Monday, September 24, 2018

Tag "power"

    Report: EFCC begins probe of $16bn allegedly spent on power

Report: EFCC begins probe of $16bn allegedly spent on power

The Economic and Financial Crimes Commission (EFCC) has started investigating the alleged $16 billion spent on power during the administration of former president Olusegun Obasanjo.On Tuesday, President Muhammadu Buhari had queried the expenditure on power during the Obasanjo administration.The ex-president had subsequently replied by expressing his readiness for a probe.According to The Nation, an EFCC team is already gathering facts [...]

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    ‘Connect to chapter 41 of My Watch if you don’t have light’– Nigerians ridicule Obasanjo over ‘$16bn’ allegation

‘Connect to chapter 41 of My Watch if you don’t have light’– Nigerians ridicule Obasanjo over ‘$16bn’ allegation

Nigerians have taken to social media to comment on the "jar-war" between President Muhammadu Buhari and ex-President Olusegun Obasanjo.On Tuesday, Buhari said a former president has questions to answer over the $16 billion spent on power project.Obasanjo, however, fired back at Buhari,  accusing him of being ignorant.The elders statesman referred Buhari to 'My Watch', his autobiography, where he said the allegations [...]

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    Soon, it’ll be the right of every Nigerian to own prepaid meter

Soon, it’ll be the right of every Nigerian to own prepaid meter

A bill seeking to prohibit the issuance of estimated electricity bill to electricity consumers in the country has passed second reading at the house of representatives.The Electric power sector reform act (amendment bill), sponsored by Femi Gbajabiamila, leader of the house, proposes a legislation to criminalise such billings method.By creating new sections 68 to 72 in the act to prohibit [...]

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    Power generation ‘to hit 100,000mw by 2030’

Power generation ‘to hit 100,000mw by 2030’

The Energy Commission of Nigeria (ECN) has predicted that Nigeria will be able to generate 100,000 megawatts of power by 2030.Eli Bala, ECN director-general, made this known on Monday in an interview with NAN.He said the projection would be possible with an annual economic growth rate of seven percent and steady implementation of the national energy plan by the federal [...]

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    On the verge of collapse, 13 GenCos drag FG to court

On the verge of collapse, 13 GenCos drag FG to court

Nigeria's power crisis is in for more shocking waves as 13 power generation companies (GenCos) have sued the federal government for giving "preferential treatment" to two competitors with intent to harm the business interests of the others.The GenCos, who said they are on the verge of collapse over debts in excess of N1 trillion, currently generate 80% of the power consumed in [...]

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    El-Rufai: Buhari willing to give up power

El-Rufai: Buhari willing to give up power

Nasir el-Rufai, governor of Kaduna state, says President Muhammadu Buhari is willing to give up power if that is what is needed to make Nigeria progress.El-Rufai said this while speaking on one of the recommendations of the All Progressives Congress (APC) committee on restructuring.The committee had, among other things,  recommended the devolution of power.WHAT IS DEVOLUTION OF POWER?Devolution is the statutory [...]

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    FACT CHECK: Did Lai say the whole truth in response to Obasanjo?

FACT CHECK: Did Lai say the whole truth in response to Obasanjo?

Olusegun Obasanjo, former president, shocked the world on Tuesday when he warned President Muhammadu Buhari against contesting in 2019. The former president, who was one of Buhari's supporters during the 2015 elections, said the president had performed below expectation.After the federal executive council meeting on Wednesday, Lai Mohammed, minister of information, culture and tourism, responded to the letter with what he [...]

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    Private firm floats Nigeria’s first power infrastructure bond

Private firm floats Nigeria’s first power infrastructure bond

Viathan Group, a private company, has issued a $32 million infrastructure bond to fund power assets— the first of its kind in Nigeria.The bond, which is worth N9.8bn when converted at the CBN official rate N305.65 to a dollar, is offered at an interest rate of 16 percent.Viathan is owned by Synergy Private Equity, a company which develops and operates [...]

