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‘Why I invested in Geregu power plant despite challenges in power sector’

Harrison EDEH
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‘Why I invested in Geregu power plant despite challenges in power sector’

THE chairman, Geregu Power PLC, Femi Otedola, said he invested in Nigeria’s power sector because he believed the sector could be turned around with the entrance of more entrepreneurs and investors, supported by friendly business policies. 

Otedola spoke today in Lagos while on an official visit to engage stakeholders at the Nigerian Exchange Group (NGX).

Geregu Power Plc is a registeted power generation company domiciled on the Itobe–Ajaokuta express road, Ajaokuta, Kogi State. Its corporate office is situated at 13, Walter Carrington Crescent, Victoria Island, Lagos, Nigeria.

Otedola said during the visit, “I have always believed that to sustain wealth, you have to list your company on the stock exchange.”

He noted that the power sector had lots of problems, which he, however, did not consider insurmountable with the right kind of leadership.

“Aliko Dangote, an individual, has 2,000 megawatts for his cement plant, fertiliser plant and refinery. But our country has been hovering around 5,000 megawatts. It’s appalling that successive governments failed in this regard,” he said.

He remarked that the power sector was at a stage where it can attract private capital and grow, if more enterpreneurs were encouraged to invest in the sector.

“The real problem of the power sector has been transmission. I believe that any government that brings in new entrepreneurs into this sector would solve its numerous problems. I believe there’s so much capital in the hand of enterpreneurs to solve the problems if the right policies are in place,” he added.

He argued further that if the government then had not invited Dangote to build his cement plants, Nigeria would still be importing cement.

Lauding the NGX for the enlistment opportunity given Geregu Power PLC, Otedola said, “We are the first power company to list on the Nigerian stock exchange, and the first to embark on an aggressive 300 per cent expansion drive.”

The chairman of the NGX Group, Umaru Kwairanga, confirmed that the Geregu power plant was the first power company to enlist in the Nigerian stock market, and had released earnings ealier in the year to its shareholders.

Kwarainga confirmed further that the power plant was one of the companies on the exchange that had more independent directors as executives, with a good sign of corporate governance structure.

Nigeria’s power sector has been marred by various challenges that have failed to provide constant power to Nigerians despite the 2013 power sector privatisation. Analysts knowledgeable about the sector believe that the new Electricity Act signed by the President will open more opportunities for states and private enterpreneurs to invest in the sector.

“There are lots of low-hanging fruits for states and enterpreneurs to investment and open up the sector for growth. States who have now been given the power can now decentralise the power sector market and attract private capital and investors into it,” an energy lawyer, Chuks Nwani, told The ICIR.

 

How the economy lost almost N10trn to naira redesign – former NBS chief

Harrison EDEH
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How the economy lost almost N10trn to naira redesign – former NBS chief

A FORMER chief executive of the National Bureau of Statistics (NBS), Yemi Kale, said the Nigerian economy lost about N10 trillion as a result of the negative impact of the Central Bank of Nigeria’s currency redesign policy.

Kale, who is now a partner and chief economist at the KPMG Nigeria said the N10 trillion loss would be evident when the first quarter (Q1) gross domestic product (GDP) report is released.

The former Statistician-General was a guest on the Business morning programme of Arise Television, which was monitored by our correspondent on March 27, 2023.

He said, “About 40 per cent of the N198 trillion economy is informal, which 90 per cent is cash based. Another 30 per cent of the formal sector is cash based. This translates to an estimated N106.9 trillion of Nigeria’s annual GDP cash based that were affected by this policy.

“I estimated the N10 trillion lost based on the model of measurement basket we have used while I was at the NBS. When I say N10 trillion, I don’t mean it’s going to shrink. I mean, if we are expecting the GDP figures of Q1 to grow to N54 trillion from N44 trillion, it may settle for may be N46 trillion.The nominal GDP will grow, but not as expected.This is a huge problem because the real GDP is deflated.”

Kale noted that part of the negative consequences of the naira redesign policy would see the GDP growth at less than 2 per cent in the Q1.

“I will be surprised if GDP grows more than 2 per cent in the Q1. This is because the economy is largely dependent on cash to the tune of 40 per cent,” he noted.

Commenting further on the negative impact of the policy, he said, “Informal sector has a huge cash components and those who did transfer through electronic means also have challenges using the portal. Cash and electronic transfer both have compounded problems. Those buying farm inputs were also affected by cash. All these would be more witnessed in the Q1 GDP report.

