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Foreign Investors Showing Interest In Electricity Sector Since Tariff Hike — Power Minister Adelabu

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Adebayo Adelabu, minister of power, says investors are now showing interest in the electricity sector because the federal government increased electricity tariff for Band A customers.

On April 3, the Nigeria Electricity Regulatory Commission (NERC) approved an increase in electricity tariff for customers under the Band A classification.

The commission said customers under the category, who receive 20 hours of electricity supply daily, will now pay N225 per kilowatt (kW), starting from April 3, up from N66.

Appearing before the senate committee on power on Monday, Adelabu said the federal government could not afford to pay subsidies on power anymore.

“The government will be needing about 2.8 trillion to subsidise electricity this year, and we look at the government budget itself, we look at the provision for subsidy, we discover and confirm that the government could not afford to pay,” he said.

“This government budget is 28 trillion naira. N2.8 trillion is a subsidy for power separately. It is over 10 percent of the budget, which is not realistic for us to ask the government to pay.

“For this sector to be revived, the government needs to spend nothing less than $10 billion annually in the next 10 years. This is because of the infrastructure requirement for the stability of the sector, but the government cannot afford that.

“And so we must make this sector attractive to investors and to lenders. So for us to attract investors and investment, we must make the sector attractive, and the only way it can be made attractive is that there must be commercial pricing.

“If the value is still at N66 and the government is not paying subsidy, the investors will not come. But now that we have increased the tariff for A Band, there is interest shown by investors.”

Adelabu said more than N1.3 trillion is being owed to generating companies.

“There has not been funding for this subsidy. And this has culminated into each debt yearly now for the operators in the industry, especially the generating companies and the gas supply companies,” he said.

“As of the last estimate, we said 1.3 trillion naira is being owed to the five generating companies, while the legacy debt of the gas supply companies stood at $1.3 billion in 2023.

“The total tariff, the total subsidy for the tariff, was supposed to be N720 billion. The government only funded N400 billion living a total of over 300 billion brought forward to 2024.

“And at the current pricing regime, we estimated that it will retain the tariff at current rates.”

Adelabu added that the high indebtedness is the reason the government removed subsidies on electricity tariff.

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My Wife Invited Her Friends To Our Home To Beat Me During Our Crisis — Oritsefemi

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Famous Nigerian singer, Oritsefemi has alleged that his wife, Nabila Fash, invited her friends to their home to beat him up during their marital crisis.

He said the ladies, numbering about 20, overpowered and physically assaulted him.

The ‘Double Wahala’ hitmaker disclosed this in a candid chat with media personality, Chude Jideonwo.

Oritsefemi stated that he has been unlucky with marriages, claiming that his first wife also dumped him after sponsoring her to Dubai.

“My wife [Nabila Fash] asked her friends to come and beat me up in my house. I said, ‘Look at me o; a whole me, lion na he women dey pursue.’ They were about 20. They dealt with me. I’m not lying,” he said.

Oritsefemi’s marriage to Nabila Fash hit the rocks in 2022, with Fash accusing the singer of incessant cheating.

In October 2022, Fash officially filed for divorce from Oritsefemi over infidelity and domestic violence.

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Chain Reactions In 7 Star Performance At 2024 SABRE Awards

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It was a seven-star performance for Chain Reactions Africa (CRA), one of Africa’s leading Public Relations and Integrated Communications Consultancy as it took home seven African SABRE trophies, more than any other public relations firm in Africa in the 2024 competition.

The awards which were held at the end of the annual African Public Relations Association (APRA) Conference, were presented by Provoke Media, organizers of the awards in Basam, Abidjan, Cote D’Ivore on May 16th 2024.

The work covered campaigns for the Lagos Metropolitan Area Transport Authority (LAMATA), and its Lagos Blue Rail, 9mobile’s The Hack – Expand Your Hustle’, ‘Taming the Bull’ for the Presidency, ‘Next Era of Happiness’ for leading biscuit company, Pladis Foods Nigeria Limited.

Receiving the awards on behalf of Chain Reactions and its clients, was its Managing Director/Chief Strategist, Israel Opayemi, who noted that this is a seven-star performance by Chain Reactions Africa at the 2024 SABRE Awards.

In his comments Opayemi said “to emerge as the highest winner at the 2024 edition of the award with seven SABRE Awards is humbling as well as exciting for us at Chain Reactions Africa. We are immensely proud to be honoured on such a global platform like the SABRE awards which is the holy grail of Public Relations globally as the awards programme is dedicated to benchmarking the best PR works across the globe.”

He continued, “I am making a three-fold dedication of these multiple trophies to our clients who believe in us, my team members who do the brave works relentlessly and our dear country Nigeria. Ten years ago, we were at the SABRE Awards in Miami, Florida in the United States watching and applauding as winners took turn on stage. Ten years ago, we were asking for a seat at the table. Today, we are sitting in creative resplendence at the head of the table. Today, we are flying the Nigerian flag on the global stage. We are now a territory of reckon and relevance in the global PR space.”

It seems winning awards is just a Chain Reactions thing, chuckled Arun Sudhaman CEO and Editor-in-Chief of Provoke Media, organizers of the SABRE Awards as Opayemi rose up seven times to receive the awards. The PR consultancy also picked up four Certificates of Excellence in recognition of its work launching the Nigerian Youth Trend Report 2024 known as ‘ARAMANDA’, ‘Next Era of Happiness’, ‘Lagos Blue Rail’, ‘The Hack – Expand Your Hustle’, and ‘Taming the Bull’.

In his reaction, President and Chairman of Council of the Nigerian Institute of Public Relations (NIPR) described the awards by Chain Reactions Africa as “a harvest of honours for Nigeria”. He thanked the Chain Reactions Africa team for their outstanding works saying, “thank you for making us proud.”

Chain Reactions Africa has over the years won several prestigious SABRE awards and has been awarded more than 15 Certificates of Excellence. At last year’s award, the company won CEO of the Year category for the Lagos State Governor, Babajide Sanwo-Olu for use of public relations to tell the story of his administration’s achievements and scooped two Certificates of Excellence in the Corporate Image category for the ‘Momentum Campaign’ for Cellulant, a flagship payment solution provider; and ‘Marketing to Consumers’ category for ‘The #NaijaHighlandah Campaign’ for William Lawson’s, Scotch Whiskey brand.

The 2024 Africa SABRE Awards shortlist included more than 120 campaigns, selected from over 500 entries in this year’s competition, which recognizes Superior Achievement in Branding, Reputation and Engagement. The campaigns were evaluated by a jury of industry leaders.

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BREAKING: Court Denies Binance Executive Tigran Gambaryan Bail

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Tigran Gambaryan, Binance executive, had his bail plea dismissed by a Federal High Court in Abuja on Friday.

In his verdict, Justice Emeka Nwite stated that the bail application is denied because, after carefully reviewing the application, he concluded that, should bail be granted, the defendant will violate it.

The Economic and Financial Crimes Commission filed charges against Gambaryan, his business Binance Holdings Limited, and another high-ranking executive who is presently fugitive, Nadeem Anjarwalla, for money laundering and supporting terrorism.

 

More to come…

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