Tuesday, April 23, 2019

Tag "power"

    ‘We’ll recover $16bn wasted on power’ — again Buhari hints at probing Obasanjo

‘We’ll recover $16bn wasted on power’ — again Buhari hints at probing Obasanjo

President Muhammadu Buhari has vowed to recover the $16 billion dollars allegedly wasted on the power sector when the Peoples Democratic Party (PDP) was in power.Speaking at the All Progressives Congress (APC) presidential rally in Yenagoa, Bayelsa state capital, on Tuesday, the president vowed to go after the people who mismanaged the money meant for the development of the sector.In [...]

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    Buhari: I’m sure all ongoing road, power, rail projects will be completed this year

Buhari: I’m sure all ongoing road, power, rail projects will be completed this year

President Muhammadu Buhari says all the ongoing road, rail and power projects in his administration will be completed by the end of 2019.Buhari gave the assurance on Saturday during the All Progressives Congress (APC) presidential campaign rally in Ibadan, Oyo state.Addressing his supporters at Mapo hall, the president urged the people to vote massively for APC candidates at all levels.According to [...]

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    Stranded power, stranded promise

Stranded power, stranded promise

Nigerians have for long languished under debilitating incompetence of the power sector. And we are now better informed that the government should by no means be held responsible for the crisis. Rather, whiners should direct their angst at privately owned electricity Distribution Companies (DisCos) and Generation Companies (GenCos) that are operators of the seemingly jinxed sector.We have no less to [...]

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    AfDB unveils Africa Energy Portal, says 75.7m Nigerians without electricity

AfDB unveils Africa Energy Portal, says 75.7m Nigerians without electricity

The Africa Development Bank  (AfDB) has launched a "one-stop-shop for accurate, reliable, relevant, and up-to-date information on energy in Africa," the Africa Energy Portal.The portal is one of the deliverables from the just concluded Africa Investment Forum (AIF) in Johannesburg, South Africa.In a statement seen by TheCable, the development bank said portal will help address lack of information in Africa's energy [...]

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    Akin Adesina: I’m ashamed of Nigeria’s 4,500MW of power

Akin Adesina: I’m ashamed of Nigeria’s 4,500MW of power

Akinwumi Adesina, president of the African Development Bank (AfDB), says it is unacceptable for Nigeria to be delivering 4,500 megawatts of electricity.Speaking on the sidelines of the Africa Investment Forum ongoing in Sandton, South Africa, the former minister of agriculture says he is ashamed of the country's power generation."My own perspective in everything that I do is that my philosophy [...]

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    Nigeria’s debt for infrastructure is good debt, says Fashola

Nigeria’s debt for infrastructure is good debt, says Fashola

Babatunde Fashola, minister of power, works, and housing, says debt for infrastructure in Nigeria is good debt, as far as he is concerned.Speaking at the Africa Investment Forum in Sandton South Africa on Wednesday, Fashola said the Nigerian government should not be judged like a private company when it comes to borrowing."The only thing I want to say about debt [...]

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    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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Exchange Rates

April 22, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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