Connect with us

Economy

Edo: Obaseki Gives BEDC seven-day Ultimatum to Restore Power

Published

on

power plant
  • Edo: Obaseki Gives BEDC seven-day Ultimatum to Restore Power

Edo State Governor, Godwin Obaseki, has given a seven-day ultimatum to the Benin Electricity Distribution Company to restore power supply to consumers in the state within a week or risk a shutdown of its offices.

Obaseki gave the ultimatum while concluding the ward-to-ward campaign of the All Progressives Congress in the Egor Local Government Area of the state, where he urged voters to support candidates of the APC in the 2019 general elections.

The governor lamented that the Disco had continued to frustrate his efforts to ensure that residents in the state got stable electricity to power their businesses.

“BEDC has continued to put us in darkness in the state and we will give them seven days to restore electricity or else we will shut their offices down in the state,” he said.

Speaking during the campaign in Ward 9, Obaseki said N500m had been set aside in the 2019 budget to construct an entertainment park and waterworks, urging residents in the ward to support the APC candidates to represent them at the state and federal levels.

He said, “We have awarded the contracts for the repair of the failed portions of Okhoro road and the contractor who went on holiday has resumed work with the promise to start work next week.”

He described Ward 10 as a special ward that had several federal and state institutions, stating that his administration had completed the design of the Technical College road and awarded the contract.

“I have also asked the contractor to rehabilitate Adolor College Road and in two weeks’ time, contractors will commence work,” he assured.

The governor further noted that the rehabilitation work on Adolor College road had become important because over N300m had been spent so far in revamping the Government Science Technical College which would be reopened for academic activities in September 2019 with 1,500 students.

He said, “Due to the work we are doing at the college, the Minister of Power has promised to give us a direct line from Ihovbor Power Plant to help light up the state. Officials of Transmission Company of Nigeria are already in the state preparing the ground to bring power and to enable the people to enjoy 24/7 electricity.”

Reacting, the company in a statement by Head of Corporate Communications, Mr Tayo Adekunle, said that the Disco did not need an ultimatum to restore power in the state.

The Disco said, “Since late December, power has been restored to most parts of Benin affected by the outage caused by faulty power transformers used by the TCN to wheel power to feeders supplying electricity to the Benin metropolis. Average availability in most locations presently is a minimum of six hours.

“Except for few locations with technical fault or isolated issue, nearly 80 per cent of Benin has power supply. As a service provider, BEDC is committed to improving service delivery to the good people of Edo State and other coverage areas. We reconnected three communities in Ekiti and one in Ondo in December, in addition to 42 communities restored back to the grid as of last November.”

“In all our coverage states, we do not need an ultimatum before fixing issues affecting our service delivery.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

Published

on

Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

Continue Reading

Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

Published

on

Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

Continue Reading

Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

Published

on

Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending