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Akinwunmi Adesina Re – Elected As AFDB President

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images 2020 08 27T112801.305 1 Akinwunmi Adesina Re - Elected As AFDB President

Dr. Akinwunmi Adesina has been re-elected as the President of the Africa Development Bank.
Adesina was re-elected by the Board of Governors of the Bank at the ongoing AfDB’s virtual annual meeting in Abidjan on Thursday.
President Muhammadu Buhari’s Personal Assistant on Social Media, Lauretta Onochie confirmed the development while congratulating Adesina on her Twitter page.
Onochie wrote, “Our very own Akinwumi Akin Adesina has been reaffirmed as the President of the African Development Bank.
“Thank you to our supportive President @MBuhari who mobilized support for our own Adesina and why not! Adesina has been proven to be above boards.”
an Independent Review Panel exonerated Akinwumi Adesina, of any ethical wrongdoings.
The panel was set up by AfDB Bureau of Governors, following a complaint by the United States.
It was discovered that the allegations against Adesina were properly considered and dismissed by the committee.

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Union Bank supports 10 NGOs with N1.7m through UnionBetta donations

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images 1 1 Union Bank supports 10 NGOs with N1.7m through UnionBetta donations

Union Bank, a leading financial institutions, has again delivered on its promise to support charitable organisations with a portion of proceeds from the UnionBetta savings product.  

Launched in 2016, UnionBetta is a sub-account which allows Union Bank customers earn attractive interest rates for saving for as little as N5000 monthly. In return, the bank donates a percentage of the interest earned to select Non-Governmental Organisations (NGOs) on behalf of its customers.

In selecting the recipients, priority was given to NGOs making impact in areas such as gender equality, education, talent development and agriculture which are key pillars of Union Bank’s citizenship efforts that align with Sustainable Development Goals (SDGs) 1,2,4, 5 and

This year, a total of One million, Seven Hundred Thousand Naira (N1.7m) was donated to 10 different charitable organisations to help support their activities. Some of the recipients include United Methodist Church of Nigeria Orphanage, Jalingo; Zinnok Initiative for Women & Children, Abia; Teens Dream Initiative, Kwara and Lagos Food Bank Initiative. Others include Uduak Charles Diaries, Akwa-Ibom; Flexisaf Foundation, Abuja and Adolescent Friendly Research Initiative & Care, Ekiti.

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Leadership crisis rocks Airline Operators of Nigeria

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images 2020 09 18T102156.435 Leadership crisis rocks Airline Operators of Nigeria

Cracks have emerged in the ranks of the Airline Operators of Nigeria (AON) following allegations that the choice of its new leaders was frought with anomalies after and disenfranchisement of several members.

At the Annual General Meeting of the Association held at the Murtala Muhammed Airport terminal two (MMA2) Conference Hall on September 16, the Chairman of Azman Air, Abdulmunaf Yunusa Sarina, was elected President, taking over from Captain Nogie Meggison, while the Chairman of Air Peace, Allen Onyema, emerged the Vice President.

Other newly elected executive members are Shehu Wada of Max Air, while the Chief Executive Officer of Med-View Airline, Muneer Bankole, his counterpart at Overland Airways, Captain Edward Boyo, among others were elected as members of the Board of Trustees. The AGM also approved the change of leadership nomenclature from Executive Chairman to President.

In his acceptance speech, Yunusa expressed gratitude to the Association and pledged to work hard and ensure that the challenges airlines are facing like multiple taxation, VAT, duty waiver and forex constraints would be addressed.“As an active member of AON, I am fully aware of all the pending matters and problems facing our Association such as the issue of multiple taxation, VAT and Federal Government’s intervention to airline operators, duty waiver and forex. I will like to assure you that I will continue from where the former chairman stopped to take the matter up with all relevant authorities until we achieve our goals.

“Although it is difficult for an association like AON to solve its problems, we shall do our very best. I am therefore requesting the cooperation and support from each and every one of you to achieve that. I will like to thank the former Chairman for the success recorded during his tenure and hope that he will always be available to advise and guide us,” Yunusa said.

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Power Producers Sell ₦294 . 16 Billion Electricity In Five Months

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images 2020 09 17T170212.306 Power Producers Sell ₦294 . 16 Billion Electricity In Five Months

Electricity generation companies in the country sold electricity worth N294.16bn in the first five months of this year to the Nigeria Bulk Electricity Trading Plc.
The government-owned NBET buys electricity in bulk from Gencos through Power Purchase Agreements and sells through vesting contracts to the distribution companies, which then supply it to the consumers.
NBET received a total invoice of N294.16bn from the Gencos in the five-month period but paid only N57.98bn, representing 19.71 per cent of the invoice, according to data obtained from the bulk trader.
The Gencos gave NBET an invoice of N51.85bn in January; N51.42bn in February; N52.82bn in March; N70.03bn in April, and N68.04bn in May.
But the bulk trader only paid N15.61bn (30.11 per cent) in January; N13.09bn (25.46 per cent) in February; N5.84bn (11.05 per cent) in March; N10.19bn in April, and N13.25bn in May.
The total power generation in the country stood at 3,105.7 megawatts as of 6am on Tuesday, with 12 of the 27 power plants on the national grid being idle, according to the Nigerian Electricity System Operator.
According to NBET, the payment to the Gencos are based on receipts from the Discos.
“All the Discos are obligated to settle their market invoices in full as adjusted and netted off by applicable tariff shortfall approved by the commission,” the Nigerian Electricity Regulatory Commission said in its recent tariff order.
NERC said the Discos would be liable to relevant penalties/sanctions for failure to meet the minimum remittance requirement in any payment cycle in accordance with the terms of its respective contracts with the NBET and the Market Operator, an arm of the Transmission Company of Nigeria.
“Where it is established that the TCN is unable to deliver load allocation, the TCN shall be liable to pay for the associated capacity charge,” NERC said in the document.
According to the regulator, where a Disco fails to take its entire load allocation due to constraints in its own network, it shall be liable to pay the capacity charge as allocated in its vesting contract.
It said, “The average tariff for each Disco was determined considering the projected energy offtake of the company based on its percentage load allocation in the vesting contract.”
It added that NBET would continue to invoice the Disco for capacity charge and energy based on its load allocation and metered energy respectively in accordance with the December 2019 Minor Review of MYTO 2015 and Minimum Remittance Order for Year 2020.
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