WAPP Plans Liquidity Enhancement Fund, Seeks Lauds Financial Transparency
The West African Power Pool (WAPP) plans to establish a Liquidity Enhancement Revolving Fund (LERF) for the ECOWAS regional electricity market.
Chairman, WAPP Board of Directors, Eng. Sule Ahmed Abdulaziz said this over the weekend during the 54th meeting of the Board of Directors held in Cotonou, Benin Republic.
Abdulaziz said, “The review and adoption of the documents proposed by the working group on the establishment 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 unpaid bills, thus providing traders with a high degree of robustness and sustainability.
Speaking at this meeting, which is the second this year, he urged participants to carefully review the documents and make relevant comments on the documents proposed by the WAPP Finance Committee.
The Head of WAPP also commended the organization’s well-documented 2021 financial statements. Say, “when I look at the financial statements, I have the impression that WAPP is working hard and is more transparent as shown by the independent audit, it attests that the financial statements are regular, sincere, and in accordance with international standards ,” Abdulaziz said.
In his speech, the Secretary General of the WAPP Board of Directors, Siengui Ki Apollinaire, pointed out that the latest financial statements have been declared transparent.
He said: “The 2021 budget was executed transparently
and rigorous, and it is with pleasure that I announce that the 2021 consolidated accounts of our organization have been declared regular, sincere and
in accordance with international standards by a recognized independent auditor:.
Ki expressed his gratitude to the President of the Republic of Benin, Mr.
Patrice Talon for the welcome given to the organization and for hosting the meeting.
Participants also observed a minute of silence for the late Dr. Joseph Makoju, Honorary Member of Nigeria who passed away in April this year, for his contribution to the development of WAPP.