The West African Power Pool (WAPP) has revealed plans to boost liquidity in the electricity market through a liquidity fund.
It disclosed plans to set up a Liquidity Enhancement Revolving Fund, LERF, for the ECOWAS Regional Electricity Market.
The Chairman of the executive board of WAPP, Engr. Sule Ahmed Abdulaziz, disclosed this at the 54th meeting of the executive board in Cotonou, Benin Republic.
“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,” Abdulaziz stated.
Speaking on the group’s financial statement, Abdulaziz, who is also the Managing Director of Transmission Company of Nigeria, TCN, stated, “When I look at the financial statement, I get the feeling that the WAPP is working hard and is quite transparent as shown by the independent audit, this attests that the financial statements are regular, sincere, and in accordance with international standards.”
Secretary General of 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 organization have been declared regular, sincere, and compliant with international standards by a well-known independent auditor.”