Posts in category: Updates

The NSIA Boss stated that the 10MW Kano Solar Project offers significant socio-economic and environmental impacts.

In addition to providing access to clean, affordable, and sustainable energy to local industries and other consumers, Umar-Sadiq told journalists that it will increase industrial output by ensuring companies reach full capacity utilization.

The project has provided about 2,000 direct and indirect jobs to the immediate community.

The plant has more than 21,000 solar PV panels, two 6MVA transformers and 52 inverters, a state-of-the-art warehouse and storage building, a control room building, office and workshop building amongst others, and was built by a consortium of Eauxwell Nigeria Limited, an indigenous local contractor, and their international partners – Greencells Energy Middle East and Africa Limited – on a turnkey basis.

He said, “This project will truly be transformative to the Challawa Industrial Area which is the industrial area within Kano metropolis.

The high rising demand for energy and inadequate power supply has crippled economic activities in Nigeria, hence Civil Society Organisations (CSOs) on Friday, canvassed for subsidisation of renewable energy as a better alternative to fossil fuel.

The Executive Secretary of Lift Humanity Foundation, Pius Oko, during an assessment of renewable energy governance in Abuja, said as Nigeria plans an energy transition, the Federal Government should focus its resources on subsidising renewable energy rather than fossil fuels.

He argued that apart from the environmental pollution caused by fossil fuel, a significant proportion of society has been underserved with energy, thus he called on the government to provide policies that would ensure universal access to “affordable, reliable, sustainable, and modern energy.”

He said: “Energy from fossil fuel is not sustainable and the carbon emission from this form of energy is detrimental to our health this is a major reason for us to shift focus. Renewable energy is more sustainable and can be accessed by all Nigerians if the right policy is put in place.

“Currently, Nigeria is in energy poverty, because almost 65 percent of the Nigerian population has little or no access to energy. We need something more sustainable, affordable and accessible that’s why we are calling on the government to promote a collective implementation system for renewable energy so that those in the grassroots and rural communities will have access to power and energy.”

Recall that Nigeria launched its Energy Transition Plan in August 2022 to demonstrate its commitment to achieving carbon neutrality, ending energy poverty, and driving economic growth.

Read also: Cost of solar energy technology is declining, says PPC

While speaking on Nigeria’s Energy Transmission Plan, Executive Director, Environmental Right Action, Godwin Ojo reiterated the need for a decentralised energy policy that would permit private and community end users to become co-producers of power.

Ojo lamented that though renewable energy is capital intensive, Nigeria shouldn’t be left as a dumping ground for foreign products.

“What we are asking is that government provides the policy arena and resources that would help us produce our local technologies.

“We are urging the government to divert its investment from oil and gas which produces dirty energy to renewable energy development. In renewable energy development, the government should focus more on local enterprises and communities so that they can deliver this energy in mini-grids and off-grid systems,” he added.

A lecturer with Alex-Ekwueme Federal University Ebonyi State, Robert Onyeneke, said

although Nigeria was making progress in renewable energy, more funding is needed to reduce cost and promote wide usage.

He urged the government to maximise the solar, wind and hydropower for clean energy stating that the sector will create more employment opportunities, help alleviate poverty and promote a clean environment.

Most companies on the Nigerian Exchange (NGX) Limited held their extraordinary general meetings (EGMs) last year to comply with this new law, but a few did not

Kehinde Akinseinde, Nigerian Tribune

January 9, 2023

MARKETSNIGERIAAFRICAEQUITIES

Nigeria – Companies operating in Nigeria, which failed to cancel or issue all their unissued shares to their shareholders before the deadline of December 31, 2022, will be sanctioned alongside their directors.

Going by the Companies and Allied Matters Act (CAMA) 2020, which replaced the authorised share capital in CAMA 1990 with minimum issued share capital, organisations were required to issue at least 25 percent of their authorised share capital, but under the new law, the entire share capital must be fully issued at all times, cancelling the ability of companies to retain unissued shares for future allotments.

This was captured in Section 124 of the law, which said “no company shall have a share capital which is less than its minimum issued share capital and that every company with unissued shares, must not be later than six (6) months from the commencement of CAMA 2020, issue shares up to an amount, not below its minimum issued share capital.”

Most companies on the Nigerian Exchange (NGX) Limited held their extraordinary general meetings (EGMs) last year to comply with this new law, but a few did not.

According to a circular issued by the CAC, such erring organisations will be severely sanctioned.

“Further to the notice of the commission dated; April 16, 2021, on the extension of the period for existing companies to comply with the requirements of issued share capital under the Companies and Allied Matters Act 2020 and the Companies Regulations 2021 to December 31, 2022, and in line with the last paragraph of the notice, customers and general public are hereby reminded that any application filed in compliance with the requirements after the extended date (being December 31, 2022) shall attract daily default penalty against the company and each officer of the company for every day during which the shares remained unissued after the extended date and in accordance with Regulations 13(2) of the CR,” the notice emphasised.

Recall that in 2021, President Muhammadu Buhari signed the CAMA Act into law. Many stakeholders applauded the new law because of the innovative changes it brought into play, including making it possible for an individual to establish a company as a sole director.