In attendance were esteemed dignitaries including the Chairman of the Christian Association of Nigeria, Ekiti State Chapter, Reverend Dr. Emmanuel Adeyinka Aribasoye, and the Speaker of the Ekiti State House of Assembly, Right Honourable Adeoye Aribasoye. Also present were Pastor Tony Ibe, Pastor in charge of RCCG Youth Province in Ekiti; Mr. Lawrence Aribasoye, Special Adviser to the Governor of Ekiti State; Pastor Adarabioyo, Pastor in charge of RCCG Ekiti Province 4; and Reverend Ariyo, Chaplain of Afe Babalola University, Ado Ekiti, among many other esteemed guests.

The Ekiti Fire Conference transcended denominational boundaries, drawing representatives from all institutions within Ekiti State, including Ekiti State University (EKSU), Federal University Oye-Ekiti (FUOYE), Bousti Ikere, School of Nursing Ado, Health Tech Ijero, Federal Polytechnic Ado, and Afe Babalola University, Ado Ekiti.

The Ekiti Fire Conference served as a catalyst for spiritual rejuvenation, with great testimonies, equipping attendees with the tools and inspiration needed to navigate the challenges of contemporary life with unwavering faith and resilience in Jesus and his finished works. Through dynamic worship sessions, empowering teachings, and fervent prayers, participants were empowered to pursue their divine mandates and impact their generation positively.

As the embers of the Ekiti Fire Conference continue to burn brightly, its reverberations echo far beyond the confines of the pavilion, igniting a renewed passion for God and a fervent commitment to societal transformation among young people across Ekiti State and beyond. It is worthy of note that the last year’s edition of the YMR gathered about 200,000 young people at the Redemption city from December 27th-30th, equipping the young people with tools for greatness in any sphere of influence they found themselves spiritually, academically, mentally and socio-economically.

One of the notable highlights of the conference was the acknowledgment of Pastor Daniel Olawande’s visionary leadership, particularly his pioneering efforts in expanding the Youth Mandate Revival (YMR) movement from its inception in Lagos to various locations worldwide, including Ghana, Benin, Germany, the UK, and numerous other locations. YMR has become a transformative force, rallying young people to embrace their faith and catalyze positive change in their communities.

As a result of the growing impact of the YMR in the lives of thousands of young people across the nation, YMR will be introducing her new impact project called the YMR Samaritan to meet the basic needs of young people, from academic scholarships to shelter to feeding, entrepreneurial support and so on with several beneficiaries especially for orphans, widows and the less privileged.

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He said beneficiaries have also received world-class business training, mentorship, coaching, and funding, in addition to lifelong access to the prestigious TEF Alumni Network.

“To date, the Foundation has disbursed US$100,000,000 directly into the hands of young African entrepreneurs, who have, in turn, created over 400,000 direct and indirect jobs, contributing significantly to Africa’s economic growth and development. The Foundation has also provided capacity building support, advisory services, and market linkages to over 1.5 million Africans through its digital entrepreneurship-support platform, TEFConnect,” he said.

According to him, it is government’s function to  set the right environment for businesses to thrive, but the private sector should take the lead and take charge to ensure that such businesses succeed.

Elumelu explained that having been an entrepreneur himself, he thought it right to help create more entrepreneurs for the continent and that is the driving force for the Tony Elumelu Foundation.

He said the TEF plan is to democratise luck and create more businesses in Africa. “We are not targeting any sector, we just want people who can grow these businesses and lift the continent, that was what drove us to supporting these entrepreneurs,” he said.

Continuing, Elumelu said: “My family thought there is no better way to celebrate my 61^st birthday than announcing the 2024 beneficiaries of the TEF Entrepreneurship programme on my birthday. The selected 1,104 entrepreneurs will each receive a non-refundable $5,000 seed capital. We believe in spreading prosperity”.

On the TEF Entrepreneurs for 2024, Elumelu said: “My advise to you is to continue to be positive about the future. We believe, we should be a voice for economic empowerment for Africans. The $100 million TEF fund is from my family. But we now embrace partnerships in order to attract more people who will come together to support young Africans. We want to launch Coalition of African Entrepreneurs to empower more Africans ”.

Also speaking, Co- Founder, Tony Elumelu Foundation, Dr. Awele Elumelu, said  the massive impact of the TEF Entrepreneurship programme is being felt across Africa.

She said: “We knew what we wanted from the onset, and so far, it has been a decade of fulfilled promises. The 10^th TEF Entrepreneurship programme beneficiaries will be supported to ensure they succeed. For those who were not selected, your journey is not over, you just have to work harder and success will be yours”.

