The NERC’s decision to adjust tariffs underscores the complex challenges facing Nigeria’s energy sector. With ongoing discussions and debates surrounding the issue, the path forward remains uncertain, as stakeholders continue to advocate for a fair and sustainable solution to the country’s electricity woes.
News
Fraud: Court slams seven years imprisonment on Senator Peter Nwaoboshi
The Lagos Division of the Court of Appeal has convicted and sentenced Senator Peter Nwaoboshi, (Delta North Senatorial District) to seven years imprisonment
The court ordered that his two companies, Golden Touch Construction Project Ltd and Suiming Electrical Ltd, be wound up in line with the provisions of Section 22 of the Money Laundering Prohibition Act 2021.
The Appellate Court’s ruling followed the success of the appeal by challenging the judgment of Justice Chukwujekwu Aneke of the Federal High Court which on June 18, 2021 2018 discharged and acquitted the defendants of a two count charge of fraud and money laundering.
EFCC had arraigned the three defendants over the acquisition of a property named Guinea House, Marine Road, in Apapa, Lagos, for N805 million.
Part of the money paid to the vendor, precisely was a sum of N322 million transferred by Suiming Electrical Ltd on behalf of Nwaoboshi and Golden Touch Construction Project Ltd, was alleged to be part of the proceeds of fraud.
READ ALSO:
- Edochie’s first wife shrugs off marriage drama
- In Lagos, Police Officers Take N120,000 From Thespian Amid Slaps
- North-West APC in crucial meeting over VP slot
In his judgment Friday, Justice Aneke held that the prosecution failed to call vital witnesses and tender concrete evidence to prove the elements of the offences for which it charged the defendants.
Justice Aneke said the evidence of PW2 “proved that the third defendant obtained a loan of N1.2 billion from Zenith Bank for purchase of additional equipment and as the provision of working capital.
“It also proved that the loan of N1.2 billion together with interest of N24 million was properly granted to the third. Nothing else was proved by the complainant or prosecutor in this case,” the judge said.
He claimed a fatal blow was dealt the case of the prosecution by its failure to call officials of Sterling Bank “to testify and probably tender exhibits F and F10”.
Consequently, he discharged and acquitted the defendants.
However, ruling on the EFCC’s appeal today, the Court of Appeal held that the trial judge erred in dismissing the charges against the respondents. It said the prosecution had proved the ingredients of the offence and consequently found the defendants guilty as charged. The Guardian/EAGLE
News
Why Atiku is afraid of the coastal highway project success – Presidency
Why Atiku is afraid of the coastal highway project success – Presidency
The presidency announced yesterday that Atiku Abubakar, the Peoples Democratic Party’s (PDP) presidential candidate in the last election, is opposed to the proposed Lagos-Calabar Coastal Highway because it will end his presidential campaign in 2027.
According to Bayo Onanuga, Special Adviser to the President on Information and Strategy, “If not blinded by political ill-will, Atiku knows that the right thing for him to do is to applaud President Bola Tinubu for the ambitious and audacious Lagos-Calabar Highway, which the Federal Executive Council authorised.”
In a statement released on Sunday, Atiku accused President Tinubu of a conflict of interest in awarding the project to Hitech, a company owned by his business partner, the Chagoury family.
The former vice president also revealed that Seyi Tinubu is a board member of one of the companies owned by Chagoury family, saying that demolishing structures to give way for the coastal highway will impede foreign direct investment into the country.
READ ALSO:
- Depressed Delta lady kills self over hardship
- CBN directs banks to start deducting cybersecurity levies from customers
- Olise scores twice as Crystal Palace trash Manchester United
But reacting to Atiku’s statement, Onanuga said there was no conflict of interest anywhere. Seyi Tinubu is an adult and can conduct his lawful business anywhere in the country or elsewhere.
The special adviser also explained that the statement credited to Atiku that Nigeria is now the fourth economy in Africa was no longer news but added quickly that the country would soon bounce back to become the first economy in the continent.
He said: “Atiku has been waging an unrelenting war against this all-important and transformative project for no justifiable reasons other than bad politics.
“Atiku knows that its grand success and other projects to be unfurled, such as the Badagry-Sokoto superhighway, will be a major boost for President Tinubu and finally upend his perennial presidential ambition.”
He also said that the IMF’s reclassification of the Nigerian economy as the fourth largest in Africa is stale news. This happened because of the devaluation of the naira and President Tinubu’s determined effort to set the economy on sustainable growth.
“Under President Tinubu’s progressive, bold, inventive, and innovative leadership, Nigeria will bounce back to where it rightfully belongs as Africa’s largest market and biggest economy.”