“Assuming there is a decline in inflation rate, which I anticipate (though marginal) when the National Bureau of Statistics publishes its inflation report, we can then compare if the gains in inflation in Q1 2023 outweigh the expected decline in GDP, and in possibly other macro and socio-economic variables,” he added.

CBN had last October announced it would be redesigning the N200, N500 and N1,000 notes. The new notes were introduced into the system on December 15, 2022, with the CBN initially setting January 31, 2023 as the deadline, as legal tender for the old notes being rested.

One of the reasons the CBN gave for its naira redesign decision was its resolve to strengthen Nigeria’s cashless economy.

But the policy has brought so much agony to individuals, families and businesses as the new notes have remained scarce.

The CBN has not helped matters with its decision somersaults on the swap of the old with the new.

Ortom withdraws petition against APC, seeks forgiveness

Sinafi OMANGA
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Ortom withdraws petition against APC, seeks forgiveness

BENUE State governor Samuel Ortom has withdrawn his petition to the National Assembly Election Petitions Tribunal over his loss in the Benue North-West senatorial election.

After losing the Benue North-West senatorial seat to his former appointee, Titus Zam of the All Progressives Congress (APC), Ortom had alleged that the election was rigged.

But, briefing journalists in Makurdi on Tuesday, March 28th, Ortom said he decided to withdraw the case “in the interest of peace”.

He added that his decision is without prejudice to the suits filed by other candidates of his party, the Peoples Democratic Party (PDP) challenging the election results.

“Though, there was glaring evidence of malpractices including non-transmission of results electronically during the conduct of the Benue North-West Senatorial election, I have taken the decision to withdraw my case from the tribunal”, Ortom stated.

The governor also asked his political opponents to forgive his shortcomings while presiding over the affairs of the state.

He said, “For those I might have offended in this journey of serving the state and our country, I seek their forgiveness, as I also forgive those who have offended me.

“It has been an honour to serve people of Benue State as governor. Within this period, I have executed the mandate given to me by God almighty through Benue people and I will always be available and ready to carry out God’s mandate as He directs me.

“I must commend the resilience of Benue people who went out to vote during the elections despite glaring provocation and intimidation by the federal might.”

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Meanwhile, Ortom restated his commitment to the PDP “to enable it bounce back from the mistakes and drawbacks that are affecting it at the moment”.

The national leadership of the PDP recently referred Ortom to a disciplinary committee over alleged anti-party activities. But the governor has vowed that he will not appear before the committee.

Ortom said the PDP national leadership disregarded a Court Order which barred the party and its organs from taking any disciplinary measure against him.

LP slashes Imo guber form from N25m to N15m after criticisms

Vincent Ufuoma
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LP slashes Imo guber form from N25m to N15m after criticisms

THE national leadership of the Labour Party (LP) has reduced the fee for its governorship election nomination form in Imo State from N25 million to N15 million.

The earlier N25 million price tag for the nomination form was sharply criticised on social media by the party’s young supporters, popularly called ‘Obidents’, who felt that the huge amount could hinder many Nigerians from participating in governance at any level.

Some of the party’s officials, including the spokesperson of the Peter Obi-Datti Presidential Campaign Council, Kenneth Okonkwo, had cited campaign logistics as reasons for the exorbitant amount.

But in a statement posted on Twitter on Tuesday, March 28, Okonkwo said the LP’s decision to reduce the nomination fee was based on Article 8(h) of the party’s Constitution, which aims to broaden participation in governance at all levels by ensuring that the costs of the electoral process do not constitute a hindrance to any Nigerian.

He also stated that N25 million was an exorbitant fee that would not be encouraged.

In line with the decision to slash the cost of the governorship election nomination form, the cost of nomination forms for all elective positions are to be reviewed downwards by the party, Okonkwo added.

“After due consultation with all the relevant stakeholders in the Party, and taking into consideration the overwhelming interest of Nigerians in our Party,and the necessity to birth a new Nigeria, and in view of the prevailing high cost of things in Nigeria, which the incompetent APC ruling party has foisted on all Nigerians, the Labour Party, as a listening Party, has taken note of the suggestions of Nigerians that a party of the working class Nigerians should settle for a nomination fee of not more than N15m for the post of a Governor.

“In line with our avowed disposition to carry Nigerians along in what we do, the Party has decided to review the cost of nomination forms downwards for all positions taking into consideration the suggested amount of N15m for the post of Governor,” Okonkwo said in a statement posted on Twitter.

