Plans are underway for the West African Power Pool (WAPP) to create what it tagged Liquidity Enhancement Revolving Fund (LERF) for the ECOWAS Regional Electricity Market, EREM.
Chairman, Executive Board of WAPP and Managing Director, Transmission Company of Nigeria (TCN) Engr Sule Ahmed Abdulaziz, stated this during the 54th meeting of the Executive Board Meeting held in Cotonou, Benin Republic
at the weekend, according to a statement signed and made available to SUMMIT Post on Wednesday by TCN’s General Manager, Public Affairs, Ndidi Mbah.
Speaking on the the review and adoption of the documents proposed by the task force on the creation of LERF, Engr Abdulaziz said, ” The creation of this fund will provide the ECOWAS Regional Electricity Market with a very important tool for electricity trading by reducing the level of outstanding bills, thereby providing stakeholders in the trade with a high degree of robustness and sustainability.”
Speaking further at the meeting which is the second this year, he urged the participants to examine the documents carefully and make relevant comments on the documents proposed by the WAPP Finance Committee.
The WAPP chief also lauded the well documented 2021 financial statement of the organisation saying, ” When I look at the financial statement, I get the feeling that WAPP is working hard and in a very transparent manner as shown by the independent audit. This attests to the fact that the financial statements are regular, sincere, and in accordance with international standards.”
In his remarks, the Secretary General of WAPP Executive Board, Siengui Ki Apollinaire, emphasised 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, and
compliant with international standards by a well known independent auditor:.
Mr. Ki expressed gratitude to Mr.
Patrice Talon, President of the Republic of Benin, for the hospitality extended to the organisation and for hosting the meeting.
The participants also observed a minute silence for the late Dr Joseph Makoju, an honorary member from Nigeria who passed in April this year, for his contributions to the development of WAPP.