Business
Femi Otedola’s New Electricity Deal with Lagos State Govt
Ever wondered why billionaire businessman, Femi Otedola is constantly a top player in the business climate? Well, the answer is simple. He always thinks deep and is always ahead of his contemporaries.
Without doubt, the business magnate holds a special place among businessmen in Africa. He is blessed with unequaled business wisdom and ingenuity to see opportunities where others would behold nothing. These, among others things have set him far apart from many ordinary business magnates across the continent of Africa.
And for the umpteenth time, he has established himself as someone ahead of the game with great ideas that leaves many in awe of his mastery of the game. Why wouldn’t you applaud him? He is a cognoscenti in the business sector.
He has proven himself as a formidable force in the sector and he has left his indelible imprint anywhere he finds himself.
You would do yourself some good by consulting the business magnate for a helpful business tutorial.
Yesterday, Tuesday, July 11, 2023, he unveiled his ambitious plans to develop a power transmission project in collaboration with the Lagos state government under a Public-Private Partnership (PPP) arrangement.
The announcement was made after a tripartite meeting between Otedola; Lagos State Governor Babajide Sanwo-Olu and Dr. Akinwunmi Adesina, the African Development Bank Group President.
In a statement shared on his official Instagram account, Otedola expressed optimism about the ongoing talks, which aim to establish Nigeria’s first-ever PPP power transmission project.
Geregu Power Plc, Otedola’s power-generating company, is expected to play a pivotal role in the power transmission project, which is currently in discussion.
This recent development by Otedola and Lagos Government emerged in the wake of the Nigeria Electricity Act 2023, which was recently signed into law by President Bola Tinubu.
The act empowers state governments and private individuals to transmit electricity in areas covered by the national grid, ultimately aimed at decentralizing electricity regulation.
Geregu Power Plc, Otedola’s power-generating company, is expected to play a pivotal role in the power transmission project, which is currently in discussion.
The company currently owns three natural gas-fired power plants that generate a combined capacity of 435 megawatts, constituting 10 percent of Nigeria’s total power generation capacity.
With such a strong presence in the country’s energy generation sector, Geregu Power has established itself as a formidable player.
In line with its vision for growth, Geregu Power aims to expand its operations and enhance its power generation capacity.
Over the next two years, the company plans to increase its total capacity from the current 435 megawatts to an impressive 1300 megawatts.
This strategic move not only showcases Geregu Power’s dedication to meeting the energy needs of Nigerians but also underscores its objective to bolster revenue and earnings by capitalizing on the thriving power sector.
As Otedola and Lagos forge ahead with their plans, the spotlight shines on Geregu Power as it takes center stage in Nigeria’s power industry.
The forthcoming PPP power transmission project signifies a significant step toward achieving a more sustainable and efficient power infrastructure, thereby driving the nation’s development and progress.
Four years ago, Otedola had proved to the world that he is indeed a genius when it comes to investment and the art of making money when he announced that he would be quitting the oil and gas sector by selling off his shares in Forte Oil in June 2019.
While many business analysts saw this as a wrong move at the time, Otedola followed his intuition and stuck to his decision. That decision has turned out to be one of his best investment decisions ever. It is a fact that he knows when to invest and when to re-invest.
Nigerian born Serumu Igberadja has made his history as he assumed office as President of the International Vocational Education and Training Association (IVETA) USA. Igberadja who was also the former Vice President of IVETA East and West Africa, and the CEO of Think TVET Global Consult and Edu Tour Global Limited assumed office January 1st 2025.
With his assumption as the president of IVETA he becomes the first from West Africa to assumed such position.
The Delta State born is also the Director of International Relations and Business Development at Whitecloud TVET Solutions Ltd.
Igberadja who has Bachelor of Science (Ed) and M.Sc in Technical Education and Industrial Technology respectively is a youth leader and a community development advocate who has special interest in good governance, non-violence, community development, quality education, vocational skills development, sustainable livelihood, and economic development.
Igberadja is also an Alumnus of the Prestigious International Visitors Leadership Program (IVLP) of the United States Department of State Bureau for Educational and Cultural Affairs.
He has an interest in contributing his expertise to the growth and development of Technical Vocational Education and Training (TVET) for sustainable development across the globe. He is a member of the UNESCO UNEVOC Forum and Skillman International Forum (SIF) Italy. As well, an Assistant Journalist in the Lucubrate Magazine and the Coordinator for the Lucubrate Project Nigeria.
Serumu Igberadja has facilitated several workshops, conferences, and partnerships to promote and advance TVET for sustainable livelihood and development. Notable partnerships with Lucubrate NKB Norway and University of Nigeria Nsukka(UNN), IVETA and National Board for Technical Education (NBTE), IVETA and UNN UNEVOC Centre, IVETA and Ese Odo Local Government Council, and Linkages with TVET Equipment Manufacturers in Europe, Asia, and America such as Delorenzo Italy, Labtech International, Tesca India, Lucas-Nülle Germany, Lexsolar Germany, and Edibon Spain.
He has featured as Keynote Speaker in several TVET and Youth Development Workshops and Conferences, his recent outing was his participation as Moderator for ‘Socio Professional Integration in TVET’ at the 2022 WorldSkills Africa Conference held at Swakopmund Namibia organised by the Namibia Training Authority, Keynote Speaker at the 2022 IVETA Las Vegas Conference, the US Africa Institute side event of the 2023 US Africa Leaders’ Summit Washington DC, Official Observer at Worldskills Lyon.
He is expected to rule over the affairs of IVETA for the next 12 months.
During his inaugural speech he promised to enhance global TVET systems by promoting collaboration, sharing best practices, and addressing diverse needs to create impactful, sustainable outcomes. While he also highlighted his strategic priorities for IVETA in the next one year, such as Global Partnerships: Strengthening collaborations with governments, institutions, industries, and global organizations like UNESCO, ILO, and World Bank to drive TVET advancements worldwide, Quality Improvement: Enhancing TVET programs to prepare graduates for the global workforce, focusing on teacher training, student outcomes, and institutional excellence.
- Advocacy and Awareness: Promoting positive perceptions of TVET through targeted campaigns, workshops, and community engagement across all regions.
- Resource Mobilization: Securing grants and funding to support initiatives that benefit diverse member regions.
- Governance and Representation: Ensuring balanced regional representation, strong governance, and efficient resource management to align with IVETA’s mission.
IVETA is a network of vocational educators. Its network includes vocational skills training organisations, business and industrial firms, and individuals and groups interested or involved in vocational education and training worldwide.
It is dedicated to the advancement and improvement of high-quality vocational education and training throughout the world.
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