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24 Hours Power Supply: Ikeja Electric Sign Tripartite Agreement with Enaro Energy and Ayobo Community

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Ikeja Electric

Ikeja Electric Plc, Nigeria’s leading electricity distribution company, has signed a Tripartite Interconnected Mini-Grid Agreement  with Enaro Energy Limited and Ayobo community, to provide reliable and uninterrupted electricity supply to Ishokan Phase1 Estate, Mercy Land Estate and Mercy Land Phase1 residents in Ayobo, Lagos State.

The initiative is in line with the Nigerian Electricity Regulation Commission goal of ensuring there is reliable and steady power supply across communities in the country through partnerships between Distribution Companies and Independent Power generators.

The Agreement, which was signed on Wednesday, 3rd August, 2022 at Ikeja Electric’s Corporate Headquarters, Alausa, Lagos, will rely on the Interconnected Mini-grid Initiative of the power sector to provide the customers with uninterrupted power supply. 

Speaking during the signing of the Agreements, the Chief Finance Officer of Ikeja Electric, Seqinah Adewunmi who represented the Chief Executive Officer, Folake Soetan, stated that the initiative is a landmark in the history of the power sector in Lagos State, Nigeria, as those communities will be the first to experience uninterrupted power supply in Lagos State, Nigeria via a blend of grid and off-grid generation and distribution of power. 

According to her, it will demonstrate the possibility that our customers can enjoy 24hours power supply which is in line with the core mission of the Ikeja Electric to be the provider of choice wherever power is consumed. She congratulated everyone that has been part of the process, revealing that the initiative will transform the ways in which electricity is being distributed in Nigeria. She further stated that this initiative will set the pace for bigger things to happen as the plan is to expand to other communities within the Ikeja Electric Franchise area.  

In his remark, the Managing Director of Enaro Energy, Oluwaseun Smith, expressed his appreciation that the project was finally coming to fruition. He added that the journey began about two and half years ago and was glad that all the efforts towards ensuring the signing of the contract was worth it. He stated that Enaro Energy is committed to providing necessary resources to ensure the success of the project.

Speaking on behalf of the communities, Baba Agba Lawrence said that despite initial doubts at the early stages of discussion for this project, they have been impressed by the level of commitment expressed by Ikeja Electric and Enaro Energy. He acknowledged and appreciated the collaboration between Ikeja Electric and Enaro with a final phrase “We sincerely thank Ikeja Electric and Enaro Energy for making our dreams come true”.

He pleaded that the three months agreement for the project to go live should be maintained since they have shared the information with members of the communities, and they are eagerly waiting to see the project kick-start.

The Chief Marketing and Strategy Officer of Ikeja Electric, Ugochukwu Obi-Chukwu, in his comments, stated that with the signing of the agreement, Ikeja Electric and Enaro Energy will commence work in earnest. He mentioned that Ikeja Electric’s technical team will work with their counterparts in Enaro Energy to ensure that the power generators connect seamlessly with Ikeja Electric’s network infrastructure leading to the goal of 24-hour power supply.

Ikeja Electric and Enaro Energy have targeted December 2022 as target go-live date for the initiative.

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51st AGM: GSK Consumer Nigeria PLC Grows Revenue By 5.42% Amid Tough Operating Environment

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GSK

GlaxoSmithKline Consumer Nigeria Plc, a leading research-based pharmaceutical, and healthcare company has declared a dividend of N538.14 million for the year ended December 2021. The declaration follows an impressive 5.42% growth in revenue of N22.445 billion amidst a very challenging operating environment compared to N21.30 billion recorded in 2020.

During the Company’s 51st Annual General Meeting, which was held in Lagos, shareholders approved the dividend at 45kobo per share, representing a 11.11% increase from the 40kobo declared in 2020. The shareholders appreciated this growth and reaffirmed their belief in the leadership of the company to grow the business into the next year.

According to the financial statement of the Company, profit after tax for the year under review grew by 5.88% to N658.81 million from N622.23 million in 2020. Speaking at the AGM, the Chairman of the Board of Directors at GlaxoSmithKline Consumer Nigeria Plc, Mr Edmund Onuzo thanked the shareholders for their support throughout the year and promised that the Board and Management will continue to explore opportunities for the growth, profitability and sustainability of the Company.

Onuzo commended the Nigerian government’s efforts to achieve economic stability in the system and stated that the country will remain on the path of growth and development if the several economic reforms of the government are diligently implemented.

“It is encouraging to note that the Nigerian government is constantly adopting different mechanisms to diversify the Nigerian economy from the single-minded posture that largely depends on oil revenue for foreign exchange. Whilst we appreciate the efforts of the Government, it is important to enjoin them to maintain the focus on improving the operating environment with more policies aimed at providing a more conducive environment for businesses to thrive”, he said.

Regarding the Company’s social support activities particularly during the Covid-19 pandemic, Onuzo said GSK’s special purpose is to improve the quality of human life by helping people do more, feel better and live longer. “In 2021, through GSK’s partnership with Save the Children International (SCI) (INSPIRING project) GSK donated medical equipment, instruments, and consumables worth over N100 million to 30 health facilities in Lagos and Jigawa States in Nigeria.

