Home Blog Page 223

Toe Decency Path, Submit Yourself For Probe, Federal Gov’t Tells Ex-Kogi Gov Bello

0

The Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, has called on the immediate-past governor of Kogi State, Alhaji Yahaya Bello, to follow the path of decency and submit himself for probe.

 

Bello is being wanted by the Economic and Financial Crimes Commission (EFCC) over alleged corrupt practices while in office as governor of Kogi State.

 

LEADERSHIP reports that in the last 24 hours, there have been dramas and hide and seek game between both parties over the move to arrest the former governor for arraignment this Thursday.

 

According to the AGF, in a statement he personally signed on Thursday, EFCC is empowered by law to invite any Nigerian for interrogation.

 

He also described the action of the incumbent governor of Kogi State, Ahmed Ododo, who used his immunity to prevent Bello’s arrest on Wednesday as ‘disquieting’, adding that embarking on a temporising self-help and escapism that can only put Nigeria in bad light before the rest of the world is not the way to go.

 

According to him, he stands for the rule of law and will ensure no right of any Nigerian is trampled upon.

 

The AGF said in the terse statement: “The bizarre drama confronting the Economic and Financial Crimes Commission (EFCC) in the course of its efforts to perform its statutory duty has come to my notice (Attorney General of the Federation and Minister of Justice) as a matter of very grave concern.

 

“It is now beyond doubt that the EFCC is given power by the law to invite any person of interest to interact with them in the course of their investigation into any matter regardless of status. Therefore, the least that we can all do when invited, is not to put any obstruction in the way of EFCC but to honourably answer their invitation.

 

“A situation where public officials who are themselves subject of protection by law enforcement agents will set up a stratagem of obstruction to the civil and commendable efforts of the EFCC to perform its duty is to say the least, insufferably disquieting. A flight

from the law does not resolve issues at stake but only exacerbates it.

Dangote sets up London trading office, hires crude oil manager, per Reuters 

0

Nigerian billionaire Aliko Dangote has hired a crude oil manager as he builds a London trading office to manage crude and fuel deals for his new mega refinery near Lagos, three sources familiar with the matter said.

Graham Campbell has been hired as the team’s crude oil manager, the sources said, and is expected to start in the next few months.

 

Campbell, who is at British oil firm Prax, will be joined by a senior refined products trader as well as a senior tanker charterer, and a risk and derivatives trader. The traders will be based in London and report to Radha Mohan who joined Dangote in 2021 from Indian refiner Essar. Campbell also worked at Essar prior to Prax.

 

The world’s biggest oil traders and state-firms have been vying for supply and pre-finance deals but so far, Dangote has not signed any long-term contracts. Instead, he wants to set up his own team.

 

However, he has done small financing deals with Vitol and Trafigura to cover some of of his operational costs. Building the refinery drained him of cash as costs ballooned to $20 billion.

 

The refinery is also procuring several cargoes per month of Nigerian crude from state-owned NNPC that has a stake in the plant and secured U.S. grade WTI cargoes from the spot market.

 

The 650,000 barrel-per-day refinery in Lekki, Nigeria started operations and its first products were sold in February. The plant has sold cargoes of straight-run fuel oil, diesel and naphtha so far.

 

Gasoline production is expected to start by the middle of this year.

QUEST FOR DIGITAL SOLUTION TO GRID RELIABILITY: TCN DEPLOYS GLDS 

0

As TCN continues to make efforts to enhance grid management, its engineers have recently deployed the Generation Dip/Loss Detection System (GLDS) which plays a pivotal role in detecting and responding to sudden drops or dips in power generation across the network. This new innovation stands as a testament to the Transmission Company of Nigeria’s (TCN) commitment to advancing grid management capabilities.

 

Designed to empower the National Control Center (NCC) in Osogbo, GLDS provides grid controllers in NCC with advanced tools for real-time monitoring and analysis of grid performance. Its intuitive interface allows for the setting of parameters, continuous monitoring of power generating stations, and comprehensive reporting functionalities, enabling swift responses to grid disturbances.

GLDS incorporates sophisticated data analytics and machine learning algorithms to analyze real-time data and identify patterns associated with sudden generation loss. By leveraging anomaly detection techniques, GLDS can promptly alert grid controllers on deviations from normal grid behaviour, facilitating proactive intervention to prevent widespread disruptions.

 

Furthermore, TCN ensures seamless communication between GLDS and IoT cloud servers, enabling a more rapid response and coordination of mitigationstrategies. This connectivity underscores TCN’s commitment to enhancing grid resilience and ensuring the uninterrupted delivery of electricity to consumers across Nigeria.

 

Previously, TCN engineers had developed an in-house design that leverages on IoT technology as aninnovative solution in response to the challenge of limited visibility of power generators. The IoT devices, which were strategically deployed across power stations and some substations, facilitate the collection of near real-time data, including power generation levels and gridperformance metrics.

