Upgrade of three GE’s LM6000PA and one LM6000PC Aero derivative gas turbines Improved Plant Efficiency and Reliability
DAR ES SALAAM, Tanzania, August 27, 2019 – Songas Ubungo Power Plant provides more than 20 percent of the grid connected power in Tanzania; upgrade of three GE’s LM6000PA and one LM6000PC Aero derivative gas turbines Improved Plant Efficiency and Reliability.
GE (NYSE: GE) and Songas today announced they have successfully completed upgrades to the entire GE fleet of three LM6000PA and one LM6000PC gas turbines at the Songas Ubungo Power Plant in Dar es Salaam, Tanzania. These technology upgrades will increase the power plant’s efficiency and reliability, enabling Songas to maintain the plant in the most economical way possible.
“We are very pleased with GE’s execution because it was completed safely and ahead of schedule, with great commitment and consistency across the four LM6000 units,” said Nigel Whittaker, managing director, Songas Ltd. “The successful completion of this project not only improves Songas’ performance levels, but through the additional reliable supply of electricity, continues to contribute to the economic development of the country, making a significant difference in the lives of Tanzanians.”
GE’s upgrade of the four LM6000PA gas turbines to LM6000PC significantly improves the current LM6000 fleet. GE’s SPRINT (SPRayINTercooling) technology, installed on two of the four units, increases gas turbine performance, improves power flexibility, enhances the combustion system, improves fuel efficiency, extends maintenance intervals for the combustor, hot section and major overhaul and lowers maintenance costs.
“Over the past 15 years, Songas and GE have collaborated on the Ubungo power plant, and we’re excited to help enhance operations, increase capacity, and deliver the principles of safety first, quality foremost and operational excellence,” said Elisee Sezan, CEO for GE’s Gas Power business in sub – Saharan Africa. “Our goal is to bring long-term value to our customers and their power plants, like Songas, to maintain it in the most efficient way possible and, ultimately, contribute to Tanzania’s economic and social development.”
The Ubungo power plant provides more than 20 percent of the grid connected power in Tanzania. It includes four GE LM6000 gas turbines, which have been operational since 2004. In 2017, GE signed a multiyear agreement to upgrade gas turbines at the Songas Ubungo power plant in Tanzania. GE’s LM6000-PF dual fuel gas turbines power the 150-MW Kinyerezi power plant, which also has a multiyear agreement with GE for the long-term, reliable operation of its power plant.
Last year, GE achieved its 100th power plant installation in sub-Saharan Africa and has an installed base of over 300 turbines in up to 22 countries in the region.
Invest In 2020: Why Investing Should Be A Part Of Your Financial Goals
(Image credit: Mbulelo Mpofana)
At the start of each year many of us take the time out for the important task of goal setting for the year. A general tip is remembering that our quality of life is not normally determined by knocking off one huge goal in a year; but by making steady progress on small, achievable goals over a long period of time. Our ambitions often include financial goals, given the impact the state of our finances has on our day to day living standards.
Common financial goals include things like:
- Becoming debt free;
- Improving credit score;
- Create and stick to a budget; and
All these goals are fantastic and can lead to a better life by increasing your disposable income and funds available for emergencies or goals, but we’d like to challenge you to include one other powerful financial goal this year-INVESTING!
Why Invest? Investing is important for several reasons, most important of which is that it builds real wealth. This is mainly due to two factors: the first being because the returns you make on your investments commonly exceeds the rate of inflation over the long term.A former American president Ronald Regan once said, “Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hit man.”
Inflation erodes the value of one’s earnings and savings over time; when your rate of return is higher than inflation it not only protects the value of your money but makes you better off financially. Added to this is the powerful effect of compound growth.
Compound growth refers to when one earns addition returns from reinvesting your prior returns i.e. making more money off the money your earned from your investments. Over the long-term compound earnings significantly increase the rate at which you can grow your asset base.
