Finance

WAPP canvasses financial transparency

The West African Power Pool has called for financial transparency ahead of its plan to create a Liquidity Enhancement Revolving Fund for the ECOWAS Regional Electricity Market.

This was disclosed at the 54th meeting of the Executive Board Meeting held in Cotonou, Benin Republic, recently.

Speaking at the meeting, the Chairman, executive board of WAPP, Engr Sule Ahmed Abdulaziz,  said, “ On the review and adoption of the documents proposed by the Task Force on the creation of the Liquidity Enhancement Revolving Fund, 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.”

He encouraged the participants to examine the documents carefully and make relevant comments on the documents proposed by the WAPP Finance Committee.

Abdulaziz also lauded the documentation of the 2021 financial statement of the organisation. He said, ”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,” stated Abdulaziz.

The Secretary-General of WAPP executive board, Siengui Ki Apollinaire, noted that the latest 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 organization have been declared regular, sincere, and compliant with international standards by a well known independent auditor.”

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