Home Blog Page 317

Transgrid Enerco Finalizes Landmark Deal to Acquire Eko DisCo

coic
-
0
Transgrid Enerco Finalizes Landmark Deal to Acquire Eko DisCo

Transgrid Enerco Limited has signed a Share Purchase Agreement (SPA) to purchase a 60% equity position in Eko Electricity Distribution Company (Eko DisCo), marking a significant milestone for Nigeria’s energy industry.

This deal marks a daring new era for Nigeria’s energy distribution and is the first market-driven purchase in the power industry.

North South Power Company Limited (NSP), Axxela Limited, and the Stanbic IBTC Infrastructure Growth Fund (SIIF) have partnered to form Transgrid Enerco.

Each participant contributes a plethora of knowledge to this revolutionary endeavor. SIIF is Nigeria’s largest infrastructure-focused fund, offering strong financial strategies for large-scale projects; Axxela focuses on gas infrastructure and energy solutions; and NSP is a leader in hydroelectric power generation.

Currently, Eko DisCo provides service to the Agbara village in Ogun State and the southern portion of Lagos State, two areas vital to Nigeria’s industrial and commercial development.

Within the next five years, Transgrid Enerco plans to modernize Eko DisCo’s operations, improve customer service, and increase its power distribution capacity from 513MW to 1,500MW.

“Today’s signing marks more than a transaction—it is a commitment to addressing Nigeria’s energy challenges,” said Mr. Olubunmi Peters, Chairman of Transgrid Enerco, who spoke at the signing event, underscoring the importance of this milestone. Transgrid Enerco is well-positioned to spearhead the revolution in electricity distribution with this acquisition by providing dependable, environmentally friendly, and creative solutions. We will work together to enhance access, update infrastructure, and promote economic expansion.

Transgrid Enerco’s objective to empower communities, improve sustainability, and spur economic growth via dependable electricity supply is in line with this acquisition.

The company wants to raise the bar for efficiency and environmental responsibility in the electricity industry by using renewable energy sources like hydropower and solar.

Read Also: Ondo Man Sentenced to 21 Years for Church Property Theft

Additionally, the transaction shows a mutual dedication to cooperation. Transgrid Enerco hopes that with the help of stakeholders, regulators, and the general public, Nigeria’s energy infrastructure would be able to support its industries and populace in the future.

The deal, which is expected to be completed by April 2025, emphasizes how crucial private sector investment is to changing Nigeria’s energy landscape.

Transgrid Enerco’s leadership has committed to a customer-first strategy, operational excellence, and transparency as top priorities going ahead.

Ondo Man Sentenced to 21 Years for Church Property Theft

coic
-
0
Ondo Man Sentenced to 21 Years for Church Property Theft

In Akure, Ondo State, a magistrate court sentenced 38-year-old bricklayer Olushola Olatunde to 21 years in prison for breaking into a church and taking N1,340,900 worth of goods, including an iron tithe box.

Olatunde was charged with breaking and entering without permission and stealing, among other six counts. Although he entered a guilty plea to the charges, he requested leniency.

Olatunde committed the offenses in Akure at various times and places between December 24, 2024, and January 8, 2025, according to the state prosecutor, D.S. Msonter-Shagba, who testified in court.

On December 24, 2024, Olatunde broke into the Revelation of God Miracle Church at No. 17 Plaza Road, Isolo, Akure, according to Msonter-Shagba. He took a public speaker system priced at N250,000 and a 16-channel live series audio mixer worth N250,000.

Similar to this, on December 8, 2024, he broke into the Garden of Faith (CAC) Church at No. 7 Ore-Ofe Street, Oke Ijebu, Akure, and took N534,600 worth of goods, including an iron tithe box worth N35,000, two lengths of 12mm rods worth N19,600, a 6.5kV generator worth N250,000, and an amplifier worth N230,000.

The prosecutor further disclosed that Olatunde stole 33 bags of cement worth N306,900 from Shasha Market, Kilometre 12, Owo highway, Akure, on December 24, 2024. N1,340,900 was the total worth of the stolen goods.

