NEWS MIRROR

EEDC arrests equipment vandal, vow to end the menace  By Akinola Ajibade  A middle -aged man, Solomon Igwe, was arrested by security operatives for vandalising  one of the transformers, which aid supply of electricity to homes and offices in  Enugu, capital of Enugu state. Igwe, in his 30s, was apprehended recently, at the Thinkers Corner area of the city.  The equipment, he allegedly tampered with , supplies power to a guest house located in Thinkers area of the city. Owned by the Enugu Electricity Distribution Company ( EEDC), the facility and others are  believed to be of immense benefits to the utility company, whose infrastructure has either been stolen or vandalised in recent times. Investigations reveal that Igwe  carries out the dastardly activities with other members of his team.  Igwe's partners in crime( two) were lucky to evade arrest, when  the incident happened as they ran away.  Their tools and Jerry Cans, findings have shown,  were at the scene of the in

By Akinola Ajibade Prices of crude oil may move from between  $119 to $120 a barrel to $150 a barrel or more before this year end, the Chief Executive officer, Transfigura, Jeremy Weir has said. Weir, who is the managing director of the oil trading giant, Transfigura told the FT Global Boardroom conference recently that the spike in the prices of crude oil is expected in view of the interplay of forces of demand and supply of crudes at the international market. The spike in crude oil prices, Weir said, would likely trigger demand destruction for the commodity.  The forecast is just $10 per barrel over where Brent prices shot up to in March shortly after Russia invaded Ukraine. Bullish factors continue to be the Russia factor—with the EU recently agreeing to an embargo on imported Russian oil, although that will not go into full effect for many months—as China’s soon-to-be surge in crude oil demand, which is expected to rebound as the Asian nation rolls back its strict Covid lockdown m

 Nigeria's oil revenues dropped to N945billion in January, representing 7.8 per cent less than the N1.024 trillion budgeted for the period. This happens, as Saudi Arabia earns $1billion daily from oil, a development, which made the country the top earners. The Central Bank of Nigeria (CBN) gave this indications recently, saying  that the  federal government earnings from oil sales dropped to a four-month low. In its latest monthly economy for January 2022, the apex banking regulatory body, said that the development is worrisome, despite the higher oil prices in the international market  Crude oil recorded the highest price margin of $120 per barrel, bringing excitements to Nigeria, an oil dependent nation. According to the CBN data, Nigeria made N945 billion in January, this is 7.8 per cent less than the N1.024 trillion budgeted for the period. A breakdown of the components of oil revenue showed that no revenue accrued from crude oil and gas exports in January, the second straight

Owo's murder: Igboho says he is vindicated By Akinola Ajibade Yoruba nation Agitator, Sunday Igboho, says he is vindicated over the murder of worshippers in  Owo, Ondo state by yet to be identified gunmen. Igbobo who broke silence  the issuehours after the incident, said that he has repeatedly advised sons and daughters to be wary of the activities of militants in the country. Though Police authority is yet to confirm the number of fatality three days after the incident, local media in Nigeria have reported that over 50 people were killed. He spoke in a viral audio released and titled “I pray to God that we don’t experience such again. I pray to God to comfort the families of the victims. “My fathers and mothers, can you see that I have been vindicated? I was not in a battle with any Governor or Senator. But what I envisaged, you didn’t see it. Now, can you all see? “Many were saying I wanted to create crisis and forment trouble, but can you all see it now? “Well, the situation can

By Akinola Ajibade Hopes are on the horizon for students of higher institutions of learning, as Academic Staff Union of Universities (ASUU) promised to call off its  110 days long strike off soon. The Union's President, Professor Emmanuel Osodeke said he would brief the media this week. He said as parents, he and other lecturers feel the pain of the students and want to see them back in classes as soon as possible. Osodeke however accused Federal Government of foot-dragging on its various demands especially the adoption of the University Transparency and Accountability Solution, (UTAS) which it said has passed 90% test. ASUU admitted that the meeting with the Federal government’s 2009 Agreements renegotiation team led by Professor Nimi Briggs has so far been fruitful. There have been protests by the National Association of Nigerian Students ( NANS) on the issue, with hopes rising that the ASUU strike is coming to an end in the next few weeks.

