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FG procures 10 mobile power stations to address power supply issues

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In a move aimed at addressing the persistent challenges in the nation’s power supply, the Federal Government has announced the acquisition of 10 mobile power stations.

The revelation came from the Minister of Power, Adebayo Adelabu, during a meeting with the Forum of Commissioners of Energy in Nigeria on Wednesday.

The gathering, attended by representatives from 23 states, served as a platform for the Minister to reiterate collaboration between the Federal and State governments in their shared commitment to achieving consistent power supply.

Adelabu, in a press statement released on Thursday, and signed by the Special Adviser, Strategic Communications and Media Relations, Ministry of Power, Bolaji Tunji, expressed optimism about the imminent resolution of power-related challenges.

During the forum, Adelabu urged patience from the public, assuring that the recent acquisition of mobile power stations marks a significant step towards overcoming power failures.

“We are poised to address the root cause of the electricity challenge. We have done enough diagnostics, we know the cause of the problem, and we are now in the implementation stage. We have realised that in the past, temporary solutions were applied to the challenges without dealing with the root cause”, he said

Adelabu urged both the Federal and State governments to seize the opportunity and collaborate effectively.

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“You can always call on me to intervene, I will stand by you and I know once the States start to perform and take up further responsibilities, it means I have also performed.

“When each of the States starts getting involved, there would be healthy rivalry akin to what we used to have in the days of regional government”.

Adelabu highlighted Abia State, emphasising Geometrics Power Limited’s 188-megawatt plant that provides electricity to seven to eight local government areas in the state.

“They enjoy 24-hour power supply; this is what we want States to also adopt. It might look difficult, but with tenacity and if we endure, it is achievable”, he said.

The Minister recommended that State governments engage in their states’ distribution networks and address the metering gap.

“You can then discuss with the DISCOs how to capitalise your investment. State government can get involved in picking the executive management of the DISCOs. You already have about 40 per cent of the shares of the DISCOs.  You need to discuss this with the Ministry of Finance Incorporated (MOFI) on the shares. If a State buys about 10, 000 meters, all that needs to be done is to agree with the DISCOs on capitalising the investment”.

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“You should know who you are dealing with at the State level and if you invest in the power infrastructure, you would know who to hold responsible. It is easy for the States and DISCOs to work together on distribution. As a State, you are in a position to know the unserved and the underserved or where there are weak infrastructures that States can invest in. Once we can attend the challenges from 36 points, we will have solved a lot of our electricity problems”, he said.

Earlier, Prince Eka Williams, Chairman of the Forum and Commissioner of Power and Energy, Cross River State, reiterated unwavering support for the Federal government’s visions, ideas, and electricity reforms.

He highlighted the Electricity Act, assigning states the responsibility for managing electricity affairs.

Williams underscored the states’ readiness to collaborate and address fundamental challenges, emphasising the Minister’s call for partnership as crucial.

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Senate Approves Tinubu’s $500m Loan for Power Sector Boost

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The Nigerian Senate has approved President Bola Tinubu’s $500 million loan request intended to bolster the operations of the Bureau of Public Enterprises (BPE) to enhance the financial and technical performance of electricity distribution companies, ultimately benefiting citizens.

The endorsement, announced on Tuesday, follows a thorough examination of the report presented by Senator Aliyu Wamakko, who heads the Senate Committee on Local and Foreign Debts overseeing the 2022 – 2024 External Borrowing (Rolling) Plan specifically for the Bureau of Public Enterprises (BPE).

During the presentation of the report, Senator Haruna Manu, serving as the Vice Chairman of the Committee, emphasised the importance for the Senate to duly receive and deliberate upon the report of the Committee on Local and Foreign Debts concerning the 2022 – 2024 External Borrowing (Rolling) Plan for the Bureau of Public Enterprises (BPE).

The $500 million loan constitutes a portion of the $7.94 billion loan originally requested by President Bola Tinubu on November 1st, 2023, within the framework of the 2022-2024 external borrowing plan. In addition to the $500 million, President Tinubu also sought approval for a €100 million loan.

However, during a special plenary session on December 30, the Senate greenlit the borrowing of $7.4 billion after careful consideration of the report furnished by the Committee on Local and Foreign Debt.

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Melinda Gates Resigns from Gates Foundation, Set to Receive $12.5 Billion

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In this file photo taken on September 26, 2018, Bill Gates and his ex-wife, Melinda Gates, introduce the goalkeepers event at the Lincoln Center in New York. Ludovic MARIN / AFP

Melinda French Gates announced Monday she was leaving the philanthropy mega foundation she established with her ex-husband, Microsoft co-founder Bill Gates.

The resignation, which becomes effective on June 7, will leave Bill Gates as the sole chair of one of the world’s most influential and powerful non-governmental organizations.

“After careful thought and reflection, I have decided to resign from my role as co-chair of the Bill & Melinda Gates Foundation,” Melinda French Gates wrote in a statement posted on social media.

The statement gave no reason for her departure, but noted that “under the terms of my agreement with Bill, in leaving the foundation, I will have an additional $12.5 billion to commit to my work on behalf of women and families.”

The couple married in 1994 but announced their divorce in 2021.

They had continued to co-chair the foundation which they established in 2001 with the vast wealth acquired through the success of Microsoft.

With a focus on child poverty and preventable diseases, the foundation has been heavily involved in fighting malaria and in providing toilets and sanitation in poorer parts of the world.

The foundation’s website says it has spent $53.8 billion since 2000, and claims the number of children around the world who die before their fifth birthday has halved in this time.

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Bill Gates thanked his ex-wife for her “critical contributions” to the organization.

“As a co-founder and co-chair Melinda has been instrumental in shaping our strategies and initiatives, significantly impacting global health and gender equality,” he said.

“I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work.”

The organization’s chief executive, Mark Suzman, said its name would change to simply the Gates Foundation — it has been known as The Bill & Melinda Gates Foundation.

“I truly admire Melinda, and the critical role she has played in starting the foundation and in setting our values, she has played an essential role in all that we’ve accomplished over the past 24 years,” he said in a video posted to social media.

“I will miss working with her and learning from her. I look forward to seeing her continued impact.”

 

 

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EFCC calls on banks’ compliance officers to uphold confidentiality

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The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged Compliance Officers of Banks nationwide to refrain from unauthorised disclosure of EFCC’s investigative activities and requests made to banks’ customers.

Speaking through the Acting Zonal Director of the Ibadan Zonal Command of the EFCC, ACE I Hauwa Garba Ringim, during a stakeholders’ meeting with Compliance Officers of Banks in Oyo State on Tuesday, Olukoyede emphasised the detrimental impact such disclosures have on the investigation of financial crimes and the timely filing of corruption cases in court.

Olukoyede expressed concern over the tacit support fraudsters receive from the Nigerian banking sector, highlighting the challenges it poses to the Commission.

He urged Compliance Officers to promptly respond to EFCC’s correspondence with certified true copies of relevant documents, as this facilitates swift investigation processes.

Also, Olukoyede addressed the illegal trading of naira with Point-of-sale (POS) operators, stressing the need to curtail such practices for the benefit of Nigerians.

In response to the chairman’s directives, Compliance Officers assured the EFCC of their unwavering support and commitment to enhancing collaboration between the Commission and banks for more effective anti-corruption efforts.

 

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