluded plans to invest about N159 billion in Nigeria’s energy sector in the next few months. Marie Francois Marie-Nelly, World Bank country director in Nigeria, said the investments would be in terms of partial risk guarantees for gas supply and Independent Power Plants valued at $800 million and $200 million respectively.

According to Marie-Nelly, who was represented by Gravette Brown, senior investment officer, the IFC manufacturing and services, Africa Department, in addition to the planned investments, the World Bank currently has $400 million active in partial risk guarantees for gas supply and over 10 years’ technical support and advice to the power sector. She noted that the IFC, as part of its future investment plan, has a high probability investment pipeline of approximately $800 million, in Nigeria with priority given to power, infrastructure, agriculture, housing, micro small and medium enterprises, MSMEs.

She stated that its investment would also be focused on equity investments with emphasis on corporate governance, climate change and energy efficiency. Marie-Nelly disclosed that the IFC would participate in the activities of oil majors and other Independent Power Projects, IPPs, and also in the privatization of the 11 power distribution companies and six power generating companies.

She explained that the World Bank Group is focusing on three key areas of growth in Nigeria, namely: improved infrastructure, especially in the area of power; promotion of sustainable agribusiness and support for SME grow

th and development. “We will support public private participation dialogue on private sector participations in power, finance and mobilise gas-to-power and other downstream gas projects. In the near term, we will be working with IFC clients and other industrials to outsource their large captive power supply need; we will also participate in gas production/transportation projects and help standardize key agreements in pioneer projects,” she said.

Marie-Nelly said till date IFC’s investment in Nigeria was put at about $1.1 billion, is its largest portfolio in Africa and the eigth largest globally, while World Bank’s financing activities in the country currently stand at $4.66 billion.

What they are Worth

CANACCORD Genuity and other Nigerian oil exploration and production companies trading on the London Stock Exchange are now valued at $4.2 billion. Tarica Mpinga, director, Canaccord Genuity, said the company currently has a market value of $2.263billion in the London Stock Exchange.

Mpinga said though getting funding from the international investment market by African oil and gas companies was difficult, he insisted that the story had changed for Nigerian companies in the past 18 months. “In terms of equity, the Nigerian story has changed in the past 18 months. The mood is already changing in the London Stock Exchange towards indigenous African companies,” he said.

According to him, Nigeria would play a bigger role in oil and gas development in Africa, but emphasised the need for indigenous players to conservatively plan and map out projections so that investors could clearly see and identify a trail for progress before they could put in their money.

Other Nigerian companies trading on the London Stock Exchange, according to him, are Eland Oil & Gas, $257 million, Heritage Oil, $587 million, Mart Resources $524 million, and MP Nigeria, $508 million.

Addax Petroleum Partnership Forum

|  By Maureen Chigbo  |

Zhang
Zhang

THE first edition of the Addhope Forum 2013 held in Geneva, May 24, with the theme: Dialogue and Philanthropy. The forum provided an opportunity for exchange and discussions on the keys to successful development of partnerships. Participants numbering 145 comprised members of non- governmental organisations, NGOs, the private and public sectors, as well as the academia. They shared their experiences and best practices on the issue. Plenary and interactive sessions took place throughout the morning and offered a forum where participants – organisations and individuals concerned with public good and the issues linked to partnerships between NGOs and the private sector – could openly share insights and experiences.

M. Zhang, chairman, Sinopec-Addax Petroleum Foundation and CEO, Addax Petroleum Corporation, opened the forum and emphasised his strong conviction that the foundation’s initiatives are deeply rooted in the corporate social responsibility strategy of its shareholders, the Sinopec Group.  “Philanthropy should not be limited to its financial engagement. In order to be efficient, philanthropy should go beyond the pecuniary aspect and rather take the approach of sharing competencies. As a famous Chinese proverb goes ‘Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime.

“That is why we are all gathered here today. We have gained a lot of experience working with our NGO partners over the years. But there is still room for improvement, and we can get even better at what we do by maintaining the continuous dialogue we have with partners from every sector,” he said.

In his opening remarks, H. E. Haitao Wu, deputy permanent representative of the Chinese Mission to the United Nations in Geneva, chargé d’ affaires and ambassador extraordinary and plenipotentiary for Disarmament Affairs, highlighted the efforts made by China, the largest developing country in the world, to meet the Millennium Development Goals objectives.

Cajoly
Cajoly

Also Marie-Gabrielle Cajoly, executive director of the Sinopec-Addax Petroleum Foundation, said “As often in life, a partnership is not a given. On the contrary, it is a trust relationship based on mutual engagement, comprehension and dialogue. We invited representatives from all horizons, and in particular a large number of NGOs to join us for today’s forum. Their enthusiastic participation was fantastic and a strong sign of everyone’s interest in both the topics discussed and the approach taken.”

Indeed, the foundation was keen to give the floor to all actors involved on a wide range of themes such as: the opportunities and risks linked to multi-sectoral partnerships; how to monitor and measure projects more efficiently; how to best communicate around the work undertaken; and how to identify the changes in the developing landscape occurring today in order the adapt to them in the best possible way.

Finally, an important focus was given to NGOs, especially in the interactive sessions, where they were invited to present more specific elements of their work.

The foundation is an independent Non-Profit Organisation based in Geneva. Founded by Addax Petroleum Corporation, APC, its main donor, it also benefits from the support of the Sinopec Group, its shareholder. The foundation aims to address the root causes of poverty in Africa, the Middle East and China, and to help deprived communities by strengthening their skills and by providing them with the appropriate conditions to reach self-sufficiency in a sustainable way.

— Jun. 10, 2013 @ 01:00 GMT

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