NEWS MIRROR

The Bi-annual Joint Generation, Operation, and Distribution Planning Meeting hosted by EKEDC at the Civic Center, Ozumba Mbadiwe, Victoria Island, Lagos. In attendance were stakeholders from NERC, TCN, ANED, GenCos

By Favour Ajibade The Federal Government has blamed the non-payment of N75,000 stipends approved for students of tietsry institutions on the strike by Academic Staff Union of Universities (ASUU), the Minister of Education, Mallam Adamu Adamu, has said. The government approved the money as bursary allowance for students sometimes ago. However, it is yet to pay to the beneficiaries, due to strike actions employed by ASUU, in order to press home its demands for improved condition of service. Represented by the 2022 World Teachers Day( WTD) press briefing in Abuja, by  the Permanent Secretary of the Federal Ministry of Education, David Gende, Adamu said ASUU’s strike has delayed the commencement of the packages. He said, “Most importantly is the support of giving bursary awards to all students of education. As a matter of fact, for that one the ministry of education is going to try and commence it this year. It is because of the current strike that it has not been commenced...

Above: CBN's headquarters. Below: Mr Emefiele By Akinola Ajibade The decision by the Central Bank of Nigeria (CBN) to aggressively hike the rate of interest rate in order to cusion the effect of inflation on the masses would not achieve any meaningful results, experts have said.  They are Chief Executive officer, Highcap Securities Limited, Messers,  David Adonri, and Principal Partner with Afrique Capital and Equity Funds, Kazeem Bello. Already, inflation has gone mad, hitting a 17-year high at 20.52 per cent in August, throttling the exchange rate to N720/$1 at the parallel market,  heightening food shortage, and quickening the food basket index (food inflation) to 23.12 per cent, among other macroeconomic uncertainties.  CBN further raised the interest rates by 150 basis points to 15.5 per cent at its just-concluded two-day Monetary Policy Committee (MPC) meeting, on Tuesday. This represents the third consecutive time, since May, the apex b...

By Akinola Ajibade The Transmission Company of Nigeria (TCN) says it has restored the national grid, which collapsed in early hours of Monday ( Yesterday). TCN, in a statement signed by its General Manager, Public Affairs and made available to the media, said that  “the restoration of the affected part of the grid commenced immediately at 11.55 am with Osogbo/Ihovbor back to the grid followed by Jebba/Osogbo, Kainji/Jebba, Benin/Onisha, Shiroro/Kaduna, Shiroro/Katampe, and Alaoji/Ikot-Ekpene,” it said in a statement on Monday. “Others are, he said, include Lokoja/Gwagwalada, Odukpani/Ikot Ekpene, Benin/Omotosho, Oke-Aro/Ikeja west, Egbin/Oke-Aro and Kaduna/Kano.” Explaining the cause of the incident, the TCN said it was due to “a sudden drop in system frequency, which created system instability”. “The National Control Centre (NCC) said a full-scale investigation is being conducted to establish and ascertain the cause of the partial disturbance as this unwholesome event ...

Favour Ajibade A Nigerian, Abidemi Rufai, was yesterday, sentenced to five years imprisonment in United States.  Reason: He stole more than $500,000 meant for the treatment of people, that were affected by the recent global pandemic, otherwise known as COVID 19. Rufai was arrested at JFK International Airport in New York, while traveling to Nigeria in May 2021. Seeing with him at the point of arrest was a $10,000 wrist watch and $35,000 gold chain  Rufai pleaded guilty in U.S. District Court in Tacoma, Washington, in May to wire fraud and aggravated identity theft charges, and Judge Benjamin Settle issued the sentence Monday. The judge also ordered Rufai to pay more than $600,000 in restitution. Prosecutors said the 45-year-old had a history of defrauding the U.S. government, including using stolen identities to file for emergency relief after hurricanes in Texas and Florida. “When disaster struck, so did Mr. Rufai,” Seattle U.S. Attorney Nick Brown said in a news ...

By Akinola Ajibade Larger percentage of the 206 million population in Nigeria do not have access to pre-paid meters, the Managing Director, Mojec International Limited, Chantelle Abdul has said. She said 80 per cent are behind metering, just as Nigerians are complaining about the huge amounts of money, which they are spending on electricity. Adbul made the assertion recently, at the ongoing Nigeria Energy conference while on a Fireside Chat on ‘Smart Electricity Metering – The critical link in strengthening the country’s electricity grid’. Nigeria had in September 2013 unbundled the assets of the defunct Power Holding Company of Nigeria( PHCN) a development, which resulted in 11 distribution and six generation companies. Despite the partially privatisation,as the Federal Government is still in control of the Transmission, the sector is yet to attract private investment, increase generation, and provide reliable and cost-efficient power supply. Abdul noted that at a time, th...