Sections 383, 390(9), 415, and 413(2) of the Criminal Code, Laws of Ondo State, 2006, were violated, according to Msonter-Shagba, who asked the court to convict the defendant.

In light of this, Magistrate Damilola Sekoni found Olatunde guilty and sentenced him to 21 years in prison without the possibility of a fine.

Read Also: UBEC Aims to Enhance Student Retention in Primary and Secondary Schools

“The convicted individual is sentenced to four years imprisonment in counts one, two, three, five, and six, and one year imprisonment in count four,” Sekoni said.

Olatunde will spend four years behind bars, though, as the sentences will be served concurrently.

UBEC Aims to Enhance Student Retention in Primary and Secondary Schools

coic
-
0
UBEC Aims to Enhance Student Retention in Primary and Secondary Schools

In accordance with Article 26 of the 1948 Universal Declaration of Human Rights on Education, the Universal Basic Education Commission (UBEC) has vowed to work toward boosting primary and secondary school completion rates.

Aisha Garba, the commission’s new Executive Secretary, stated yesterday during her first meeting with management and staff that the United Nations Children Fund (UNICEF) report is not encouraging, highlighting the need for a decisive step.

She stated, “According to UNICEF, Nigeria’s primary school completion rate for boys was 59% in 2020 and 51% for girls.” Secondary school completion rates are much lower, with boys at 42% and girls at 36%.

“These are figures we should all be concerned about if we are to build a successful and productive society; the reason we must hit the ground running to change this status of basic education in the country.”

Garba added that in order to combat the danger, a multi-sectoral approach will be used to address the demand and supply-side constraints to basic education, which have exacerbated the problem of out-of-school children.

She stressed that major action plans will involve deploying suitable interventions, utilizing technology, constructing crucial infrastructure, and renovating educational buildings.

On another level, she stated that the commission would collaborate with local government education authorities and community stakeholders to increase access to basic education in rural, disadvantaged, and hard-to-reach jurisdictions, as well as work closely with state governors to increase the uptake and utilization of UBEC matching grants through strategic partnerships and engagements.

“We will secure the inclusion of students with special needs, encourage education for girls, and collaborate with necessary partners to make schools safe and conducive to learning.

“We will work collaboratively with Ministries, Departments and Agencies, Commissions and Development Partners on reforms and interventions to increase access and significantly reduce the high number of out of school children in Nigeria,” according to her statement.

In terms of teaching, she stated that appropriate instructional materials that fully align with curriculum and improve foundational learning for early grades would be prioritized, as would training programs that provide teachers with cutting-edge technology, innovative teaching, and pedagogical practices that will ensure that teachers are well-prepared to inspire and educate the next generation.

Read Also: Nigerian Military Eliminates 7 Key Aides of Bandit Kingpin Bello Turji

Garba further stated that the commission will collaborate closely with governments to implement the “Discrimination Against Persons with Disabilities (Prohibition) Act” by enhancing school infrastructure, with a focus on making these facilities accessible to students with impairments.

“Our goal is to guarantee that primary and junior secondary school facilities meet the needs of all students, with a focus on making them accessible and appropriate for children with disabilities. I will help to execute pre-primary and early childhood education in collaboration with communities, the organized private sector, and key stakeholders.”

Nigerian Military Eliminates 7 Key Aides of Bandit Kingpin Bello Turji

coic
-
0
Nigerian Military Eliminates 7 Key Aides of Bandit Kingpin Bello Turji

Nigerian forces of Operation FANSAN YANMA have successfully neutralized 24 bandits, including seven high-ranking leaders of the renowned bandit boss, Bello Turji.

This comes after Nigerian forces conducted a week-long campaign against banditry in the Northwest.

This was revealed in a post on his X account on Wednesday by Zagazola Makama, a counterterrorism and insurgency specialist in the Lake Chad Basin.

