Nigeria’s power sector in a very poor state - Transcorp CEO laments
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Nigeria’s power sector in a very poor state - Transcorp CEO laments

- The president/Chief Executive Officer (CEO) of Transcorp Hotels Plc, Valentine Ozigbo, decried Nigeria's poor power supply

- Ozigbo said other African countries enjoy better power supply

- The Transcorp boss also said Nigerians are over charged for power consumption

The president/Chief Executive Officer (CEO) of Transcorp Hotels Plc, Valentine Ozigbo, has lamented the poor state of the Nigerian power sector, saying that 84.8 million Nigerians do not have access to electric power.

Vanguard reports that Ozigbo said the poor state of power in Nigeria is a far cry from what is obtainable in other African oil-producing states.

Legit.ng gathers that Ozigbo stated this at the fact behind the figures presentation of Transcorp Hotels held at the Lagos Floor of the Nigerian Stock Exchange (NSE).

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He said that presently 14,134 MW of Nigeria’s power requirement is met through self-generation.

His words: “With an electric rate of 45%, Nigeria is largely reliant on self-generation. An estimated 41% of Nigerian businesses generate their own power to augment the limited grid supply.

“At N78/kWh Nigerians overpay significantly for each unit of off-grid power consumption which is twice higher than the Grid at N32 /kWh and three times higher than the next most expensive African country, Zambia.”

Ozigbo emphasized that investment in energy is a key pillar in driving growth under Nigeria’s Economic Recovery Growth Plan (ERGP) and development projects recommended will increase demand on Nigeria’s energy supply.

Making comments on the company’s financial performance for the year ended December 31, 2018, he said: “We delivered an exemplary result of 9.4% growth in Profit After Tax (PAT). In fact our revenue grew by 30% to N104.2 billion from N80.3 billion in 2017; Gross profit up by 32% to N48.3 billion from N36.4 billion in 2017; Operating profit grew by 33% to N34.6 billion from N26.0 billion in 2017, Profit Before Tax (PBT) grew by 82% to N22.4 billion from N12.3 billion in 2017 while Profit After Tax (PAT) appreciated by 94% to N20.6 billion from N10.6 billion in 2017.”

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Meanwhile, Legit.ng previously previously reported that the minister of power, housing, and works, Babatunde Raji Fashola, alleged said that it is not the problem and faults of the federal government if power failure problem in country still persists.

The former governor of Lagos state also attributed the persistently unstable electricity to the privatisation of power sector by past administration.

He said: "There are problems without a doubt and we must deal with them. But let me remind you, all of the assets that the Ministry of Power used to control for power have been sold by the last administration before I came. And so if you don’t have power, it is not the government’s problem. Let us be honest.

“The people who are operating the power sector, generation and distribution are now privately owned companies. I am here because I am concerned. If your telephone is not working, it is not the minister of communication that you go to. Let us be very clear.”

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Source: Legit.ng

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