The following story was published by The Nigerian Voice on September 11, 2013. To view the original artile, click here. Interstate Electrics Reiterate Plans On Efficiency Interstate Electrics the preferred bidder for the Enugu Electricity Distribution PLC (Enugu DISCO) has reiterated its plans to heighten efficiency for effective service delivery in the distribution of electricity in South Eastern Nigeria, following its successful payment of the balance of $94million required for the takeover of the DISCO. The company is jointly promoted by the multi-billion dollar Chrome Group, Power House International and the highly rated Metropolitan Electricity Authority (MEA) of Thailand. 'We would begin operations with unique private sector model that has high efficiency and corporate governance standards that would set the pace for electricity distribution in Nigeria' Chairman of Power House International, Mr Kester Enwereonu, had reinstated, adding that one of …
The article below was published in The Citizen on Sepember 11, 2013. To view the original article, please click here. Interstate Electrics to improve electricity distribution in S/East Interstate Electrics, the preferred bidder for the Enugu Electricity Distribution Plc (Enugu DISCO) has reiterated its commitment to enhance efficiency for effective service delivery in the distribution of electricity in South East Nigeria. This follows its successful payment of the balance of $94million required for the takeover of the DISCO. Speaking, the Chairman, Power House International, Mr Kester Enwereonu, said: “We would begin operations with unique private sector model that has high efficiency and corporate governance standards that would set the pace for electricity distribution in Nigeria. He based his conviction on the fact that a member of the group, Metropolitan Electricity Authority (MEA) of Thailand, has high efficiency and corporate governance …
The following article was published in The Guardian on September 11, 2013. To view the original article, click here. EMS replaces PHCN, Interstate Electrics completes payment for Enugu Disco “I CAN tell you that PHCN has almost ceased to exist now. Once the Transitional Electricity Market is declared in a few weeks time, that is the end of PHCN. Functionally, it has ceased to exist, but there must be a formal hand-over and once that takes place, they will finally cease to exist.” In the above words, Minister of Power, Prof. Chinedu Nebo, formally inaugurated officials of the Electricity Management Services Limited (EMS) to take over all functions of the Power Holding Company of Nigeria (PHCN) that were left after it was unbundled into 18 successor companies. Meanwhile, following the 21-day extension given to it to pay up the balance …
The following article by Amaka Anagor was originally published by BusinessDay on September 9, 2013 Click here. NRC needs over N12.5bn investment in locomotives for effective container haulage For importers and businessmen based in Northern Nigeria to feel the impact of the newly resuscitated container haulage by train from Lagos Port Complex, Apapa, to Kaduna and Kano, the Nigerian Railway Corporation (NRC) needs to focus on acquisition of more locomotives, BusinessDay has learnt. According to industry analysts, container haulage by train can be effectively carried out if NRC moves further to acquire not less than 50 new locomotives for that particular purpose, to complement the four that already exist. Only recently the NRC acquired four new locomotives that were deployed to lift cargoes from Apapa port to the North for the sum of N1 billion, that is N250 million each. Therefore, …
The following article was published in PointBlankNews on September 9, 2013. To view the original article, click here. Interstate Electrics the preferred bidder for the Enugu Electricity Distribution PLC (Enugu DISCO) has reiterated its plans to heighten efficiency for effective service delivery in the distribution of electricity in South Eastern Nigeria, following its successful payment of the balance of $94million required for the takeover of the DISCO. The company is jointly promoted by the multi-billion dollar Chrome Group, Power House International and the highly rated Metropolitan Electricity Authority (MEA) of Thailand. “We would begin operations with unique private sector model that has high efficiency and corporate governance standards that would set the pace for electricity distribution in Nigeria” Chairman of Power House International, Mr Kester Enwereonu, had reinstated, adding that one of the group members, Metropolitan Electricity Authority (MEA) of …
Ahead of the expected meeting of the National Council on Privatisation (NCP), and the Bureau of Public Enterprise (BPE), the confidence of government on the ability of Interstate Electrics to efficiently manage the Enugu Company is said have lately grown following revelations that Interstates is the only firm that has thus far attracted offshore financing. The Offshore financing, sources said, came from banks whose operations are guided by “global best practices and strict governance and monetary policies”, as a reputable multi-national financing organisations, a BPE source said yesterday. It will be recalled that Interstates recently completed the payment of a balance of $94million for the DISCO. And for the bank that strictly operates in accordance with global best practices to have granted the loan, suggest that thorough checks would have been carried out on the credibility and capability of Chrome …
The following article by Clara Nwachukwu was published in Vanguard on September 06, 2013. To view the original article, click here. Interstate Electrics completes payment for Enugu DISCo Interstate Electrics (IE), which won the bid for the Enugu Electricity Distribution Company, DISCo, is said to have completed the payment of the 75 percent balance for the electricity firm. A top official at the Bureau of Public Entreprises, BPE, told Vanguard Friday that the consortium paid the sum of $94,505million or about N148.373 million which was credited to the BPE’s account on Thursday, thereby enabling the preparation for the firms’ takeover. The development followed Interstate taking advantage of the available window for the completion of outstanding balance as spelled out in the Share Purchase Agreement (SPA). Recall that the Request for Proposal signed by the bidders gave a 20-working day extension after the …
The following article by James Emejo was published in ThisDay Live on September 7, 2013. To see the original article, click here. Interstate Finally Concludes Payment for Enugu Disco Interstate Electrics (IE) which won the bid for Enugu Electricity Distribution Plc has finally completed the payment for the electricity asset, after it was offered a 20-working day grace period by the federal government to complete the outstanding balance payment as spelled out in the Share Purchase Agreement (SPA). The company was said to have paid $12 million last week, out of an outstanding balance of $93 million, being 75 per cent of the transaction value it was expected to pay for Enugu Disco on or before August 21. Promoted by multi-billionaire businessman, Mr. Emeka Offor, Interstate had failed to meet the August 21 deadline for the payment of 75 per cent …
The following article was published in THISDAY Live on August 27, 2013. To view the original article, click here. Offor: Nigeria is One of the Best Places to Do Business Executive Vice-Chairman Chrome Group, Sir Emeka Offor, is an investor, whose interests cover oil and gas, engineering services, insurance, logistics and dredging. In this encounter with James Emejo, the billionaire businessman observes the return of sanity in the business climate in the country, saying it is one of the best places to do business in the world. Excerpts: Ease of Doing Business Despite complaints from some quarters over the hurdles placed on the way of business promoters in the country by a variety of problems, Executive Vice-Chairman of Chrome Group, Sir Emeka Offor insisted that the emerging business climate ranks among the best in the world. He attributed the pass …
The following article bu Olusegun Koiki was published in the National Mirror on August 23, 2013. See see the original article, click here. The Nigerian Railways Corporate (NRC) is set to convey containers facilitated by Inland Containers Nigeria Limited (ICNL) through the rail tract from Lagos to Kano after 17 years of suspending such exercise. NRC Managing Director, Mr. Adeseyi Sijuwade, said the resumption of the operations demonstrated the Corporation’s ability to enhance the development of the nation’s economy with active private sector participation. Sijuwade said in Lagos that as part of the pilot scheme, the Corporation would deploy 20 wagons carrying between 20 and 40 containers. The Managing Director noted that the commencement of the container freight would help in decongesting the ports as well as help in facilitating the establishment and use of Inland Container Depots (ICDs) along the track …
