Sep 26, 2017 Last Updated 8:34 AM, Sep 26, 2017

Controversial Eskom chair Tsotsi steps down

ABN – 01/04/15 – Zola Tsotsi, the non-executive chairman of South Africa’s national power utility Eskom, has resigned after courting controversy for months.

Most recently, Tsotsi was accused of interfering in operational matters following the suspension of four of Eskom’s top executives in March.

Previously he had told reporters that public enterprises minister Lynne Brown was leading a campaign to have him removed from the board.

His resignation was said to be the result of a mutual agreement following deliberation among the board on a motion of no confidence.

Eskom released a statement saying it had appointed Ben Ngubane as acting chairman, adding: “This step, the board believes, will ensure that the power utility can focus on the challenges facing it and sets the utility on a new path to regain the confidence of all stakeholders concerned in ensuring the important work of meeting the energy needs of the country.”

@ABNetworkOnline

Total sells Nigerian oil field stake

ABN – Oil giant Total (NYSE: TOT) has sold its stake in a Nigerian oil field for US$569 million to Aiteo Eastern E&P.

The onshore Oil Mining Lease 29 sale follows two similar divestments made by the company in Nigeria.

Total received a sum of $1 billion from the three transactions.

Total CFO Patrick de La Chevardiere said: "These transactions reduce our exposure to non-operated blocks onshore Nigeria, and allow us to focus on our core, operated developments." 

@ABNetworkOnline

Nature Conservancy launches Kenyan water fund

ABN – The Nature Conservancy has launched a public-private water fund in Kenya.

It was launched in partnership with East African Breweries, Coca-Cola, Nairobi City Water and Sewerage Company and KenGen.

The fund will be used to protect the country’s most important water source, the Tana River.

It supplies 95% of the water used by Nairobi’s 3.4 million residents however it is estimated that 60% of the capital’s residents lack access to clean water.

Around US$15 million will be spent on soil and water conservation in the Upper Tana watershed.

@ABNetworkOnline 

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