Speaking on the selection process,  Ernst & Young (EY) Partner, Damilola Aloba, said that during the 2024 selection process, 1,485 applications were received from Nigeria, 240 from Benin Republic and 825 from the rest of Africa .

“The selection went through a very rigorous process.  We considered the feasibility of the business plans, market opportunity, financial standing of the entrepreneurs, scalability of the business, leadership and entrepreneurship skills. When these were received, we came up with 590 applications from Nigeria, 109 from Benin Republic and 405 from the rest of Africa,” Aloba said.

Some of the past TEF Entrepreneurs which have grown to become big businesses include Nkem Okocha, founder, Mama Moni, Nigeria; Innocentia Mamila, Founder Biodiesel, South Africa; Mohammed Dhoufi, Founder, Cure Bionics, Tunisia; Nonkhuede Kasonde-vanden broek, Founder, Zanya African Metrics, Zambia and Ayodele Ognin, Wurami Consulting, Benin Republic.

Others include Ndubisi Eze, Ifedayo Durosinmi-Etti, Edmond Nonie, Maureen Amakabane, Farida Musa, Nkem Okocha, Rachael Aname, Agboeni Asode, Joel Cherup, Nze Biang, among others.

The past TEF Entrepreneurs all said the 12-week TEF Entrepreneurship training and seed capital helped them to set business priorities, boost production, and expand their business operations.

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In Nigeria, one of such science competitions is InterswitchSPAK, a CSR initiative of the Interswitch Group. InterswitchSPAK is a national science competition designed to recognise and reward the exceptional efforts of brilliant young minds striving for excellence in Science, Technology, Engineering, and Mathematics (STEM) subjects.

The initiative was introduced for senior school students to develop, and chart a career path in the area of STEM education. The goal is to fully optimise their potential to create lasting solutions that solve Africa’s problems.

Some weeks ago, a new STEM champion was crowned. The brilliant Abraham Daramola of Hallmark Secondary School, Ondo State, emerged the overall winner of the fifth edition of InterswitchSPAK national Science competition. For this feat, Abraham received a university scholarship worth N7.5 million spread over five years, inclusive of a monthly stipend; a brand-new laptop, as well as the prestigious recognition as the best STEM student in Nigeria.

The duo of Emmanuel Omoegbeleghan of Crescent International School, Ogun State, and Emmanuel Angelo-Hyuwa from Ambassadors College, Ogun State, came second and third, thereby winning N4 million and N1 million scholarships, respectively.

Past winners of the competition are Orevaoghene Whiskey of Top Faith International School in Akwa Ibom State (2022), Jubril Dokun of Brainfield College, Salolo, Lagos State (2021), Oyindamola Aje of Jesuit Memorial College, Port Harcourt (2020) and Akachukwu Anumudu of Apostolic Faith Secondary School, Lagos (2019).

Speaking on the significance of the competition, Managing Director, Interswitch Cards and Tokens (Verve), Vincent Ogbunude, reaffirmed the InterswitchSPAK initiative’s dedication to promoting STEM education and fostering a culture of innovation and excellence among young Nigerians.

“We believe in the transformative power of education, and through this competition, we illuminate the path for the next generation to innovate, create, and lead in the world of science and technology.”

The success of this commemorative edition of the competition, Ogbunude stated, reinforces Interswitch’s position as a leading advocate for educational advancement and underscores the company’s relentless efforts in shaping the future of STEM in Africa.

To celebrate this commemorative edition of the competition, the organisers expanded the prize pool, with the 4^th to 24^th place winners receiving prizes up to N250,000.

Over the last five years, over 80,000 senior secondary students in Nigeria and Kenya have been impacted by this competition; thereby increasing interest in STEM subjects and rewarding excellence in these subjects. In 2023, about 17,000 students in Nigeria wrote the qualifying examinations and the best 81 of the lot were selected to participate in the national TV quiz. The top three winners of the competition emerged from the 81 SuperSPAKS all thanks to their lightning speed, laudable perseverance, incredible accuracy and expansive knowledge.

This year’s edition of the competition provided a platform for participating students to showcase their knowledge, creativity, and ingenuity. In the last couple of years, the competition has seen the emergence of more female contestants going all the way to the semi-finals and final stages, thereby bridging the gender and diversity gap in STEM by empowering underrepresented groups to pursue their passions and contribute to the scientific community.

