Wednesday, November 14, 2018

Malik Abdulganiy

    Nigerians to pay more for electricity as NERC approves ‘service charge’

Nigerians to pay more for electricity as NERC approves ‘service charge’

The Nigerian Electricity Regulatory Commission (NERC) says prepaid meters will soon flood the market with the licensing of 87 meter asset providers (MAPs).What the power sector regulator downplayed, however, is there is also going to be an increase in the bills to be paid by electricity consumers in the country who get new meters under the latest regulation.On March 12, 2018, Dafe [...]

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    EXCLUSIVE: Ekweremadu to face trial over ‘hidden assets’ in UAE, UK, US

EXCLUSIVE: Ekweremadu to face trial over ‘hidden assets’ in UAE, UK, US

Ike Ekweremadu, deputy senate president, will be charged before the Code of Conduct Tribunal (CCT) next week by the office of the attorney-general of the federation (AGF), TheCable understands.He will be arraigned for "false declaration of assets" -- the same charge slammed against Senate President Bukola Saraki whose case was adjourned indefinitely on Thursday by the tribunal.Ekweremadu is accused of [...]

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    EXCLUSIVE: ‘You’re sabotaging my assignment’ — Tinubu letterbombs Oyegun

EXCLUSIVE: ‘You’re sabotaging my assignment’ — Tinubu letterbombs Oyegun

Bola Tinubu, a national leader of the All Progressives Congress (APC), has written a scathing letter to the national chairman of the party, John Odigie-Oyegun, accusing him of sabotage, TheCable can report.Tinubu, who copied the president, vice-president, senate president and speaker of the house of representatives, pointedly accused Odigie-Oyegun of contravening the spirit of the discussions both of them had [...]

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    EXCLUSIVE: FG panics as Azura Power, Seven Energy default on foreign loans

EXCLUSIVE: FG panics as Azura Power, Seven Energy default on foreign loans

Kemi Adeosun, minister of finance, has moved to forestall a major international setback for Nigeria following an imminent default in private sector loans guaranteed by the federal government.TheCable understands that Azura Power and Seven Energy, two key players in power and gas, have been unable to settle their December 2017 invoices regarding foreign loans that enjoy the World Bank partial [...]

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    EXCLUSIVE: Teleology highly favoured to take over 9mobile

EXCLUSIVE: Teleology highly favoured to take over 9mobile

Teleology Holdings Limited, promoted by Adrian Wood, former CEO of MTN Nigeria, is the preferred bidder for 9mobile, TheCable can report.Smile Telecoms Holdings, a telco operating in Nigeria, Tanzania, Uganda, Congo DR and South Africa, is the reserve bidder.While Teleology put in a bid of $500 million, Smile quoted $300 million.However, TheCable understands that both companies will be given 30 days [...]

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    EXCLUSIVE: Airtel pulls out of 9mobile bid as Glo, Helios fail to name price

EXCLUSIVE: Airtel pulls out of 9mobile bid as Glo, Helios fail to name price

Airtel Nigeria did not submit a final bid for 9mobile despite being on the shortlist of five, TheCable can report.Also, although Globacom and Helios Investment Partners LLP submitted bids, they did not make any financial offer for the troubled telco.TheCable understands that Teleology Holdings Limited submitted a bid in excess of $500 million while Smile Telecoms Holdings quoted close to $300 million.Effectively, [...]

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    Court rejects Malami’s motion to stop probe of Maina’s recall

Court rejects Malami’s motion to stop probe of Maina’s recall

The ex parte motion filed by Abubakar Malami, attorney-general of the federation, to stop the national assembly from probing the recall of Abdulrasheed Maina has been stuck out by a federal high court sitting in Abuja.TheCable had reported the suit filed by Malami in what was understood to be an attempt to stop the decision of the senate to conduct [...]

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    EXCLUSIVE: Malami asks court to stop senate probe of Maina’s recall

EXCLUSIVE: Malami asks court to stop senate probe of Maina’s recall

Abubakar Malami, attorney-general of the federation, has filed a suit before a federal high court in Abuja, seeking to stop the senate from probing the reinstatement of Abdulrasheed Maina into the civil service.TheCable understands that the suit has been assigned to Binta Nyako, a judge of the federal high court, Abuja.Senate's decision to conduct a forensic investigation instigated Malami's court [...]

