Author: Chief Editor

As apprehension over the anticipated 40 per cent increase in electricity tariff persists, the Chief Executive Officer of PowerCap Limited, Mr. Abiodun Ogunleye, has projected that consumers may be paying as high as N10,000 to vend for 100 units of electricity if the tariff eventually rises. Ogunleye made the projection in Lagos during a press conference heralding the 2023 PowerSolution Conference slated to hold in Lagos between July 19 and 20, 2023, with the theme: “Sustainable Resolution of the Gaps in the Power Sector.” According to Ogunleye, who possesses over 30 years’ experience in the power industry, the changes in…

Trading activities resumed new week positive yesterday as the stock market of the Nigerian Exchange Limited (NGX) gained N534 billion over investors demand for MTN Nigeria Communication Plc, among others. Accordingly, the NGX All Share Index (ASI) gained by 980.97 basis points or1.61 per cent to close at 61,949.24 basis points. Also, market capitalisation gained N534 billion to close at N33.732 trillion. As measured by market breadth, market sentiment was positive, as 67 stocks gained relative to 13 losers. Eterna, Meyer, Fidelity Bank, Japaul Gold & Ventures, Linkage Assurance and University Press recorded the highest price gain of 10 per…

A University Don, Prof. John Adebayo Oloyede, has called for national economic rebirth to address fundamental issues confronting the economic development in Nigeria. He made the call in the 72nd inaugural lecture, titled: “Financial sector Reforms and the Exchange rate stability; Dynamic and Paradox of the Nigerian Economy,” delivered at Ekiti State University, Ado Ekiti. Specifically, he said that one indispensable instrument to achieve this remains a well structured, reformed and efficient financial system by taking cognizance of the dynamics and paradoxical issues. He identified issues that must be addressed as sustainable mechanisms for good governance, transparency and accountability for…

Ogun State governor, Prince Dapo Abiodun, yesterday, disclosed that the E-Mobility and Gas Mobility Programme of the state will take off in the first week of August. he governor also said his administration would take advantage of the newly signed electricity bill by establishing a company that would generate and distribute power in the state. Abiodun spoke, when he received participants of the Senior Executive Course 45, Group 1, of the National Institute for Policy and Strategic Studies (NIPSS), Kuru, Jos, who came on a courtesy call in his office, at Oke-Mosan, Abeokuta. He said his administration would, in its…

A Civil Society Organisation, Coalition of West African Investigative Journalists, (COWAFIJ), has called on President Bola Tinubu to initiate an investigation into the spending of over $550m (N426 billion) repayable grant by Nigeria Electrification Project (NEP). NEP, a unit in Rural Electrification Agency (REA), according to COWAFIJ at a press conference in Lagos at the weekend, obtained the loan from World Bank and African Development Bank under the incumbent Managing Director of REA. Speaking at the event, the watchdog journalists’ group’s General Secretary, Comrade Gboyega Adeoye said since December 2019, NEP’s repayable grants from World Bank and African Development Bank…

* Absence of witness stalls opening of INEC’s case* Tinubu to open defence today Presidential Election Petition Court (PEPC), yesterday, admitted final report of the European Union Observation Mission (EU-EOM) on the February 25 presidential election. The report was tendered by Dr. Lawrence Bayode, a witness of the Independent National Electoral Commission (INEC), during cross-examination by Chief Chris Uche, counsel for Peoples Democratic Party’s presidential candidate, Atiku Abubakar. The court admitted the evidence despite vehement objection.This came as Conference of Nigeria Political Parties (CNPP) applauded the report, saying it would deepen democracy in the country. In a statement signed by…

Battle for Senate leadership won’t affect Ministerial list, bills• PDP writes Akpabio on inconclusive consultations over Minority leaders The All Progressives Congress (APC), with the largest number of members, is expected to produce the Majority leader, while the opposition Peoples Democratic Party (PDP) will produce the Minority leader. While APC has 59 senators; PDP has 36; Labour Party (LP) eight; Social Democratic Party (SDP) two; New Nigeria Peoples Party (NNPP) two; Young Peoples Party (YPP) one and All Progressives Grand Alliance (APGA) one. This shows seven political parties making up membership of the 10th Senate, with 50 as opposition members.…

The Senator Abdullahi Adamu-led National Working Committee (NWC) of the All Progressives Congress (APC) is billed to parley with members of the Progressive Governors’ Forum (PGF) ahead of national caucus and National Executive Committee (NEC) meetings. The parley, slated to hold 1:00 p.m. today, at the NWC Hall of the National Secretariat in Abuja, is aimed at addressing challenges affecting the party. The meeting is expected to prepare ground for the APC NEC parley, scheduled for Monday and Tuesday. Faceoff between Adamu, National Secretary of the party, Iyiola Omisore, and National Vice Chairman (North West), Salihu Lukman, concerning the party’s…

• Commercial banks stop treating BT/PTA, other invisible requests• Illiquidity in parallel market hits all-time high• Bank branches restricted to two payments a month as funding dries up• Foreign investors, others in wait-and-see mode• Nigeria risks currency ‘liquefaction’, Owoh warns• ‘Time to visit human component of monetary policy reform’ Close to three weeks since the Central Bank of Nigeria (CBN) pulled the plug on the foreign exchange (FX) market, the contending challenges have become more resilient and deep-seated, unsettling individuals and businesses across the board. Illiquidity, at both official and unofficial segments of the market, has reached an all-time high…

Arsenal are yet to sanction the exits of Thomas Partey and Granit Xhaka, as they have not wrapped up the deal to sign Declan Rice from West Ham. The Gunners have agreed a £105 million deal for Rice, but are still locked in talks over the structure of the payment. Mikel Arteta wants to get the England midfielder first, before the futures of Xhaka and Partey are resolved. Football transfer expert, Fabrizio Romano, told CaughtOffside: “Thomas Partey has interest from Juventus and from Saudi clubs, but as of now, this is still nothing advanced. “There has also been a verbal…