Tag Archives: $150m

FG To Spend $150m On Rural Electrification Projects- Fashola

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The Federal Government on Wednesday expressed its readiness to spend 150 million dollars on the rural electrification.

Mr Babtunde Fashola, the Minster of Power, Works and Housing, disclosed this in Abuja at a business forum on ‘’Financing Opportunities in the Nigerian Power Sector’’

He said government would use 44 tertiary institutions and small hydro dams in the rural areas as anchors for the electrification programme.

Fashola said the money would be deployed towards providing Independent Power Plants (IPPs) to supply electricity to tertiary institutions and rural communities.

He said that 37 out of the 44 tertiary institutions audited for the project were universities, while seven were teaching hospitals.

The minister said government would deploy 37 IPPs made up of nine gas plants and 28 solar plants with a combined generation capacity of 120 megawatts to power all the universities.

According to him, the 37 IPPs will replace 1,105 generators that were hitherto serving the institutions and generating 210 MW of inefficient and unclean energy.

He said the amount would cover capital expenditure, operations and maintenance.

On financing opportunities in the Nation’s power sector, Fashola, emphasised the need for financing and liquidity stability in the sector.

He said the Distribution Companies (DisCos) required financing for the supply of meters, upgrading distribution equipment like transformers, ring mains units, feeders for DisCos and funding, especially in foreign exchange.

For the GenCos, the minister said adequate liquidity was acquired to procure turbines, parts and accessories which were largely imported.

“They (DisCos) need a lot of operating capital to buy meters, to change transformers that are old, to extend access to their customers, to replace transformers and so on and so forth. They need operational capital and they need it in the mix of foreign exchange because some of the things they want to buy are not made in Nigeria and there are some made in Nigeria”.

Fashola said investment in the GenCos was also profitable, saying that when the market settled and stabilised, the return would be marvellous.

He said the Transmission Company of Nigeria (TCN) would benefit from the financing of its grid expansion programme if it could present a detailed prospect plan that would demonstrate investment needs and return potential.

The minister said that solar, coal, and other energy suppliers required investment to finance the acquisition of photovoltaic panels, heavy duty equipment and related machines not made in Nigeria.

Fashola said Nigeria Buck Electricity Trader (NBET), a government-owned company, was planning to raise a bond for investors to buy into it.

On the financing opportunities in rural electrification, he said: “there exists a list of endless possibilities and opportunities for investment in the nation’s power sector.’’

Credit:

http://guardian.ng/news/fg-to-spend-150m-on-rural-electrification-projects-says-fashola/

Daniel Craig Reportedly Offered $150m To Reprise James Bond’s Role In Two More Films

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Who will play the tuxedo-clad secret agent in the next James Bond movie? This is one question that has been playing on the minds of fans and there have been numerous rumours suggesting various stars could step in actor Daniel Craig’s shoes. However, a latest report has claimed that the actor, who could be cast in the coveted role, is none other than Craig himself.

The news will sure surprise fans of the spy series as the 48-year-old English actor had earlier rejected the idea of reprising the role of the secret agent and said, “I would rather break this glass and slash my wrists [than do another movie].”

Craig has been seen in the role of agent 007 since 2005 and has been reportedly offered a whopping $150m (£113m) to return to the thriller franchise for two more films. “The studio is desperate to secure the actor’s services while they phase in a younger long-term successor,” a source told gossip website Radar Online.

As per the report, Craig’s reluctance to reprise the role seems to have worked in his favour. Shedding further light on the scenario, the source explained, “[Craig] has played a genius hand. Everyone knows how much executives adore him, and the idea of losing him at such a crucial time in the franchise isn’t an option as far as all the studio honchos are concerned.”

“Daniel’s the key for a seamless, safe transition as far as Sony and Bond bosses are concerned, and they’re prepared to pay a king’s ransom to make it happen,” the report mentioned.

As far as the role of the spy agent is concerned, several frontrunners have surfaced in recent times with names such as Idris Elba, Tom Hiddleston, Adian Turner and even Tom Hughes making the rounds. While neither Sony nor Craig have officially announced anything about the role, if the report turns out to be true, the Spectre actor could be seen in two back-to-back films.

“Then they will shoot two more films, which will be made virtually back-to-back, preferably featuring Daniel as 007 before he passes the figurative baton to someone else for a third movie that will mark the start of the new era,” the source added.

Credit: ibtimes