Nigeria eyes $5bn-plus power sector recovery support from World Bank


Abuja sees the Power Sector Recovery Plan as the essential next step towards overcoming an electricity supply ‘emergency’ and is looking to mobilise billions of dollars more in World Bank support for the dysfunctional sector, writes Batuta Lawal in Lagos, with African Energy staff

Senior Federal Government of Nigeria (FGN) andWorld Bank Group (WBG) officials have been negotiating an estimated $2.519bn loan to support the Buhari administration’s Power Sector Recovery Plan (PSRP), announced in late February. Taking the lead is the Advisory Power Team, lodged in the office of Vice-President Oluyemi Oluleke Osinbajo, the key player driving policy during

President Muhammadu Buhari’s period of protracted illness (AE 340/21).The FGN’s key negotiators are finance minister Kemi Adeosun and power, works and housing minister Babatunde Fashola.

According to government documents seen by African Energy, the WBG has also indicated a willingness to provide an additional $2.7bn in the form of International Finance




WBG lines up Nigeria transmission loan

Board approval by the World Bank Group (WBG) is slated on 7 June for a $486m concessional International Development Association loan to support the strengthening of the Nigerian transmission system. Another $4m in counterpart funding from the government would be added to take the Transmission Network Strengthening and Improvement project’s total to $490m.The aim is to support overall sector reform by increasing the network’s power transfer capacity to at least 7GW from about 5GW now.

The project also envisages expanding transmission capacity by 3,060MVA for transformation at 330/132kV (currently 8,138MVA) and by 3,500MVA for transformation at 132/33kV (currently 10,162MVA).The project’s main components, as set out by WBG documents in the public domain, include the following:

• Upgrading and rehabilitating up to 48 existing substations, of which around 11 require replacement transformers and others the addition of transformers, plus the addition and replacement of protection and control systems, switchgear and associated equipment;

• Replacing conductors on up to 13 132kV transmission lines and conversion of up to two 132kV lines from single circuit to double circuit;

• Upgrading and expanding the network’s supervisory control and data acquisition (Scada) infrastructure to maintain system stability and telecommunication system;

• Installing a voltage regulation system at Gombe substation in the remote north-east; and

• Purchasing spare equipment.

Technical assistance includes providing consulting support and capacity-building to improve the performance of Transmission

Company of Nigeria (TCN)’s Project Management Unit (PMU) – which is implementing the programme – and for construction supervision and management.The bank is critical of the PMU’s performance to date, observing that “weaknesses in the PMU’s capacity have hampered procurement, contract management, and environmental and social safeguards management” under the current sector reform programme.

Feasibility studies are expected to be tendered for priority investment projects that would receive donor financing – as identified by a transmission expansion study, now under way.Work is also expected to support the implementation of a pilot public-private partnership to expand transmission infrastructure on the network. Consulting services and capacity-building will be required to support TCN’s corporatisation and commercialisation efforts; to enhance its managerial, technical, environmental/social and financial capacity; and to support other public institutions operating in the sector.

The loan fits with wider plans to revive the sector, strengthening the Transitional Energy Market (TEM)’s institutional and market arrangements.According to aWBG project document,“theTEM is expected to evolve into a fully-fledged competitive market over time. In the future [distribution companies] discos are expected to be fully commercially viable and will then be expected to purchase power directly from the [generation companies] gencos, and [Nigerian Bulk Electricity Trading Company] NBET’s intermediary role will gradually lessen. Unsolicited generation projects are expected to give way to competitive procurement (the FGN will need to issue a policy in this regard) and eventually not require government backing of [power purchase agreements] PPAs with NBET as the counterparty.” However, the Bank concludes,“it is likely that this stage of market evolution will not be reached before five years hence”.

Corporation (IFC) investment and other support for distribution companies (discos), and Multilateral Investment Guarantee Agency (Miga) support for private investment.This would reinforce the WBG’s already substantial commitment to the Nigerian electricity supply industry, which includes partial risk guarantees (PRGs) essential to underpinning the Nigerian Bulk Electricity Trading (NBET) company and privatised distribution sector, and over $1bn in IFC exposure (AE 334/6).

The PSRP calls on the IFC to provide $1.3bn as direct investment and other support for the power sector to deliver an additional 3.5GW of generation capacity and cover IFC investments in discos. It states that Miga will provide $1.4bn as guarantees on debt and equity for gas and solar independent power projects (IPPs).This will be welcomed by solar IPPs, which have an estimated pipeline of some 800MW of projects that have been looking for support from a range of sources including the African Development Bank (AE 345/9).

WBG approval of the PSRP would unlock a considerable number of deals, project financiers say. The WBG now seems committed to supporting a $490m transmission project (see box), but has also been haggling for months over support for solar IPPs. Sources have told African Energy that these negotiations stalled over the WBG’s insistence that the FGN first introduce agreed reforms before it would unblock PRGs underwriting

NBET, and funds for solar and other schemes. A deal on the PSRP, with a clear timetable and process for implementation, would ensure this.

Of the main World Bank loan, $1bn would be budgetary support for NBET, to ensure that generation companies (gencos) and gas suppliers are paid in full for power, “notwithstanding any shortfalls from discos”, according to a government document outlining the facility. Another $500m would be committed to loss reduction by discos, including metering, $364m would be for Transmission Company of Nigeria priority projects, and $305m for guarantees for IPPs provided through the WBG’s conventional lending window, the International Bank for Reconstruction and Development

The remaining $350m is earmarked for rural electrification.The WBG funded comprehensive consultancy on the rural sector under the aegis of the Bureau of Public Enterprises early in the last decade; more recently, the European Union has funded, and German development agency Deutsche Gesellschaft für Internationale Zusammenarbeit overseen, considerable research into rural micro-grids and other distributed solutions – not least in recognition of the grid’s long-term failings. Solar has increased in prominence under the Buhari administration – which is led by a northerner surrounded by a small coterie of senior northern allies, even if much of the policy




implementation is driven by southerners.“Solar will be used to solve problems in the north-east,” an official in Abuja said – for example to provide power in university towns.