According to Makama, the Nigerian Navy Special Boat Services and Special Forces of the Nigerian Army’s 1 Brigade conducted the operations in a number of bandit hideouts in Gebe village, Isa Local Government Area, Sokoto State.

“The week-long offensive aimed at dismantling Turji’s operational network targeted hideouts and camps in Shinkafi and Isa LGAs, areas notorious for criminal activities,” he said, citing intelligence sources.

The security expert went on to say that intelligence-driven raids and precision airstrikes by the Air Components aided the ground forces in the operation.

Abu Dan Shehu, Jabbi Dogo, Dan Kane, Basiru Yellow, Kabiru Gebe, Bello Buba, and Dan Inna Kahon Saniya (also known as Yafi Bahaushe) were among the seven well-known leaders that were eliminated.

These people played a crucial role in Turji’s operations by organizing attacks, overseeing logistics, and enabling the flow of supplies and weapons throughout the area. Their elimination throws a tremendous damage to the gang’s leadership and operational capabilities,” Makama said.

Read Also: Civil Society Slams Resumption of Oil Activities in Ogoniland

He added that the operation was marked by sustained engagements, including ambushes, search-and-destroy missions, and strategic airstrikes.

Civil Society Slams Resumption of Oil Activities in Ogoniland

coic
-
0
Civil Society Slams Resumption of Oil Activities in Ogoniland

The Nigerian government’s plan to begin oil extraction in Ogoniland has drawn criticism from a coalition of Niger Delta civil society organizations, who say it is unacceptable in the absence of more extensive community involvement and redress for historical injustices.

The organizations denounced the government’s strategy of interacting with a small number of Ogoni leaders while excluding the larger community during a meeting Tuesday at the Environmental Rights Action and Friends of the Earth Nigeria headquarters in Port Harcourt.

The group stressed how fundamentally unfair it is to resume oil production in Ogoniland without resolving the region’s long-standing environmental, social, and economic problems.

They cited the results of the 2011 UNEP Environmental Assessment of Ogoniland, which showed that decades of unregulated oil extraction had severely contaminated the land, water, and air.

The coalition, which included the following demands: Shell be held responsible for environmental degradation and human rights violations in the region; a review of the military trial and execution of Ken Saro-Wiwa and other Ogoni activists; their exoneration; the release of the confiscated Ken Saro-Wiwa Memorial Bus sculpture; and a halt to oil extraction plans in Ogoniland until meaningful consultations are held with the Ogoni people and the environment is fully remediated.

President Bola Tinubu assigned National Security Advisor (NSA) Nuhu Ribadu the responsibility of spearheading talks with important parties in Ogoniland, a region rich in oil in the Niger Delta, in order to resume oil production there on Tuesday.

During a meeting with Ogoni leaders, including Governor Siminalayi Fubara, at the Aso Villa in Abuja, the President gave the order.

Nyesom Wike, the minister of the Federal Capital Territory (FCT), was also in attendance.

Tinubu stressed that the region’s sustainable development, justice, and peace will be the main priorities of his administration.

He called on the Ogoni people to set aside their previous grudges and work together for peace, advancement, and a better environment.

Read Also: Petrol Price Hits N990 in Abuja, N960 in Lagos as NNPCL Announces Increase

Tinubu stated, “We cannot in any way rewrite history, but we can correct some anomalies of the past going forward,” according to a statement released by presidential spokesman Bayo Onanuga. If we stay furious, we won’t be able to repair the wounds.

“We need to collaborate with mutual trust. Return home, continue consulting, and show others love.

“By returning to Ogoniland with peace, progress, and a clean environment, we must make this journey worthwhile.”

In order to carry out this task, he asked the Rivers State Government, the Nigerian National Petroleum Company Limited, and NNPCL to collaborate with the Office of the National Security Adviser.

