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DISCOs: BPE, CBN Give Banks 6 Month Deadline To Quit

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The Bureau of Public Enterprises, BPE, and the Central Bank of Nigeria, CBN, has handed down a 6- month deadline to banks which recently took over the shares of core investors in some Electricity Distribution Companies, DISCOs, to exit them.

The Director-General of the BPE, Mr. Alex Okoh, told Vanguard in an exclusive interview in Abuja weekend that the banks were not expected to hold the shares in perpetuity, adding that those shares must be sold to credible operators within the stipulated period.

The affected DISCOs include those of Benin, Ibadan, Kaduna, and Kano.

He explained, however, that if the bank fails to sell the controlling shares to other operators within six months, they could be given a maximum of another six months to do so.

His words: “It is important for me to mention at this point that the banks are not expected to hold the DISCOs in perpetuity.

“In fact, in conjunction with the CBN, we have given them a deadline of six months within which to sell those shares to credible operators approved by the BPE and NERC and should they not be able to meet that deadline, they can be given a maximum extension of another six months. So in one-year maximum, they should be out of the DISCOs.”

Okoh also revealed that the $500 million World Bank loan for the DISCOs to enable them to improve their facilities, such as the provision of transformers, feeders, and transmission lines, was being administered by the interim management put in place in DISCOs where the banks took over the shares of the core investors due to the latters’ failure to service their loans.

The BPE boss assured that with the effective implementation of the Presidential Power Initiative, PPI, there should be a significant improvement in power supply across the country.

“Once we can fix transmission, we will be able to free a lot of stranded power from the GENCOs to the DISCOs and to consumers.

“There are a lot of interventions going in that regard. There is the 2.3 billion Euro for the transmission and distribution so that we can wheel more power for consumers,” he said.

While admitting that transmission capacity was a major challenge due to the government’s inability to adequately fund that sub-sector, especially before 2013, Okoh noted that some citizens were also making it difficult for the expansion of transmission lines as they constituted themselves as a hindrance to the construction of lines over compensation issues.

The DG said the compensation demand could sometimes be more than the cost of the construction of the lines.

He, therefore, urged citizens to change their attitude in that regard as according to him, “transmission lines are for the benefits of everybody” and should be supported by every member of the public.

On the moribund Aluminium Smelter Company of Nigeria (ALSCON) located in Ikot Abasi, Akwa Ibom State, which transaction had been bogged for many years by litigations, Okoh said the federal government was making efforts to resolve the problem, with a view to freeing the multi-billion Naira company to commence operations.

He added that the dredging of Imo River for both imports of materials and export of products would be addressed for a smooth operation of ALSCON.

BIG STORY

“My NGO Account Has Been Hacked, N160Million Diverted” — VeryDarkMan

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Popular activist and social critic, VeryDarkMan, has raised concerns about the hacking of his NGO account, which led to the diversion of N160 million.

In a video shared on his verified Instagram account on Friday, he revealed that the incident had left him feeling distressed in recent days.

He explained that the funds were stolen after hackers allegedly gained access to the NGO’s website. The compromised account, which initially contained N180 million, now holds only N20 million.

He mentioned that law enforcement agencies had tracked one of the suspects, resulting in an arrest.

To address the situation, he stated that the NGO’s app had been temporarily taken offline for maintenance to prevent further vulnerabilities.

He said, “For the past few days, I’ve not been myself. I am here with Officer Joe, and we are going to Jos. NGO money—somebody stole the money. Somebody hacked into the NGO website, and I don’t know how they did it. N180 million is missing, but thank God we have tracked the person, and we are on our way to Jos.

“They have arrested one person, and that is why I’m even saying it now. I’m excited, and the account has been put on PND. The account now has N20 million, while N160 million has been diverted to another account. We are currently going there to see how we can get the money back. I just want to update you people.

“I even had to shut down the app and put it on maintenance so that people will not really see what is going on, but let me just come out plain and tell everyone what is going on. Hopefully, we will get the money back.”

The NGO, which launched in October, gained significant attention after raising over N21 million within 24 hours of its inception.