Critics are asking whether the PSRP will provide a clear direction for access and rural electrification strategy; past projects have generally been undertaken in isolation and on an ad hoc basis.The Rural Electrification Agency is widely seen to need strengthening with a clear mandate and sufficient resources to roll out projects.The PSRP envisages funding for solar mini- grids, solar infrastructure to power schools and hospitals, and a rural electrification fund.

The WBG on 22 April issued a statement confirming it had held a high-level consultation meeting to discuss support for the PSRP, approved by the Federal Executive Council of Nigeria on 22 March. It gave no details of the numbers involved but carried quotes from a range of players including Fashola, Adeosun (“There is need for well-designed derisking in order to attract private investors to the sector”) and House of Representatives Committee on Power chairman Dan Asuquo (“We will make sure our oversight functions focus on the completion of projects and initiatives that support the [PSRP’s] effectiveness”). The WBG “congratulated the government on its commitment to the recovery programme”. Country director for Nigeria Rachid Benmessaoud underlined that theWBG was “committed to supporting the [PSRP’s] implementation… to re-establish financial sustainability in the power sector”.

Patchy performance

The WBG has been involved in the power sector reform programme since its inception, providing technical assistance to the FGN and financial support and policy recommendations to the earlier Privatisation Support Project. Critics say the Washington-based multilateral’s performance has been patchy.

In January,WBG staff analysed the bank’s Nigeria Electricity and Gas Improvement Project launched in July 2010; this was due to close on 31 December 2014, but will now run until end- 2017. The WBG committed $198.6m for a project whose objectives were “to: (i) improve the availability and reliability of gas supply to increase power generation in existing public sector power plants; and (ii) improve the power network’s capacity and efficiency to transmit and distribute quality electricity to the consumers”. Its progress towards achievement and overall implementation were both rated “moderately unsatisfactory”, with a “substantial” risk rating.

Privatisation has not had the desired effect of raising capacity or security of supply.The PSRP’s objective is nothing less than the “restoration of financial viability in the electricity market transitional phase post-privatisation”, based on a series of measures supported by the WBG. The FGN sees it as a key instrument to revive the still failing electricity supply industry and underpin the wider Economic Recovery and Growth Plan (2017-20), which is being pushed by Osinbajo and his key allies, including Adeosun, minister of state for oil Emmanuel Kachikwu and Fashola.They have been fighting entrenched interests – some of them within the presidential entourage – to implement credible reforms, recognising that urgent action is

needed on issues from constraints on gas output in the Niger Delta (AE 342/13) to the failure to deliver power.According to the PSRP’s executive summary, the “power sector is now in a state of emergency that could cause failure in electricity delivery and of the power sector reform programme itself, which would have severe impact and constrain the administration’s ability to revive economic growth and cause timely exit of recession”.

According to figures presented by the FGN to the WBG to support its loan application, the sector cash deficit reached N800bn ($2.53m) by end-December 2016 – and is calculated to grow by N20bn/month throughout 2017 “if no action is taken”.

Officials told African Energy the Nigerian Electricity Regulatory Commission (Nerc) and other bodies had sought to tackle this problem in recent months, including raising the numbers of registered customers – from a very low 7m – and “tackling problems bit by bit”, including tariffs and metering. In mid- March, the government showed its intent by approving N700bn for NBET to pay gencos. Further intervention is needed.“The government needs to come in to address short-term problems,” a Nerc official said.

According to the PSRP document, the reform process has “experienced major setbacks over the last 18 months that have resulted in financial distress for sector participants”, reflected in the sector shortfall figures. It identifies four much-discussed problems as key causes of the crisis: the lack of a cost-reflective tariff, low power generation due to gas constraints, poor management and persistently high [aggregate technical, commercial and collection] ATC&C losses due to discos’ inability to invest in loss reduction.

Cautious recovery

In an interview with the Financial Times, published on 12 May, Adeosun looked forward to a return to modest growth of around 1% in 2017, on the back of improved crude prices and government spending on power and rail projects; $6.9bn was earmarked for infrastructure, including major rail and power schemes.This would include borrowing nearly $6bn from the Export-Import Bank of China for the Chinese-led Lagos-Kano railway line upgrade, but major multilateral borrowing is also envisaged. Similar commitments in 2016 were not met, but the government’s reformist core believes it is now strategically better placed to implement projects that will stimulate the economy andstartrebuildingNigeria’sdilapidatedinfrastructure“sensibly and sustainably”, as Adeosun put it.

Nigeria’s appetite for borrowing was underlined when it floated a $1bn bond in February; the market’s appetite was underlined when the paper was nearly eight times oversubscribed.The desirability of such borrowing was hotly debated, as one analyst put it, because “many believe Nigeria should not get itself into astronomic debt again”. In this context, the PSRP will have to be seen to work to give value to future generations of Nigerian taxpayers, whom the government is keen to see paying more into the exchequer than their predecessors.



Effect of UK elections From Investopedia

British Prime Minister Theresa May will ask Queen Elizabeth for permission to form a government on Friday after an election debacle that saw her Conservative Party lose its parliamentary majority days before talks on Britain’s EU departure are due to begin.

Confident of securing a sweeping victory, May had called the snap election to strengthen her hand in the European Union divorce talks. But in one of the most sensational nights in British electoral history, a resurgent Labour Party denied her an outright win, throwing the country into political turmoil as no clear winner emerged.

European Union leaders expressed fears that May’s shock loss of her majority would delay the Brexit talks, due to begin on June 19, and so raise the risk of negotiations failing.

May’s Labour rival Jeremy Corbyn, once written off by his opponents as a no-hoper, said May should step down and he wanted to form a minority government.

But May, facing scorn for running a lacklustre campaign, was determined to hang on. A spokesman for her office said she would go to Buckingham Palace to ask Queen Elizabeth for permission to form a government – a formality under the British system.

