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

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  • 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, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Economy

Inflation and Forex Mismanagement Drive Petrol Truck Prices from N7M to N25M

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The Chairman of the Independent Petroleum Marketers Association of Nigeria in the Satellite Depot branch, Akin Akinrinade, has raised an alarm over the rising cost of petrol trucks in Nigeria.

According to Akinrinade, the cost of a petrol truck has surged from N7 million in May to an astonishing N25 million at present, attributed to inflation induced by poorly managed foreign exchange rates.

Akinrinade pointed out that the forex mismanagement has significantly impacted the landing cost of premium motor spirit (PMS), commonly known as petrol, consequently leading to a surge in pump prices.

The unstable business environment, coupled with the astronomical rise in expenses, has created challenges for marketers in the downstream oil sector.

Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), highlighted in October 2023 that foreign exchange challenges have hindered private companies from importing petroleum products.

As a result, the NNPCL has become the exclusive importer of petrol.

The decision to limit private entities from importing fuel comes after President Bola Tinubu’s initiatives aimed at deregulating the fuel market.

Initially, the plan was to allow private companies to import fuel starting June 2023, aligning with efforts to balance the market after removing petrol subsidies.

The ripple effects of the soaring petrol costs are already evident, with commercial transporters increasing fares, and private car owners seeking fuel-saving alternatives.

As Christmas approaches, the surge in demand for interstate travel is expected to further elevate costs, posing financial challenges for many Nigerians amidst stagnant income levels.

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Economy

Nigeria’s Presidential CNG Initiative Allocates N100bn for CNG Buses and EV Adoption

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The Presidential Compressed Natural Gas (CNG) Initiative has allocated N100 billion to expedite the deployment of CNG buses nationwide, according to a statement released on Wednesday.

The initiative, designed to catalyze an Auto-gas and Electric Vehicle (EV) revolution in mass transit and transportation, aims to enhance sustainability and cost-effectiveness.

The statement revealed that the fund would be instrumental in supporting the adoption of auto-gas and electric vehicles, signaling a commitment to a more sustainable and economical future in the transportation sector.

The Presidential CNG Initiative plans to leverage over 11,500 CNG and electric-fueled vehicles, along with the deployment of 55,000 conversion kits.

This strategic approach is intended to reduce transportation costs for Nigerians and mitigate the challenges posed by the rising cost of living.

Under the Renewed Hope Agenda, the Presidential CNG Initiative is dedicated to realizing the President’s vision, guided by its steering committee led by FIRS Chairman Zacch Adedeji.

The statement highlighted recent achievements, including strategic technical partnerships and the ongoing commissioning of CNG Conversion centers in key states such as Lagos, Abuja, Kaduna, Ogun, and Rivers.

Several more centers are slated for commissioning in the coming weeks, reflecting the initiative’s momentum and commitment to achieving its objectives.

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Economy

Nigeria’s Power Transformation: 53 Projects Worth N122bn on Track for May 2024 Completion

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The Central Bank of Nigeria (CBN), in collaboration with the Transmission Company of Nigeria (TCN) and power distribution companies, is set to complete 53 power projects by May next year.

Valued at N122 billion, these projects aim to add over 1,000 megawatts to TCN’s wheeling capacity.

During a recent tour of three ongoing projects in Lagos, TCN’s Programme Coordinator, Mathew Ajibade, assured that the projects were not abandoned, refuting speculations.

He confirmed that work is progressing smoothly and is expected to be completed by May 2024, as initially planned.

Assistant Director/Head of Infrastructure Finance Office at the CBN, Tumba Tijani, highlighted the CBN’s support for the power sector, revealing that the bank released a loan at a 9% interest rate in August last year for the projects.

The funding, part of the Nigeria Electricity Market Stabilisation Facility-3, amounts to N122,289,344 and aims to address transmission/distribution bottlenecks, enhance supply to end-users, and unlock unutilized generation capacity.

Tijani disclosed that N85.43 billion has been disbursed into the Advance Payment Guarantee account of the 53 contractors responsible for executing the projects.

The comprehensive project list includes the delivery of power transformers, re-conductoring existing transmission lines, upgrading existing substations, and constructing 33KV line bays.

The initiative reflects a concerted effort to enhance Nigeria’s power infrastructure and meet growing energy demands.

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