 

The IoT enabled the expansion of visibility of power generating stations from 6 to 27, this has helped TCN significantly improve its ability to monitor grid load and identify potential issues before they escalate.Recently, the IoT device was also used to capture generation from Taopex Gs and Zungeru Hydro Power Station, bringing the total number of power stations visible to the National Grid to 29.

 

GLDS and the IoT represent a significant step forward in bolstering grid stability andreliability. These initiatives not only empower TCN’s grid controllers with the insights needed to proactively address challenges and minimize disruptions but also demonstrate TCN’s dedication to meeting the evolving demands of the Nigerian Electricity Supply Industry (NESI).Ndidi Mbah

GM, Public Affairs

17/04/24

Wike emerges victorious as the National PDP Caucus approves Damagum’s stay in office to continue.

0

The Minister of the Federal Capital Territory (FCT), Nyesom Wike, remains in control during the leadership dispute affecting the opposition Peoples Democratic Party (PDP). During a recent meeting of the party’s national caucus, it was decided that the acting National Chairman, Illya Umar Damagum, should stay in his current position, aligning with Wike’s wishes.

 

In order to ensure focus on continuity, today’s NEC meeting will not discuss leadership changes until the upcoming national convention of the party.

 

The National Publicity Secretary of the PDP, Debo Ologunagba, revealed the decision to promote reconciliation and unity within the party. He explained that the caucus had instructed the party’s leadership to establish a committee focused on discipline and reconciliation to mend relationships among all members.

 

“NEC meeting will not discuss any change in leaders. Rather, attention is focused on unity and reconciliation.

 

“Caucus agreed that all congresses in the states and local government should be concluded between June and August this year.

 

“Caucus agreed on the extension of the constitution review committee of the party to accept new recommendations,” Ologunagba said.

NCos Moves Bobrisky From Ikoyi To Kirkiri Prison

0

Fresh facts have emerged that the embattled cross-dresser, Idris Okuneye popularly known as Bobrisky who was sentenced to a six-month jail term for abusing the Naira has been transferred from the Ikoyi Correctional Center to the Kirikiri Prison by the Nigerian Correctional Service (NCS).

 

This is contrary to reports that Bobrisky is still being held at the Ikoyi Correctional Centre.

 

A very reliable source who is an official of the Nigeria Correctional Service (NCS) told @goldmynetv that the popular cross-dresser is presently held at the Kirikiri Prison and was discreetly transferred since last weekend to Kirikiri.

 

He stated, “It is procedural that he is moved to Kirikiri since it is an expansive prison compared to what we have here.”

 

He added that due to security reasons, Okuneye was quietly moved to the facility where he will serve his term.

 

It would be recalled that Justice Abimbola Awogboro of the Federal High Court in Lagos sentenced the cross-dresser to six months imprisonment.

 

While sentencing the convict on Friday, April 12, 2024, the judge said the verdict would serve as deterrent to others who are fond of abusing and mutilating the naira.

 

Bobrisky is being identified as a male based on his admission at the court last week and according to reports that there is no realignment of gender or genital organs.

 

@goldmynetv source affirmed that the convict has been taken to the male cell with other inmate “and so he will be treated as a normal inmate,” he said.

 

It is now possible to live in Nigeria and earn salary in US Dollars with premium domains, you can earn as much as $17,000 (₦27Million) Click here to start.

Tags: BobriskyNigeria Correctional Service (NCoS)

CBN not using foreign reserves to defend Naira — Cardoso

The Governor of the Central Bank of Nigeria (CBN) Mr. Olayemi Cardoso, said yesterday that the apex bank is not defending the Naira with the nation’s foreign reserves.

 

He was speaking against the backdrop of the recent decline in Nigeria’s foreign reserves corresponding with massive appreciation of the Naira in the foreign exchange market (forex), fueling speculations that the apex bank pumped forex into the market to dwarf demand pressure and shore up the value of the local currency.

 

Speaking at the on-going Spring Meetings of the IMF the World Bank, Cardoso said that his team at the apex bank is determined to nurse a foreign exchange market ruled by the principle of willing buyers-willing seller.

 

He also said that Ways and Means (federal government borrowings from CBN) is no longer an issue, particularly after the fiscal authorities securitised the outstanding.

 

His words, “Defending the Naira, from every indication is an elephant in some rooms. I will make this as clear as possible. It is not our intention to defend the Naira. Much as I have read in the recent few days some opinions about what has happened in terms of our reserves being drawn down, the CBN Defending the Naira, if you take your mind to our philosophy and policy, you will see it will be counter intuitive. We want the Naira to perform independently as long as we have a vibrant forex market.