The LP governorship primary election in Imo State is scheduled to take place next month, with 13 aspirants already securing nomination and expression of interest forms.

Among those vying for the LP governorship ticket are Major General Lincoln Jack Ogunewe (retd), Senator Athan Achonu, Martin Agbaso, Barr Humphrey Anumudu, Chief Joseph Ukaegbu, Dr Tochi J.Ehirim, Rt Hon Ike Ibe, Rt Hon Kelechi Nwagwu, Dr Basil Maduka, Engr Chinedu Amadi, AIG Charles Agomuo (retd), Capt David Mbamara, and Chief C. Ishiguzo.

General elections: Police arrest 781 electoral offenders

Mustapha USMAN
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General elections: Police arrest 781 electoral offenders

THE Nigeria Police Force (NPF) arrested a total of 781 persons for various forms of electoral offences across the country during the general elections.

The Inspector General of Police Usman Baba disclosed this during a meeting with Commissioners of Police from the 36 states of the Federation and the Federal Capital Territory (FCT) and Assistant Inspectors General of Police in charge of Zonal Commands, on Monday, March 27.

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The Police boss noted that 203 persons were arrested during the presidential and National Assembly elections while 578 others were apprehended during the governorship and state assembly polls.

According to Baba, about 66 firearms of various descriptions were also recovered from political thugs during the period.

Baba said: “A summary indicates that a total of 185 major electoral offences were reported during the Presidential and National Assembly Elections, with 203 arrests made and 18 firearms recovered. Similarly, a total of 304 electoral offences were recorded during the Gubernatorial and State Houses of Assembly polls, with a total number of 578 arrest and 48 firearms.”

He further stressed that the Police would collaborate with the Independent National Electoral Commission (INEC) to ensure that all electoral offenders are prosecuted.

“I have directed that all electoral offences case files across all State Commands be submitted to my office, where a committee has been established to centrally collate and coordinate the processing , preparatory to the commencement of prosecution process.

“While this process is being perfected, you are directed to draw on your discretionary powers in granting administrative bail to the suspects to avoid human rights infractions that could result from lengthy custody of the offenders pending the pressing of charges against them. In so doing, however, you must be mindful of the nature of their crimes and ensure thar they are by law and practice, fall within the categories that are ordinarily bailable at police level,” he added.

The IGP admonished all political actors and their supporters to submit to democratic norms, peaceful means and legal procedures in advancing their interests, warning that the Police and other security agencies would not tolerate the resort to incitement or any act designed to threaten the country’s security.

PDP crisis: NWC names Damagum acting chairman

Bankole ABE
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PDP crisis: NWC names Damagum acting chairman

THE National Working Committee (NWC) of the Peoples Democratic Party (PDP) has appointed the party’s Deputy National Chairman (North), Umar Damagum, as Acting Chairman.

This is coming on the heels of the suspension of the National Chairman, Iyorchia Ayu, by a High Court in Benue State.

The National Publicity Secretary of the party, Debo Ologunagba, announced this at a press conference on Tuesday, March 38, at the party’s national secretariat in Abuja.

Damagun will replace Iyorchia Ayu as the national chairman of the party, pending the determination of the matter in court.

A High Court in Benue State on Monday, March 27, stopped Ayu from parading himself as the National Chairman of the PDP.

Justice Wilfred Kpochi granted the order after hearing an ex-parte application filed before the court.

The ex-parte application was brought by Conrad Utaan, who sought an order to stop Ayu and the PDP from parading the former as its chairman, having lost party membership.

Justice Kpochi explained that he granted the temporary injunction requested by the applicant after considering the issues raised in the written address.

The matter was adjourned to April 17, 2023, for a hearing.

Ayu was suspended on Sunday, March 27, by the Executive Committee of the PDP in Igyorov Ward of Gboko Local Government Area of Benue State for alleged anti-party activities.

Reacting to the suspension, Ayu declared that only the party’s National Executive Committee (NEC) has the constitutional powers to suspend him.

The PDP national chairman stated that there was no constitutional backing for any organ of the party or executive committee at either the ward, state or national levels to take disciplinary measures against any member of the party’s NEC.

The crisis started in the party shortly after the governorship and state assembly elections when the party decided to suspend some prominent members like former Ekiti State governor Ayo Fayose and former Senate President Pius Anyim, over alleged anti-party activities.

The party also referred Benue State governor, Samuel Ortom, who was accused of the same offence, to a disciplinary committee.