The result of this evolution was the emergence of Orevaoghene Whiskey, the first-ever female winner last year.  Furthermore, participation in the competition over the years has helped the contestants prepare better for their external tertiary examinations such as WASSCE, NECO and UTME/JAMB.  An example is Orevaoghene who went on to attain all A1s in the 2023 West African Senior School Certificate Examinations (WASSCE).

Two participants in InterswitchSPAK 1.0, Stephany Chizobam Ugboaja of Jesuit Memorial College, Port Harcourt and Favour Alozie of Marist Brothers Juniorate, Uturu, also emerged best overall and best male candidates respectively in the 2019 WASSCE.  While Stephany was the overall best WASSCE candidate in Nigeria, Favour was the best male WASSCE candidate from his state of origin.

Throughout the 13 weeks of the competition, participants were encouraged to push the boundaries of their understanding and explore the frontiers of science.   Participation in the InterswitchSPAK competition has cultivated critical thinking and problem-solving skills essential for success in the 21st century.

By nurturing a generation of scientifically stimulated citizens, competitions like this contribute to a more informed and engaged society, accelerating economic growth and innovation, as students translate their knowledge and skills into tangible solutions that address pressing societal needs.

The beauty of competitions like InterswitchSPAK is the pivotal role they play in spurring students to pursue careers in STEM fields, bearing in mind the growing demand for highly skilled professionals. This competition helps in demystifying STEM subjects, encouraging more young people to take up these problem-solving courses.

Beyond the competition, the organisers also implemented an informal mentorship programme where competition winners are connected with some of Interswitch Group’s C-suite executives who have established successful careers in related STEM fields. These interactions aim to provide invaluable guidance to the next generation of STEM leaders in Nigeria.

Apart from winning trophies or accolades, science competitions foster a culture of excellence, nurture critical thinking and problem-solving skills, inspire innovation, and empower students to pursue STEM careers. Platforms like InterswitchSPAK chart a pathway for a brighter and more prosperous future.

Evidently, for five consecutive years, InterswitchSPAK has remained a beacon of hope and opportunity, inspiring young minds throughout Nigeria. The extraordinary accomplishments of past participants underscore its role as a catalyst for excellence and innovation within STEM fields. InterswitchSPAK’s unwavering commitment to advancing STEM education sets a precedent for other organizations to emulate and wields significant influence on society by nurturing the brilliance and leadership potential of tomorrow’s African leaders.

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The regional event is expected to see a large gathering of key players and stakeholders in the mining and petroleum sectors of the Economic Community of West African States (ECOWAS).

UBA is the preferred partner for the event, underlining the bank’s commitment to the growth of mining and Petroleum industry in the sub-region but to the whole not African economic development.

UBA Group Chairman, Tony Elumelu, would give the keynote address during the opening ceremony of this all-important event.

Elumelu who doubles as Chairman of Transcorp Group, with extensive interests in energy and power, will be speaking on the theme: “Geo-extractive Resources and Technologies: what pooling strategies for Value Creation in West Africa”

His speech is expected to highlight UBA’s increasing effort to support and develop the African continent through strategic investments in the key sectors of mining and petroleum.

Under the esteemed leadership of the President of the Republic of Benin, His Excellency, Patrice Talon, and the President of the Federal Republic of Nigeria and current President of ECOWAS, His Excellency Mr. Bola Tinubu, UBA Group will at the forum aim to restate its commitment towards supporting economic and social development across the continent.

The focus of ECOMOF 2024 underscores the significance of transforming the mining and oil sectors into economic pillars by formulating attractive policies for investors, essential for the sectors’ substantial contribution to the Gross Domestic Products (GDP) of ECOWAS member states.

The Transnational Corporation Group (Transcorp Plc) – a diversified conglomerate with strategic investments in various sectors, including power and energy – will also actively participate in the forum.

Key officials from UBA Group and Transcorp Plc, including the Chief Executive Officer UBA Africa, Abiola Bawuah; UBA’s Group Head, Corporate and Energy Bank, Ebele Ogbue, and President/ Chief Executive Officer, Transcorp Group, Owen Omogiafo will be actively involved in discussions and panels on the sidelines of the event.

Anticipated to attract over 2,000 participants from diverse sectors, including representatives from mining and oil industries, government officials, international and national investors, industry experts, ECOWAS delegates, and international organizations, ECOMOF 2024 promises to be a significant platform for collaborative dialogue and partnership building.

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The CBN leadership, private sector experts and industry stakeholders gave insights on how inflation will play out in the next year, and factors shaping the current figures. 

In emailed note to investors, Managing Director, Financial Derivatives Company Limited, Bismarck Rewane,  said inflation will continue to rise in December, but could flatten out in January and then begin to decelerate afterwards.

