Transcorp Power Targets 25% Generation Capacity
As part of its commitment to improve electricity supply in the country, Transcorp Power Limited, a subsidiary of Transcorp Plc, said it plans to generate up to 25 per cent of total power capacity before the end of the 2018. To boost this objective, the power company has commissioned its 115 megawatt (MW) Gas Turbine 15 at its Ughelli Power Plant. The commissioning of the multi-million dollar turbine brings the total operating capacity of the plant to 620MW. The Federal Government has been challenged to end the chronic power supply crisis Nigeria had been plunged into for many years, while industry investors are tasked to retool and boost capacity in line with privatisation agreements.
Petrol Price Still High In Yobe At N177 Per Litre
Despite efforts by the Nigerian National Petroleum Corporation (NNPC) to crash prices through massive importation supported by output increase from the local refineries, prices of fuels have remained high across the country. High cost of petroleum products will impoverish Nigerians the more and cut deeper into the already pressured disposable income given the very high inflation rate and economic downturn in the country. The National Bureau of Statistics (NBS), in its latest petroleum products price watch, released on Tuesday, disclosed that Premium Motor Spirit (PMS) also known as petrol, still sells as high as N177/litre in Yobe, while kerosene was astronomically high in Lagos at N455, Ogun, N425.44; and Ondo, 424.07 per litre respectively.
Minister Urges Banks To Increase Agric Funding
The Minister for Agriculture and Rural Development, Chief Audu Ogbeh, has urged the Organised Private Sector (OPS), especially Nigerian banks, to increase funding in agriculture and make the country food self-sufficient. The Minister, who identified lack of capital and research as a major hindrance to job creation and development in the sector, also stressed the need for banks to support the growth of the sector by lending on a single digit rate to farmers. Access to funding will boost agricultural production, as farmers will be able to invest in higher –yield seedling, better farming tools including irrigation as well as afford extension services like research and development.
MoneyGram Strengthens Compliance, Anti-fraud Plans
MoneyGram has said its pursuit of global compliance standards, as well as ensuring a fraud proof transaction, is a deliberate effort to stay atop international money transfer arena. The move is also part of the company’s continuous commitment to develop best-in-class compliance solutions and protect customers using its money transfer services around the globe. The company made the disclosure at its regional compliance conference in Lagos, hosted by its Chief Compliance Officer, Andres Villareal. The Head of Anglophone Africa, Kemi Okusanya, said: “MoneyGram continues to advance its leadership in global compliance and consumer fraud protection by implementing market-leading systems, technology and processes, and also by agents’ training around the world”.
Taraba State Government Signs N2.2billion Digitalisation Contract
The Taraba State Government on Tuesday signed a N2.2 billion contract with Pinnacle Communications Nigeria Limited, for the digitisation of the state owned Radio Station, Taraba State Broadcasting Service (TSBS). Digitisation is the current trend in broadcasting, globally, and involves a process of storing images in a form suitable for transmission and computer processing or other devices like digital camera. Signing on behalf of the State Government, the Commissioner of Information and Reorientation, Anthony Danburam, said the contract was in fulfillment of the governor’s campaign promises to beat the 2017 dateline for the full digitalisation of all broadcast media organisations in the country.
Oracle’s Cloud Business Shows Momentum As Sales, Profit Beat
Oracle Corp. posted third-quarter revenue and profit that topped analysts’ estimates, signaling growing demand for the software maker’s cloud-based services that compete with Amazon.com Inc. and Salesforce.com Inc. Profit before certain items was 69 cents a share, compared with an average estimate of 62 cents. Adjusted sales rose 2.9 percent to $9.27 billion in the period that ended Feb. 28, the Redwood City, California-based company said Wednesday in a statement. On average, analysts had projected $9.26 billion, according to data compiled by Bloomberg.
Cash ‘N’ Carry Reiterates Commitment To Quality Products
The management of Cash ‘N’ Carry has reiterated commitment to satisfy its numerous customers with quality products and services.Speaking at the grand opening of the firm’s new outlet in Adeola Odeuku, Lagos, the Managing Director of the company, Komal Sharma, pledged the firm’s resolve to maintain the good deeds which has enabled them remain in the market space for 50 years now. On the new centre, she explained that it would enable customers to make choices from electronics at affordable prices and enable them get them with ease.
Toshiba Said To Offer Equity, Real Estate As Loan Collateral
The Tokyo-based company met with banks Wednesday afternoon and made the offer as it requested loan extensions through the end of April, said the people, asking not to be identified because the talks are private. Toshiba’s three main banks said they plan to continue their financial support, the people said. Shares fell 0.6 percent to 187.9 yen in Tokyo on Thursday. The Japanese icon has been grappling with construction delays and cost overruns on nuclear projects in its Westinghouse business.