The initiative, aimed at transforming Nigeria’s public education system, attracted support from prominent figures, including music producer Don Jazzy.

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BIG STORY

Christmas Celebrations: Police Arrest 23 Suspected Armed Robbers, Hoodlums, Kidnapper, Recover Dangerous Weapons [PHOTOS]

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  • As IGP Commends Officers For Vigilance, Commitment To Safety

 

In furtherance of the directive of the Inspector-General of Police, IGP Kayode Adeolu Egbetokun, Ph.D., NPM., to commands and formations to emplace unalloyed anti crime strategies towards ensuring adequate safety and security during this festive period, operatives of the Nigeria Police Force across several states in the country have successfully apprehended multiple groups of armed robbers, cultists and hoodlums targeting fun seekers and engaging in gangsterism during Christmas celebrations.

On the 25th of December 2024, at about 1am, the police operatives attached to Lagos State Command, received a distress call that a group of hoodlums armed with dangerous weapons was operating around the Safejo area of Amukoko, Lagos State. The swift response by the police operatives to the scene led to the arrest of 3 of the suspected hoodlums identified as Emmanuel Okoli ‘m’, 20 years, Ogunde Tejiri ‘m’, 20 years, and Emmanuel Orji ‘m’, 18 years, and also the recovery of the weapons they had used in carrying out robbery attacks on innocent funseekers in the area. The police have emplaced intensified searches to apprehend the fleeing members of the gang.

In a similar development, Police Operatives attached to Saminaka Division of the Kaduna State Command on 25th December 2024, at about 8pm, successfully apprehended one Sule Muhammad ‘m’, 25 years, who has been actively involved in multiple kidnapping incidents within the Saminaka area. Further investigation led to the recovery of a fabricated AK-47 rifle from the suspect. The suspect confessed to being a member of a notorious kidnapping gang who had been evading arrest since the arrest of other gang members on August 16, 2024, until his recent arrest on 25th December 2024. Following cooperation received from Muhammad, efforts are in top gear to apprehend other members of his gang and recover more arms and ammunition in their identified camp. Commendable efforts of the Nigeria Police Operatives have also been witnessed in states including Delta, Ogun Katsina, Benue, FCT and Imo, leading to the arrests of several suspects in various locations during the Christmas celebration period.

The IGP has commended the officers involved in these operations for their vigilance and commitment to public safety, highlighting their display of exemplary dedication in safeguarding our communities, especially during this joyful season. The IGP urges the public to remain vigilant and report any suspicious activities to the authorities.

The IGP further assures citizens that the Force is fully committed to creating a safe environment for everyone as they partake in the joy and cheer of the holiday season. As the celebrations continue, the Nigeria Police Force remains steadfast in its mission to protect all citizens and ensure that the spirit of festivities during this period remains unmarred by criminal activities.

 

ACP OLUMUYIWA ADEJOBI, mnipr, mipra, fCAI,

FORCE PUBLIC RELATIONS OFFICER

FORCE HEADQUARTERS,

ABUJA.

27TH DECEMBER 2024.

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BIG STORY

Road To 2027: We’ll Ensure APC Gets Less Than 15k Votes — Kwankwaso

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Rabiu Kwankwaso, the former governor of Kano state, stated that the New Nigeria People’s Party (NNPP) will reduce the influence of the All Progressives Congress (APC) in the state.

Speaking on Wednesday at a meeting with party stakeholders in Tsanyawa LGA of the state, Kwankwaso mentioned that the NNPP aims to ensure the APC receives fewer than 15,000 votes in the 2027 elections.

In the 2023 governorship election, the NNPP garnered 1,019,602 votes, the APC secured 890,705 votes, while the Peoples Democratic Party (PDP) came third with 15,957 votes.

Kwankwaso emphasized that the NNPP achieved the “remarkable feat” of over one million votes despite being a new political platform and starting its campaign late.

“Now, it’s our turn to diminish APC’s influence. We will work tirelessly to ensure their votes are reduced to less than 15,000 in Kano come 2027,” Kwankwaso stated.

Kwankwaso, who was the NNPP’s presidential candidate in 2023, urged his supporters to stay united and focused to ensure the party’s success in future elections.

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