Shettima launches Light-Up Nigeria in Enugu, 188MW Aba power plant – Newstrends
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Shettima launches Light-Up Nigeria in Enugu, 188MW Aba power plant

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Shettima launches Light-Up Nigeria in Enugu, 188MW Aba power plant

Vice-President Kashim Shettima has inaugurated the 188-megawatt geometric power plant in Aba, Abia State, to accelerate power supply to industrial clusters in the region.

He also on behalf of President Bola Tinubu declared the Light-Up Nigeria project open in Enugu to boost South-East industrialization.

The Aba power plant, described as the first integrated electricity facility in Nigeria, is located in the Osisioma industrial area of the state.

Aba Power Limited Electric, a new electricity distribution company (DisCo) is expected to supply electricity from the plant to nine local government areas — out of 17 — in Abia State.

Described as the biggest investment in the South-East, geometric power is said to have spent about $800 million on its integrated power project, which includes the building of a 27-kilometre natural gas pipeline, from Owaza in Ukwa West LGA in Abia to the Osisioma industrial layout in Aba.

Shettima described the Light up project as the much-expected solution to the power supply deficit that had undermined the nation’s economy and industrialisation.

Shettima said the Light-Up Nigeria project, which is part of the priorities set by the President to revamp the nation’s economy and ensure rapid industrialization, would herald renewed hope for industrialists, investors and Nigerians who had suffered lack of power or epileptic supply for many years.

Abia State Governor Alex Otti, said, “When I first saw the proposal for geometric integrated power plant, I knew I had to be involved immediately because, if just 50 percent of what had been proposed could be achieved, the industrial output from this great city and this environs would triple and millions of new jobs will be created directly and indirectly in the short to medium term.”

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Naira trades at N1,415/$ on parallel market

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Naira trades at N1,415/$ on parallel market

The Naira yesterday depreciated to N1,415 per dollar in the parallel market, from N1,410 per dollar on Monday.

Similarly, the Naira depreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,416.57 per dollar.

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Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,416.57 per dollar from N1,354.21 per dollar on Monday, indicating N62.36 depreciation for the naira.

Consequently, the margin between the parallel market and NAFEM rates narrowed to N1.57 per dollar from N55.79 per dollar on Monday.

Naira trades at N1,415/$ on parallel market

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CBN extends suspension of cash deposit charges by bank customers

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CBN extends suspension of cash deposit charges by bank customers

The Central Bank of Nigeria (CBN) has directed commercial banks to extend suspension of charges on cash deposit until September 30 this year.
This directive was conveyed through a circular dated May 6, signed by Adetona Adedeji, the Director of Banking Supervision at the apex bank.
The banks had reintroduced fees for deposits exceeding N500,000 for individuals and corporate account holders on May 1.

Following the banks’ decision, individuals were set to incur a two per cent charge on deposits exceeding N500,000, while corporate account holders faced the same levy on deposits surpassing N3 million.
The new circular read, “Please refer to our letter dated December 11, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending processing charges imposed on cash deposits above N500,000 for individuals and N3,000,000 for corporates as contained in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions’ issued on December 20, 2019.
“The Central Bank of Nigeria hereby extends the suspension of the processing fees of two per cent and three per cent previously charged on all cash deposits above these thresholds until September 30, 2024.”

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Fuel: Independent marketers introduce new pump price

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Fuel: Independent marketers introduce new pump price

New reports indicate a surge in fuel pump prices across the nation, with both major and independent marketers adjusting their rates.

Investigations conducted in Abuja and Lagos reveal a significant disparity in petrol prices between stations owned by major and independent marketers.

Major marketers are keeping their prices relatively steady, whereas independent operators have increased their rates by 20 to 30%.

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Presently, major marketers are vending at an average of ₦605 per litre, while independent marketers are setting prices at around ₦730 per litre.

Independent marketers attribute the price hike to a breakdown in the system of the Nigerian National Petroleum Company Limited (NNPCL), pointing to advantageous Business-to-Business transactions benefiting major marketers.

They clarify that independent marketers no longer have direct access to imported petroleum products at depot prices.

Further investigations indicate that while petrol is available at stations throughout Lagos, prices have not decreased.

A motorist, Olatunde, disclosed purchasing petrol for ₦850 per litre at a station along the Iju-Ishaga area of Lagos, despite the absence of queues. He noted this as a significant increase compared to the previous ₦630 per litre.

Fuel: Independent marketers introduce new pump price

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