Sky News reported that Northern Ireland’s Democratic Unionist Party (DUP) would back her, allowing the Conservatives to reach the 326 seats needed for a parliamentary majority. The DUP declined to comment.

With 649 of 650 seats declared, the Conservatives had won 318 seats and Labour 261.

The DUP, which took 10 seats, was considering an arrangement which would involve it supporting a Conservative minority government on key votes in parliament but not forming a formal coalition, Sky said.

“If … the Conservative Party has won the most seats and probably the most votes then it will be incumbent on us to ensure that we have that period of stability and that is exactly what we will do,” a grim-faced May said after winning her own parliamentary seat of Maidenhead, near London.

But with complex talks on Britain’s divorce from the EU due to start in 10 days, it was unclear what their direction would now be and if the so-called “Hard Brexit” taking Britain out of a single market could still be pursued.

After winning his own seat in north London, Corbyn said May’s attempt to win a bigger mandate had backfired.

“The mandate she’s got is lost Conservative seats, lost votes, lost support and lost confidence,” he said. “I would have thought that’s enough to go, actually, and make way for a government that will be truly representative of all of the people of this country.”

Chief among Labour’s potential allies would be the Scottish National Party (SNP), which suffered major setbacks but still won a majority of Scottish seats.


“We need a government that can act,” EU Budget Commissioner Guenther Oettinger told German broadcaster Deutschlandfunk. “With a weak negotiating partner, there’s a danger that the (Brexit) negotiations will turn out badly for both sides.”

The EU’s chief negotiator said the bloc’s stance on Brexit and the timetable for the talks were clear, but the divorce negotiations should only start when Britain is ready. “Let’s put our minds together on striking a deal,” Michel Barnier said.

But there was little sympathy from some other Europeans.

“Yet another own goal, after Cameron now May, will make already complex negotiations even more complicated,” tweeted Guy Verhofstadt, the former Belgian premier who is the European Parliament’s point man for the Brexit process.

May’s predecessor David Cameron sought to silence Eurosceptic fellow Conservatives by calling the referendum on EU membership. The result ended his career and shocked Europe.

German conservative Markus Ferber, an EU lawmaker involved in discussions on access to EU markets for Britain’s financial sector, was scathing.

“The British political system is in total disarray. Instead of strong and stable leadership we witness chaos and uncertainty,” he said, mocking May’s campaign slogan.

Sterling tumbled as much as 2.5 percent on the result while the FTSE share index opened higher. The pound hit an eight-week low against the dollar and its lowest levels in seven months versus the euro.

“A working government is needed as soon as possible to avoid a further drop in the pound,” said ING currency strategist Viraj Patel in London.

Craig Erlam, an analyst with brokerage Oanda in London, said a hung parliament was the worst outcome from a markets perspective.

“It creates another layer of uncertainty ahead of the Brexit negotiations and chips away at what is already a short timeline to secure a deal for Britain,” he said.


Conservative member of parliament Anna Soubry was the first in the party to disavow May in public, calling on the prime minister to “consider her position”.

“I’m afraid we ran a pretty dreadful campaign,” Soubry said.

May had unexpectedly called the snap election seven weeks ago, even though no vote was due until 2020. At that point, polls predicted she would massively increase the slim majority she had inherited from Cameron.

May had spent the campaign denouncing Corbyn as the weak leader of a spendthrift party that would crash Britain’s economy and flounder in Brexit talks, while she would provide “strong and stable leadership” to clinch a good deal for Britain.

But her campaign unravelled after a policy u-turn on care for the elderly, while Corbyn’s old-school socialist platform and more impassioned campaigning style won wider support than anyone had foreseen.

In the late stages of the campaign, Britain was hit by two Islamist militant attacks that killed 30 people in Manchester and London, temporarily shifting the focus onto security issues.

That did not help May, who in her previous role as interior minister for six years had overseen cuts in the number of police officers. She sought to deflect pressure onto Corbyn, arguing he had a weak record on security matters.

“What tonight is about is the rejection of Theresa May’s version of extreme Brexit,” said Keir Starmer, Labour’s policy chief on Brexit, saying his party wanted to retain the benefits of the European single market and customs union.

Analysis suggested Labour had benefited from a strong turnout among young voters.

The campaign had played out differently in Scotland, the main faultline being the SNP’s drive for a second referendum on independence from Britain, having lost a plebiscite in 2014.

SNP leader and First Minister Nicola Sturgeon said it had been a disappointing night for her party, which lost seats to the Conservatives, Labour and the Liberal Democrats.

Scottish Conservative leader Ruth Davidson said Sturgeon should take the prospect of a new independence referendum off the table.

(Additional reporting by Guy Faulconbridge, Alistair Smout, David Milliken, Paul Sandle, William Schomberg, Andy Bruce, William James, Michael Urquhart and Paddy Graham in London, Padraic Halpin in Dublin, Writing by Angus MacSwan, Editing by Janet Lawrence)

Read more: UK Election Deals May a Crushing Blow, Blurring Brexit Talks | Investopedia
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You can now search to know if you have not mandated your Registrars for E-Dividend Crediting into your Bank account HERE

Note: all investors whose name(s) appear, are advised to URGENTLY download and fill their respective Registrar’s E-MANDATE FORM and submit same at the nearest branch of their Bank or Registrar to register for the collection of their unclaimed dividends and subsequent dividends electronically; as well as for the proceeds from their secondary market transactions, to be credited to their preferred Bank Account (Direct Cash Settlement).

The Commission also wishes to remind the investing public on the deadline of 30th June, 2017, which will mark the end of issuance of physical dividend warrant, with a view to mitigating the risks associated with physical dividend warrants and improving investors experience.

Furthermore, the 30th June, 2017 deadline will see the end of free registration of e-dividend, being bank-rolled by the Commission since the inception of the exercise in November, 2015. Hence, members of the investing public are encouraged to urgently key into the on-going free registration.