 

“Initially we needed to keep the BDCs going. So it is important for people to get forex for school fees, travels and the like.

 

Why reserves shifted

 

“The shift you see in our reserve is not to defend the Naira but for things like settling obligations that fell due. Mind you, that is the reason for keeping foreign reserves, in the first place.”

 

Cardoso also said that his team is cooperating with the fiscal authorities and that, “Ways and Means is no longer an issue.

 

He said, “Let me be upfront in saying that the monetary policy is only one side. It is very clear to us that we need to have a very good handshake with the fiscal authorities.

 

“For instance, food inflation is not within the purview of the CBN. Ways and Means is now less an issue.”

 

The CBN boss said he decided to go the orthodox central banking route in order to build confidence in the Nigerian currency.

 

He also said that he had no choice than to raise monetary policy rate, recording 600 basis points hike within a short period of time.

 

He promised to communicate more with Nigerians and other stakeholders in order to moderate their expectations.

 

“We want Nigerians to be realistic in their expectations. We have used the MPC to explain why we took the measures that we have taken.

 

“We will strengthen the communication framework using different platforms to communicate.”

 

The governor expressed satisfaction that he took hard decisions but added that they are yielding desired outcomes.

 

He said within two months of his administration , the Naira was adjudged the worst performing currency, but within six months it moved to the best performing currency, globally.

 

“Ultimately the objective is to ensure that we moderate inflation’’, he stated.

 

Key take-away lessons for him, he said, was that he could not over-emphasise the importance of trust, stating, “Irrespective of boldness to do certain things if the trust is not the there, you will sub-optimise.

 

“It is a bit of a surprise that one had expected a greater understanding of a lot of the issues, expectations of the people on the CBN is often misplaced.”

13,000mw For 200,000mw Demands Unacceptable — Obi

0

The presidential candidate of the Labour Party (LP) in the 2023 general election, Peter Obi, has expressed deep concerns over the perennial power situation in the country, recording 141 times of national grid collapse in 11 years and calls for urgent pragmatic solutions.

 

Obi noted that Nigeria has only 13,000mw while the demands are about 200,000mw.

 

He said that even with the 13,000mw, only about 3,500mw are available for homes and business­es, noting that the situation puts Nigeria as the lowest per capita wattage in the world.

 

In an article, titled, ‘The Col­lapsing Electricity Sector’, the LP standard’s bearer, said, “The Ni­geria electricity supply industry faces real and present danger of collapse despite the efforts made in more than two decades to initi­ate a reform of the NESI.

 

“It is sad today that we suffer periodic and routinised system collapses that are attributed to such avoidable situations as fire outbreaks at critical transmission lines across our major cities. It is absolutely distressing and a sto­ry of a low level of managerial capability that the entire nation can be plunged into total darkness for a reasonable period because networks go out because of a lack of diligent attention.

 

“It should worry any Nigerian patriot that the total installed ca­pacity for a country of more than 200 million people with an aspira­tion to become a global medium economy power is a mere 13,000. Worse still, only about 3,500mw are available for homes and busi­nesses from the grid. Sometimes, it grinds to less than 2,500mw. This is unacceptable.

 

“We can contrast the available supply of electricity with compet­itor countries in Africa like Egypt and South Africa with respective populations of approximately 112m and 59.6m people supply­ing about 60,000mw and 58,000, respectively.

 

This difference in en­ergy wattage has massive impli­cations for human development and economic growth. Nigeria today has the world’s lowest per capita wattage in the world, lower than those of most of our West Af­rican neighbours. It is really sad that whereas our energy demand is above 200,000mws, we have only 13,000mw installed capacity and can only deliver regularly less than 4,000mw.

 

It is now possible to live in Nigeria and earn salary in US Dollars with premium domains, you can earn as much as $17,000 (₦27Million) Click here to start.

“After speaking with experts in the sector I have realised that the crisis of power supply in Nige­ria relates to two major sectors: (1) generation, and (2) transmission and distribution. The major chal­lenges of the generation sector are the lack of a regular supply of gas arising from the failure of the government in the last 8 years to provide adequate gas infrastruc­ture facilities, weak commercial­ity of gas to power and failure to control the restiveness of angry youths leading to vandalism.

 

“It is shameful that for more than 8 years we cannot resolve the infrastructural bottlenecks that constrain the supply of gas to power plants despite billions from CBN for legacy gas debts.

 

“On the transmission and distribution side, the last 8 years have witnessed terrible failure to overcome the deterioration of networks and transmission and distribution networks and invest in modern technologies like SCA­DA leading to poor coverage, lack of effective coordination between TCN and discos leading to load re­jection and inability to generate public trust for policy reform on tariff and leading to low private sector investments.