Favour Ajibade The Federal Government has taken the Nigerian Sovereign Investment Authority (NSIA) out of the list of investors for the nation’s national carrier,the Nigerian Air. The Ministry of Aviation, in a statement signed by its  James Odaudu, Special Assistant (Public Affairs), James Odaudu, admitted that it included the Nigerian Sovereign Investment Authority (NSIA) as one of the investors in the nation’s national carrier, in great error. He noted that the NSIA was not mentioned in Minister of Aviation Senator Hadi Sirika’s presentation, but only in the general brief given to the media, stressing that it was an error made during its preparation. According to him,the equity ownership structure of Nigeria Air stands as : Ethiopian Airlines 49%, Nigerian private investors (SAHCO, MRS and other institutional investors) 46% and the Federal Government 5%. The statement titled, ‘Error of Inclusion of NSIA as an Investor in Nigeria Air’ reads: Error of Inclusion of NSIA...

Osinbajo By Akinola Ajibade Nigeria requires $400 million annually to achieve net-zero emission in 2060 and transit into Green Energy fully, the Vice President, Professor Yemi Osinbajo has said.  He spoke during the 60th anniversary of the  Oil Producing Trade Group OPTS of the Lagos  Chambers of Commerce and Industry (LCCI), held at Eko Hotel and Suits, Lagos. He urged members of the group to up their game in the journey to Green Energy, adding that they must involved more actively in the conversation.”   Osinbajo said: “When Nigeria gets this fund, in addition to capital flow from both government and private sector, local and international, it would then be able to address majority of the issues relating to Climatic Change in the country.  Nigeria has made a case that it should be on the G7 panel partnerships which will attract significant funding.” Explained further, he said the transition is anchored on key objectives, including lifting 100 ...

Pix showing how theft occured  By Akinola Ajibade The Federal Government is determined to end crude oil theft through the deployment of technology and additional security measures, the Minister of Information and Culture, Alhaji Lai Mohammed, has said. The government, in a statement signed by his Special Assistant, Media) Mr Segun Adeyemi,  (Media), said the Minister of Information and Culture, hinted this during  a press briefing in Abuja yesterday ( Friday ) after the aerial surveillance of the Trans-Forcados oil pipeline in Rivers State. According to him the government took the measures in order to achieve its desired objectives of tackling theft, adding that the continued campaign by the Government Security Agencies (GSAs) has led to the arrest of 210 suspects and confiscation of 20.2 million liters of AGO, 461.8 thousand liters of PMS, 843.6 thousand liters of DPK, and 383.5 thousand barrels of crude oil. “An additional 365 illegal refining sites were des...

Customs'officials observing seized fuel  By Akinola Ajibade The Nigeria Customs Service (NCS) has seized 81, 425 litres of premium motor spirit in Badagry despite being attacked suspected smugglers during night operation, the Acting Controller of the Federal Operation Unit 2 of Service, Mr  Hussein Ejibunu has stated. He said during a briefing at the weekend in Ikeja, Lagos. According to him, the  fuel was packed in jerry cans and sacks by the  suspected smugglers who used dane guns to attack customs officers who made the seizure. The seizures, he said, were borne out of the  painstaking intelligence and perseverance on the part of FOU officers who were committed to protecting the national economy.  He described  the perpetrators of trans-border fuel smuggling as saboteurs that must be stopped. He lamented that the Federal Government spends huge amount of money to subsidise fuel for Nigerian citizen’s benefit, only for a few persons to be s...

Above: CBN's office. Below: Emiefele  By Akinola Ajibade Nigeria has  recorded N890million from the non-oil exports proceeds in 2022, the Governor,  Central Bank of Nigeria (CBN) Mr Godwin Emiefiele has said. He stated this at the Nigeria International Economic Partnership Forum as part of activities lined up for the United Nations General Assembly meeting soon. Prior to this period, the country, according to Emiefele, had recorded export repatriation about $64 million in the first quarter of 2022, $622 million in the second quarter, N859 million in the  third quarter,  adding that projections are that by the quarter, the figures would have increased further. He expressed regret that Nigeria is highly dependent on oil revenue proceeds to support its import obligations. He said that low revenue inflow from oil sales was responsible for the current foreign exchange crises confronting the country. The development had led to the massive depre...