REMINDER: All investors in the Nigerian Capital Market are please advised to take advantage of the on-going free registration and register by approaching the nearest branch of their Bank or Registrars for enrollment before the deadline



Election ends in Hung Parliament

No party can win a majority in parliament as Theresa May’s Conservatives lose seats in England and Wales to Labour and the Liberal Democrats, despite seeing their vote share rise.

UK vote shareafter 649 of 650 seats

Party %
CONConservative 42.4
LABLabour 40.0
LDLiberal Democrat 7.4
SNPScottish National Party 3.0
GRNGreen Party 1.6

UK vote share change since 2015after 649 of 650 seats

LDLiberal Democrat
SNPScottish National Party
GRNGreen Party

UK results

after 649 of 650 seats


General Election 2017 results


318 Net change in seats-12 Votes13,650,900 Vote Share42.4 Net change in seats+5.5


261 Net change in seats+29 Votes12,858,652 Vote Share40.0 Net change in seats+9.5

Scottish National Party

35 Net change in seats-21 Votes977,569 Vote Share3.0 Net change in seats-1.7

Liberal Democrat

12 Net change in seats+4 Votes2,367,048 Vote Share7.4 Net change in seats-0.5

Democratic Unionist Party

10 Net change in seats+2 Votes292,316 Vote Share0.9 Net change in seats+0.3

Sinn Fein

7 Net change in seats+3 Votes238,915 Vote Share0.7 Net change in seats+0.2

Plaid Cymru

4 Net change in seats+1 Votes164,466 Vote Share0.5 Net change in seats-0.1

Green Party

1 Net change in seats0 Votes524,604 Vote Share1.6 Net change in seats-2.1


0 Net change in seats-1 Votes593,852 Vote Share1.8 Net change in seats-10.8

Social Democratic & Labour Party

0 Net change in seats-3 Votes95,419 Vote Share0.3 Net change in seats0.0

Ulster Unionist Party

0 Net change in seats-2 Votes83,280 Vote Share0.3 Net change in seats-0.1

Alliance Party

0 Net change in seats0 Votes64,553 Vote Share0.2 Net change in seats0.0

The Yorkshire Party

0 Net change in seats0 Votes20,958 Vote Share0.1 Net change in seats0.0

National Health Action

0 Net change in seats0 Votes16,119 Vote Share0.1 Net change in seats0.0

Christian Peoples Alliance

0 Net change in seats0 Votes5,869 Vote Share0.0 Net change in seats0.0

British National Party

0 Net change in seats0 Votes4,642 Vote Share0.0 Net change in seats0.0

Monster Raving Loony Party

0 Net change in seats0 Votes3,890 Vote Share0.0 Net change in seats0.0

Women’s Equality Party

0 Net change in seats0 Votes3,580 Vote Share0.0 Net change in seats0.0

Pirate Party

0 Net change in seats0 Votes2,321 Vote Share0.0 Net change in seats0.0

English Democrats

0 Net change in seats0 Votes1,913 Vote Share0.0 Net change in seats0.0

Workers Revolutionary Party

0 Net change in seats0 Votes771 Vote Share0.0 Net change in seats0.0

Social Democratic Party

0 Net change in seats0 Votes469 Vote Share0.0 Net change in seats0.0


1 Net change in seats0 Votes186,135 Vote Share0.6 Net change in seats+0.3

Turnout and Electorate





Stanbic IBTC renews its NGN100 billion Multicurrency Commercial Paper Programme with FMDQ

Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC and a member of the Standard Bank Group, has received approval from the FMDQ OTC PLC for the renewal of its shelf registration of N100 Billion Multicurrency Commercial Paper (CP) Programme. The renewal of the Programme, initially established in 2012 in compliance with the Central Bank of Nigeria (CBN) guidelines for CP issuance, clearly demonstrates Stanbic IBTC Bank’s commitment to actively contributing towards development of the financial and capital markets in Nigeria. 

Only recently, Stanbic IBTC Holdings obtained approval from the FMDQ to register its debut N20 billion CP Programme. Consequently, Stanbic IBTC Holdings has the distinct advantage of accessing the CP market for bespoke funding needs in a timely fashion, as and when favourable market conditions arise. 

Chief Executive, Stanbic IBTC Bank PLC, Dr. Demola Sogunle, said that the renewal of the N100 Billion Multicurrency Commercial paper is in line with the bank’s strategic drive to promote alternative capital sources including debt financing.  

Pursuant to these approvals, both Programmes shall be included on the Quotations List of the FMDQ, and all relevant information on the CP Programme uploaded to the FMDQ website. Stanbic IBTC Bank intends to resume regular issuance under its CP Programme imminently, as part of the bank’s overall assets and liabilities management strategy. Notes issued under the Programme shall also be updated to the Quotations page of the FMDQ website after which they will be admitted to, and eligible for trading on, the platform. In contrast, Stanbic IBTC Holdings is not immediately contemplating a transaction.  

Stanbic IBTC Bank and other members of the Stanbic IBTC Holdings PLC group of companies have had a longstanding history of partnership and promotion of capital markets development with the FMDQ. Stanbic IBTC Bank is one of the 24 Commercial and Merchant Banks who are part owners and stakeholders of the FMDQ. The Bank joined the platform in 2011 and has been an active partner since. Stanbic IBTC Bank was the first issuer to register a CP Programme and quote CP notes on the FMDQ platform in 2014. The Stanbic IBTC Bank CP Programme is also notable for being the first and only CP Programme to have been renewed on the FMDQ platform.  

As a leading, and credible self-regulatory organization and securities exchange in Nigeria, FMDQ is recognised for its role in promoting development of the Nigerian capital markets, and deepening secondary market liquidity, thus bringing Nigeria closer in alignment with international best practice. FMDQ is also well known for upholding the highest standards of integrity in the markets under its purview. 