Nasarawa guber poll: Ex minister accuses INEC of manipulating result in favour of APC

Theophilus ADEDOKUN
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Nasarawa guber poll: Ex minister accuses INEC of manipulating result in favour of APC

FORMER Information and National Orientation Minister Labaran Maku has accused the Independent National Electoral Commission (INEC) of manipulating the Nasarawa State governorship election result in favour of the All Progressives Congress (APC) candidate, incumbent governor Abdullahi Sule.

Speaking on Channels TV on Tuesday, March 28, Maku said that there are disparities in the figures of accredited voters, votes cast and the number declared by INEC.

Maku alleged that figures in some polling units and wards were altered and inflated to favour the incumbent governor.

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“If you go to IREV, you will notice in the accreditation for Ciroma and Gwagana wards there are different figures for the house of assembly and governorship but it is the same BVAS that were used.

“How can you suddenly have two elections announced and the one for the house of assembly have different figures of accreditation while the governorship is different as well?

“But it is supposed to be the same accreditation process, the same number of people that voted in governorship election are those who voted in the house of assembly election.”

He also accused INEC of connivance to announce the wrong election results.

“If you go to the backend of the IREV the figure you will see  are different from what was announced.

“This is simply bizarre and criminal. Do your worst – that is what they are telling us. ‘We have the figures and we would announce what we want’.”

The former minister however stressed that the candidate of the APC candidate suffered a huge defeat in local governments which could determine the election.

“Also PDP defeated Sule in his local government, we defeated him in Akwanga local government, we defeated him in his ward, we defeated him in Akwanga zone which is his zone.

“We defeated him in Doma local government, Obi local government, in Karu local government then where did they cook those figures that were announced?

“Those people just used three or four polling units and added to their figures. Those figures are simply fiction, they don’t agree with the total accreditation in Lafia local government, Ciroma and Gayari. It has nothing to do with the vote cast by the people if you want to know go to the IREV you will see the gap between what they declared and what took place in the election proper.”

The ICIR earlier reported that police in Nasarawa had banned all forms of protest across the 13 Local Government Areas of the state.

The announcement was made by the Police Command’s spokesman of the state Ramhan Nansel, on Sunday, March 26 after residents of Nasarawa protested against the outcome of the governorship and state assembly elections in the state.

The protesters who were women in the Akwanga area of the state were reported to have  stripped off their clothes in public while protesting the outcome of the poll.

The women called for the nullification of the governorship election results declared by INEC.

Buhari hails Tinubu at 71, as President-elect’s inauguration countdown kicks off

Marcus FATUNMOLE
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Buhari hails Tinubu at 71, as President-elect’s inauguration countdown kicks off

PRESIDENT Muhammadu Buhari has felicitated President-elect Bola Tinubu as he clocks 71 today, March 27.

In a statement signed by his Special Adviser on Media and Publicity, Femi Adesina, the President restated his belief in Tinubu’s capacity to lead Nigeria.

“The President joins members of the President-elect’s family, especially his wife, Senator Oluremi Tinubu, business partners and political associates in celebrating the remarkable age, heralded with many years of experience and achievements in the private and public sectors, which prepared him for the historic win on February 25, 2023.

“President Buhari believes Asiwaju’s warmth, friendliness and generosity has set the pace for a network of friends, home and abroad, that will shape his presidency with the requisite expertise to guide the economy, and consolidate on the investments of past leaders, particularly in people-first development and infrastructure,” part of the statement reads.

Buhari argued that Tinubu’s political pedigree from the 90’s, his active role in party politics, having been elected senator and later the governor of Lagos State, and his consistent involvement in the structure of leadership at the executive and legislative levels for many years, will serve as an asset for good and effective governance.

Tinubu’s birthday coincided with the ongoing countdown to his inauguration rally at the Unity Fountain in Abuja.

The rally began on Monday, March 20, to oppose a similar gathering by supporters of the Labour Party presidential candidate in the February 25 election, Peter Obi, who claimed the former Anambra State governor won the election.

Briefing newsmen at the Tinubu rally, Olusegun Mayegun, a former President of the National Association of Nigerian Students (NANS), said, “We are not going to allow anyone to intimidate or frustrate him (Tinubu). We will confront them with everything that we have.”

Tosin Adeyanju, Secretary, Support Group Coordinators for North-Central said, “We are here to begin the countdown and remind Nigerians that they should not listen to any detractors or enemies of the Nigerian people. The election has come and gone, and is the most credible election in the history of this country.”

