[size=13pt]Okonjo-Iweala, Nnaji lead charge for stable power supply[/size]

Check waste, others, Jonathan tells new firm’s board

PRESIDENT Goodluck Jonathan yesterday inaugurated the board of the new Federal Government-owned Nigerian Bulk Electricity Trading Plc, pledging to conclude all processes that would lead to generation, transmission and distribution of improved steady, stable and regular power supply in the country.

The new company, popularly called Bulk Trader and headed by the Co-ordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, is expected to buy up the power generated by new and old generation companies and assure investors stability in the sector.

Other members of the board include Saka Isan (vice chairman), Minister of Power (Barth Nnaji), Chief Executive Officer of the company (Rumundaka Wonodi), Director-General, Bureau of Public Enterprises (BPE) - Bola Onagoruwa, CEO of Abuja Electricity Distribution Company (AbdulGaniyu Umar), Hon. Mohammed Kumalia, Haruna Mohammed and Paul Usoro.

A critical component of the implementation of the Electric Power Sector Reform Act of 2005, the Bulk Trader is also expected to add value to the transformation of the power sector.

The President told the board to ensure they “act as a catalyst for new investment into the power generation market. The Bulk Trader is equally expected to stabilise the market for those already in the business, especially at this time when we have embarked on the privatisation of successor distribution companies of the Power Holding Company of Nigeria (PHCN).”

Jonathan regretted that “we are unfortunately faced with a situation where our power distribution companies find it challenging to collect enough revenue from their customers to pay for powers they receive from generating companies. In this situation, potential investors do not have the confidence that when they produce and deliver power, they will receive payment, so, they will not be encouraged to invest in the sector. Our goal of generating enough power for our people may therefore not be reached.

“Government has therefore incorporated the Bulk Trader as a guarantor to boost confidence in potential investors that they will be paid for the power they generate and sale to the distribution companies. I therefore expect that you would carry out diligently the job of negotiating and signing of future contract agreements with power producers. I have every confidence that you will faithfully execute this mandate of serving as a Bulk Board against the potential payment default by distribution companies until they become financially strong to directly enter into power purchase agreement on bilateral basis.”

He stated that his “administration has placed a premium not only on delivering more electricity per capita to people and businesses in Nigeria but also ensuring that whatever power generated is faithfully transmitted and distributed and paid for.”

Jonathan went on: “The distribution companies would therefore continue to put in place measures to ensure that everyone is provided with a meter so that they can capture the generated revenue and thereby ensure sustainable supply of electricity to the public.

“Everything we do in this process of transforming the power sector must introduce a greater degree of transparency to the way in which we implement the reform and greater accountability in the heart of those responsible, so that the fundamental changes to the ownership, control and regulation of the sector initiated by legislation are achieved and the downstream benefits are realised.”

He charged them “to execute the task transparently and diligently so as to continue to attract confidence of consumers and the goodwill of our international partners, including the World Bank which is partnering with us to provide a partial risk guarantee that will support the Bulk Trader Contract.”

Jonathan stated that he would ensure that the process needed to transform the sector “are not abridged in any manner or form.”

Dr. Okonjo-Iweala thanked the President for inaugurating the board, saying that it “will make a great deal of difference in the production, distribution and sales of power in the economy.”

She pledged that “this very difficult area in the economy will be given the utmost attention and will receive the support that it needs to make visible difference. Mr. President, we pledge to you our desire to do the utmost to use the instrument as one of the means to ensure progress in the power sector.”

http://www.ngrguardiannews.com/index.php?option=com_content&view=article&id=58882:okonjo-iweala-nnaji-lead-charge-for-stable-power-supply-&catid=1:national&Itemid=559

This woman should just be called the Prime Minister.

Abi oo. Jonathan should be the ceremonial president.

im liking this government

u haterz shuld leav gej alone o, he's usin her 2 facilitate his transformation agender. Let's w8 n see if he'l sucid. Nigeria is our country, we av no where else 2go. So letx b optimistic n prayerful instead of mouth-hatin. Gudluck mr president dn't mind diz nairalandin-morons

papa Jona is a wise man. If everything fails, Okonjo will be the fall guy (lady).

The truth of the matter is that Jonathan has lost initiative and should just hand over to Mrs Okonjo-wahala.

if GEJ  continue like this, he will surely get a second term! Damn d northerners and their cry for power!!!

This is an encouraging start and the way we should coordinate the execution of development plans; all arms of govt working in synchrony toward a fixed goal. I love the way things are being put in place and pray that Nigeria finally begins to succeed.

If we succeed in this, then Nigeria will elect leaders based on competence.

In tackling a challenge or problem, you study that issue, break it down into smaller tasks that could be tackled easily which in the long run'll solve the original bigger problem. Its a good thing that the group has identified the disconnect btwn the power generation, distribution and revenue generation.

