Total reaffirms commitment to local content, entrepreneurship devt
ACKNOWLEDGING entrepreneurship as the engine of growth of most developed economies, Total Nigeria Plc has restated its commitment to drive entrepreneurship growth in Nigeria.
The Managing Director, Total Nigeria Plc, Imrane Barry, explained that Total believes in the huge entrepreneurship spirit of Africa’s biggest economy, maintaining that it is key to unlocking entrepreneurship opportunities in the continent.
Barry, at the 2018/2019 Startupper Total challenge, an initiative it started in 2015, designed to support and reward young entrepreneurs up to 35 years of age who have a project or a company in the past two years, said encouraging and supporting entrepreneurship development is apt, coming at a time when Africa is pursuing inclusive social and economic development while also taking cognisance of the huge role it plays in creating job opportunities and wealth for the nation.
He said Total believes in the Nigeria’s downstream sector, maintaining that it has the right human capital to deliver quality and efficient goods and services to Nigerians.
“Our unique ability to understand the value and culture of countries we have businesses gives us the edge to operate successfully in anywhere we find ourselves in the world,” he said.
Also speaking at the event, the Executive General Manager, Human Resources and Corporate Services/ Company Secretary, Total Nigeria Plc, Bunmi Popoola-mordi, said following the success of the first edition, launched in 2015 in over 30 African countries, the project this year went on a global scale in almost 60 countries and on every continent.
She added that the initiative was to promote local content and drive the entrepreneurial skills of young people in the society.
According to her, it would go a long way to encourage entrepreneurship to have a ripple effect on the economy while also giving aspiring entrepreneurs opportunity to think through and come up with potential business ideas.
The event also saw three finalists, Olumide Ogunbanjo, Obaoye Justus, and Aondosso Ijir go home with N6 million, N3.6 million and N2.4 million respectively to support their businesses.
THE Ministry of Power, Works and Housing has pledged commitment to pay N701 billion Payment Assurance fund to power Generation Companies (Gencos).
Reacting to a media report, which claimed government would discontinue the payment, Permanent Secretary in the Federal Ministry of Power, Louis Edozien, dis- credited the publication, insisting the payment has been on track.
He disclosed that the Payment Assurance Programme of the Federal Government that authorised the Nigerian Bulk Electricity Trader (NBET) to guarantee payment for any power it has contracted from generation companies on the national grid had not been reversed.
“The Payment Assurance Programme of the Federal Government of Nigeria that authorised NBET to borrow N701.9 billion to guarantee payment for any power it has contracted from generation companies on the national grid and their gas and other suppliers have been in operation since January 2017. The amount NBET is authorised to borrow is not yet fully drawn. The Federal Executive Council (FEC) approved the programme. FEC has not taken any decision to stop it. FEC is the appropriate authority to comment on the Programme’s tenure and borrowing ceiling,” Edozien said in a statement.
He urged generation companies to take advantage of the regulation to sell the power they can generate, of which 2,000MW is now stranded, to Eligible Customers who need it and are willing and able to pay for it.