By Akinola Ajibade No fewer than 19 persons lost their lives, while eight others were injured in an auto crash at Yangoji-Gwagwalada Road, Abuja recently. The Federal Road Safety Corps' Acting Marshal Dauda Biu has said. He said this, when he visited the scene of the accident. According to him, the crash involving three vehicles – two Toyota Hiace buses with registration numbers MUB- 30 LG and DWR-985 XJ and an articulated vehicl occured in the Sunday night. “Out of the 31 victims, eight persons comprising of seven males and one female sustained various degrees of injuries, while 19 others were burnt beyond recognition. “Investigation showed that the main causes of the crash were speed limit violation and wrongful overtaking, which eventually resulted in the loss of control,’’ he said. According to him, the Toyota Hiace bus with Registration Number MUB- 30 LG crashed into the Citroen articulated vehicle and burst into flames, killing everyone on board. “The second bus hit the first...

By Akinola Ajibade Shell Nigeria Exploration and Production Company (SNEPCO) has said that health and environmental safety of workers and contractors will be a top priority in its turnaround maintenance of offshore Bonga asset scheduled for October this year, its Managing Director, Elohor Aiboni has said.  She said during a meeting with the Chief Executive officers of contractor companies participating in the Bonga TAM soon. She said: “The Bonga TAM is important to revitalise this important critical national asset. But more important is carrying out the turnaround safely. That is what keeps me awake at night. It is our top priority as a company and we promote this by encouraging our staff and contractors to speak up and work only if it is safe,”  Adding that: " CEOs of firms which are going to participate in the turnaround programmes should embrace the culture of encouraging their staff to speak up and stop work if safety is being compromised. “It is the only way y...

President Muhammad Buhari Nigeria's economy has reached a feverish level,as headline inflation hits 20.52 per cent in August, this year, the National Bureau of Statistics (NBS) revealed in its monthly reports recently. Headline inflation is the raw figure reported through the Consumer Price Index( CPI) , that is released monthly by NBS. The CPI calculates the cost to purchase a fixed basket of goods to determine how much inflation is occurring in a broad economy. The country has for some time, been  experiencing a two-digit inflation figures, owing to the fact prices of commodities have reached astronomical level, without commensurate increase in production of goods and services. This development, according to the National Bureau of Statistic (NBS) was fuelled by the disruption in the supply of food products, increase in import cost due to the persistent currency depreciation and general increase in the cost of production. The headline inflation had a Year on Year (YoY)...

 Kyari welcomes  Irabor to  his office Favour Ajibade The Group Chief Executive Officer Officer (GCEO), Mallam Mele Kyari received a a delegation from the Nigerian Institute of Policy and Strategic Studies (NIPSS), Kuru, led by the Chairman of the Institute’s Board of Governors and Chief of Defence Staff, Gen. Lucky Irabor. They discussed on areas such as capacity building, infrastructural development, general growth and development of the nation’s oil and gas industry, especially in the current Petroleum Industry Act (PIA) era.

Total Energy's Officials at work  Spurred by the needs to continuously sanitise its areas of operations and further play crucial roles in the upcoming World Clean Up Day, Total Energies has donated cleaning materials to traders in Bodija and Mokola markets, Ibadan, Oyo state.  The initiative, which has for years been part of the firm's  Corporate Social Responsibility ( CRS),  was witnessed by residents of the ancient city, who came out in their numbers to applaud, what they describe as the most  remarkable feat in the history of the downstream operator. Speaking at the event, the Managing Director of TotalEnergies Marketing Nigeria Plc, Dr Samba Seye said that there is a need for environmental consciousness globally, due to climate changes. “ As a result of this, we have placed sustainable development at the heart of all our projects and operations while building strong partnerships with key stakeholders.” “We are therefore, intentional in creating ...

THE Minister of State for Petroleum Resources, Chief Timipre Sylva, on Wednesday, said that the Old Port Harcourt Refinery would become functional by December this year. An end to perennial scarcity of petroleum products in Nigeria is imminent, as old Port Harcourt Refinery come on stream this December. The Minister of State for Petroleum Resources, Chief Timpreye Slyva, disclosed this to the  State House correspondents in Abuja. Sylva after the Federal Executive Council FEC, meeting presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja, said the contractors rehabilitating the 60,000 capacity refinery have promised to complete their works in the next three months, without delay. Responding to a question on the state of the ongoing repairs at the nation’s refineries, the Minister said one of the two refineries, the old one with 60,000 barrels-per-day capacity, would be functional by the end of 2022, just as works are also progressing on both t...