Petrol Price Hits N990 in Abuja, N960 in Lagos as NNPCL Announces Increase

coic
-
0
Petrol Price Hits N990 in Abuja, N960 in Lagos as NNPCL Announces Increase

Petrol prices in the Federal Capital Territory have increased from N965 to N990 per liter due to the actions of retail outlets operated by the Nigerian National Petroleum Company Limited (NNPCL).

Additionally, their price per liter in Lagos was increased from N925 to N960.

This comes despite a slight drop in crude oil prices on Tuesday.

The prices at some of the gas stations have been changed, according to checks conducted by this medium.

In collaboration with Heyden, Ardova, and MRS filling station, the Dangote refinery stated a retail price of N970, however this amount is N20, or 2.1% extra.

In line with the petroleum industry’s deregulation policy, which permits price fluctuations depending on supply and demand, the price adjustment takes into account current market dynamics.

The start of loading operations at the Dangote refinery, which is anticipated to change the petroleum supply chain in Nigeria, is one of the recent changes in the industry that led to this increase.

Read Also: Breaking: Nigeria’s Public Debt Climbs to N142.3 Trillion

Remember that the Dangote Petroleum Refinery and other depot owners increased the price of gasoline on Friday, causing the pump prices to increase to between N1,050 and N1,150 per liter.

The PMS at the loading gantry of the $20 billion plant increased from N899/liter to N955/liter.

Due to the recent increase in crude oil, the primary component used to produce fuel, dealers confirmed that PMS prices would continue to rise.

Breaking: Nigeria’s Public Debt Climbs to N142.3 Trillion

coic
-
0
Breaking: Nigeria’s Public Debt Climbs to N142.3 Trillion

As of September 30, 2024, Nigeria’s total national debt has increased to N142.3 trillion.

This amounts to N8.02 trillion, which is 5.97% more than the N134.3 trillion in June 2024.

Increased domestic borrowing and the impact of currency rate depreciation on external debt when translated to naira terms are both blamed for the increase.

Nigeria’s external debt increased slightly by 0.29% in dollar terms from $43.03 billion in September, according to figures issued by the Debt Management Office (DMO). But over the same time period, the naira equivalent of external debt increased dramatically by 9.22%, from N63.07 trillion to N68.89 trillion. The devaluation of the naira relative to the US dollar, which caused the exchange rate to drop from N1,470.19/$ in June to N1,601.03/$ by the end of September, was a major factor in this surge.

In terms of dollars, domestic debt decreased from $48.45 billion in June to $45.87 billion in September, a 5.34% decrease.

However, domestic debt rose from N71.22 trillion to N73.43 trillion, a 3.10% increase in naira terms. The majority of the domestic debt, which increased from N66.96 trillion in June to N69.22 trillion by September, was owed by the Federal Government.

Read Also: Wedding Horror in Kebbi: 9-Year-Old Fatally Shot, Another Injured

State and Federal Capital Territory (FCT) domestic debt, on the other hand, decreased marginally from N4.27 trillion to N4.21 trillion.

Wedding Horror in Kebbi: 9-Year-Old Fatally Shot, Another Injured

coic
-
0
Wedding Horror in Kebbi: 9-Year-Old Fatally Shot, Another Injured

At a wedding event in Kebbi State, a man identified as Muhammad Sani opened fire on guests, killing nine-year-old Al’amin Garba.

Additionally, it was reported that seven-year-old Bello Shehu was hurt in the assault.

According to reports, the incident happened in Kebbi State’s Koko/Besse Local Government Area.

Shehu suffered serious injuries to his ribs, while Garba died instantaneously from a bullet wound to his skull.

Read Also: CBN Optimistic About 2025 GDP Growth at 4.17%, Hails Reform Progress

While the shooter has been taken into custody, he has been admitted to a nearby medical institution.

Bello Sani, the police commissioner for Kebbi command, spoke out against the incident.

For the sake of public safety, he urged locals to turn over all firearms to the police.

He also demanded that the shooter be immediately charged and that a full inquiry be conducted.