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    Firm ‘to build’ 510km gas pipeline

Firm ‘to build’ 510km gas pipeline

Axxela, a gas and power company, has disclosed its plan to build a 510-kilometer gas pipeline network across some states.According to the company, the project would commence in Ibadan, Oyo state and run through the towns of Osogbo, Ogbomosho, Ilorin, Ado-Ekiti, terminating in Jebba in Kwara state.The company said the proposed pipeline project was conceived as part of the Nigeria [...]

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    Siemens ‘to add 459MW’ to national grid by 2018

Siemens ‘to add 459MW’ to national grid by 2018

Onyeche Tifase, Siemens Nigeria CEO, says the company aims to add 459MW to the national grid by 2019 through its Azura Edo Independent Power Project.According to the company, the project is expected to add 3GW to the national grid by 2020 upon completion.In a statement signed by Keshin Govender, media relations officer of the company, the company quoted international studies [...]

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    God’s Mercy Revival Ministries to hold 18th annual conference

God’s Mercy Revival Ministries to hold 18th annual conference

God’s Mercy Revival Ministries (GOMERM) is set to hold its 18th annual power conference.The conference will hold between August 14 and August 20 at the church’s headquarters on Femi Bankole Close, Arida, Ikotun, Lagos. The conference, which also marks the anniversary of the church, is themed 'Zoin 2017- Crossing Over: Breaking Boundary'.James Akanbi, GOMERM’s general overseer, will be leading other people [...]

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    Falana: It’s illegal for FG to control power generation

Falana: It’s illegal for FG to control power generation

Femi Falana, human rights lawyer, says the federal government's control over power generation and distribution is unconstitutional.Speaking at the launch of ‘Darkness to Darkness’, a report on the power sector by the Socio-Economic Rights and Accountability Project (SERAP), in Lagos on Wednesday, Falana urged state governments to take advantage of the constitution which puts the provision of electricity on the [...]

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    Ambode speaks on steps Lagos is taking to have 24-hour power supply

Ambode speaks on steps Lagos is taking to have 24-hour power supply

Akinwumi Ambode, Lagos state governor, says in the next three or six years, the state will generate 3,000 megawatts of electricity through its embedded power programme.The programme involves direct intervention in the power value chain for the purpose of achieving 24-hour power supply for Lagos.Speaking at a meeting with officials of the Nigeria Electricity Regulatory Commission (NERC) in Abuja on [...]

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    Nigeria ‘can generate 10,000MW of power — but can’t transmit it’

Nigeria ‘can generate 10,000MW of power — but can’t transmit it’

Ngozi Ifeoma Malo, senior special adviser to former minister of power, Chinedu Nebo, says Nigeria can generate 10,000 megawatts of electricity, but transmission is the problem.The Desmond Tutu fellow, who also served as special assistant on legal and policy issues to Ngozi Okonjo-Iweala, former coordinating minister for the economy, said the transmission sector is the weakest link in the power [...]

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    GenCos ask FG to increase electricity tariff

GenCos ask FG to increase electricity tariff

Power generation companies (GenCos) in the country are calling for an increase in electricity tariff due to “high business costs”.Ismaila Funtua, vice chairman, Mainstream Energy Solution, made this known on Tuesday while speaking with journalists on the sidelines of the quarterly presidential business meeting held in Abuja.He said the GenCos were asking the government to stop subsidising electricity and “let those who [...]

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    Nigeria suffered two power grid collapse in April

Nigeria suffered two power grid collapse in April

Power generation in Nigeria dropped precipitously from 3,222.5 megawatts on 25 April to 113.6 megawatts the following day, leading to the collapse of the grid.It was the second time the system crashed last month, according to the Transmission Company of Nigeria (TCN).Industry sources said the latest system collapse was due to frequency constraints on the grid.This is despite the increased [...]

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Exchange Rates

September 24, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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