Additionally, we made a direct donation of Personal Protective Equipment (PPE) to the Nigeria Association of Resident Doctors (NARD) and Medical Guild, Lagos to provide much-needed protection to our frontline health workers”, Onuzo explained. In his remarks, the Managing Director of GlaxoSmithKline Consumer Plc, Mr Kunle Oyelana said the achievement in the year under review is reflective of a collaborative effort from all key stakeholders of the healthcare delivery subsector.

According to Oyelana, GSK is committed to remaining Nigeria’s leading healthcare company, with its pharmaceuticals, vaccines, and consumer healthcare products allowing Nigerians to do more, feel better, and live longer. “We are pleased with the results for 2021, it spoke to our dedication and partnership with stakeholders in ensuring growth in the business and the resilient spirit of the GSK team. We will continue to evolve to ensure sustained growth in our business operations bordered around our three business areas of pharmaceuticals, vaccines, and consumer healthcare”, he said.

About GSK
GSK Consumer Nigeria Plc – one of the world’s leading research-based pharmaceutical and healthcare companies – is committed to improving the quality of human life by enabling people to do more, feel better and live longer. Our Head Office is located at 1, Industrial Avenue, Ilupeju. We own some of the world’s best-loved healthcare brands including Sensodyne, Macleans, Panadol, and Andrews Liver Salt. For further information please visit www.gsk.com.ng

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Sterling Bank Set To Change Name, Read Why

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Sterling Bank To Change Name, Read Why

Nigeria commercial bank, Sterling Bank Plc has moved to change its name after getting stakeholders’ consent of converting to a holding company.

This was disclosed by the board, as it will create a chance for the bank to have a controlling stake in companies where it currently holds a substantial interest.

Recall, a few days back, the bank convened a meeting of shareholders at the order of a court as part of the last key stages of the corporate reformation.

READ ALSO: CBN Increases Interest Rate For 3rd Time This Year

According to a report seen on the Nigerian Exchange Limited’s website, the bank will become known as Sterling Financial Holdings Company when the transition is delivered.

Becoming a Holding Company will see the bank have the leverage to make inroads into other sectors within financial services apart from commercial banking which its current license and those of many lenders in Nigeria do not allow.

Such sectors, comprising pension; asset management; payments, and fintech, are gaining appeal among banks and provide chances for diversification as competition for interest income, which accounts for the bulk of the revenue of the banking industry turns increasingly fierce.

Stanbic IBTC Holdings, one of the early birds that adopted the Holdco structure, is a testament that the Holdco structure is a model that works. Its pension unit controls around one-third of the N14.2 trillion assets under management as the market leader in the Nigerian pension industry.

READ ALSO: BUA Cement Investors Record N112bn Loss In 24 Hours

With the key resolutions for the scheme of arrangement now approved, the transition will proceed to its final phase where regulators including the Central Bank of Nigeria are to sanction the new entity into existence.

“The bank will transfer all the assets, liabilities, and undertakings related to the non-interest banking business to The Alternative Bank Limited,” the statement said in reference to its newest subsidiary that received in approval-in-principle in December.

Sterling Bank’s issued and paid-up share capital valued at 28.8 billion outstanding shares will passé to the holding company in exchange for the allotment of those same units to shareholders on completion.

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Victor Ikpeba Endorses Moores Energy

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Victor Ikpeba Endorses Moores Energy

Super Eagles legend, Victor Ikpeba has endorsed Moores Energy, as he encouraged residents of the Ikorodu area of Lagos State, and its environs to patronise the brand at its retailing station.

At a media launch where Ikpeba was unveiled as Moores Energy brand ambassador, the Nigerian football legend expressed confidence in the newly-established company floated by Bola Tom-Jones.

Referring to the Chief Executive Officer (CEO) of Moores Energy, Ikpeba stated: “I have no Bola now for over a decade and I have strong confidence in her offerings. She’s someone very passionate about people, especially as it relates to their well-being. With her establishing this energy company, I believe it’s her way of contributing to Nigeria’s green energy drive.

Victor Ikpeba Endorses Moores Energy
Victor Ikpeba joins Bola Tom-Jones to unveil the newly-purchased bobtail truck of Moores Energy

The gas retailing facility of Moores Energy is fully-automated, and it is a proven solution to reduce exposure to household air pollution and disease.”

On her part, Tom-Jones expressed gratitude to Ikpeba, saying she couldn’t think of any other celebrity that carries the dignity her brand represents.

Tom-Jones further explained the unique selling proposition of her brand, as she unveiled her newly-purchased bobtail truck.

What we are doing differently at Moores Energy, is that we give our customers the assurance of getting the right quantity, and quality. So, if you are coming for your 12.5kg, you are sure to get the exact thing, and that can take you several weeks. We have as well subsidised our rates for senior citizens to encourage them to make use of cooking gas in their homes. Our products are affordable and accessible to everyone,” she added.

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