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Federal Government Plans N450bn Power Intervention Fund

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The Federal Government of Nigeria is set to spend N450bn on power interventions in 2024.

This is in line with the Nigerian Bulk Electricity Trading Company’s budget analysis. For the “FGN Power Intervention Fund,” N450 billion was set aside under the company’s capital expenditure budget.

In 2024, the Government Owned Enterprise plans to spend a total of N454.81 billion.

N2.44bn will be spent on personnel costs, N2.36bn will be spent on other recurrent costs, N580m on general travel and transport, N15m on utilities, N110m on materials and supplies, N210.75m on general maintenance services, N34m on other services, N60m on fuel and lubricants, N40m on financial charges, N576m on miscellaneous, and N736.51m on supplementary overhead.

Most of the firm’s spending would be on power intervention funds in the New Year. As of May 2022, the Federal Government’s intervention fund to electricity distribution companies rose to N2.9trn.

According to a The PUNCH report, the N2.9tn is the total funding extended to the sector since privatisation in 2013. The Federal Government has consistently intervened in the power sector. In 2017, the Federal Executive Council approved N701bn as Power Assurance Guarantee for the Nigeria Bulk Electricity Trading Company for two years to pay the generation firms.

In 2019, the government announced that the power sector was going to get another intervention of N600bn. In 2019, the Market Operator, Transmission Company of Nigeria, Edmond Eje, stated, “At this stage I’ll tell you that it is for the market. If the money is injected into the Gencos, it is for the market; if it is injected into the Discos, it is for the market. It is generally for the shortfall in the payment of monthly invoices.”

Despite these intervention funds, the power sector has been besieged with many grid collapses. As of October 2023, the House of Representatives stated that it was set to probe all financial interventions by the Federal Government in the power sector in the past 10 years.

It said the investigation would cover over $1.25bn injected into the sector by the government since the 2013privitisation till date.

A House of Rep member, Ademorin Kuye (APC, Lagos), said while moving the motion, “The Nigeria Electricity Regulatory Commission performance as an industry regulator is questioned for its ability to move the industry forward and eliminate illiquidity.

“The Nigeria Electricity Supply Industry faces threat due to the poor performance and transparency of DISCOs and the NERC’s inability to sanction erring stakeholders.”

In its New Year statement, the Lagos Chamber of Commerce and Industry noted that bringing private sector investment into the transmission segment of the power sector would help improve the sector.

It said, “The government needs to consider bringing private sector investment into the transmission segment of the power sector. This would ensure adequate technical and financial capacity for a well-functioning sector to power economic growth.”

BIG STORY

Bill To Make Appeal Court Final Arbiter For Governorship Election Petitions Passes Second Reading

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A bill proposing that the Court of Appeal serve as the final authority for governorship election petitions has passed second reading in the House of Representatives.

The bill, sponsored by Nnamdi Ezechi, who represents Ndokwa East/Ndokwa West/Ukwuani federal constituency of Delta State, seeks to amend Section 246 of the 1999 Constitution.

Currently, Section 246 stipulates that the Court of Appeal’s rulings on National Assembly and State Houses of Assembly election petitions are final.

The proposed amendment aims to extend this finality to governorship election disputes, preventing such cases from reaching the Supreme Court.

Objective of the Bill

When the bill passed first reading in 2024, Ezechi explained that the legislation aims to reduce delays and cut costs in post-election litigations.

If enacted, the law will eliminate the Supreme Court’s role in resolving governorship election petitions—a significant departure from the current judicial process.

Recent Supreme Court Reversals

There have been instances where the Court of Appeal nullified governorship elections, only for the Supreme Court to overturn those rulings.

Plateau State (2023): The tribunal and Court of Appeal nullified the election of Caleb Mutfwang of the PDP. However, in January 2024, the Supreme Court overturned this decision and affirmed his election.

Kano State (2023): The tribunal and Court of Appeal removed Abba Yusuf as Governor. The Supreme Court later reinstated him.

The proposed amendment would prevent such reversals by making the Court of Appeal’s decision final in governorship election disputes.

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BIG STORY

Samsung Electronics Co-CEO Han Jong-Hee Dies From ‘Cardiac Arrest’

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Han Jong-Hee, co-chief executive officer (CEO) of Samsung Electronics, has died at the age of 63 due to cardiac arrest.

According to CNN, the company confirmed his passing on Tuesday.

The report states that “Jong-Hee” had been leading Samsung’s consumer electronics and mobile devices businesses since 2022 and was appointed as vice chairman and CEO that same year.

A company spokesperson stated that “Jun Young-Hyun”, his co-CEO, who was appointed last week, will now assume the role of Samsung’s sole CEO.

Samsung Pays Tribute

In an internal message obtained by CNN, Samsung honored “Jong-Hee”, recognizing his 37 years of service and his leadership in establishing Samsung’s TV business as a global leader.

The company also credited him with contributing to growth in its electronics and appliances businesses despite a challenging business landscape.

“Our deepest condolences are with his family and loved ones during this difficult time,” the message stated.

A Career in Innovation

“Jong-Hee” joined Samsung in 1988 after earning a bachelor’s degree in electrical engineering from Inha University.

Before leading Samsung’s electronics and devices division, he was responsible for its display operations.

A company biography published last week described him as a key figure in the development of Samsung’s LED TVs, emphasizing his role in maintaining the company’s technology leadership.

Challenges for Samsung

The report highlighted that Samsung has faced significant challenges in recent years, particularly in its logic semiconductor business, which has struggled to compete with Taiwan Semiconductor Manufacturing Company (TSMC) in advanced chip production and client acquisition.

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BIG STORY

Judge Recuses Self From “Natasha Akpoti’s” Case Over Bias Allegation

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Obiora Egwuatu, a judge at the Federal High Court in Abuja, has withdrawn from the case filed by “Natasha Akpoti-Uduaghan”, senator representing Kogi Central

Egwuatu, on Tuesday, stated that his decision was based on an allegation of bias against him by “Senate President Godswill Akpabio”.

The suit was initiated by “Akpoti-Uduaghan” to prevent the Senate Committee on Ethics and Public Petitions from carrying out disciplinary proceedings against her.

On March 4, the judge had issued an order restraining the Senate from initiating disciplinary actions against “Akpoti-Uduaghan”, following an ex parte application submitted by her legal representatives.

Case to Be Reassigned

After hearing from the legal teams of the involved parties, “Egwuatu” announced his withdrawal from the case.

He directed that the case file be forwarded to “John Tsoho, the Chief Judge of the Federal High Court”, for reassignment.

The defendants in the case include:

  • The Clerk of the National Assembly
  • The Senate
  • The Senate President
  • The Chairman of the Senate Committee on Ethics

Previously, the judge ruled that the defendants had 72 hours to show cause why an interlocutory injunction should not be granted against them.

However, 48 hours later, the Senate suspended “Akpoti-Uduaghan” for six months after adopting the committee’s report.

Additionally, the Senate ordered that:

  • Her office be locked
  • She must return all Senate properties in her possession to “The Clerk of the National Assembly” for the duration of her suspension.

On March 19, “Egwuatu” overturned his March 4 order, which had earlier prevented the Senate from suspending “Akpoti-Uduaghan”.

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