Favour Ajibade Nigeria  would be providing  opportunities for businesses to compete and further increase their earnings, immediately subsidy is removed, the Nigerian Ambassador to Brazil,  Ahmad Makarfi, has said. He said this at the Brazil-Nigeria Business Forum organised by the Brazilian Consulate in Lagos in commemoration of the Bicentennial Independence of Brazil. The government, he said, would be able to free some funds for investment in other sectors, once its stops paying subsidy on fuel imported into the country. He, however, urged the business community to leverage the potential of Brazil in fields such as agriculture, aviation, transportation, and others, including services. According to him, if the renewed business relations is embraced, it will enable Nigerians to contribute to the substitution of imports in specific areas where the country has the capacity to produce locally, and can bring attractive initiative. “I enjoin all of us to engage our f...

By Favour Ajibade Ekobank Transnational Incorporation( ETI) has recorded a credit loss of N48billion in the second quarter of 2022, from N21billion in the first quarter,  a development, which showed a difference of N27 billion in-between the two quarters of the year.  In its half-year interim financial report for the period ended June 2022, the bank's loan loss charges expanded by N27billion in the last quarter of June, 2022. The Bank’s Group Chief Executive officer, Mr Ade Adeyemi, attributed the increase in loan impairment expenses to the heightened credit risk situation, which the bank faced in the second quarter.  Commenting on the bank's half year report,  Adeyemi assured stakeholders of the institution's  preparedness to shield earnings against the development, adding that the bank has proactively built a central loan impairment reserve of $206 million, which would be deploy in a seamless manner to improve the operation of the bank. The impact ...

Resident Representative of the IMF office in Nigeria, Ari Aisen; Nigerian Ambassador to Brazil, Ahmad Makarfi; Consul General of Brazil to Nigeria, Amb. Francisco Luz; and Regional Head of Equity Research West Africa for Stanbic IBTC Bank, Muyiwa Oni during the Brazil-Nigeria Business Forum in commemoration of the Bicentennial Independence of Brazil in Lagos… on Thursday. Photo: InsideBusiness   By Akinola Ajibade Nigeria and Brazil will commence direct flights in  order to enable business owners impact positively on their earnings and the economies in particula before this December end, if all go according to plans.  This happens as the two countries renew interest in bilateral trade relations recently. Interestingly, Air Peace, a local airline,has shown interest in flying the route,  a development, which would enable the company overcome problems relating to absence of direct flights to different countries and further improve profitability,...

Sign MoU on reducing Greenhouse Gas emissions from agric sector L-R: United States (US)Ambassador to NIgeria Mary Beth Leonard, US Special Envoy on Climate Change Senator John Kerry, Minister of State Petroleum Resources Chief Timipre Sylva and Group Chief Executive Officer Nigerian National Petroleum Company Limited Mallam Mele Kyari, after a meeting between Sylva and Kerry, at NNPC Tower, Abuja, on Tuesday Many countries, including Nigeria stand to benefit from the $12billion, which the United States of America ( USA) has set aside to mitigate the impacts of climatic change in the world, Mr John Kerry, Special Envoys on climatic change to the President Biden of U.S has said. This happens as the Federal Ministry of Agriculture and Rural Development signed a letter of intent with the U.S. government to reduce Green House Gas emission from the agriculture sector by 74 million tonnes by 2030. Kerry, who spoke in Abuja, yesterday, said Nigeria is one of the countries in Africa...

Ruto at his wearing    By Akinola Ajibade Kenya, yesterday, sworn in Dr William Ruto, as the fifth democratically elected President  of the East African Country, amidst pledge to revive the economy, which has in recent times, plagued by a soaring inflationary rates, huge unemployment among others.  This came a week after the Supreme Court rejected a challenge by his main political opponent, Raila Odinga. Odinga had appealed the election, which brought in Ruto, but the country's apex court upheld the result announced by the Independent Electoral and Boundaries Commission (IBEC) chair, Wafula Chebukati. Since Ruto' s election weeks ago, many African leaders have congratulated him, as well as gracing his innuguration as the new President of Kenya.  They include Nigeria’s Vice President, Professor Yemi Osinbajo,  Ugandan President Yoweri Museveni among others, who graciously attended the swearing in off Ruto, which took place at the 60,000-capacity Moi Internat...