“Rewane said: “We expect inflation to rise further in December supported by festive demand. However, it could flatten out in January 2024 and begin to decline afterwards as the CBN maintains its hawkish monetary stance. The Monetary Policy Committee is expected to hike interest rates at its first meeting in 2024 in line with the CBN’s goal of achieving price stability”. 

However, the Central Bank of Nigeria (CBN) is poised to take a potentially divergent path at its next meeting in January 2024, primarily driven by its renewed commitment to ensuring price stability. Sustained interest rate hikes will not only taper inflationary pressures but also reduce capital flights, which could lead to an appreciation in the value of the Naira. 

CBN Governor, Olayemi Cardoso, said the apex bank will adopt inflation targeting framework, meant to ensure that fiscal and monetary policies are harmonized to achieve price and exchange rate stability.

He disclosed that the CBN will discontinue direct quasi-fiscal interventionist activities and instead utilize orthodox monetary policy tools for implementing monetary policy so as to  refocus on its core mandate of ensuring price stability.

This refocus started with  CBN’s adoption of an explicit inflation targeting framework to enhance the effectiveness of its monetary policy.

However, it is crucial to note that other factors contributing to Nigeria’s elevated inflation, such as structural issues, supply chain disruptions, and external factors, are beyond the control of domestic monetary policy. Hence, a judicious blend of fiscal and monetary policies is necessary to effectively tackle inflation. 

On his part, former CBN Deputy Governor, Operations, Tunde Lemo, said inflation was being fueled by rapidly growing CBN’s Ways and Means estimated at N24 trillion.

He disclosed that Ways and Means grew from N239 billion in 2013 to N24 trillion in 2022, pushing  inflation to 18-year high of 27.3 per cent in October 2023.

Besides, further linked high inflation  to structural factors such as infrastructural deficit, high logistic costs, and exchange rate depreciation.

The National Bureau of Statistics released its inflation data for November last week. In line with expectations, Nigeria’s headline inflation rate climbed to a record high of 28.20 per cent from 27.33 per cent in October. 

This means that so far in 2023, Nigeria had witnessed a monthly consecutive increase in headline inflation, bringing the average inflation rate to 24.12 per cent, which is significantly higher than 18.29 per cent in the corresponding period in 2022. 

This steep rise largely reflects the impact of money supply saturation (M3 grew by 36 per cent y-o-y), exchange rate depreciation (currently trading at N1,230/$) and high logistics costs (diesel price remains elevated at N1,080/litre) on food prices. 

This was compounded by the festive-induced boost in aggregate demand. 

NBS data showed that food inflation rose by 1.32 per cent to 32.84 per cent with bread, cereals, yam, meat, vegetables, and eggs recording the highest price increases. Meanwhile, core inflation (inflation excluding volatile items like food and energy prices) fell slightly by 0.2 per cent to 22.38 per cent, an indication that the inflation momentum may be tapering. 

Global commodity prices have eased from the peak witnessed during the Russia-Ukraine conflict. In November, the global food price index averaged 120.4 points, closely aligning with the October level, marking the lowest since March 2021. 

The reduction in global food prices, coupled with falling energy costs (Brent is trading below $80pb), is easing inflationary pressures in advanced economies. In the US, for example, inflation  has continued to decelerate, reaching 3.1% in November from the peak of 9.1 per cent in June 2022. 

In the African region, the inflation trend was a mixed bag. Whilst inflation eased to 26.4 per cent in Ghana (after touching a 22-year high of 54.1 per cent in December 2022) and to 5.5 per cent in South Africa, it climbed to 12.9 per cent in Zambia and 18.19 per cent in Angola due to currency pressures. 

In line with the global trend, the Bank of Ghana kept its interest rates steady at 30 per cent for the second consecutive time. South Africa’s central bank also opted to keep its key policy rate at 8.25 per cent due to declining inflation. 

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Michael Stevens,  30, was leaving home for work when his smartphone beeped with a familiar Facebook message alert. It was a reminder for him to send monthly allowance to his 80 year-old mother living in  Ijebu Ode, Ogun State.

His wife, Victoria, had reminded him the previous night of the allowance and how badly his mother needed the money to pay her medical bills.

Two payment options came to his mind. The first was to pay through internet banking platform of a commercial bank. The other two options were to use Quickteller or Paga network.

Few minutes later, he went for the Quickteller option. Quickteller and Paga are Financial Technology (Fintech) providing mobile money and digital payment services to consumers and are top competitors to banks.

As little as the N100 fee from the transaction seems, it represents one of the millions of revenue leakages banks are fighting back to reclaim.