Why Atiku is afraid of the coastal highway project success – Presidency
News
Electricity customers insist on reversal of tariff increase, scorn reduction
Electricity customers insist on reversal of tariff increase, scorn reduction
Nigerians across various sectors have voiced their dissatisfaction with the Nigerian Electricity Regulatory Commission’s (NERC) decision to reduce the tariff payable by Band A customers. Despite the reduction from N225/kWh to N206.8/kWh, stakeholders including the Nigeria Labour Congress (NLC), Trade Union Congress (TUC), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, electricity consumers, and civil society organizations are calling for a complete reversal to the subsidy era tariff.
The initial tariff hike, implemented just 33 days prior, saw a staggering 240 per cent increase in electricity tariffs for Band A customers. This move, which withdrew subsidies completely from Band A consumers, was met with widespread criticism and opposition from various quarters.
While the Federal Government cited potential savings of N1.5tn as justification for the tariff adjustment, concerns have been raised about the impact on consumers, particularly the financially vulnerable. The House of Representatives, organized labor, and the Nigerian Bar Association have all condemned the hike, with calls for its suspension and reversal.
READ ALSO:
- Chinese state linked to hacking of UK Defence Ministry
- Terrorists attack Southern Kaduna again, kill six, injure eight
- Court rules against wife who sued husband for forced ‘unnatural sex’
Defending the increase, Minister of Power Adebayo Adelabu warned of a nationwide blackout within three months if the tariff hike was not implemented. Despite opposition, government spokesperson Florence Eke asserted that the tariff adjustment would remain in place.
However, in a surprising turn of events, the NERC announced an eight per cent reduction in tariffs for Band A customers, attributing the decision to changes in macroeconomic indices, particularly the appreciation of the naira against the dollar. Following the NERC’s directive, several electricity distribution companies (Discos), including Abuja, Ikeja, and Ibadan, promptly announced the implementation of the tariff reduction.
While the reduction may provide some relief to consumers, stakeholders remain skeptical, emphasizing the need for broader reforms in the energy sector. Critics argue that mere tariff reductions do not address fundamental issues such as inadequate fuel supply and the overall inefficiency of the electricity supply system.
News
Nigerian varsity VC suspended over alleged gross misconduct
Nigerian varsity VC suspended over alleged gross misconduct
In an unexpected turn of events, the Governing Council of the University of Cross River State (UNICROSS) has suspended Vice-Chancellor Augustine Angba on allegations of severe misconduct.
The decision was reached at a meeting of the Governing Council on Monday, May 6, 2024, where they resolved to release Angba of his duties with immediate effect.
The council has nominated Professor Stephen Oshang of the Faculty of Agriculture to serve as the interim Vice-Chancellor until further notice.
The suspension comes on the heels of a vote-of-no-confidence passed by some staff members of the university on January 17, 2024.
READ ALSO:
- Lagos to experience morning, afternoon thunderstorms for 3 days
- Your position on state police unacceptable, Lagos Assembly tells IGP
- Fubara blasts Rivers lawmakers: You only exist because I recognise you
The staff, who were protesting the non-payment of five months’ salary arrears, had carried placards with slogans like “This Management and the VC must go” and “We don’t want them any longer.”
Angba had previously criticized the staff unions, claiming that four members had hijacked the union and incited others to protest on the streets.
However, the Governing Council’s decision suggests that they found merit in the allegations against the embattled Vice-Chancellor.
Despite several attempts, Vanguard efforts to reach the university’s spokesperson, Mr. Onen Onen, for comments on the matter were unsuccessful, as his phone line was not answered at the time of filing this report.
Similarly, Professor Angba’s phone line was busy when contacted.
Nigerian varsity VC suspended over alleged gross misconduct
(Vanguard)
-
Entertainment2 days ago
Nollywood veteran Shan George weeps as fraudster clears ₦3.6m from her account (VIDEO)
-
International2 days ago
Gaza: Thousands rally for hostage deal as ceasefire talks continue
-
metro2 days ago
DSS seals Plateau clinic over patient’s death
-
Politics2 days ago
PDP: Sule Lamido blames court for mass resignation from party
-
Opinion2 days ago
Who has bewitched our beloved America? – Femi Fani-Kayode
-
Sports2 days ago
Ronaldo’s hat-trick leads Al Nassr to 6-0 victory over Al Wehda
-
International10 hours ago
Netanyahu rubbishes Hamas ceasefire proposal
-
News3 days ago
Updated: NNPC blames fuel scarcity on panic buying, hoarding, marketers disagree