 

“If we had a good project man­ager, we would have massively in­creased generation, transmission and distribution capacity and en­hanced policy coherence that would have crowded private sector invest­ment in the degree to sustained rap­id growth of the grid. The problem is that the government have exer­cised the required political will to appoint the right kind of leadership that understands the problems of the sector and has the singular ded­ication and competence to create quick wins in the short term and transformation in the medium to long term.

 

“I suggest that the Federal Government immediately consti­tute a technical task force of real professionals without political consideration to present a diag­nosis of the crisis of the sector and to get to work to correct such simple slippage like incessant fire outbreaks that lead to perennial system collapse, drastically im­prove coordination and coher­ence between TCN and DisCos so there will be no load rejection, and breath down on all operators to deliver on their technical respon­sibilities.

 

“This will rapidly improve power availability in the short term while the government develop clarity to articulate an integrated national electricity policy and a practical implemen­tation roadmap that harmonises national and sub-national elec­tricity reform efforts to ensure rapid and expansive delivery of reliable, adequate, and affordable electricity.

 

“We are too endowed to be a nation of generators and to be trapped in darkness. We cannot grow our economy in darkness.”

Guinness World Record: Nigerians Cheer Onakoya As 58-Hour Chess Marathon Begins In New York

0

Nigerians abroad have come out to support renowned chess master, Tunde Onakoya, as he embarks on a mission to surpass the Guinness World Record for the longest chess marathon.

 

Onakoya announced the commencement of the marathon via his X account with the caption, “Game time.”

He also wrote, “We haven’t even started yet and Nigerians are already trooping in to camp out with me.”

 

Among those cheering Onakoya is Nigerian singer, Adekunle Kosoko, popularly known as Adekunle Gold.

The event, which is underway at New York City’s iconic Times Square, started at 10am on Wednesday, April 17, and is scheduled to end at 8pm on April 19.

 

Onakoya is set to engage in an intense chess marathon, aiming to play for 58 hours without a single defeat.

The current Guinness World Record, set by Hallvard Haug Flatebø and Sjur Ferkingstad of Norway on November 11, 2018, stands at 56 hours, 9 minutes, and 37 seconds.

 

Credit: X | Tunde_OD

 

Lagos Blue Line transported over 1 million passengers in 219 days – Official  

0

The Phase 1 of the Lagos Blue Line light rail, which began commercial operations on September 4, 2023, has transported over one million passengers in the 219 days that it has run safely.

This announcement was made by John Zhao, an official of the China Civil Engineering Construction Corporation (CCECC), the company that constructed the first phase of the rail and currently operates the system, via a post on his official X (formerly Twitter) account on Tuesday.

 

According to the CCECC official’s post, in the 219 days, over one million passengers were transported on 9,322 train rides.

 

“Phase I of Lagos Light Rail Blue Line, operated by #CCECC, has run safely for 219 days, transporting 1 million+ passengers on 9,322 trains. With 100% on-time performance, it eases transportation pressure and offers a greener, safer option for Lagos residents,” the post read.

The one million plus passengers moved by the Blue Line in 219 days show an increase in ridership. Earlier this year, on January 4 to be precise, the Lagos Metropolitan Area Transport Authority (LAMATA) announced that the Blue Line Metro Rail had moved 583,000 passengers between September 4, 2023, and January 4, 2024.

 

Recommended reading: Lagos Blue Line rail upgrades with new power plant

What you should know about the Blue Line

The Lagos Blue Line light rail is a 27km long rail and is part of the Lagos Rail Mass Transit (LRMT) system.

The first phase of the Blue Line, a 13km stretch from Lagos Marina to Mile 2, was completed in 2023 and subsequently launched and began commercial operations in September 2023.

The China Civil Engineering Construction Corporation (CCECC) built phase 1 and currently operates the rail system.

In the first four months of passenger operations, the Blue Line transported 583,000 passengers between September 4, 2023, and January 4, 2024.

The second phase of the Blue Line rail, currently under construction by CCECC, is expected to stretch from Mile 2 to Okokomaiko.

Mo Abudu & Idris Elba’s Short Film “Dust To Dreams” Enters Post-Production

0

“Dust To Dreams,” a short film by producer Mo Abudu and director Idris Elba, is getting ready for post-production. A collaboration between EbonyLife Films and the African Export-Import Bank (Afreximbank) through its Creative Africa Nexus (Canex), “Dust To Dreams” follows the relationship between a mother and her teenage daughter as she meets her father for the first time.

 

It features Nollywood stars including Nse Ikpe-Etim, Eku Edewor, Atlanta Bridget Johnson, former Nigerian Idol contestant Constance Olatunde, and British singer, Seal.

 

Mo Abudu and Nse Ikpe Etim have both shared some behind-the-scenes photos from the production on social media, see them below:

Check Out BTS Pictures Below 👇