Nigeria's economy has had six consecutive quarters of positive growth and as a result, has the capacity to vigorously pursue its energy transition plans, its Minister of Finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed has said that Nigeria is vigorously pursuing plans to enhance the use of gas as transition energy has said. She said at the sidelines of the IsDB Annual Meetings in Sharm El Sheik,  Cairo, Egypt recently. In attendance at the meeting was the Islamic Development Bank Chairman, Dr. Muhammad Sulaiman Al Jasser.  At the meeting, Ahmed stated that the nation's economy is growing, despite its recent challenges arising from insecurity and crude production. "The Nigerian economy is stable and has had six consecutive quarters of positive growth. The economy has diversified with non-oil revenue exceeding projections" she said. On gas, the Minister appreciated the IsDB for their approval of the Nigeria Segment of the Front End Engineering Design (

By Akinola Ajibade Telecommunication infrastructures can only be secured, once residents of the communities where they are installed adequately watch over them, the Nigerian Communication Comission  NCC's Executive Vice Chairman, Prof Umar Danbata, has said. He said when this thing happens, vandalism of the facilities would reduce and by extension, telecomminatiion networks.  Speaking during the second edition of the Village Square Dialogue with a focus on' Protection of Telecom Infrastructure for Improved Quality Service: The Role of Residents' recently in Abuja, Danbata, who was represented by the Director, Technical Standards Network Integrity, Bako Wakil, urged communities to protect telecom infrastructure and further allow installation of equipment and their maintenance, with a view to improve service delivery. According to him, protecting telecom infrastructure is now important in any community, as the ability to connect and communicate is fundamental to human existen

By Akinola Ajibade Savannah Energy Plc says that its subsidiary, Accugas Limited, has entered into a new Gas Sales Agreement (“GSA”) with TransAfam Power Limited (“TAPL”) in relation to the provision of gas for use at its power plants in Rivers State, Nigeria. TAPL, a subsidiary of British Independent Energy Company,  is a licensed power generation company in Nigeria and is the core investor in the Afam Power Plc and Afam Three Fast Power plants located in Okoloma, Rivers State, Nigeria with installed capacity of 966MW. Accugas has entered a GSA with TAPL to supply up to 35 MMscfpd of gas on an interruptible basis for an initial term of three months, with the option to extend for a mutually agreed period. The plant is connected to the Accugas network via the Nigerian Gas Company pipeline from Ikot Abasi and no further tie-in or capital expenditure is required by Accugas to deliver gas to TAPL. Andrew Knott, CEO of Savannah Energy,expressed delight over the deal He added:”I am delighted

By Akinola Ajibade Prices of crude oil, yesterday, reached  $121.95 per barrel at the international market, a development, which signifies increase in liquidity for Nigeria, which relies largely on proceeds from oil for its economy. This happens, as Saudi Arabia raise oil prices for July amid doubts that an increased OPEC+ monthly output target will help in easing tight supply. Brent crude firmed 32 cents, or 0.3%, to $120.04 a barrel  after touching an intraday high of $121.95. U.S. West Texas Intermediate (WTI) crude futures were up 40 cents, or 0.3%, at $119.27 a barrel after hitting a three-month high of $120.99. Saudi Arabia raised the July official selling price (OSP) for its flagship Arab light crude to Asia by $2.10 from June to a $6.50 premium, the highest since May, when prices hit all-time highs due to worries of disruption in supplies from Russia. Oil rig The price increase followed a decision last week by the Organization of the Petroleum Exporting Countries and allies, to

Aoko Benjamin with additional reports from Akinola Ajibade A  teacher in Ashanti Region in Ghana has created an usual and bewildered scene, as he has allegedly impregnated 24 students under his tutorship.  The teacher ( name withheld) is on a mandatory teaching practice in Asokore Mampong Municipality in the region. Reports said that the unthinkable practices came to the knowledge of the school, when the mothers of the children ( pregnante women) began to report to the school one after the other about how the student-teacher wrecked havoc to their lives and by extension future by impregnating them. Though the school has frowned at the ugly incident by describing it as unwanted misconduct, the issue has given the institution a bad name. News Mirror gathered that the student teacher had also put four regular female teachers in the family line, as well as the school headmistress. The student teacher is a level 400 student of a popular College of Education in the Western Region. The Asokor

