Business
Geometric Power Plant to Start Electricity Generation Within 2 Months, Says Prof Nnaji
The 188-megawatt Geometric Power plant in the Osisioma Industrial Layout in Aba, Abia State, will start to generate electricity within two months, according to the Geometric Power group chairman, Professor Bart Nnaji, who is also a former Minister of Power.
Starting with one of its four General Electric brand turbines, the second will come on stream once the performance of the first turbine is declared satisfactory by the team of engineers led by KSE Energy of Turkey and Engineer Ben Caven, a former executive director of the National Electric Power Authority (NEPA) reputed to be the only person to have run the generation, engineering and transmission divisions of the state-owned utility.
“The generation of electicity from the Geometric Power plant will be a game changer in the socioeconomic development of not just Aba city but nine out of the 17 local government areas in Abia State serviced by Aba Power, a member of Geometric group”, Nnaji declared today to wildly cheering participants at the First African Continental Free Trade Area (AfCFTA) Market Opportunities Conference holding at the Technology Incubation Centre in Aba, organised by the Continental Export Import (CONEX) Ltd.
“We have completed building four brand new power substations and refurbishing three substations inherited from the Power Holding Company of Nigeria (PHCN), in addition to providing thousands of kilometres of cables and wires, as well as world-class tubular poles available in only highly industrialised cities such as Tokyo in Japan and San Francisco in California.
“All that remains now is to provide fuel or gas to the Geometric Power plant through the 27-kilometre gas pipeline from Owaza in Ukwa West LGA in Abia State to the Osisioma Industrial Layout on the Aba outskirts.
“Oilserv, Nigeria’s foremost indigenous gas pipeline builder, is doing a good job”.
Professor Nnaji, also a former Minister of Science and Technology who held the title of Distinguished Professor of Engineering in the United States, disclosed that though work has been completed on the seven substations, thousands of kms of wires as well as tubular poles, the power infrastructure will be put in use only when the Geometric Power plant becomes operational.
Th plant commissioning, he added, would bring about a dramatic improvement in not power supply but also its quality.
The Aba Integrated Power Project, he continued, “is the only electricity company in Nigeria that generates and also distributes power”.
He disclosed that he chose to cite Geometric Power to catalyse Aba’s development as the headquarters of indigenous technology and manufacturing, noting that with “constant, quality and affordable electricity soon, the cost of doing business in Abia State will reduce significantly and this will, in turn, impact on the national economy”.
He advised Aba business people to embrace the African Continental Free Trade Area, as it will elminate multiple taxes by various local and state governments as well as the Federal Government.
Nigeria has signed the agreement and ratified it, thus attaining the status of a state party whose goods and services can be exported to other African countries with relative ease.
Nnaji commended Aba businesses for excelling in textiles, leather products and metals which need large export markets.
Other participants in the two-day conference which will end tomorrow include the Nigerian Export Promotion Council, the Nigerian Shippers Council, United Bank for Africa, and the African Export Import Bank (AFREXIM Bank).
Business
Naira Exchange Rates Friday, August 14
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,416 Sell ₦1,423
GREAT BRITISH POUND (GBP) Buy ₦1,890 Sell: ₦1,910
EURO (EUR) Buy ₦1,590 Sell ₦1,610
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN Exchange Rates
US DOLLAR (USD) ₦1,357. 65
GREAT BRITISH POUND (GBP) ₦1,834.04
EURO (EUR) ₦1,567.00
SWISS FRANC (CHF) ₦1,671. 98
JAPANESE YEN (JPN) ₦8.53
CHINESE YUAN (CNY) ₦201. 34
WEST AFRICAN CFA (XOF) ₦2. 39
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,858.02
SAUDI RIYAL (SAR) ₦361.62
SOUTH AFRICAN RAND (ZAR) ₦84.23
Business
Traders shut down Enugu ‘s Obollo-Afor market over N25,000 haulage levy
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
All shops and markets at Obollo-Afor, Udenu Local Government Area of Enugu State were shut yesterday, as traders staged a peaceful protest against alleged selective collection of a N25,000 haulage levy in the market.
The traders, who locked their shops and took to the streets in large numbers, carried placards with various inscriptions, alleging that the Enugu State Internal Revenue Service (ESIRS) had singled out Obollo-Afor Market for the collection of N25,000 haulage fee on every truckload of goods loaded or offloaded in the market.
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
Addressing officials of the Udenu Local Government Council at the council secretariat, where the protesters marched to present their grievances, Chairman, Obollo-Afor Market Traders Association, Charles Eze, lamented that truck operators bringing foodstuffs, building materials, and other commodities to the market had stopped coming because of the levy.
Business
Nigeria’s oil production dropped by 4% in July – NUPRC
“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”
The Nigerian Upstream Regulatory Commission (NUPRC) data has shown Nigeria’s average daily oil production fell by four percent in July, 2026.
According to the NUPRC, Nigeria produced 1.505 million barrels per day (bpd) of crude oil and 0.17 million bpd of condensate, bringing the combined daily production to 1.67 million bpd.
The commission said the country met and exceeded its Organisation of the Petroleum Exporting Countries (OPEC) quota of 1.5 million bpd for the third consecutive month.
“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”
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