Department of State Security's officials in action   By Akinola Ajibade The Federal Government appears not leaving any stone unturned in its efforts to unravel the cause of the attack unleashed on Abuja-Kaduna bound commercial train in March, this year.  The incident resulted in the death of eight, fatal injury sustained by 26 and the kidnapping of 300 people.  The government, yesterday (Tuesday) through the Federal High Court sitting in Abuja gave  Department of State Security ( DSS) nod to further detain kidnap negotiator, Mr Tukur Mamu for another 60 days.  Mamu was the lead negotiator between terrorists and passengers on board of the train, which left Abuja for Kaduna on March 28th.  While granting the detention order, Justice Nkeonye Maha said that the development would enable security agency to wrap up investigations into Mamu’s alleged involvement with terrorists.  Recall that Mamu was on September 6th arrested in Cairo, Egypt, ...

Bounour Egbin Power Plc has appointed Mr Mokhtar Bounour as its new Chief Executive Officer, as part of plans to strenthening the operation of the  thermal plant, which powers over 20 million homes and businesses,  The company, in a statement, said the  appointment would accelerate Egbin’s ongoing transformation and propel the company’s energy mix transition towards enhanced environmental sustainability.  Egbin, a Sahara Group Company, turnaround has trebled from a generation threshold of about 300mw when it was acquired in 2013 to almost 1000mw, following fresh investment in overhauls, technology and human capital. The company has also achieved 670,000kg of CO2 emission eliminated by reducing fossil energy consumption, 14.1% reduction in Energy Intensity of electrical energy, and over 1000 trees planted to safeguard the environment. Similarly, the Group Managing Director, Sahara Power Group, Mr Kola Adesina, said that the group has a long-term plans to b...

Above: NEITI  logo       Below: Ogbonanya By Akinola Ajibade The Nigerian Exractive Industries Transparency Initiative (NEITI) and the National Assembly have  helped Federal Government to recover N2.6trillion from oil and gas companies, its Executive Secretary, Dr Orji Ogbonanya, He said this at a Civil Society Engagement on Extractive Industries Transparency Initiative (EITI) Validation programme in Abuja. He, however, noted that $2.6 billion remain outstanding as at March 2022, adding that NEITI is prepared to collaborate with Economic and Financial Crimes Commission (EFCC) and other anti graft agencies to ensure the government recover the rest of the funds. The agency, Ogbonanya, swung into action to prepare Nigeria for global governance assessment exercise in oil, gas and mining sectors come February 2023. According to him, the validation Committee is made up of the NSWG with the Secretariat currently providing technical support,...

Favour Ajibade  Chukwuemeka Odumegwu Ojukwu University( COOU) has been throwning into mourning since weekend, following the death of three of its students. The students, all female, were found dead in their hostel at the Igbariam campus of the institution. They were identified as Obidiaso Chidera (200 level Political Science), Mercy (200 level Pharmacy) and Emmanuella (200 level Business Administration). The cause of their deaths is yet to be scertained, as at the time of writing this story. However, some people in the university campus are suspecting foul play as they were locked in their room from outside. “The students were locked up in the apartment. When we gained access to the apartment, we found them lifeless with two of them on their beds in the room, while the third was found in the kitchen”, their colleagues said. The University's Public Relations Officer, Dr Harrison Madubueze, in a statement said: “The university management received with rude shock the news of the death...

The Senator, representing Anambra South District, Ifeanyi Ubah has escaped death by whisker on Sunday night. His convoy was attacked  at Enugwu-Ukwu community in Njikoka Local Government Area of state,  a development, which resulted into death of unspecified number of his orderlies. Punch report said that about six policemen were gunned down in the shoot-out between the gunmen and police operatives. According to the report, some observers believe that the attack could have been a premeditated assassination attempt on the lawmaker. “Senator Ifeanyi Ubah was attacked today by some hoodlums in Enugwu Ukwu. It was a calculated attempt. It wasn’t an impromptu action. The policemen were about four in the convoy and they were attacked. “All their arms were collected. The boys that spearheaded that attack were about nine in numbers.” An eye witness said. “He survived it but there are casualties. Some policemen in his convoy were killed. I just spoke with him. He’s okay but told me the...