West African Power Pool to create liquidity enhancement fund – Chairman

West African Power Pool

THE West African Power Pool (WAPP) says it has concluded plans to create a Liquidity Enhancement Revolving Fund (LERF) for the ECOWAS Regional Electricity Market.

The General Manager, Public Affairs, Transmission Company of Nigeria (TCN), Mrs Ndidi Mbah, quoted the Chairman, Executive Board of WAPP, Mr Sule Abdulaziz, as saying this at the 54th meeting of the board held in Cotonou, Benin Republic.

According to her, the meeting is the second in 2022.

Abdulaziz, who is also the Managing Director of TCN, said that the plan to create the LERF was taken after the review and adoption of the documents proposed by the Task Force on the creation of the fund.

According to him, the fund would provide the ECOWAS regional electricity market with very important tool for electricity trading by reducing the level of outstanding bills.

He said that the fund would also provide stakeholders in the trade with a “high degree of robustness and sustainability.”

Abdulaziz, however, urged the participants to examine the documents carefully and make relevant comments on the documents proposed by the WAPP Finance Committee.

He also lauded the well documented 2021 financial statement of the organisation.

“When I looked at the financial statement, I get the feeling that the WAPP is working hard and is transparent as shown by the independent audit.

“ This attest that the financial statements are regular, sincere, and in accordance with international standards,” he said.

In his remarks, Mr Siengui Ki Apollinaire, the Secretary General of WAPP Executive Board, said that the latest financial statements were declared transparent.

“The 2021 budget was executed transparently and rigorously, and it is with pleasure that I announce that the 2021 consolidated financial statements of our organisation have been declared regular, sincere compliant with international standards by a well-known independent auditor,” he said.

He expressed gratitude to Mr Patrice Talon, President of the Republic of Benin, for the hospitality extended to the organisation and for hosting the meeting.

The participants also observed a minute silence for late Mr Joseph Makoju, an honorary member from Nigeria, who passed on in April, for his contributions to the development of WAPP. (NAN)