Stanbic IBTC Bank PLC, is a subsidiary of Stanbic IBTC Holdings PLC, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group, to which Stanbic IBTC Holdings belongs, is rooted in Africa with strategic representation in 20 key sub-Saharan countries and other emerging markets. Standard Bank has been in operation for over 154 years and is focused on building first-class on-the-ground financial institutions in chosen countries in Africa, and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.


The Debt Management Office (DMO) on behalf of Federal Government of Nigeria offers 2-Years and 3-Years FGN Savings Bond due on  June 14, 2019 and 2020 at 13.189% and 14.189% respectively.

The Offer closes on Friday 9th June, 2017.

Here are the summary of the offer:

   Coupon: (2 Years) 13.189%
    Coupon: (3 Years) 14.189%
    Opening Date: June 5, 2017
Closing Date:   June 9, 2017

 ISSUER: Federal Government of Nigeria (“FGN”)

UNITS OF SALE: N1,000 per unit subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50,000,000.

INTEREST PAYMENT: Payable Quarterly

REDEMPTION: Bullet repayment on the maturity date

S/N Subject Features
1 Investment type Fixed income investment – Capital and Interest are guaranteed if held to maturity.
2 Interest Rate (Coupon) Coupon is 13.189% (2-year) & 14.189% (3-Year). Interest payments are tax exempt.
3. Liquidity Clients can easily buy or sell in the secondary market.
4. Maturity June 14, 2019 & June 14, 2020
5 Tenors 2 & 3 years
6 Coupon/Interest Payment It is paid quarterly. Principal will be paid at maturity together with the last coupon (interest payment).
7 Transfer and Custody Agent Central Securities Clearing System (CSCS)
8 Settlement Date Transaction day plus three days (T+3).
9 Settlement It will be credited to Bond’s holder CSCS account.
10 Subscription Amount Minimum of N5,000 plus multiples of N1,000 and maximum of N50,000,000
11 Subscription Tenor The offer shall be open to investors for 5 days including the day the offer is announced and the date of closure
12 Modality of subscription Investors are to subscribe through stock broking firms accredited by the DMO to act as Distribution Agents (Cordros Capital is one of the DMO accredited stock broking firms) by filling the form in the above link and sending it back.
13 Auction and Frequency of Issuance The offer will open on the 5th of June and close on June 09, 2017. Settlement date is June 14, 2017
14 Offer Size DMO determines this at every auction.
15 Listing The FGN Savings Bond will be listed and tradable on the Nigerian Stock Exchange (NSE).

Investing Procedure
·    Print and fill the portions of the FGN Savings Bond application form relevant to you.

·   Ensure you have a CSCS Account Number in a Stock broking Firm and a bank account with valid BVN.


It is a means of diversifying your portfolio
It offers capital preservation to bondholders
Interest income from investment are tax free
The investment can be used as collateral for loan
It offers better returns than interest on saving account
Steady source of income as coupon will be paid quarterly
Coupon can be reinvested to increase holdings and yield to maturity

You can subscribe to this offer through us at:



FBN ACCT NO 2008-040-747


Kindly send your payment information and the form to:


Download the FGN Savings bond below:


Tesla releases details of its solar roof tiles: cheaper than regular roof with ‘infinity warranty’ and 30 yrs of solar power

Tesla released today all the information to order its new solar roof tiles products – starting with the smooth black glass tiles and the textured glass tiles, as reported earlier today.

Of course, the most important information that people were waiting for is price. CEO Elon Musk first hinted that it would be cheaper than a regular roof after accounting for energy savings, and later said that Tesla’s solar roof could cost less than a regular roof – even before energy production.

Tesla pretty much delivered on both depending on how you look at it.

The company says that the “typical homeowner can expect to pay $21.85 per square foot for a Solar Roof.”

What is important to understand is that not all tiles on the roof would be solar tiles. It depends on the energy needs of the household and shading coming from structural items such as dormers. For the house pictured above, all the tiles are from Tesla, but only some of them have solar cells in them that can generate electricity – though it’s not visible from street view.

The $21.85 per square foot price point was calculated for a roof where 35 percent of the tiles are solar (solar tiles cost more per square foot than non-solar tiles). During a conference call with journalists today, Musk said that in some cases, depending on the roofs, customers will be able to have up to 70% solar tiles, but in most cases, it will be about 40%.

They released a calculator directly on their website, which any homeowner in the US can use to get an estimate based on data from Google’s Sunroof project. Here’s an example for a home in Maryland with both 70% solar coverage and 40% solar coverage:

Ultimately, Tesla sees that most customers will essentially be paid to have a new roof, when accounting for energy generation and the solar incentive.

They are including an installed 14kWh Powerwall 2 in the quotes. It can be removed, but Tesla believes that most people will want to have the home battery pack for backup energy in case of an outage.

Tesla broke down the cost of both its solar tiles and non-solar tiles against traditional roof solutions.

The company estimates that its non-solar tiles are cheaper than regular tiles and its solar tiles are cheaper than anything else, but only when accounting for energy generation (actual cost of solar tiles is $42/sq-ft):

The value of Tesla’s solar roof is closely linked to its durability and its ability to generate electricity over decades.

Musk previously discussed the possibility of making the warranty last for the lifetime of the house on which it is installed and they actually did it:

“Made with tempered glass, Solar Roof tiles are more than three times stronger than standard roofing tiles. That’s why we offer the best warranty in the industry – the lifetime of your house, or infinity, whichever comes first.”

That’s for the tiles themselves. The solar power generation is guaranteed for 30 years, which is on the higher end in the solar panel industry:

During a conference call with journalists, Musk and Peter Rive reiterated their confidence in the new product’s durability, which ultimately, of course, is reflected in the warranty.

They put these through every test imaginable, including shooting a large ball of hail:

The first two tiles, smooth and textured, are going into production this summer. They decided to go with those tiles first because they received the highest number of inquiries.