Worshippers killed in Owo, Ondo state, says Akeredolu,  Akeredolu       ........Black Sunday, as terrorists killed many  By Akinola Ajibade Ondo state is in a state of mourning as the terrorists launched unprovoking attacks on worshippers at St Francis Catholic Church, Owa-luwa street on Sunday  The attacks resulted in the death of many, who had gone to the church, with the hope of returning home into the warm embrace of their loved one. The governor, Arakunrin Oluwarotimi Akeredolu,SAN, is  saddened by the incident, as he sent condolence message to the indigenes and non-indigenes of the state through the media. He said: " It is a black Sunday in Owo. Our hearts are heavy. Our peace and tranquility have been attacked by the enemies of the people. This is a personal loss, an attack on our dear state. “I have spoken to the Bishop of the Catholic Diocese of Ondo, Most Reverend Jude Arogundade, who is presently on his way to Owo. Similarly, I have had to cut short my party’s national

By Akinola Ajibade The ban on trycles  popularly  known as (okada) in Lagos and beyond  continues,as the state government impounded and crushed 2,000 more of such means of transportation days ago. Altogether, the total number of Okada seized and destroyed in the last five months was   7,000.   Data compiled by the News Mirror showed that  these okadas worth almost N1.4 billion. Recall that the government had last Friday, crushed and apprehended motorcycles, at its Taskforce’s Crushing Centre, Ikeja.  Speaking on the issue, the state's Commissioner for Transportation Dr Frederic Oladeinde, said the idea is to prevent the okada from finding their way into the streets. Oladeinde, who supervised the crushing exercise, commended the security operatives for enforcing the total ban order across all the affected 15 local councils. He said the development goes a long way to show that the government is frowning at the issue. The exercise, the commissioner said,  brings the total number of  7

By Akinola Ajibade Operators of Small and Medium Scales( SMEs) who have access to credit facilities in Nigeria are not more than five percent, the National Bureau of Statistics ( NBS) and Medium Enterprises Development Agency of Nigeria ( MESAN) have said.   The two agencies, in a joint report released on the state of financing businesses in the country, said that access to credit is still very low in Nigeria, and that financial institutions have limited the credit advanced to SMEs and related organistions in the country. The Group Managing Director/Chief Executive Officer, CRC Credit Bureau Limited, Tunde Popoola, gave vent to this assertion, in a speech with the theme: " The Role of Credit Reporting in Facilitating Consumer Credits at the May 2022 forum of the Finance and Business Online Publishers’ Association FiBOP, held in Lagos recently. According to him, the The access to credit in Nigeria  is practically demonstrated in various ways, apart from through credit penetration a

By Akinola Ajibade The All Progresives Party( APC) will experience serious crises, if its National Leader,  Asiwaju Bola Ahmed Tinubu, loses the presidential primary coming up in the next few days, the former Bornu State Governor, Kashim Shettima, has said. The primary  is slated for June 6th-7th this month, with aspirants criss-crossing the country, seeking the nod of delegates ahead of the event. Shettima, who spoke on Friday night during a programme on Television Continental ( TV) noted that the former governor of Lagos state has paid its dues in all ramification and that as a result, officials of  party across the country are in support of him. " I'm not a prophet of doom. But it would be catastrophic for Asiwaju if he loses the presidential primary of the party." He, however, said that Nigerians are quoting the APC presidential hopeful ( Tinubu) out if context over the statement that he made President Muhammad Buhari to win the election.

By Akinola Ajibade Nigeria's crude oil quota has moved from 1.772 million barrels per day to 1. 799milion barrels per day. The increase is between June to July 2022, The Organisation of Petroleum Exporting Countries (OPEC) has said. 0PEC disclosed this at its 29th ministerial meeting this week. At the meeting are members of OPEC and non-0PEC respectively. The meeting, which took place through videoconferencing on Thursday, stated that the increase in crude output was 27,000 barrels, which translattes  to 3.4% increase in the month of July. In the statement issued at the end of the meeting, OPEC also approved the highest production volume of 10.833million barrels per day for Saudi Arabia and Russia. As the United Arab Emirates is to produce 3.127million barrels per day, Iraq and Kuwait are to produce 4.580million barrels per day and 2.768millions barrels per day respectively, the organisation ratified 1.753million barrels per day for Mexico and 1.680million barrels per d

