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Nigeria’s Investment Climate Holds Favourable Promise

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CHINT Electric Co, Limited is a subsidiary of CHINT Group Corporation, the reliable player in the LV and HV Electrical equipment, manufacturing and EPC services in power generation, transmission and distribution. CHINT Electric has supplied its products and EPC services in over 140 countries and regions, including more than 90 national power utilities, renewable energy users, oil and gas users, metallurgy users, railway users, among others.
CHINT Electric Co Limited offers power/auto transformers, distribution transformers, gas insulated switches (GIS), circuit breakers, disconnectors, insulators, earthing switches, surge arresters, voltage transformers, current transformers, to name a few. CHINT’s presence cuts across countries in North America, Asia-Pacific and Europe, including Italy, Spain, Germany, Poland, Russia, U.S.A, Ukraine, Japan, Australia, Indonesia, and a host of others.The launch of CHINT Electric in Nigeria heralds a new era of technological advancement as one of our goals is to empower the country through our innovative electrical solutions. Electricity as you know is an essential component of any nation’s development process. Its use and access largely correlate to economic growth; hence its impact on the livelihood of citizens cannot be overstated. It is on this premise that CHINT Electric is looking to empower Nigeria through the provision of world-class electrical solutions. We offer our customers with high quality products and professional services by integrating electrical resources. The company has been focusing on industrial electrical manufacturing for 33 years and is known for the durability of its products.

CHINT offers EPC customers with on-demand products and services through innovative integration, and over the years, we have increasingly grown to become a reliable partner for many major international EPC contractors in the field of New Energy, Power Transmission and Distribution, among others. These are what we have in stock for Nigerians and Nigerian market.

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With already well-established presence in other countries across Europe, North America and Asia-Pacific, why has CHINT chosen to enter the Nigerian market?
Nigeria is undoubtedly one of Africa’s largest economies and we are highly optimistic about the potentials the country holds. While CHINT Electric ranks as one of the leading global players in the energy sector, with presence in over 140 countries, we strongly believe Nigeria is a nation that holds bountiful potentials for economic prosperity, and technology is one of the greatest catalysts to achieve this. There can be no technological advancement without first-rate electrical solutions; hence the establishment of operations in Nigeria. Also, we are very proud that Nigeria is the first subsidiary company of CHINT Group in Central and Western Africa, and the first in the whole sub-Saharan Africa.As a leading player in the global energy sector, CHINT has already positioned itself as not only an innovative brand but one with the capacity to meet the demands of customers in any geographical region. With up to 13 manufacturing bases in China, Thailand, Egypt and Germany as well as 17 international subsidiaries, 32 logistics centers and 2,300 sales companies, we are capable of maintaining the leadership position our brand has grown to be known for over the years.With a population of over 200 million, Nigeria is a hotspot for economic activities and this makes it an attractive consumer market for traders and investors. While there have been some reforms enacted to help boost Nigeria’s position in the World Bank’s annual Ease of Doing Business rankings, the investment climate has experienced some setbacks with Foreign Direct Investment in recent years, and this can be largely attributed to the outbreak of the COVID-19 pandemic.

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However, with the President Muhammadu Buhari’s administration leaning towards prioritizing diversification of the economy beyond oil and gas, with goals of building a competitive manufacturing sector and capitalizing on the nation’s existing innovative opportunities, we believe the investment climate for Nigeria holds favorable promises.

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Adulteration remains a challenge eating deep into profit margins of established brands. How secured are your brands to protect it from adulterators?
At CHINT Electric, we pride ourselves in quality; hence our products have gone through a variety of extensive important tests by the appropriate organizations to ascertain and maintain the high standards we are globally known for. Consumer safety is incredibly important to us, and every product we currently manufacture is certified and meets the global standards.

Are there any future plans to collaborate with stakeholders in your industry?
Certainly. During our recent official opening ceremony, we called for collaboration with key stakeholders as we believe that with the right initiatives, support and collaboration with key players, the Nigerian energy sector would drive economic prosperity and sustainability.Yes, our products are certified with the Standards Organization of Nigeria and affordable. We have also received certification from other global standards organizations to ensure our products meet the best standards. Other certifications include KEMA, CESI, PCT(GOST) and TUV.