At this point I’d just add that if you have high interest rate debt, it is generally advisable to prioritize settling those debts as interest rates can be higher than the return one could earn on investments – this is usually the case, but specific circumstances need to be taken into account.
According to Old Mutual’s Long-Term Perspectives, investing in shares as an asset class has proven to be the best way to create wealth over time, as equities have consistently been amongst the best performing asset classes. Investing in equities remains the best way to build wealth and importantly ensure one reaches retirement with enough money. For example, 1 dollar invested in Berkshire Hathaway when Warren Buffett became CEO, would be worth around 7,000 dollars about 50 years later. Investing, and compounding, really are powerful when done correctly.
The main reasons people hold on to cash rather than investing in shares is the fear of losing money. This is also a key reason people stay away from investing in individual shares. Credible allegations of fraud and dishonesty by management is one of the main causes of severe irrecoverable losses in company share prices. There are many recent cases on the JSE like Steinhoff, EOH and Tongaat Hullett.
Even where a company recovers, when one factors in the value of time and opportunity cost it becomes clear that investors still lost out. Investsure’s investment insurance product protects investors from exactly these types of losses; enabling investors to transfer this hard to assess investment risk to a trusted insurer.
So there is a way for you to benefit from investing in shares without having to worry about suffering large losses due to fraud committed by management.
Good luck with your New Year’s resolutions this year and remember – Invest Safely!
By Mbulelo Mpofana, Co-Founder of Investure
10 Years of Impact: Tony Elumelu Foundation Entrepreneurship Programme To Benefit More Entrepreneurs Across Africa
Tony Elumelu Foundation Alumni (Credit: The Tony Elumelu Foundation)
Lagos, Nigeria: 27-01-2020 – On the heels of the tenth anniversary of the Tony Elumelu Foundation (TEF), the private-sector-led philanthropy focused on empowering African entrepreneurs has enhanced its flagship Entrepreneurship Programme to empower more entrepreneurs across the continent.
These enhancements, which took effect from January 1, 2020—the launch of the 6th cycle of the Programme—will achieve the Foundation’s mandate to transform the African continent through entrepreneurship.
Most prominent among the enhancements are the new dates in the Programme cycle, its emphasis on providing thousands of entrepreneurs with business training, and its focus on leveraging technology to optimise the application and selection process as well as personalise the journey of each applicant in the Programme tailored to their knowledge and business stage.
The Programme cycle has been updated to place more emphasis on getting more entrepreneurs through the business training. Hence, the announcement of the finalists, who will ultimately be inducted into the TEF Alumni network, will no longer be held on March 22 but will be made at the TEF Forum – the largest entrepreneurship conference in Africa.
Maximising the value derived from the Programme, applicants will now receive instant feedback on their progress to the next stage of the Programme, following their applications. Shortlisted applicants will receive business training tailored to their business stage and for those who move to the next stage mentorship and finally the top performing entrepreneurs from each country will proceed to the business pitching competition, which will determine the finalists to receive seed capital and an induction into the Foundation’s fast-growing alumni network across 54 African countries.
The TEF Entrepreneurship Programme is the $100million commitment by investor and philanthropist, Tony O. Elumelu, CON through his investment company, Heirs Holdings. The Programme has become a beacon of hope for African entrepreneurs, currently empowering 9,631 beneficiaries across 54 African countries with training, mentorship, seed funding and exclusive access to global opportunities as well as a strong entrepreneurial community.
TEF Alumni such as Ugandan Kwabena Danso who manufactures bicycles and its accessories from bamboo is one of the thousands of beneficiaries whose business has expanded beyond the shores of Africa to a global market, and is one of the success stories and impact recorded by the Programme’s innovative approach to the sustainable development of Africa. Others include Mohammed Dhauoafi from Tunisia, founder of Cure, a 3D printed, biosynthetic prosthesis manufacturing company and Princess Adeyinka Tekenah from Nigeria whose coffee making business has been dubbed Africa’s Starbucks by The Financial Times.
The application for the 2020 cohort of the TEF Entrepreneurship Programme is open till March 1, 2020 on TEFConnect.com.