Fintechs, such as Quick-teller, MoniDey, Baxi, PocketMoni, Unified Payments, Paga, Remitta and Cellulant, are now part of the financial system, offering banking services to both the banked and unbanked.

But that seems to have largely changed last week after  the Nigeria Inter-bank Settlement System (NIBBS) directed that Fintechs be disconnected from its NIBSS Instant Payment (NIP) platform. The NIBSS Instant Payments (NIP) is an account-number based, online-real-time Inter-Bank payment solution developed in the year 2011 by NIBSS.

In a report tiled: Aggregation, Smiling Curve and Why Nigeria Is Disconnecting Many Fintechs from NIBSS’ Instant Payment Outward System’, by Prof. Ndubusi Ekekwe explained what the policy shift means for banks and  Fintechs. 

He said that Nigerian banking is under stress despite the “huge profits” they declare yearly and a large part of their lending funds are now with Fintechs.

“Those profits are vapour-profits, powered by mindless fees on customers and FX-anchored arbitrages.  When it comes to real banking, which is interest-anchored banking, Nigerian banking has disappointed.

“And that disappointment is evident as there is no catalytic project in Nigeria which any bank can come and claim that it funded. In America, banks tell you dams, bridges, etc they financed and challenged Americans to support them so that they can finance the future for shared prosperity and progress,” Ekekwe wrote.

Other experts said banks are now competing with Fintechs and that retail banking and funds transfer have the highest likelihood of disruption at 92 per cent and 85 per cent respectively. 

Banks are fighting back Fintech competition by digitally transforming their business model from being a ‘bank’ to being a ‘platform’. 

The banks, they said are taking a ‘mobile-first’ approach to reach out to consumers, by designing their products and services with the aim of enhancing customer engagement via mobile.

The lenders are also doing social lending on Facebook where a large part of the youth population is active. The practice is dislodging Fintechs in that space where they previously use to lend to customers with poor credit scores or those unable to get loans from traditional banks.

Like Fintechs, banks are prioritising 24/7 access and  offer services available via non-traditional channels such as social media, empowering customers to a great extent. 

Wema Bank also introduced Alat, a fully digital platform to enable it capture the grassroots customers and the youths. Beyond the savings and investment options, Alat, mostly embraced by young people, offers complementary features that help improve and sustain saving habits. 

FirstBank, Fidelity Bank and Union Banks once partnered with PayPal to enhance online payment for shoppers. The partnership enables the lenders’ customers to register for a PayPal account from their internet-banking accounts. 

By linking their-issued debit, prepaid or credit cards to their new PayPal account, customers can then shop and pay on millions of websites around the world from their personal computers, tablets or smartphones, without having to share financial information with the seller.

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The unbundling and privatisation of the Nigeria’s power sector was meant to create competitive market that attracts private investment, boosts power generation while ensuring reliable and cost-efficient power supply. Transcorp Group’s  first investment in the Ughelli Power Plant through Transcorp Power Limited is now in its 10th year. The investment has boosted the national grid, enabling it to power countless homes and industries in Nigeria and West Africa

Despite the hitches that followed power sector privatisation, the exercise has birthed great power companies dominating national and international energy spaces.

These companies have enabled the achievement of some milestones including increase in installed capacity for power generation, expansion of the transmission network, roll out of meters, progress in boosting utility revenues and greater demand for power sector equipment. These have enabled private sector investments and participation across the value chain.

After 10 years of investment in the power sector, Transcorp Group’s  first investment in the Ughelli Power Plant through Transcorp Power Limited has provided significant mileage to the national grid.

Transcorp Power Limited (TPL) is a single cycle 972MW installed capacity power generating plant located in Ughelli, Delta State. It is the largest gas-fired power generating station in the country. Our mission is to improve lives, and we are leading the way in energy generation for millions of people in Nigeria and Africa.

Transcorp Power  received the certificate of discharge from post-privatisation monitoring, having surpassed all requirements within the stipulated period. 

As at November 2023, year-to-date- TPL has sent out 2,857,950.40MWh (357MW on average daily) which represents 8.65 per cent of the energy sent to the National Grid. 

Likewise, Transcorp Power Limited had a stellar performance in November 2023 sending out an average of 438MW and was ranked second only behind Egbin. For the year 2023 year-to-date  TPL is ranked fourth.

” TPL currently has a generation capacity of 500MW, and can generate enough energy to power 1.6 million homes daily. Since the privatization of the power sector in November 2013, TPL has generated over 29,574,447MWh (29TWh) of energy to the national grid powering countless homes and industries in Nigeria and West Africa. TPL currently has a generation capacity of 500MW and currently generates 426MW on average daily in December,” report from the company said.

