THE West African Power Pool (WAPP) is planning to create a Liquidity Enhancement Revolving Fund (LERF) for the ECOWAS electricity market.
The Chairman, Executive Board of WAPP, Sule Ahmed Abdulaziz, disclosed this at the 54th meeting of the pool’s Executive Board meeting held in Cotonou, Benin Republic.
The meeting was the second the Board was holding this year.
Abdulaziz, in a statement issued today, said, “We are doing the review and adoption of the documents proposed by the Task Force on the creation of the Liquidity Enhancement Revolving Fund (LERF).
“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.”
The chairman urged the participants to examine the documents carefully and make relevant comments on the documents proposed by the WAPP Finance Committee.
He lauded the “well-documented” 2021 financial statement of the organisation, saying, “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.”
The Secretary-General of the WAPP Executive Board, Siengui Ki Apollinaire, emphasised that the latest financial statements were declared transparent.
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.”
He expressed gratitude to Patrice Talon, President of the Republic of Benin, for the hospitality extended to the organization and for hosting the meeting.
The participants observed a minute silence for the late Joseph Makoju, an honorary member from Nigeria, who died in April this year, for his contributions to the development of WAPP.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.