The West African Power Pool (WAPP) says it has concluded plans to create a Liquidity Enhancement Revolving Fund (LERF) for the ECOWAS Regional Electricity Market.
The General Manager, Public Affairs, Transmission Company of Nigeria (TCN), Mrs Ndidi Mbah, quoted the Chairman, Executive Board of WAPP, Sule Abdulaziz, as saying this at the 54th meeting of the Board held in Cotonou, Benin Republic.
According to her, the meeting is the second in 2022.
Abdulaziz, also the Managing Director of TCN, said 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.
He said the Fund will provide the ECOWAS regional electricity market with a very important tool for electricity trading by reducing the level of outstanding bills, and also provide stakeholders in the trade with a “high degree of robustness and sustainability.”
The Fund will provide the ECOWAS regional electricity market with a very important tool for electricity trading by reducing the level of outstanding bills.
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, saying: “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.”
In his remarks, the Secretary General, WAPP Executive Board, Siengui Ki Apollinaire, 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.”
He expressed gratitude to the President, Republic of Benin, Patrice Talon, for the hospitality extended to the organisation and for hosting the meeting.
The participants also observed a minute’s silence for the late Joseph Makoju, an honorary member from Nigeria, who passed on in April, for his contributions to the development of WAPP. (NAN)