Also, the Central Bank of Nigeria, Transmission Company of Nigeria, and power distribution companies will in May next year complete a total of 53 power projects worth N122 billion currently under construction across the country.

When completed, over 1,000 megawatts would be added to the firm’s wheeling capacity.

Industry sources indicate that due to rapid population growth, Nigeria will need substantial additional generation capacity to meet demands through 2030.  They foresee opportunities in distributed power generation, smart grids, and energy storage in the medium to long-term.

Investment/ expansion programmes

 Transcorp Group recently acquired a 60 per cent stake in the Abuja Electricity Distribution Company (AEDC), strategically fortifying its presence in the region. The acquisition perfectly aligns with Transcorp Group’s vision to empower Africa and catalyse the expansion of the continent’s industrial landscape.

Under Transcorp Group Chairman, Tony Elumelu, the conglomerate’s market capitalisation rose significantly, providing the financial muscle to make electricity accessible to Nigeria and Africa’s teeming population. 

Elumelu is Africa’s billionaire businessman, renowned philanthropist and chief promoter of Africapitalism. His passion for powering Africa has been on for decades. He believes that the next big challenge for Africa would be tackling the lack of electricity, and Transcorp has been energised with the right leadership and capital to bridge power supply gaps in the continent.

Transcorp Group, through a consortium, acquired 60 per cent stake in Abuja Electricity Distribution Company (AEDC) and engineered management changes. Transcorp Power Managing Director/CEO, Christopher Ezeafulukwe, was appointed by the board of the Abuja Electricity Distribution Company (AEDC), as the new Managing Director/CEO of AEDC. Current CEO of Transcorp Energy, Peter Ikenga, succeeds Ezeafulukwe as Managing Director of Transcorp Power. Elumelu used the portfolio realignment to further consolidate Transcorp’s position within the continent’s power space and energise its economic growth with steady power supply.

The World Bank says solving Nigeria’s power problem will offer the nation an opportunity to tackle long-standing challenges and boost the economy. The lack of reliable power is a significant constraint for citizens and businesses, resulting in annual economic losses estimated at $29 billion, which is equivalent to about two percent of Gross Domestic Product. Aside Nigeria, West Africa has one of the lowest electrification rates, with 220 million people living without access, coupled with some of the highest electricity costs in Sub-Saharan Africa.

President, Africa Development Bank Group, Dr. Akinwumi Adesina, speaking at a Lagos forum, said major challenge facing the industry in Nigeria is the very high cost coupled with unreliability of supply of electricity. “Load shedding and unreliable power have made the cost of manufacturing extremely high and uncompetitive. Most of the manufacturing companies self-provide energy through a reliance on cost-prohibitive generators and diesel and heavy fuel oil. The polluting emissions make them brown industries, not green industries,” he said.

Adesina said that unless Nigeria decisively tackles its energy deficiency and reliability, its industries will remain uncompetitive. On the way out, he said: “There should be massive investments in gas to provide power and to ensure stable base load power for industries, hydropower resources, large-scale solar systems, direct power preferentially to industries, and to support industrial mini grids that concentrate power in industrial zones. In addition, we should develop more efficient utilities, reducing technical and non-technical losses in power generation, transmission, and distribution systems.”

Former Vice President, Prof. Yemi Osinbajo, during the inauguration of Transafam’s 240 megawatts Afam 3-Fast Power Plant, Oyinbo, Rivers State, said  Transcorp Corporation Plc, has through its subsidiaries in the power sector – Transcorp Power Plc and Transafam Power Plc – boosted power supply in the country. Transcorp’s power subsidiaries have the capacity to produce about 1,938MW of electricity, including the 966MW from its plant in Afam, Rivers State, and 972MW from its Ughelli plant in Delta State, accounting for 15.5 per cent of the total installed capacity in Nigeria.

The results of the investments and general inputs made by the Transcorp Group in the power sector led the Federal Government, through the National Council on Privatisation (NCP), to present post-privatisation Discharge Certificate to Transcorp Power Plc, the owner of Ughelli Power Plant in Delta State. The Discharge Certificate marked the delisting of Transcorp Power from the routine evaluation and monitoring of the Bureau of Public Enterprises (BPE), signaling a major achievement for the company. This followed the fulfillment of all privatisation conditions set by the NCP, by Transcorp Power, owned by Elumelu, after the purchase of the power plant in 2013.

