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Business/Finance 0" III" i~D -
TeN installs Annuul Generul Meeting ,~: ,II, Nl.5bn \gorton Institution of SUJVtJyr.rt transformers 01\1. \)dI. 11th lOOt, 101t inQl,Q2 V_ ("""'~
8. Sund a, WIIII ~ ms
TH E Transmission Company of Nigeria (TeN) has said thlt II installed eight new 60MVA, 132133kV Power Transformers worth N 1.5 billion between the
first ilnd sttond q uarters 0(2011 in \'. riou5 tran5mlS5 ion stations natio nwide.
In
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slatement signed by
TeN Assistanl General Ma naget (Public Affairs), Dave Ira-
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bi),l, the (ompan)' said that the new Inns[onners has Increased tnmsformatio n capaCity on the 132kV network by 340MVA,
thereby ImprO\'ing the quality of elec tricity suppl y as well as the
socio-economic and infraslructural development of the people in the affected statu. TeN S"lid Ihal the eight new 60/\lVA, ll213lkV Power Transform ers ha ve alread y been energiud in various tran s mis sio n stalions nationwldc, such as th e Por t · Harcou rt Town Trans· mission Stalion in Rivers Sta le. Itu in Akwa· lbom State. Kauin a in Katsina Slale, Ayede in 0)'0 Slate, Didnin Kebbi in Kebbi Slate, Ab aka liki in Ebonyl State and Kadu na Town in Kaduna State as well as Beni n in fdo Slate. According to the slate· me nt, two of the' ne\" 60MVA , 132f33kV Power T ran sform ers were Ins talled In the PortHacOllrt town and h u Transmi ssio n SI:u ions in tilt first quarter oflhe year, increasing Ihe ClIrac· it )' of bo th statio ns b)' 47.SMVA and 45MVA resptc tivtl ),. The rema ining six new 60MVA, 132133 kv Powcr Transformers being the seco nd batch of transformer installa tion s, were carried oul in the stco nd quarttr of the rear, in "acious transmi$sion stallon s In six 51ate.s o f Katsina in Katsina State, Aba ka li ki in Ebonyi State. Kadu na in Kadu na State, Benin in f da Slate', Are'de in Oro State and Birinin Kebbi in KebbiState. The sla te'men t said that inslallation and co mmissio nin g works in the' affect C'd transmis· sion stalions wert all compie ttd in /\13)'. 2011 , th erthy incrtasing Ih e capad tr of each o f the tran smission stations with about 301\'IVA 10 60MVA. The statl:'m ent further rt\'uled that TCN has co ntin ued to enhance tht capaci ty and capa bilit y oflts 330kv and 132kv sub· sta tions as well as iu 330k" and l J2kv route length lines. It said tha t the co mpan y will soon take delivery of addi , tional I I units o f 6011.1 VA and six IOt-.I VA power transfo r mers which would be installed In va ri ous locations in Ihe co un try to further buust e\'acuation capac it )' of thr: trOlnsmission grld_
FROM Il!ft Mr A PC NJ!'~UI!Ii1Il, SUrvtoybt GI:!liHal of th~ ttotill'tlltlbh, Mr. YakUbU Malkal1ti Pt"'''tillnt. NI!jllhatt Ihlllluhbn of Surveyor! INIS): Ihillt' Atlea~a, Nls ts@"pUly Pt@o~.tll!ttl , Akitdby~ Uyegbc:ll.1, Nis \litt' Pt~sldtlll iN<I!ltinill), at Ihl! I'It~ AGM Pt~~5 Cotttetentb btl the 4&th AttflulIl t.l1llfdl Mtollhn!:l til th. Nlgetlzll1 fr1~tltUllbri otSutVllyorJ 111 Abuja tlli W",dnl!,day.
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eBN to set aside N7Sbn for agric risk sharing e, ldrisAhmed -
- Thegoai ofN IRSALIs to trigan agricul tural industrializa· tion process through increased productio n and processing oft~ greater partof what is produced to boost «onomic earnings acro.u the value chain,~ Governor Sam15i Lamido Somusi of Ihe CBN said )'cs terda}' in Ahuja. Farmers have been finding it diffi cult 10 get loans rrom ban ks beclU5(' of the risk invoh-aJ. Manyarc)-et toacass from the ~r
THE Ccnlr.l.l 'Bank o r Ni~ria (CBN) said it is Sttiing aside N7S billion for the Nigeria Incenlil'Cbased Risk Shari ng System for Agricultura l Lending (NIRSAL). lbe NIRSAL is designed to provide the Singular transforma tional and one bu Uet solution to brtak tht Stt"mingjlru: In Nigerias agrlculturallending and development.
