Category: Business

National Grid Collapses, Plunges Nigeria Into Nationwide Blackout

ADEOLA YUSUF

The Nigeria’s transmission system, known as national grid, has collapsed, plunging the country into a total darkness. Platforms Africa reports that Abuja Electricity Distribution Plc (AEDC), which confirmed this, sai21amat the system failure occured “at 11:21 hours,” on Sunday. The failure led to a shutdown of all 20 power plants, except Ibom Power with 31 megawatts. READ ALSO Why We Sacked 1,973 Employees — Obafemi Awolowo Teaching Hospital CMD Mother of 19 From Different Fathers Pregnant With 20th Child Owner Burnt To Death While Recovering Goods From His Shop N4.9m…

Read More

‘What You May Not Know About Nigeria’s Present Economic Policies’

ADEOLA YUSUF

From power subsidy, 2024 budget, foŕex scarcity,  to relocation of Federal Airport Authority of Nigeria (FAAN) and departments of Central Bank of Nigeria (CBN) to Lagos, renowned wealth creation expert, Dr. Olumide Emmanuel, in this interview, gives a clinical assessment of President Bola Ahmed Tinubu’s government policies with practical tips for Nigerians on how to live a better life at a time like this.   What is your reaction to the Nigeria’s 2024 budget? Many times when I hear people talk about the budget, they have expectations, people talk about…

Read More

LPG Vessel: Ekpo Lauds Nigerian Firm’s Seal In Harnessing Local Content Law

ADEOLA YUSUF

Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, has lauded the courage, vision and hard work exhibited by Nigerian firms in breaking new frontiers in gas businesses in line with the local content law. Ekpo stated this at the commissioning of Temile Development Company Limited’s 23,000 cubic meters ultramodern Liquefied Petroleum Gas (LPG) Carrier, Alfred Temile 10, at the Hyundai Mipo Dockyard in Ulsan, South Korea, yesterday. This was contained in a statement signed by his spokesman, Louis Ibah, and made available to the media. The Minister…

Read More

Nigerian Govt Hands Over $1.3bn Zungeru Plant To MESL

ADEOLA YUSUF

The federal government has handed over the $1.3 billion Zungeru Power Plant to Mainstream Energy Solutions Limited in a move to stabilise the national grid and increase it to 13,000 megawatts. The grid-connected electricity is currently 12,200 megawatts and the new development will increase the total number of power plants on the grid to 27. Zungeru with 700mw capacity is approximately $1.3 billion, and reportedly, the largest power project completed in Nigeria over the past decade. Additionally, it stands as one of the most significant power ventures in Africa to…

Read More

Six Things To Know About New Electricity Tariff

ADEOLA YUSUF

The Nigerian Electricity Regulatory Commission (NERC) has released a new Multi Year Tariff Order (MYTO) stating new guideline for tariff. Platforms Africa, which reported this earlier on Thursday, observed misrepresentation in reports on the MYTO while many Nigerians seek proper understanding of what this means to their daily power transactions with DisCos. Though the latest Multi Year Tariff Order (MYTO) issued by the commission approved a hike in the tariffs upto 35 per cent for DisCos effective 1st of January 2024, it stated clearly that the burden would be shouldered…

Read More

‘DisCos Can’t Hike Bill For Customers,’ NERC Freezes Allowable Tariff

ADEOLA YUSUF

. Okays 35% increase payable through government’s subsidy as it releases new MYTO “(Allowable) tariff frozen for all customers at the rates payable since December 2022, while government pay more on subsidy. In all, the DisCos will still smile to the bank. “   The Nigerian Electricity Regulatory Commission (NERC) has frozen tariffs from customers to the eleven distribution companies (DisCos) at the rates payable since December 2022. Platforms Africa reports that though the latest Multi Year Tariff Order (MYTO) issued by the commission approved a hike in the tariffs…

Read More

BREAKING: 100%: Renaissance Africa Energy Acquires Shell’s Asset In SPDC

ADEOLA YUSUF

“Completion of the transaction is subject to the requisite regulatory approvals,” full statement the consortium consisting of ND Western Limited, Aradel Holdings Plc. the Petrolin Group, FIRST Exploration and Petroleum Development Company Limited and the Waltersmith Group, issued. Renaissance Africa Energy has announced the acquisition of Shell’s entire shareholding in The Shell Petroleum Development Company of Nigeria Limited (SPDC). “We are pleased to announce the signing of a landmark transaction with Shell to acquire its entire shareholding in The Shell Petroleum Development Company of Nigeria Limited (SPDC),” the company told…

Read More

10 Africans Who Are Richer Than Many Countries In The Continent

ADEOLA YUSUF

Wealth In their hands: Story, Profile of Top 10 Richest Men In Africa 2024 and list of poorest countries based on GNI per capita in the continent   Forbes, the wealth-tracking platform, provides ongoing updates on the net worth and ranking of each individual confirmed by Forbes to be a billionaire. Platforms Africa reports that these 10 billionaires have a net worth that is more than that of some nations in the world, and particularly, many countries in their continent of Africa. The value of individuals’ public holdings are updated…

Read More

Betta Chimaobim Edu: 12 Things You Don’t Know About Embattled Minister

ADEOLA YUSUF

Medical doctor, Scholar, Public Health from Texila American University, APC ex-National Women Leader: This is the 12-point resume of the 37 year-old first minister ever to be suspended by President Tinubu.   A search by Platforms Africa showed some revealing and interesting sides of the suspended minister Of Humanitarian Affairs and Poverty Alleviation. Here, below, are what may need to know. 1. Born October 27, 1986 37 years old 2. Minister of Humanitarian Affairs and Poverty Alleviation (now Suspended – 08 Jan 2024) READ ALSO: BREAKING: Tinubu Cuts 60% Off…

Read More

EFCC Raids Dangote Office +Deal That Lands Africa’s Richest Man In Trouble

ADEOLA YUSUF

▪️ What the operations got to do with Emefiele and forex racket for Africa richest man’s $12 billion refinery     The operatives of the Economic and Financial Crimes Commission (EFCC) are currently raiding the head office of the Dangote Group in Lagos, Platforms Africa reports. The swoop on the office of the Africa’s richest man was said to be over forex transactions with the Central Bank of Nigeria (CBN). It was gathered that the EFCC officers are conducting a search on forex allocations to Dangote Group during the tenure…

Read More