Do you have plans to set up a manufacturing plant in Nigeria in the nearest future?
Of course, yes. We have engaged in high-level discussions in the past few months with some notable stakeholders in the power industry to set up a meter factory in Nigeria. We are still open to collaborations with others who are interested and share the same view with us in developing Nigerian energy sector with our innovation and smart solutions

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Corporate Social Responsibility (CSR) is key to every organisation. Does CHINT Electric has plans to empower communities through CSR initiatives?
As a socially conscious organization, CHINT Electric is always seeking avenues and creditable platforms to uplift members of the communities we operate in. We are always inspired to promote corporate philanthropy and sustainability while seeking to encourage other entities as well as well-spirited individuals to join hands in improving our society. As part of our CSR initiatives, we announced a strategic collaboration between CHINT Electric and the University of Lagos to offer best performing students of the Electrical and Electronics department annual internship programme.

In addition to the robust and extensive training, which will be gained during the course of their internship, our student beneficiaries will also receive financial benefits. I believe this serves as a glowing testimony to CHINT Electric’s goal to not only empower Nigeria but provide credible platforms for young Nigerian talents to flourish and excel. We are committed to creating value for customers, seeking development for employees and taking responsibility for the society.We see CHINT as a brand of choice and household name in Nigeria electricity industry in a few years’ time. The more customers that identify with your brand, the more loyal they become to it and the more resistant they are to any attempt made by competitors to lure them away. We have always set our priorities and today, I can say that those priorities have helped us achieve various things. Those decisions have rewarded us with the opportunity to host captains of industry, technocrats, academicians and our valued customers.

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Fidelity Bank renovates classroom blocks, commissions ATM gallery in Zaria

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Leading financial institution, Fidelity Bank Plc has commissioned the newly renovated Madrasatul Anwarul Islam school in Zaria, Kaduna State, as part of its Corporate Social Responsibility (CSR) initiatives targeted across Nigeria.

Established over five decades ago by the emir’s father, late Maga in garin Zazzau, Alhaji Nuhu Bamalli, Madrasatul Anwarul Islam is the alma mater of the current Emir of Zazzau and has produced several notable personalities in the country.

The bank also inaugurated a state-of-the-art Automatic Teller Machine (ATM) gallery to drive financial inclusion within the community.

Speaking at the official project commissioning event on June 18 Executive Director, North Directorate, Fidelity Bank Plc, Hassan Imam, said the bank’s decision to renovate the school was borne out of its commitment to make learning conducive for both students and teachers across the country.

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According to Imam, “Our CSR footprint extends beyond education, healthcare and youth empowerment initiatives across the country as we are driven by the belief that we can only succeed as an organization when the people and community where we do business succeed.

“That is why we have taken it upon ourselves to help upgrade the facilities here at Madrasatul Anwarul Islam. Our hope is that the teachers and students in the school will put the facility to good use.

“As part of our commitment to drive financial inclusion across the country and boost commerce in Zaria in particular, we have installed an ATM gallery at the emir’s palace.

“We hope this would make financial services easier and accessible to members of the Zaria community in line with our mission as a bank and thank the emir, His Royal Highness, Alhaji Ahmed Nuhu Bamalli, for his support in executing this project as well”, he said.

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Applauding the bank for its gesture towards promoting education and commerce in Zaria, HRM Ambassador Alhaji Ahmed Nuhu Bamalli encouraged members of the community to put the facilities to good use and protect them against vandalism.

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The monarch urged businesses and merchants to patronize the bank as a way of appreciating their efforts in developing the community.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 6.7 million customers serviced across its 250 business offices and digital banking channels.

The bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards.

The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

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Supreme Court Sets Aside Ban On Use Of Hijabs In Lagos Schools

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The Supreme Court has set aside, the restriction the Lagos state government placed on the use of hijab by female Muslim students in its public primary and secondary schools.

In a split decision of a seven-man panel of Justices, of five to two, the Apex court affirmed the earlier decision of the Lagos Division of Court of Appeal, which nullified a High Court judgement that banned female students from wearing Hijab with their school uniforms.

The court, in its lead majority verdict prepared by Justice Kudirat Kekere-Ekun but read by Justice Tijani Abubakar, dismissed as lacking in merit, an appeal Lagos state government lodged against the Court of Appeal decision.

