Nigeria’s power generation improves to 4,823.60MW

By Favour Nnabugwu



Nigeria’s power generation has improve to  4,823.60 mega watts after weeks of poor performance.

Data from the National System Operator, an independent unit in the Transmission Company of Nigeria, TCN, this weekend showed that it was a 19.32 percent higher than the 4,042.40MW generated on Friday.

NSO data as at 8pm on Sunday showed that Ikeja DisCo was the highest load taker with 694,12MW, followed by Ibadan DisCo with 535.91. Eko DisCo was next with 535.69MW. Abuja DisCo took 455.50MW while Enugu DisCo took 381.48MW.

Others were Kaduna DisCo 254.87MW, Kano DisCo 238.87MW, Port Harcourt DisCo 257.46MW, Jos DisCo 175.85MW and Yola DisCo 103.63MW. The brought the distribution companies’ load taking to 3,989.87MW.

Although, the Transmission Company of Nigeria, TCN, has commenced an intensive training program for 708 engineers in the company taken from the electrical, maintenance department, Protection, Control, and Metering department and linesmen across the 10 regions of the company, through a World Bank programme.

Ag. Managing Director/CEO of TCN, Engr. Sule Ahmed Abdulaziz said the training is to expose TCN maintenance engineers to facility improvement programs under the World Bank’s Nigeria Electricity Transmission Project (NETAP), currently being executed in TCN.

He said, “In all, engineers undergoing this training are those in the Protection, Control and Metering Department, PC&M, Electrical Maintenance Department, and Lines Maintenance Department, totaling 708 engineers from the 10 Transmission Service Provider, TSP, regions nationwide.”

The TCN head noted that the company was prioritizing the training of its staff as it gradually expands the capacity of its transmission network with the execution of several projects to ensure grid efficiency and stability.

“A more robust grid, coupled with the role we must play under the new Service Level Agreement and our part in the West African Power Pool (WAPP), among others, underscore the need for our engineers to be trained and retrained, to ensure that they are relevant and efficient,” he added.

Emirates suspends flights from Nigeria, South Africa, India until July 31

By Favour Nnabugwu


Emirates said flights to and from South Africa, Nigeria and India will remain suspended until July 31, 2021, in line with government directives that restrict the entry of travellers originating from South Africa, Nigeria  and India into the UAE.

Only one daily passenger flight to Johannesburg will operate as EK763; however, outbound passenger services on EK764 remain suspended, said the airline

Customers who have been to or connected through South Africa or Nigeria in the last 14 days will not be permitted on any Emirates flights bound for Dubai.

However, the Airline also confirmed on Friday that inbound flights from India would remain suspended until July 31.

This is the latest extension of a travel ban on flights from India as COVID-19 cases surge around the globe due to the highly transmissible ‘Delta’ variant virus.

Etihad responded to a customer query on Friday: “Following the latest UAE Government directives, passenger travel from India to UAE and Etihad’s network has been suspended effectively until 31 July 2021”

UAE Nationals, holders of UAE Golden Visas and members of diplomatic missions who comply with updated COVID-19 protocols, are exempt and may be accepted for travel.
Flights from India to UAE to remain suspended until July 31: Etihad

Flights from India to UAE to remain suspended until July 31: Etihad
Emirates said Nigeria and South Africa flights will be suspended until July 31

WAICA Re underwriting profit rise by 77% in 2020


L – The Director-General, WAICA Secretariat and Directorate, WAICA Reinsurance Corporation Plc, Mr. William B. Coker; Director, Mr. Adeyemo Adejumo; Company; Secretary, Mrs .Patricia Fomba; Group Chairman, WAICA Reinsurance Corporation Plc, Kofi Duffuor; Group Managing Director/CEO, Abiola E. Ekundayo, and a Director, Mrs. Senor Thomas-Sowe, during the corporation’s annual general meeting in Lagos

By Favour Nnabugwu

The West African Reinsurance Corporation (WAICA Re) has announced that its underwriting profit grew from $5.0 million in 2019 to $8.8 million in 2020, a growth rate of 77 percent

The company at the 8th Annual General Meeting (AGM) held virtually at the weekend recorded a net claims of $30.5 million in its 2020 financial year, which translated to 63 per cent increase from the $18.7 million it recorded in 2019.

