July 21, 2024

West Africa power pool, WAPP sets to secure  funds for regional electricity traders

Oredola Adeola

In an attempt to secure finance for the stability of electricity traders operating within West Africa, the  West African Power Pool (WAPP) has revealed plan to create Liquidity Enhancement Revolving Fund (LERF) for the regional

Mrs Ndidi Mbah, General Manager, Public Affairs, Transmission Company of Nigeria (TCN), made this known in a statement made known by Mr Sule Abdulaziz, Chairman, Executive Board of WAPP, at the 54th meeting of the board held in Cotonou, Benin Republic.

Abdulaziz, who  doubles as the Managing Director of TCN, at the meeting said that the plan to create the LERF was taken after the review and adoption of the documents proposed by the Task Force on the creation of the fund.

According to him, the fund would provide the ECOWAS regional electricity market with a very important tool for electricity trading by reducing the level of outstanding bills.

He said that the fund would also provide stakeholders in the trade with a “high degree of robustness and sustainability.”

Abdulaziz, however, urged the participants to examine the documents carefully and make relevant comments on the documents proposed by the WAPP Finance Committee.

He also lauded the well documented 2021 financial statement of the organisation.

“When I looked at the financial statement, I get the feeling that the WAPP is working hard and is transparent as shown by the independent audit.

“ This attests that the financial statements are regular, sincere, and in accordance with international standards,” he said.

Mr Siengui Ki Apollinaire, the Secretary General of WAPP Executive Board, said that the latest financial statements were declared transparent.

He said, “The 2021 budget was executed transparently and rigorously, and it is with pleasure that I announce that the 2021 consolidated financial statements of our organisation have been declared regular, sincere compliant with international standards by a well-known independent auditor.’’