Business

Power generators appoint chairman, Board of Trustees’ member

T

he Association of Power Generation Companies (APGC) has appointed Mr. Omatseyin Akene Ayida as its Chairman, Board of Trustees.

 

 

This follows the retirement of Mr. Emmanuel N. Nnorom from the board, having completed his four years tenure in line with the Association’s governance charter.

The announcement was made at the association’s 3rd Annual General Meeting.

 

 

Ayida is a member of the Board of Mainstream Energy Solutions Limited (“MESL”) – concessionaire of Kainji and Jebba Hydro Power plants and was nominated to represent MESL as a member of the Board of Trustees of the APGC in 2018.

 

 

He has a wealth of experience at board and management levels in energy, financial markets, strategy, and risk management.

 

He is currently the Managing Director of Saken Capital Partners Limited, having served as the Managing Director of Ruyat Oil Limited previously.

 

 

Responding to his appointment, he said: “I appreciate the board’s confidence in choosing me to lead our association after the exemplary work done by Mr. Nnorom. I thank him for his leadership, vision, and tenacity as my appointment showcases the strong corporate governance culture we have as an association. I will build on his successes and maintain our members’ commitment to supporting Nigeria’s development by generating much-needed power for the country.”

 

 

Nnorom, who represented Transcorp Power Limited on the Board of Trustees, also stepped down as a member of the board and has been replaced by the President/CEO of Transnational Corporation of Nigeria Plc (Transcorp), Mrs Owen Omogiafo.

 

In his remarks, Nnorom thanked the association for the confidence reposed in him as Chairman, Board of Trustees and commented on the current state of the power sector, noting the issue of liquidity arising from the debts owed GENCOs for power already generated, transmitted and consumed by Nigerians.

 

He said, “as an association, there are immediate challenges we must tackle. For instance, we appreciate the recent improvement in payment by NBET of money owed us and ask that such improvement remains consistent while other outstanding legacy debt equally owed our members be paid to enable them meet funding obligations critical to their ability to stay operational.”

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