The ICIR reported how the Independent National Electoral Commission (INEC) declared the presidential election winner and how observers, including the European Union faulted the exercise.

Apart from the Labour Party, the Peoples Democratic Party (PDP) also claimed its candidate, Atiku Abubakar won the election.

Both Obi and Atiku have filed petitions before the presidential election tribunal to challenge Tinubu’s victory.

Nigeria’s mobile subscribers hit 226.84 million

Vincent Ufuoma
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Nigeria’s mobile subscribers hit 226.84 million

THE Nigerian Communications Commission (NCC) has released new industry statistics indicating a rise in mobile subscriptions by 4.61 million to hit 226.84 million in 2022.

According to data from the regulatory body, in February 2023, the total number of mobile subscriptions rose to 226.84 million from the 225.88 million that was recorded in January 2022.

NCC records show that MTN continues to be the largest telecom provider with 92.71 million mobile subscriptions, followed by Globacom with 60.76 million, Airtel with 60.30 million, and 9mobile with 13.07 million.

Teledensity, which refers to the number of active telephone connections per 100 inhabitants living within an area, rose to 119.01 per cent in February, according to the NCC.

Mobile Internet subscriptions also grew to 156.42 million, with broadband penetration rising to 48.49 per cent and subscriptions hitting 92.56 million, marking a significant increase in the number of people using mobile devices to access the Internet.

According to the Chief Operating Officer of the Association of Telecommunications Companies of Nigeria (ALTON), Ajibola Olude, the growth of mobile subscriptions can be attributed to individuals’ increasing reliance on the Internet.

“A lot of things are connected to the Internet, and they need SIMs. Asides from that, at the federal and state level, there is serious awareness of the need to adopt ICT,” Olude was quoted by Punch Newspaper as saying.

“Many services have moved online, and don’t forget that the CBN is pursuing a cashless economy which means that there is a need to probably use an internet-enabled phone.”

Abuse of human rights, insecurity, poverty rose in Nigeria in 2022 – Report

Theophilus ADEDOKUN
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Abuse of human rights, insecurity, poverty rose in Nigeria in 2022 – Report

AMNESTY International (AI) has said poverty, human rights abuse and insecurity rose in Nigeria 2022.

The international human rights organisation stated this in its 2022 annual report released on Monday, March 27.

The report titled ‘Amnesty International Report 2022/23: State of the World’s Human Rights’, highlighted the drastic effects of conflicts in many Sub-Saharan African countries, including Nigeria, while blaming the development on failure of leadership and global organisations.

The report stated that new conflicts broke out and protracted ones persisted.

It also noted that government forces and armed groups were all responsible for violations of international humanitarian law and human rights abuses.

The report further highlighted the failure of the Nigerian government to protect lives and properties of people from various abuses committed by armed groups such as Boko Haram and ISWAP, as well as unknown bandits.

“According to media reports, they killed at least 6,907 people, abducted 6,157 and forcibly transferred or internally displaced at least 2,000.

“Attacks by Boko Haram, which had been predominantly in the North-East, spread to some states in North-Central and northwestern Nigeria during the year.

“Attacks by Boko Haram directed against civilians, such as those targeting villagers, farming communities and highway and train passengers, amounted to war crimes.”

Amnesty International noted that security forces in Nigeria consistently violated human rights in the context of military operations conducted in the North-East and their excessive use of force on citizens.

The report added that many Nigerians are still languishing poor condition of living across internally displaced persons’ camps across the country.

“There remained more than 2.4 million internally displaced people in north-eastern Nigeria.

“In an attempt to resettle all internally displaced people living in Maiduguri, the Borno state government closed four camps in July and resettled 11,000 households. Most of the resettled people lacked sufficient food and access to basic amenities.”

The report indicated that the ongoing invasion of Ukraine by Russia has disrupted the chain of supply of wheat that many African countries depend on, leading to a surge in the prices of food.

“Food insecurity worsened due to conflict and drought in several African countries, leaving many people facing acute hunger including in Angola, Burkina Faso, CAR, Chad, Kenya, Madagascar, Niger, Somalia, South Sudan and Sudan.

“In Angola, food insecurity in the Cunene, Huíla and Namibe provinces was among the worst in the world and in some of these areas, adults and children resorted to eating stalks of grass to survive.”

The report however, stated that journalists, human rights activists and opposition were repressed and intimidated in Nigeria, Cameroon, Ethiopia, Eswatini, Guinea, Mali, Mozambique, Senegal and Zimbabwe.

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