Round pegs are being put in round holes and I strongly believe that uninterrupted power supply would soon become a reality. God bless us.

thumbs up GEJ

Another Quality Son and Daughter of Igbo Land on a rescue mission to the nothern and western bleeped up state called Nigeria,  Wish u well,

I think i believe in this woman for a change than the president himself.I pray he she has good hands to work with

de-moore:

Another Quality Son and Daughter of Igbo Land on a rescue mission to the nothern and western bleeped state called Nigeria, Wish u well,

It is not a must you post if you have nothing meaningful to contribute.
Meanwhile i pray this works out well because i really don't believe this government

de-moore:

Another Quality Son and Daughter of Igbo Land on a rescue mission to the nothern and western bleeped state called Nigeria,  Wish u well,

Gbam!

Okonjo Iweala is OUR MESSIAH,SHE WILL BUILD STREETS GOLD,PROVIDE TAPS OF HONEY,
stupid lazy government, if she dies tommorow,then we do not have hope anymore?rancid,hot stuffy air,

The president knew he wouldnt succeed in the presence of the cabals around him which he blindly appointed so he brings in the lady to help him do the dirty jobs which his Godfathers would prevent him from doing.Expect more head roles for this woman. . soon, we would have the first female president of Nigeria
But i pray not when the heat is on,she wont be able to succeed.She would only be a figurehead

It does make Strategic sense for her to be involved. All the Economic growth Plans and Projections will be more effective with adequate power supply. Thus in the case of Nigeria, there is a somewhat overlap between Economic development and Efficient and effective energy supply.

i guess [img]http://2.s07.flagcounter.com/count/DymW/bg=E6E6E5/txt=E6E6E5/border=E6E6E5/columns=1/maxflags=1/viewers=3/labels=0/[/img]
[img]http://s07.flagcounter.com/count/DymW/bg=E6E6E5/txt=E6E6E5/border=E6E6E5/columns=1/maxflags=1/viewers=3/labels=0/[/img]

OAM4J:

This woman should just be called the Prime Minister.

That's GEJ's only hope you are talking about.

GEJ u deserved a second tame

@topic

This Bulk Trader initiative is a good development, let's hope Okonjo Iweala and the rest of the team will be able to deliver this critical milestone of the power reform. Gradually, the chess piece are falling in place.

lets see how it goes,

erm, isn't she getting a bit too many responsibilities? i hope she'll be able to perform

gaskydudu:

erm, isn't she getting a bit too many responsibilities? i hope she'll be able to perform 

Indeed . You cannot assemble a mediocre team of AGIPs and failures to then predicate the ultra important need for national progress on the performance of 1 or 2 above average individuals. It is never done like that. There must be a synergy of effort and a marriage of competence considering how woeful things have gotten. You don't support the emergence of David mark , as Senate President, and then heap pressure on Okonjo Iweala. Can GEJ sack David Mark , the 'Voltron' of the "owners of Nigeria" , as he has threatened to do with any Minister who "does not cooperate" with Okonjo Iweala? If GEJ cannot force Mark to pass the PIB , Okonjo Iweala will certainly not be able to do it. It would have been better , in the first place and when he had the chance, for GEJ to support the emergence of a Senate President who can help , not hinder, okonjo Iweala's efforts. GEJ only threatens others with sack , for non-cooperation with iweala, because he knows the incompetent crew he was forced to appoint.

Besides , we should read the fine prints. This , IMO, is another way for Government to deepen beareucracy and remain involved in sectors it should totally be absent from. The likes of Fashola and Amaechi want the total deregulation of the power sector and what is happening now is at odds with that because whatever the FG proposes , in favour of prolonged Government involvement, can be argued at State level . I.e it really is not valid to claim that

“Government has therefore incorporated the Bulk Trader as a guarantor to boost confidence in potential investors that they will be paid for the power they generate and sale to the distribution companies.

when the government , if sincere, can have it totally easy by letting States or regional blocs get into their own arrangement that will attract power sector investors (perhaps in a build and operate schemes) and , most importantly, secure tailor-made solutions that recognises the peculiar challenge every state or region faces !!!

How is this different to stating , yesterday, that our Refineries need to be privatised only to turn around today and direct the NNPC , over 24 months, to turn around our refineries? Are we not back to square one? It is either the privatisation and deregulation of the power sector is total , as the Governors are demanding, or we accept pseudo-privatisation that keeps Government, with its proven corruption and incompetence,  involved in a market that can literally guarantee , at the fastest rate possible, its own success if deregulation is total , non-cynical and transparent. The Government should only be involved in robust regulation and the uncompromising push for well drafted power laws in my opinion. We are certainly not moving forward with the current practice that sees the FG carry on with the issuance of rafts of power contract and the inauguration of more Government owned parastatals. That is not what we need and the name of Okonjo Iweala, even if much respected , should not detract from that.

Boyloaf:

if GEJ  continue like this, he will surely get a second term! Damn d northerners and their cry for power!!!

Gbam! That's exactly what the haters are afraid of. They fear he'll succeed where they've failed woefully time and time again.

since the inauguration yesterday e come be like say PHC baba NEPA don vex .We never get light , whatever they do we no care .I give GEJ my support on this

The topic should read
Re: Okonjo-iweala, in Charge of Nigeria

a good administrator is never the best in all fields but uses all human and material resources available to him to achieve goals.whether he made okonjo super minister or prime minister,remember he chose her for her competence to help better our life in this country full of hypocrites and sycophants which we all have been craving for.gej/okonjo, more grease to your elbow