A $1,000 USD deposit is required when ordering a system online now. Homeowners outside of the US can also order, but they should not expect installation until next year. Musk said that he expects strong demand and for the company to be production constrained on the tiles.

Tesla says that it will manage the entire “Solar Roof experience—from the removal of your existing roof through design, permitting, installation, operations and maintenance of the new Solar Roof.” The company estimates that the installation should take roughly the same time to install as a tile roof installation, which is typically 5-7 days.

They recently updated their mobile app in order to prepare for the integration of the solar products and the Powerwall.

Musk concluded the press call by saying: “When you think of a sustainable energy future, you want roofs to be beautiful and generate energy from the sun. That energy can then charge Powerwalls and electric vehicles. That’s the future we want.”

Tesla solar roof products are perfect for homeowners who want solar and need a new roof relatively soon, but a regular solar panel installation is still a good solution for people who don’t need a new roof. Solar and energy storage prices are highly dependent on your market (electricity cost, gov incentives, etc.) and your property. We suggest to get quotes from more than one installer to make sure you get the best energy solution for your place. UnderstandSolar is a great free service to link you to top-rated solar installers in your region for personalized solar estimates for free.

Fred Lambert

Fred is the Editor in Chief and Main Writer at Electrek.


We haven’t really heard much about Tesla’s original co-founder, Martin Eberhard, after the very public ‘founders disagreement’ with Elon Musk that led to his ousting from his role as CEO of the company back in 2008.

He briefly led Volkswagen’s electric vehicle development in the US and later joined his former Tesla colleagues at competitor Atieva, now Lucid Motors, before leaving in 2015. We learned last year that he resurfaced as a consultant for a Chinese electric vehicle company trying to enter the US market.

Now we learn that he has his own serious effort in electric vehicles as Chairman and Chief Technology Officer of his own startup called ‘InEVit. Inc’.EXPAND FULL STORY


In a SEC filing in March, Tesla confirmed that it closed the acquisition of Grohmann Engineering for “approximately $150 million”, but the company didn’t explain how they came up with the number for the relatively small engineering firm in Germany.

In a new filing today, the company broke down the acquisition in details to explain the value of the company, which has now become ‘Tesla Advanced Automation Group’.EXPAND FULL STORY

Electrek Green Energy Brief: A daily technical, financial and political review/analysis of important green energy news

A million people in LA County might ditch their utility and investors are scared – They’re not going off grid, but instead are joining a CCA. California Assembly Bill 117 of 2002 established CCAs, allowing “customers to aggregate their electrical loads as members of their local community.” California CCAs have eight operational members/1.25 million customers/projected 2017 load of 13,750 GWh. This is a complex thing – multiple power utilities within the same area, neighbors even. Electricity pumped over shared power lines using various sources for generation. A very smart electricity grid will be required to maximize concepts like this. Anyone know who owns the local distribution power lines in California? Private? Public? Anyone in this program already?

Paying for Utility Politics: How ratepayers are forced to fund the Edison Electric Institute and other political organizations – In essence, your payments to the utilities go directly toward an organization that will manipulate the public and pay Congress to make laws against your best interests. The story here focuses on how the Edison Institute is constantly shown to be violating the rules surrounding collecting fees used for lobbying in shareholders, not ratepayers, interests. And Edison consistently being told they’re not allowed to lobby with that money – many times after it is shown they’ve broken rules. This isn’t new – Ten major utilities spent more than $250 million total on political expenditures over a five-year period beginning in 2011 – and it isn’t going to stop.


At Electrek, we like to cover the transition to electric transport, but also the people who are making it happen. That’s why we often report on employee movements between companies like Apple, Faraday Future, GM, NextEV and of course, Tesla.

But sometimes, we don’t have a lot of information about the new hires and even though they have interesting talents to cover, we don’t release full featured articles about them, like our recent report on Tesla’s new Chief Information Officer. So we thought of doing this short “Tesla comings and goings” about recent hires and departures at Tesla.EXPAND FULL STORY


Tesla CEO Elon Musk announced this morning that the company will open orders for the first solar roof tiles today:

Tesla solar glass roof orders open this afternoon. I think it will be great. More in about 10 hours …

It will start with the Black glass smooth tiles and the textured glass tiles. Other styles will follow next year.EXPAND FULL STORY


We have been talking a lot about China at Electrek over the past few months, but that’s because it has quickly become the largest electric vehicle market in the world and it’s likely to keep growing with the government’s mandate.

Now one of the country’s biggest automakers, GAC Motor, announced that they started construction at a giant $6.5 billion industrial park to develop and produce electric and autonomous vehicles.EXPAND FULL STORY

Green Deals: BLACK+DECKER 20V Max Electric String Trimmer $73, more

Latvian ad firm launches satirical “Stop Tesla” campaign to protect oil barons from an “oilless future”

Almost a year into his new research partnership with Tesla, battery researcher Jeff Dahn has been hitting the talk circuit presenting some of his team’s recent progress. We reported last week on his talk at the International Battery Seminar from March and now we have a talk from him at MIT this week.

He went into details about why Tesla decided to work with his team and hire one of his graduate students, but he also announced that they have developed cells that can double the lifetime of the batteries in Tesla’s products – 4 years ahead of schedule.

Update: Dahn reached out to clarify that the cells in question were tested in the lab and they are not in Tesla’s products yet.EXPAND FULL STORY

Last week, Tesla’s battle to get the right to sell its electric vehicles directly to customers in Connecticut without having to go through third-party franchise dealerships took a turn when the DMV issued a cease and desist for Tesla’s only gallery in the state after complaints from local dealerships.

A bill that would allow Tesla to sell in the state was narrowly approved by the tax-writing legislative Finance Committee on Monday and it will now be going to a vote in the house.EXPAND FULL STORY


Electrek Green Energy Brief: A daily technical, financial and political review/analysis of important green energy news

Russia Tells the UN It Wants to Produce More Renewable Energy while Macron tells Trump he will protect what was made in Paris – the people and the Paris Agreement – In terms of Russia, we have a minister telling the UN that one of the largest oil and gas-producing countries in the world likes green energy. In France, we have a country run on nuclear energy with heavy investment in taking care of the environment and building plenty of solar. Macron gives me something to believe based upon history – and Putin speaking can be used to influence.