N200bi llion agricultural rund proYkled by CBN because olthe stri· gm t conditions attached. AI the international conference ....ith the theme -financing agricu1· tual valul:' chain in sub-saharan AfriGlIl~ organised by Union Bank or Nigl':ria Pic and International Crops Research Institute (JCRISAT). India, Sanusi said NJRSAL will build capacities of Nigc'rian banks to Il:' nd to agriculture. HI:' was rqm5Cn ted by the
CBN deputy gO\'ernor, Kingsley MorghaJu. HI:' Silid: - NIRSAl will build capacities or Nigerian banks to lend 10 agriculture. deploy risk sharing instruments that will lower the ri sks of lendin g. pro· vide technical assistance to rarm· ers and banks and dc-.'elop a bank raling K heme that l ..iIl hl cl:'ntivisc and position banks based on their capacities to lend to the agricul tural SCCIor.~
Union Bank posts Nl18bn profit NDIC holds send-off for UN ION Hank of Nigeria PIc has recorded a IJre tax profit ofNof7.'1 biUion a.nd a post-tu profit o r NI18billion for tllt )-car endtd December l l, 2010. 111i5 is againsl a loss ofN286. lbillion recorded in Ikccmber,2009. The inCtt3St in post-tax profit is attributable to dtfcrrrd tax credit as a result of huge 105Sd sustained in the previous )'I2r. Accordtngtotlll:'audiled rt'Sults released to the Nigeria Stock Exchange (NSE) ),cstenla}" the Group, recorded a post-tax profit of NI06.5billion for tile period under revie ..... , indicating a rtem'try from a loss after tax of N2al.3billion posted in 2009. f-or the period under review, the group recorded gross earnings of N I l OA billion, while the bank accounted ror N I I4billion of the total earnings. slgnif)'ing that thl:' group was able to grow its busincsscs during the review period. Similarly; as a result of the costcutting measufO' adopted by the
management. the banks o~ratlng expense-; reduced once annualiud and adjusted for exceptio nal items frolll N6 1billion for 9 months of 2009 to N64.2billJon for 12 months al2010. In addition, the str.ueg)' 0( the bank lowards improving the qual. it}' of its risk assets and improving liquidity paid off as the group reduced its non .performlng loans signifiGlIltl), largely through Silles of ruth 10aASlo AM CON 111e banks group managing dil'C'Clor. Mrs Funke Osibodu, attributed the growth in proli t -to the major progress recorded in rccm-crics , the credit from the Asset Management Corporation ofNigcrian (AMCON) and otllCr rtem-rnesand writt backs pursued and executed vigorously by man· a~nlmt~
She noted that the prolitlCl-d was driven by imptO\-cd operating cfficiency; reduction In administrath-c O\'CTheads, among othtr cosls, which has made more runch avail· able ror COI'l' in\'eslmenl5 to born;t lht Nigerian economy.
ex-MD Ogunleye B~ Idrb Ahm!d
THE Nigeria Deposit Insurance Co rporati on (ND IC) on Wednesda y n ight in Abuja organised a scnd-rorth for its form er Managing Director, Ganiyu Ogunlere and fanner Executive Director (Operations), Proressor Peter Umo h Ebhodaghe. Chai nnan of the Corpontion , Dr. HasSiln Adamu dtscrlbed them as fin e gentlemen whose conlribution to tht growth of NDiC IV3S immeasurable. ~I wish to state that withoul their ab le leadership, the Corpa ntion wou ld nOI have beel1 ..... htre it is today,~ he said. The Managing DircctorfCfO ofNDIC, Alhaji Umaru Ibrahim Silid thTtwo m t n cont ributed to the growth and development of Deposit Insuran ce System not only in Nigeria but also in M rica. Hesald: ~Nodoubt the Co rpo. ration had e\'oh'ed into a hi ghl), robust , rl':sponsiblt and reputable
organisation due to the con tribu tion s and scln ess services of th r:sc two admirablt lellliemen ..... ho helped to pilottle affairs of the Corporation ror deades beforl:' they retired. ~ Worth)' or mention is the amendment of th t enabling Act of NDIC, which has removed $Oml:'oftht legal bottlenecks that had previousl)' constra ined the Carponlion rrom e(f«th·c!ydis. charging its statutory mand a t r:.~
"- Iwish to state " that without their able leadership, the Corporation would not have been where it is today