The West African Power Pool (WAPP) has unveiled plans to create a Liquidity Enhancement Revolving Fund (LERF) for the Economic Community of West African States’ (ECOWAS’) regional electricity market.
A statement issued on Wednesday by the General Manager, Public Affairs, Transmission Company of Nigeria (TCN), Mrs. Ndidi Mbah, quoted the Chairman, Executive Board of Pool, Mr. Sule Abdulaziz, as disclosing thisat the 54th meeting of the board held in Cotonou, Benin Republic.
The TCN boss, who is also the Managing Director of TCN, said that the plan to create the revolving fund 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 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.
Abdulaziz urged the participants at the forum to carefully study the documents and make relevant comments on the documents proposed by the WAPP Finance Committee.
Commenting on the organization’s 2021 financial statement, he said: “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 attest that the financial statements are regular, sincere, and in accordance with international standards”, the industry expert added.
In his remarks, the Secretary General of WAPP Executive Board Mr. Siengui Ki Apollinaire, maintained that the 2021 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.”