Osinbajo commended Elumelu and his Transcorp Group for ensuring compliance and surpassing expectations with all post-privatisation deliverables. Osinbajo said, “Post privatisation monitoring is an important aspect of the federal government’s privatisation programme. Transcorp Power has been able to ensure compliance and surpassed expectations with all post privatisation deliverables. I commend Tony Elumelu and his Transcorp team for this feat. I urge Transcorp Group to continue in that path and even do better.”

The Bureau of Public Enterprises (BPE) noted that Transcorp has met and exceeded the performance targets and all other covenanted obligations agreed during the signing of the privatisation agreement in 2013. “Transcorp Power increased the generation capacity of the plant by 227 per cent from the operational status as at handover in 2013,? it said. According to the agency, “a capital expenditure totaling N58.612 billion was covenanted for phase 1, phase 2 as ‘additional investment’ but the actual investment made by Transcorp was the sum of N83.85 billion, leading up to a score of 143 per cent.”

More investment windows unfold

Elumelu had promised to invest massively in the power sector to help Nigeria’s industrialisation through enhanced access to electricity and ultimately tackle poverty in the country and continent. He said in addition to fulfilling the post-privatisation performance criteria, Transcorp has driven a strong indigenous agenda, saying their plants were being managed and fully operated by Nigerians, hence creating jobs and reducing unemployment in the country.

“For us as Heirs Holdings Group, for us as Transcorp Group, we believe in improved access to electricity because we know that improved access to electricity means powering our schools, helping hospitals to function very well, helping businesses to grow and create employment and most importantly, helping to industrialise Nigeria. So because of this, we invest in the power sector and we will continue to even invest more in that sector because in line with our philosophy of Africapitalism, we cannot develop Nigeria, Africa without improvement in our access to electricity,” he said.

Continuing, he said the best investment that private sector can make is in power to uplift the people out of poverty, create jobs and get women involved in economic activities. He also reiterated the Transcorp Group’s “strong indigenisation agenda” and expressed the group’s pride having Nigerians managing and operating the plants, which is helping in job creation for Nigerians. 

Elumelu further said, “But beyond job creation is improving the expertise of our people. We also have operated under very strict safety standards. We have operated since 2013 -10 years now. No incident, no health hazard, nothing and we will continue to stay that way because we know that in 21st century, sustainability is key. Health is important; safety extremely important.

How it all started 

In 2013, the Federal Government privatized 11 electricity distribution companies (DISCOs) and six generating companies (GENCOs) while retaining 100 per cent ownership of the Transmission Company of Nigeria (TCN) as part of a wider strategy to reform the sector and stimulate growth. 

The country’s ongoing comprehensive power sector reforms are aimed at expanding capacity, increasing electricity access, and upgrading transmission.

Nigeria generates most of its power through thermal and hydro, with installed capacity of about 12,522 MW. The country is part of the Economic Community of West African States and part of the West African Power Pool (WAPP), a specialized agency of Economic Community of West African States (ECOWAS) that includes 14 countries in the regional economic community. 

Way forward by stakeholders 

In its reflections on Nigeria’s power sector privatization, the Centre for the Study of the Economies of Africa (CSEA) advised that to ensure sustainability and minimize debt accumulation across the value chain, Nigeria may need to implement a true cost-reflective tariff to encourage more efficient service delivery and enable cost recovery for the investors in the sector.

The group advised that some government shares could be sold to raise capital and take steps to attract new investors.

“There is need to bolster the distribution network by expanding metering, completing customer and asset enumeration, and conducting energy demand studies.Reform the gas sector by adjusting gas prices to be cost-reflective, clearing outstanding debts to suppliers, signing pending supply and transportation agreement, and reinforcing risk mitigation requirements and gas supply commitments,” it advised.

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The benefiting manufacturers are those that have been assessed by the banks, and met all requirements for disbursement.

Each manufacturer can access up to N1 billion depending on the capacity of such business.

This followed the kick-off of two programmes targeted at alleviating the impact of the fuel subsidy removal –  the Presidential Palliative Loan Programme and the Presidential Conditional Grant Programme.

Both initiatives require beneficiaries meet certain conditions precedent to approval and draw down.

Under the Presidential Conditional Grant Programme, a benefiting nano business can access N50,000 after it has provided  proof of residential/business address in their local government area, and relevant personal and bank account information, including Bank Verification Number (BVN) for verification of identity.

The Federal Government through the Federal Ministry of Industry, Trade and Investment and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) will work together with the State and Local Governments, Federal Legislators, Federal Ministers, Banks and other Stakeholders to disburse the funds.