LG has a 20.8% efficiency solar panel available for sale – LG NeON® R, Module efficiency: 20.8%, model LG360Q1C-A5 – This is cool because it’s the second time I’ve seen a normal solar panel above 20% and available from a serious player. Someone on reddit said their contractor was offering this panel up at SunPower pricing (meaning expensive) versus the regular priced LG product in the 18-19% efficiency range. This might be a great panel to start looking for if your roof is space constrained as it’ll come down in price fast as production ramps.



We were excitted when ChargePoint unveiled its latest charging station technology earlier this year. It’s a modular system called Express Plus and it can enable a record-breaking charge rate of up to 400 kW.

The only problem is that ChargePoint doesn’t operate its own charging stations. Therefore, in order for those to get deployed, other companies need to buy them and operate them.

Well, the company announced today the first major deployment of those stations as InstaVolt in the UK announced that they signed a contract to purchase “more than 200 ChargePoint rapid charge systems.”EXPAND FULL STORY

Even though VW has been making some large-scale commitments to electric vehicles, more recently through a giant $10 billion investment over the next 5 years, it can be hard to take them seriously when the only EVs that they built from the ground up are some “weirdmobile” concepts – like the one pictured above.

Nonetheless, the German automaker is hyper confident that it can go from laggard to leader in electric vehicles. CEO Herbert Diess went as far as saying that “anything Tesla can do, we can surpass.”EXPAND FULL STORY


Plans for an all-electric MotoGP support class have been confirmed by Dorna Sports, the parent company of MotoGP and World SuperBike. Dorna’s CEO, Camelo Ezpeleta said electric motorcycle racing could start as early as 2019.

The FIA Formula E championship for racecars has been growing rapidly and has been quite the success story since it was started three years ago. For bikes, on the other hand, it has been relatively quiet with the exception of the Isle of Man TT, which has included electric racing (TT Zero) since 2010.



A new article in the May edition of Transportation Research took up the question of how much, if anything, consumers would pay for autonomous driving capabilities in their vehicles.  The survey of 1,260 American households concluded that the average household would be willing to pay $3,500 for partial automation, or $4,900 for full automation.

There was a lot of variance in the data however, as several households said they would pay upwards of $10,000 for full automation, and others said they would not be interested in paying a premium at all for this technology.  The research also concludes that because of this large variance in consumer price preferences, there will be plenty of room for vehicle models with varying levels of automation at various price points.



Green Deals: Panasonic Eneloop Pro AA Rechargeable Batteries $21, more

If Tesla can achieve a similar positive gross margin on the Model 3 as it has with the Model S and Model X, it will be one of the most decisive catalysts in the automotive industry. Why? It will show that an automaker can truly produce a mass market long-range electric vehicle for a profit.

Whether or not they will manage to is still up for debate, but an analyst today came out with a note predicting that they will be able to achieve a ~25% gross margin – comparable with the Model S’ margin.EXPAND FULL STORY

The Jaguar I-Pace is one of the most exciting all-electric vehicles coming next year. The design of the concept has been really well-received and the specs are on par with other high-end all-electric vehicles planned for production in 2018-2019.

Only a few months away from the planned reveal of the production version, Auto Express spotted a prototype that reportedly features the final production design – pictured above.EXPAND FULL STORY

BYD  became the world’s biggest electric vehicle maker thanks to its market-leading position in China, which in turn became both the biggest automotive market and electric vehicle market in recent years.

But as the government is reducing its direct EV incentives and shifting to a zero-emission mandate, BYD has taken a hit and saw its sales drop 34% during the last quarter.EXPAND FULL STORY

Electrek Green Energy Brief: A daily technical, financial and political review/analysis of important green energy news

“If someone walks in with a solar project tomorrow and it takes a billion dollars or three billion dollars, we’re ready to do it” – In the United States, a $1-3B solar project will be 1-3GW of solar power. I’ve seen no projects announced greater than 1GW. More likely, a project of this size will be within a Buffett owned electrical district – Nevada, northwest USA, or able to get its electricity to Nevada. If Buffett is ready to buy, then the world is ready to buy.

French election 2017: Where the candidates stand on energy and climate change – first off, these are politicians talking…so, grain of salt please…but – Macron says 1. double France’s wind and solar capacity by 2022, 2. ban all shale gas exploration, 3. no new hydrocarbon exploration permits, 4. reduce nuclear power’s share of the French energy mix from 75% today to 50%, 5. pledges to “integrate the ecological cost” into the price of carbon in France by increasing the carbon tax to €100 per tonne of CO2 in 2030. Politics in France will be tilted this direction for a while.



In the rapidly growing battery industry, there’s currently no more ambitious project than Tesla’s Gigafactory 1 in Nevada. Tesla has become the largest buyer of li-ion batteries and now it is trying to become the largest producer of li-ion batteries.

Which is why a lot of industry people were excited that Kurt Kelty, Tesla’s longtime director of battery technology, was in Florida last March to give a keynote address at the International Battery Seminar. His presentation focused on the Gigafactory and its unique supply chain all the way to material sourcing.EXPAND FULL STORY


Tesla started pushing its latest software update for vehicles with second generation Autopilot hardware this weekend. It removed the speed restrictions on Autosteer – bringing the feature to parity with Tesla’s first generation Autopilot on Mobileye’s technology.

Owners have started testing the new update with impressive results so far. EXPAND FULL STORY


The Tesla community had another small technical/communication controversy this week that was not unlike the controversy around Tesla’s undisclosed performance restrictions with max power output in March.