By Akinola Ajibade Controversy has continued to trail the cleaning of Ogoniland in Rivers state, as the Movement for the Survival of the Ogoni People, MOSOP, advised  the  Federal Government to give account of $800million earmarked for the exercise.  The government is believed  to have allocated the fund to its agency known as  Hydrocarbon Pollution Remediation Project, HYPREP, for the job. President of MOSOP, Fegalo Nsuke, had during six years anniversay of the official flag-off of the Ogoni clean up programme in Port Harcourt, urged the government to tell the sons and daughters of Ogoniland how the money was spent. There is little or nothing done so far,he said,adding that “not much has been achieved but corruption, mismanagement and embezzlement” He alleged that despite receiving over $800million for the cleanup programme, the Nigerian authorities have been unable to make any positive impact in Ogoni. He said it was inconceivable that “as common as drinkable water could

By Akinola Ajibade There is palpable air of uncertainties among the presidential aspirants of the All Progressives Congress ( APC) days to the primary, which is being organised for the candidates, The News Has learnt. According to a report by Niche, the Presidential Screening Committee of the party headed by the pioneer chairman, Chief John Odigie-Oyegun, has disqualified 10 of the 23 presidential aspirants of the party. Though the list of those affected is yet unknown as at press time, there is a great tension among party stalwarts as they started eavesdropping to know the next line of action, which the Senator Abdullahi Adamu-led National Working Committee National Working Committee (NWC) would take on the issue. It was gathered that the news of the disqualification has engineered panic among the presidential hopefuls, who had spent time campaigning all over the country, aside from paying a whopping N100 m fee for nomination and expression of interest forms.

Abuja:  Police, hunters rescue four victims from bandits'den  By Akinola Ajibade Police Police and hunters in the Federal Capital Territory (FCT )  have dislodged bandits operating in the area.  They went through  Chukwukuara in Kuje Area Council to dislodge the bandits. The command’s spokesperson, DSP Josephine Adeh, said  in a statement made available to News Mirror, that the operatives destroyed the hideout and successfully rescued four victims from the criminals’ den She said that the operation commenced at about 06:00 hours of Tuesday 31st of May 2022 witnessed the rescue of Mustahudeen Sani, Felix Vaa,, and Adamu Isa all males who were reportedly kidnapped between the 23rd and 25th of May 2022 at kiyi and Abdulsalam Uzugiz who was kidnapped at Angwan Gade extension of Kuje Area Council of the Territory. “Unfortunately, the criminal elements upon sighting the gallant advancement of the team engaged them in a gun duel where a member of the Destiny hunter paid the ultimate price

Why Nigeria unable to resolve her electricity problems By Akinola Ajibade The nation's power sector is under-performing due to low systems deficiencies or High Aggregate Technical and Commercial ( AT&C)losses and ageing infrastructure, a research conducted by a team of experts in the industry has said. Others are poor customer relationship and a history of less than cost-reflective tarrifs. In the research detailing the challenges facing the sector and conducted by Nextier, the team also  said that challenges to financing as one of the major issue,  noting that the capital structure of acquisition debt and expansion financing poses more challenge for infrastructure assets operated in a regulated utility. Another issue identified by the report  is the challenge of raising the required long-term patient capital aligned to the long-lived infrastructure assets. It added:”As a result, it has been a challenge for the companies to service debts, meet the necessary rehabilitation and e

By Akinola Ajibade  The Central Bank of Nigeria(CBN) embarked on several performance improvement projects in order reduce the problems facing the industry, the apex bank's Directors of Developmental Finance, Strategy Management, Trade and Exchange, Messrs Yusuf Philips, Clement Buhari and Ozoemena Nnaji, have said. They spoke during their visit to the Eko Electricity Distribution Company ( EKEDC) recently. The visit was part of the monitoring and evaluation tour of the CBN- funded intervention facilities for electricity distribution  companies in Nigeria.  They all justified the interve ntion of CBN in the nation's power sector. Speaking,Yila explained that the CBN  had intervened by funding the procurement, installation, rehabilitation, and replacement of some electricity distribution infrastructure to assist the Discos’ capacity in the delivery of adequate and reliable power supply to Nigerians. He said the  CBN commenced phase zero of the National Mass Metering Programme  in