The Supreme Court said it found no reason to reinstate the October 17, 2014 judgement by Justice Grace Onyeabo of the High Court of Lagos State, which upheld the ban on Hijab.

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PHOTO STORY: Multi-billion naira assets traced to suspended Accountant-General Ahmed Idris

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An online news platform, Premium Times, has obtained images of some of the multi-billion naira assets allegedly owned by the suspended Accountant General of the Federation (AGF), Ahmed Idris.

The properties which are mostly in Kano, his home state in Nigeria’s northwestern region, are said to be worth billions of naira, significantly more than his monthly salary as a public officer.

Part of the assets is the Gezawa Commodity Market in Kano State.

Also, an Ultra-Modern Mall, located in Kano State, is said by sources at the EFCC to be worth more than N700 million.

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From the pictures obtained, the mall is built with bricks and sited on a large expanse of land.

However, while the major exterior works have been perfected, work is still ongoing inside with facilities like elevators and escalators being installed.

The accountant-general had in 2021 launched Gezawa Commodity Market and Exchange Limited which he had openly admitted to owning.

Assets traced to suspended Accountant-General Ahmed Idris
Assets traced to suspended Accountant-General Ahmed Idris

Mr Idris reportedly made the remarks when he met with a delegation of the Kano Concerned Citizens Initiative led by its then chairman, the late Bashir Tofa.

The enclosed market is made up of over 20 blocks of shops painted yellow and a spacious parking space.

The space is occupied by fleets of pick-up vans. Our reporter cannot independently ascertain if the new vehicles belong to the suspended official.

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EFCC investigations

Mr Idris is being investigated by the Economic and Financial Crimes Commission (EFCC) over allegations of corruption I involving over N80 billion in alleged looted public funds.

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The suspended AGF, although released after spending nights in the EFCC custody, is also facing allegations of criminal conspiracy.

Our sources said the EFCC has for some time now been investigating a case of diversion of at least N80 billion in public funds which were allegedly laundered through some bogus contracts.

The companies used in laundering the funds have allegedly been linked to family members and associates of the suspended accountant-general, investigators said.

The Finance Minister, Zainab Ahmed, suspended the accountant-general without pay on May 18, following his arrest and interrogation over corruption allegations.

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Assets traced to suspended Accountant-General Ahmed Idris
Assets traced to suspended Accountant-General Ahmed Idris

The minister said his suspension was to begin effectively on May 18, 2022.

“Following your recent arrest by the Economic and Financial Crimes Commission (EFCC) on allegations of diversion of funds and money laundering, I write to convey your suspension from work without pay effective 18th May 2022,” the minister’s letter read in part

Others connected to the alleged diversion have also been arrested.

A former governor of Zamfara State, Abdulaziz Yari, was also arrested over “N22bn SURE-P fraud” linked to the accountant-general.

Mr Yari is yet to be released from the EFCC’s custody as he is still being grilled on other corruption accusations related to Mr Idris.

Assets traced to suspended Accountant-General Ahmed Idris
Assets traced to suspended Accountant-General Ahmed Idris

PREMIUM TIMES reported last week how the former governor is also being investigated for allegedly conspiring with the suspended AGF to siphon an estimated N84billion in public funds.

Those familiar with the matter told this newspaper that the diverted funds were part of the 13 per cent derivation funds meant for payment to eight oil-producing states.

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Assets traced to suspended Accountant-General Ahmed Idris
Assets traced to suspended Accountant-General Ahmed Idris
Assets traced to suspended Accountant-General Ahmed Idris
Assets traced to suspended Accountant-General Ahmed Idris
Assets traced to suspended Accountant-General Ahmed Idris
Assets traced to suspended Accountant-General Ahmed Idris
Assets traced to suspended Accountant-General Ahmed Idris
Assets traced to suspended Accountant-General Ahmed Idris
Assets traced to suspended Accountant-General Ahmed Idris
Assets traced to suspended Accountant-General Ahmed Idris
Assets traced to suspended Accountant-General Ahmed Idris
assets traced to suspended Accountant-General Ahmed Idris
Assets traced to suspended Accountant-General Ahmed Idris
Assets traced to suspended Accountant-General Ahmed Idris
Assets traced to suspended Accountant-General Ahmed Idris
Assets traced to suspended Accountant-General Ahmed Idris
Assets traced to suspended Accountant-General Ahmed Idris

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