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    THE INSIDER: Why Globacom badly wants 9mobile — but may not get it

THE INSIDER: Why Globacom badly wants 9mobile — but may not get it

Globacom desperately wants to acquire 9mobile -- but it would take a miracle for the nation's second largest mobile network to get its wish, those with inside knowledge of the goings-on have told TheCable.The company formerly known as Etisalat Nigeria was taken over in July 2017 following a N541 billion debt overhang.Mubadala Group, the major investor from the United Arab Emirates, pulled [...]

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    EXCLUSIVE: NCC, CBN query Barclays’ transparency in sale of 9mobile

EXCLUSIVE: NCC, CBN query Barclays’ transparency in sale of 9mobile

The handling of the sale process of 9mobile by Barclays Africa, the financial advisers, has come attack from the Central Bank of Nigeria (CBN) and the Nigeria Communications Commission (NCC), TheCable can report.In a joint letter to GTBank, which is the facility agent for the 9mobile syndicated loan, Umar Danbatta, the executive vice-chairman of NCC, and Godwin Emefiele, the governor [...]

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    EXCLUSIVE: General secretly recorded threatening to ‘eliminate’ Buhari over defence contract

EXCLUSIVE: General secretly recorded threatening to ‘eliminate’ Buhari over defence contract

More facts have emerged on the ongoing court-martial of a brigadier-general in what insiders now call an "interesting drama".Lym Hassan, who is the coordinator of peace keeping at the ministry of defence, was secretly recorded allegedly threatening to "eliminate" President Muhammadu Buhari over a defence contract.He was arraigned before the military court on October 30, 2017 and charged with two [...]

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    Defence minister says $1.4m contract ‘in order’ — but new documents raise more questions

Defence minister says $1.4m contract ‘in order’ — but new documents raise more questions

Tukur Gusau, spokesman of Mansur Dan-Ali, minister of defence, says there is no fraud in the award of the contract for the relocation and refurbishment of Nigeria's UN Level 2 Military Hospital under the United Nations Multidimensional Integrated Stabilisation Mission in Mali (MINUSMA).The project has been completed and awaiting inspection by the ministry, Gusau also said in a press statement [...]

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    EXCLUSIVE: General detained as another scandal rocks Buhari’s government

EXCLUSIVE: General detained as another scandal rocks Buhari’s government

President Muhammadu Buhari's anti-corruption campaign has been bedevilled by scandals and rumours of scandals in recent times.The list has just been lengthened by a contract scandal in the ministry of defence which has landed a brigadier-general in military court.At the centre of the latest development are Mansur Dan-Ali, a retired brigadier-general and minister of defence, Danjuma Nanfo, the immediate past permanent secretary [...]

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    SHOCKER: Gwarzo pocketed N104m severance pay from SEC shortly after he was named DG

SHOCKER: Gwarzo pocketed N104m severance pay from SEC shortly after he was named DG

Mounir Gwarzo, director-general of the Securities and Exchange Commission (SEC), allegedly got a severance package of N104 million from the same commission shortly after he was named DG in 2015.He was an executive commissioner at SEC when former President Goodluck Jonathan appointed him to lead the commission on May 22, 2015.On assuming office as DG, he allegedly paid himself the [...]

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    IGP, Edo police commissioner on the spot as criminals terrorise state

IGP, Edo police commissioner on the spot as criminals terrorise state

Why has Ibrahim Idris, the inspector general of police, failed to allow a new police commissioner to assume duties in Edo state since the transfer of the incumbent, Haliru Gwandu?This is at the heart of the panic that has gripped senior government officials in the state as criminal gangs unleash terror on the citizens.The criminals are believed to be those [...]

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    QUESTION: 24 hours ago, army said IPOB was ‘unarmed’ — what changed overnight?

QUESTION: 24 hours ago, army said IPOB was ‘unarmed’ — what changed overnight?

It's now official -- at least in military circles -- the organisation led by Nnamdi Kanu is a terror group.John Enenche, the director, defence information, said on Friday that the claim by Indigenous Peoples of Biafra (IPOB) that it is non-violent is not true "after due professional analysis and recent developments".He listed what constitutes "terrorism" as the formation of a [...]

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Exchange Rates

November 13, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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