CBN Optimistic About 2025 GDP Growth at 4.17%, Hails Reform Progress

coic
-
0
CBN Optimistic About 2025 GDP Growth at 4.17%, Hails Reform Progress

As opposed to 3.36 percent in 2024, the Central Bank of Nigeria (CBN) anticipates the country’s GDP to increase by 4.17 percent.Credit programs for small businesses

Muhammad Abdullahi, the deputy governor of the CBN’s economic policy department, made this prediction during the “National Economic Outlook: Implications for Businesses in 2025” conference in Lagos on Tuesday. In collaboration with B. Adedipe Associates Limited, the Chartered Institute of Bankers of Nigeria (CIBN) organized this hybrid event.

Abdullahi attributed the positive vision to sustained changes in the administration, steady crude oil prices, and increased domestic oil output. “A stable exchange rate would help sustain this positive trend, and current reforms should help reduce inflation,” he emphasized.Credit programs for small businesses

“To meet our 15% inflation target in 2025, we need both the private sector and monetary and fiscal authorities to work together effectively,” Abdullahi stated. Price stability and improved financial assistance for small and medium-sized businesses would be the CBN’s top priorities, he continued. The CBN forecasts growth at a rate higher than the 3.2% forecasted by the IMF.

Abdullahi emphasized efforts being made by the administration to lessen reliance on oil revenue. “The government is striving to create a more sustainable fiscal environment through continuous tax reforms targeted at expanding the tax base and enhancing collection efficiency,” he stated. He emphasized that these reforms would strengthen the economy in the long run and urged firms to adjust.

Read Also: Court Denies Bail to El-Rufai’s Former Chief of Staff, Saidu

In his reflection on the uneven economic performance of 2024, CIBN President Pius Olanrewaju referred to the 2025 perspective forum as essential for recognizing opportunities and threats. Leading figures from the sector attended the event, including executives from a number of financial institutions, Henrietta Onwuegbuzie from Lagos Business School, and Kabir Katata from the Nigeria Deposit Insurance Corporation.

Court Denies Bail to El-Rufai’s Former Chief of Staff, Saidu

coic
-
0
Court Denies Bail to El-Rufai’s Former Chief of Staff, Saidu

Bashir Saidu, the former chief of staff of Nasir El-Rufai, the state’s immediate past governor, filed a bail application, but it was denied by a Federal High Court in Kaduna.

According to information obtained, Saidu, a former El-Rufai administration Commissioner for Finance, was charged with ten counts relating to embezzlement, money laundering, and the theft of Kaduna State Government public funds.

He was taken into custody by the police on January 2, 2025, and was later placed under remand in the state capital’s Kaduna Correctional Centre.

However, the defendant entered a not guilty plea to the allegations given to him when the case was brought before Justice Isa Aliyu on Tuesday.

According to some of the accusations, Saidu sold $45 million in hard currency that belonged to the Kaduna State Government, which is equivalent to N18,450,000,000, for a much lower price of N410 per dollar than the parallel market cost of N498 per dollar. The prosecution asserted that this was done with criminal intent, costing the government N3.9 billion.

Read Also: CNG Advocates Tax Bill Adjustments to Prioritize Citizens’ Welfare

According to the prosecution, the defendant committed the alleged offense in 2022 while working as the El-Rufai administration’s Commissioner for Finance.

The prosecution claims that Saidu violated Section 18 of the Money Laundering (Prevention and Prohibition) Act 2022 by laundering the more than three billion naira disparity.

The prosecution’s attorney, Professor Nasiru Aliyu, resisted the application when the defendant’s attorney, M. I. Abubakar, told the court about a pending bail application and begged the court to give his client bail after 21 days in detention.

He maintained that the prosecution had seven days under the law to respond to the bail request.

In his ruling, Justice Aliyu ordered that the prosecution be given the legally allotted time to submit its defense to the bail request.

As a result, the hearing on the bail application was postponed until January 23, 2025.

 

1...316317318...2,802Page 317 of 2,802
© Newspaper WordPress Theme by TagDiv