The claims were incurred across most of the nine countries it is operating from. The nine countries include; Nigeria, Ghana, Liberia, Kenya, Sierra Leone, Tunisia, The Gambia, Zimbabwe and Côte d’Ivoire.

The Group Chairman, Kofi Duffuor, added that, facultative claims contributed 59 per cent of the total claims paid whilst treaty claims was 41 per cent, stressing that, the net incurred loss ratio increased to 39 per cent in 2020 compared to 31 per cent in 2019.

Underpinned by increase in business volumes and increased claims reserve, net claims incurred increased by 63 per cent to $30.5 million in 2020 from $18.7 million in 2019. Facultative claims contributed 59 per cent of total claims paid whilst treaty claims was 41 per cent. Consequently, the net incurred loss ratio increased to 39 percent in 2020 compared to 31 per cent in 2019.

To him, “Net commission expense rose to $23.5 million in 2020 from $17.6 million in 2019, representing 33 percent growth largely as a direct function of growth in earnings. The commission ratio also remained flat at 30 percent in line with both company trend and industry averages.”

Operating expenses, he said, decreased year on year by 4 per cent, given management efforts to reduce cost, hence, operating expenses fell to $17.1 million in 2020 from $18.2 million in 2019 even as expense ratio equally fell to 22 per cent in 2020 from 31 percent in 2019.

Overall, combined ratio improved to 91 percent in 2020 having fallen from 93 percent in 2019, he pointed out.

Stressing that WAICA Re has continued to display a strong underwriting profitability as a result of sound underwriting and risk selection, he noted that, technical profit grew from $23.2 million in 2019 to $26.2 million in 2020, representing a 13 per cent growth.

“Underwriting profit grew from $5.0 million in 2019 to $8.8 million in 2020, a growth rate of 77 percent. Whilst Technical margin fell from 40% in 2019 to 33 per cent in 2020, underwriting margin improved from 9% in 2019 to 11 percent in 2020,” he pointed out.

Stating that the reinsurer’s investment and other income witnessed an increase of 14 per cent from $3.4 million in 2019 to $3.9 million in 2020 even though there was a general fall in interest rates especially in Anglophone West Africa, he added that, return on investment fell from 4 percent in 2019 to 3.7 per cent in 2020.

To him, “management continues to review the investment portfolio to help improve the return on investment”

“The above Profit and Loss analysis shows that, the major drivers of profit in 2020 were the growth in premium income, improved underwriting performance and a reduction in management expenses.”

Improved premium collection, he stressed, enabled the group to increase cash and investment assets by 29 per cent to $114.9 million in 2020 from $$88.9 million in 2019.

The group’s cash and investment assets, he stated, accounts for 62.5 per cent of total balance sheet size. Liquid assets increased to $105.2 in 2020 from $79.3 million in 2019 giving the group a strong liquidity metrics compared to claims and technical liabilities,he said.

He announced to the shareholders that the board of directors recommended a dividend of 0.0814 per share amounting to $4,000,000 (2019; $3,000,000).

This dividend will be paid to shareholders whose names appear in the register of the Corporation as at the date of the AGM, he assured.

The board of the firm, he said, recommended the issuing of additional capital of 10 million shares in 2020 by a rights issue at a price to be determined by its financial advisors.

“There was also the intention to invite strategic investors to take up shares in the Corporation. These decisions were suspended due to the COVID-19 pandemic and the uncertainties that surrounded it.

“This year we would like to carry out the exercise as it will strategically position the corporation to underwrite larger businesses especially in the oil and gas sector among others, expansion of our ICT and to ensure a strong balance sheet that will make us more competitive in the reinsurance market,” he said.