In a statement released yesterday, Minster for Industry, Trade and Investment, Dr. Doris Uzoka-Anite said that as part of its commitment to promote economic development, entrepreneurship and financial empowerment, the Federal Government believes these initiatives will encourage entrepreneurship and job creation.

She stated that manufactures can access up to N1 billion for working capital with a repayment period of one year or five years for the purchase of machinery and equipment.

According to her, the loan shall be administered to the beneficiaries at a single-digit interest rate of nine per cent per annum.

“While MSMEs can access loan facilities up to N1 million with a repayment period of three years, manufacturers can access up to N1 billion for working capital financing with a repayment period of one year or five years for the purchase of machinery and equipment,” Uzoka-Anite said.

According to her,  under the the Presidential Conditional Grant Programme, the Federal Government will also disburse a grant sum of N50,000.00  to nano businesses across the 774 local government areas.

“The Federal Government through the Federal Ministry of Industry, Trade and Investment and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) will collaborate with State and Local Governments, Federal Legislators, Federal Ministers, Banks and other Stakeholders to disburse the funds,” the minister said.

She also spelt out conditions for eligible nano business beneficiaries should meet. “The rule is that such nano business must be  willing to provide proof of residential/business address in their local government area, and provide relevant personal and bank account information, including Bank Verification Number (BVN) for verification of identity,” she said.

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These distinguished leaders expressed their admiration for Tony Elumelu, who also serves as the Chairman of United Bank for Africa (UBA) Plc, recognizing his unwavering commitment to youth empowerment, his advocacy for entrepreneurship, and his dedication to the growth of Small and Medium Scale Enterprises (SMEs) across the continent.

These accolades were bestowed upon Tony Elumelu during the TEF-UNDP Breakfast Roundtable meeting, held on the sidelines of the ongoing 78th United Nations General Assembly (UNGA) in New York.

This gathering also served as the platform for the launch of the Tony Elumelu Foundation (TEF) Impact Report titled “The Tony Elumelu Foundation Entrepreneurship Programme: A Decade of Impact.”

President Bola Tinubu, represented by the Honourable Minister of Industry, Trade and Investment, Doris Uzoka-Anite, urged other capable Africans to follow in the footsteps of Tony Elumelu by investing in youth empowerment. She stressed the importance of ensuring that the continent becomes self-reliant and no longer depends on foreign donors, highlighting Tony Elumelu’s role in driving investments, supporting SMEs, and promoting youth entrepreneurship and start-ups.

Sanwo-Olu, in agreement with the minister, recognized Tony Elumelu’s efforts in empowering and building the youth. He noted that these efforts align perfectly with Lagos state’s initiatives for economic empowerment and poverty reduction.

Ahunna Eziakonwa, UNDP’s Assistant Secretary-General and Director of the Regional Bureau for Africa, expressed her immense inspiration by Tony Elumelu’s vision for African youth. She emphasized the shared passion between UNDP and Tony Elumelu in promoting human development and providing opportunities for individuals to shape their destinies.

Eziakonwa explained the reason behind UNDP’s continued partnership with TEF, highlighting the potential impact of having ten individuals like Tony Elumelu each investing $100 million in young people over the next decade. She stressed the tremendous success achieved on the continent with limited investment and envisioned the continent’s unstoppable potential if such efforts were multiplied.

She assured participants of UNDP’s continued excitement about partnering with TEF and the intention to elevate this partnership to new heights, emphasizing their commitment to this cause.

The meeting provided a platform for global leaders to engage in discussions on critical global issues. Among the participants were the Representative of the President of Rwanda, Paul Kagame, the Chief Executive Officer of Generation Unlimited, UNICEF Kevin Frey, and many others. They all concurred that Tony Elumelu’s achievements and his passion for youth empowerment deserved unequivocal recognition.

In his presentation, Tony Elumelu commended all partners, including UNICEF, UNDP, and UBA, acknowledging UBA’s significant support. He reminded the audience of the inception of TEF seed capital funding, emphasizing its roots in his vision to effect change in Africa using African solutions.

Tony Elumelu articulated the collective goal: “to see young entrepreneurs in Africa build sustainable businesses for themselves and generate viable green jobs, so that our young ones are not left behind in the inevitable green economy that the world will transition to.”

He passionately called for increased collaboration to prioritize young Africans, foster economic activities, and alleviate poverty. He emphasized the importance of the beacon lit by TEF and the need for it to shine even brighter with the support and collaboration of everyone. He stressed the urgency of providing economic support to young Africans, addressing the impact of climate change, and ending the migration and hardships faced by the continent’s youth.

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