We learned this week that the automaker is also limiting the charging rate when Supercharging on vehicles that have accumulated too many DC fast-charge events. Electrek reached out to Tesla to get the official reason behind the change.EXPAND FULL STORY



Tesla is leveraging its large fleet of vehicles equipped with sensors in order to gather data for its autonomous driving vehicle program.

It’s now stepping up its data gathering game with the latest update this week by updating its data sharing policy to include collecting videos in order to ‘make self-driving a reality’.EXPAND FULL STORY


Friday night, Tesla started pushing yet another software update for its vehicles equipped with second generation Autopilot hardware (October 2016-present).

The new update removes the main restrictions on Autosteer, the Autopilot’s main autonomous feature, and made Tesla’s own proprietary vision system almost to feature parity with the first generation Autopilot powered by Mobileye.EXPAND FULL STORY


We all know the direct benefits of owning an electric vehicle – cleaner, cheaper, smoother  travel, getting to drive in carpool lanes, tax rebates, not being a douchebag to the environment, etc.

But after owning EVs for 5 years now, I’ve run into some 10 benefits that people probably don’t think of when deciding between purchasing and EV, hybrid or internal combustion engine. Drumroll please:EXPAND FULL STORY

Tesla is currently yet again in another battle to get the right to sell its electric vehicles directly to customers in Connecticut without having to go through third-party franchise dealerships. Earlier this year, a new bill (HB 7097) has been introduced in Connecticut to allow direct sales of electric vehicles in the state.

The automaker is pushing for the bill to pass, while local dealerships are strongly opposing it.

In the meantime, Tesla has been operating a gallery in the state to promote its products without directly selling them, but now it received a cease and desist from the DMV following complaints from those same car dealers.EXPAND FULL STORY


Green Deals: GreenWorks G-MAX 40V 20-inch Cordless Lawn Mower $266, more


While GM has been boasting about the Chevy Bolt EV being the first long-range affordable electric car, supplies have been fairly limited. It’s still not clear if the constraints are coming from production or demand since there are decent inventories in ZEV states in the US.

The vehicle is supposed to be coming to Europe this month with the first deliveries in Norway, but despite strong demand, deliveries are reportedly being limited to only a few hundred units by the end of the year.EXPAND FULL STORY

In March, Tesla launched a fan-made commercial competition for people to submit <90-second videos promoting Tesla. The submissions will be judged by Tesla employees who will choose 10 winners based on “originality, creativity, relevance to Tesla and its mission, and entertainment value.”

Update: Tesla announced that it is extending the deadline to next month

We want to give everyone, everywhere a last chance to share their Project Loveday creations. Submit yours by June 5: 

Tesla’s ‘Project Loveday’

Following a great idea suggested by 10 year old Bria Loveday, Tesla is holding a video contest. If you would like to enter ‘Project Loveday’ then simply fill in the entry form and submit your video….

We look at a few entries before it closes after this weekend next month.EXPAND FULL STORY

Electric vehicle sales are closely followed by auto industry analysts who are trying to predict when they will surpass internal combustion engine sales.

Morgan Stanley’s analysts are the latest to share their prediction in a new report today. They predict that more electric vehicles will be sold in 2040 than gas-powered cars.EXPAND FULL STORY


BMW has been positioning itself for moving more seriously in the electric vehicle space lately. The company started holding meetings to warn employees that EVS are coming and here to stay and they announced production expansion for its upcoming electric vehicles.

During their earning for the first quarter 2017, BMW CEO Harald Krüger said that they see momentum for its EV sales and highlighted that BMW i3 deliveries grew 50% in 2017.EXPAND FULL STORY


Electrek Green Energy Brief: A daily technical, financial and political review/analysis of important green energy news

Trina Solar achieves 24.13% conversion efficiency for IBC solar cell – Cool to see the R&D happening not only in the labs of universities, but also the largest companies on the planet. A few notes though – this was a single cell. Trina Solar noted that the record-breaking IBC cell was fabricated at its State Key Laboratory (SKL) of PV Science and Technology (PVST), on a large-sized phosphorous-doped Cz Silicon substrate (156×156 mm) with a low-cost industrial IBC process, featuring conventional tube doping technologies and screen-printed metallization. Also, the move to market will be long as doesn’t have a commercial line producing this type of product. 3-5 years? Not worth waiting for with tax breaks/incentives/net metering being hacked at.

Linking to this new website – – heard of it? Tesla battery researcher unveils new chemistry to increase lifecycle at high voltage – If made into a car battery pack, 1,200 cycles would translate to roughly 300,000 miles (480,000 km) – meaning that a battery pack could still retain about 95% of its original energy capacity after ~300,000 miles – or 25 years at the average 12,000 miles per year – If put in a house, the values would mean that you’d be above 80% of the batteries original capacity after 25 years. That’s a 25 year warranty on a battery pack coming! Game over.


After proudly announcing reservation numbers for the Tesla Model 3 as the “biggest product launch of all-time”, Tesla has refused to officially update the number of reservations since May 2016.

They refused to confirm the number again this week during the first quarter financial result call, but CEO Elon Musk did say that reservations were growing every week despite the fact that Tesla’s total customer deposits were down.EXPAND FULL STORY


As we recently reported, the labor situation at Tesla Advanced Automation Group, formerly Grohmann Engineering, has been improving since CEO Elon Musk sent a letter to employees in which he made several promises.

But now BMW and VW, two former clients of Grohmann Engineering, are starting a dispute of Tesla’s recent cancellation of the engineering contracts between the companies.EXPAND FULL STORY

Green Deals: 2-pack Mpow 20 LED Outdoor Solar Lights $30, more

While there has been a lot of talk about Tesla venturing into the market of heavy-duty electric vehicles, it’s something its Chinese competitor BYD has been doing for years now. Earlier this year, they delivered a fleet of all-electric trucks to work in yards in California.

Now they deliver their first 60-ft all-electric bus in the US – an impressive machine equipped with an even more impressive battery pack with a capacity of 547 kWh.EXPAND FULL STORY

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