Conflict In Family Business
Tsitsi Mutendi, Family Business Expert
Conflict is a normal occurrence in everyday life. Although many assume that conflict is harmful, not all conflict is negative. Some conflict is healthy and ushers in necessary adjustments to process and operations. In a family and a family business, there are various types of conflicts. Being able to identify conflict and managing it appropriately is essential for the sustainability of the family and of the family business.
Here are some examples of conflict that may be found within the family and the family business:
Sibling Conflict: Siblings are natural friends and equally so, can become natural rivals. In most cases of sibling conflict, the conflict arises from sibling rivalry. Some Causes of sibling rivalry are:
- Competing for parent’s attention and affection.
- Seeking for parent approval.
- Different priorities within the family or business context.
- Competing against each other.
Sibling conflict, unless resolved, can cause problems in their ability to work together towards a common good. At times competitiveness can become toxic if it is against each other: a good example is within the family business if siblings have to work together but take their competitiveness against each other to work. Without clear boundaries, they may cause other employees to take sides or even give conflicting instructions or policies that then effectively ruin the everyday operations of the business.
To manage sibling conflicts, the nature of the conflict must be identified, and methods of resolving or managing the conflict put in place so that the relationship of the siblings is preserved and more so that the operations of the family business is not disturbed. One such method to assist with such conflicts is a family business constitution. It may not directly solve the conflict, but it will give guidelines as to the family values and applications of those values in the conflict and the business as a whole.
Operational conflict: This is conflict that occurs in the everyday operations of the business. Families are complex in nature, and they are made up of various individuals that have different thoughts and beliefs about the values of the family and the business. Without clear direction on what the values, vision, and mission of the business is, conflicts arise. Some members of the family may value the monetary gain the business offers, while others may appreciate the shared goals and unity of family that the business represents.
In such cases, the family must find a middle ground. A family constitution helps document and clarify the family values while ensuring every voice and need is addressed in a way that if an operational conflict arises, it can be resolved in a way that sees all parties’ voices being heard. Equally so, as values change and the family changes and evolves, so will the constitution.
Spousal Conflict. As families grow, so do their various networks. Each time there is a marriage or birth, the family grows bigger. And the complexities of the relationships deepen. One such complication is marriage. How do family businesses handle marriages and the in-law and in-laws that come with it?
How do families and family businesses handle divorces and the similar complexities that come with it. In some famous cases of family businesses, we find that the new in-law can be blamed as the source of new family conflicts. And this conflict has the potential of overflowing into the family business. Issues of do in-laws get jobs within the family business and what expectations or qualifications apply.
Similarly so, so in-laws her shareholding and when. Professional advisors can help families navigate the legal and moral complexities of the spousal conflict and help the family business formulate the appropriate solutions that apply to their needs.
Assumed conflict is our final conflict on this list. Assumed conflict is the conflict that occurs when there is assumption and no clarity on issues or actions that are taken by a family member within the business or in a way that affects the business. The other family members and the public may also assume due to speculation that there is conflict when, in fact, there is not. If clarity in communication is not taken immediately, then the assumed conflict may quickly escalate to become an actual conflict that may have a negative impact.
It is necessary to note that this list of possible conflicts that may occur in a family and its business is by no ways, exhaustive. What is crucial to note is that all the conflicts may sound negative or may seem to have negative impacts on the family business and the family itself; however, this is not always the case. As stated at the beginning, some conflicts create the opportunity for resolution of long-standing issues and, in other instances, opportunities to review values or traditions that need refreshment.
Tradition holds us together, but innovation and development make us stronger and more capable in the face of different generations and the forward advancing world. For families and their businesses to last through many generations, there must be accommodation of the values of the new generations as much as the understanding of the need to grow differently if needs be.
How does your family deal with conflict and conflict resolution? Has it ever affected your family business, and how?
By Tsitsi Mutendi, Founder of African Family Firms and Africa is Rising Collective