Connect with us


BIG STORY

We Are Ready To Partner With Investors, DISCOS For Sustainable Power — Sanwo-Olu

Published

on

Babajide Sanwo-Olu, Lagos State Governor, has expressed his administration’s readiness to partner with would-be investors and distribution companies (DisCos) on sustainable power in the State.

He said his administration will continue to collaborate with investors to improve power generation, transmission, and distribution in the State, ensuring that quality power supply is provided for Lagos residents.

Governor Sanwo-Olu spoke on Wednesday during a courtesy visit by the Board of Eko Electricity Distribution Company (EKEDC) and its investor group, WPG, at Lagos House, Marina. The team was led by the Chairman, Board of EKEDC, Mr. Dere Otubu.

Sanwo-Olu, who noted that both the public and private sectors involved in the provision of electricity to consumers cannot give reasons for lapses, expressed worry that so much money had been invested in the sector and charged the Distribution Companies (DisCos) to get it right for economic activities to take a positive shape.

Lagos State Commissioner for Energy, Mr. Lere Odusote, who gave a brief on the State’s plan for the Energy sector, said the administration had mapped out a Universal Electricity Supply plan on the short, medium, and long-term basis aimed at improving transmission and distribution of power.

He said there is a plan to create a One-Stop Shop in the Lagos State Ministry of Energy for easy access.

Speaking earlier, the Chairman Board of Eko Distribution Company, Dere Otubu, who commended Governor Sanwo-Olu for his developmental strides in Lagos State, and victory at the last general elections, said his company is seeking partnership with the State Government to improve power generation, transmission and distribution.

“We know and appreciate that Your Excellency (Governor Sanwo-Olu) recognizes the need to collaborate with NERC and necessary stakeholders to achieve the great goal of improving power supply to the citizens of Lagos State, hence, we urge your good administration to kindly work with all necessary stakeholders within the power sector to develop a very workable policy and legal regime for this to be achieved,” he advised.

Also speaking, the Managing Director of Eko Electricity Distribution Company (EKEDC), Dr. Tinuade Sanda, noted that it was necessary for her organization to re-establish a relationship with Lagos State Government for a smooth operation forthwith.

Sanda, who emphasized the need for a good working relationship with the Lagos State Government, applauded the roles played by the Babajide Sanwo-Olu administration in ensuring legislation that backs the decentralization of power in Nigeria.

She also commended Governor Sanwo-Olu for gender balance government by being deliberate in his appointment of many females into the State Executive Council, as well as heads of Ministries, Departments, and Agencies (MDAs) in Lagos State.

BIG STORY

BREAKING: GTCO Becomes First Banking Stock To Exceed N100 On NGX

Published

on

Guaranty Trust Holding Company has achieved a strong mid-market showing during the July 16, 2025, trading session, surpassing the N100 milestone.

This makes GTCO the first banking stock listed under the NGX Banking Index to cross the N100 benchmark, while Stanbic IBTC Holdings remained just below at N99.

The upward movement aligns with the broader positive sentiment in the banking sector, where the NGX Banking Index has gained over 22% so far in July.

The development follows GTCO’s recent dual listing, which involved 2.29 billion ordinary shares being listed on the London Stock Exchange on July 9, 2025, and another 2.28 billion shares added to the Nigerian Exchange the next day.

The stock’s rise appears driven by investor response to its cross-border listing and its strong Q1 2024 financial performance. Month-to-date, GTCO has posted a gain exceeding 27%.

Continue Reading

BIG STORY

BREAKING: Atiku Abubakar Resigns From PDP

Published

on

The presidential flagbearer of the Peoples Democratic Party in the 2023 general elections, Alhaji Atiku Abubakar, has officially withdrawn his membership from the opposition party.

Atiku submitted his resignation ahead of the 2027 general elections, following confirmation of his involvement in forming a new coalition known as the Alliance Democratic Congress.

The resignation was contained in a letter dated Monday, July 14, 2025, and addressed to the chairman of the PDP in Jada 1 ward, Jada Local Government Area, Adamawa State.

A copy of the letter was shared on X by the Special Assistant on Media to the former Vice President on Wednesday.

The letter stated, “I am writing to formally resign my membership from the People’s Democratic Party (PDP) with immediate effect.

“I would like to take this opportunity to express my profound gratitude for the opportunities I have been given by the party.

“Serving two full terms as Vice President of Nigeria and being a presidential candidate twice has been one of the most significant chapters of my life.

“As a founding father of this esteemed party, it is indeed heartbreaking for me to make this decision.

“However, I find it necessary to part ways due to the current trajectory the party has taken, which I believe diverges from the foundational principles we stood for. It is with a heavy heart that I resign, recognising the irreconcilable differences that have emerged.

“I wish the party and its leadership all the best in the future. Thank you once again for the opportunities and support.”

 

More to come…

Continue Reading

BIG STORY

EFCC To Appeal Ruling Acquitting Fayose Of Money Laundering Charges

Published

on

The Economic and Financial Crimes Commission (EFCC) says it will challenge the judgment that cleared Ayodele Fayose, former governor of Ekiti state, of money laundering and fraud accusations.

In his decision on a no-case submission, Justice Chukwujekwu Aneke ruled that the prosecution did not provide enough evidence to require Fayose to present a defence.

After the judgment, EFCC counsel Rotimi Jacobs stated that the commission would obtain the certified judgment and begin the appeal process.

Fayose and his company, Spotless Investment Limited, had been re-arraigned on an 11-count charge of laundering ₦6.9 billion, allegedly during his time as governor.

The charges included allegations that Fayose received ₦1.2 billion for his 2014 campaign and accepted $5 million in cash from Obanikoro, bypassing standard banking procedures.

He was also accused of laundering several sums and using over ₦1.6 billion to purchase properties via proxies and firms such as De Privateer Ltd and Still Earth Ltd, contrary to the Money Laundering (Prohibition) Act, 2011.

During the May 19 no-case submission, Kanu Agabi, Fayose’s lawyer, argued that the prosecution failed to prove its case and pointed out that Abiodun Agbele, allegedly central to the transactions, wasn’t charged, which weakened the EFCC’s position.

“With due respect, the predicate offences do not hold water. Criminal breach of trust and conspiracy are distinct offences, and no co-conspirator was charged,” Agabi stated.

He asked the court to find that Fayose had no case to answer.

Olalekan Ojo, lawyer for the second defendant, also submitted a separate no-case application dated March 21, 2025, with supporting documents filed on May 16.

Ojo contended that the main evidence provided by the prosecution, particularly Obanikoro’s testimony, was unreliable since he confirmed there was no direct communication between Fayose and Sambo Dasuki, the former national security adviser.

Jacobs, however, urged the judge to dismiss the no-case submissions, arguing that there were unexplained financial activities that needed clarification.

He questioned why Fayose didn’t use his personal account if the money was legitimate, referencing EFCC investigator Abubakar Madaki’s claim that Fayose acquired properties through associates who later denied ownership, even though Fayose admitted the properties were his.

“If the money was clean, why not buy the properties in his name?” Jacobs asked.

He also referred to Obanikoro’s account that Fayose requested the money in cash and introduced Agbele to receive it, saying Fayose must explain these actions.

Despite these arguments, the court ruled in favour of the defendants and granted the no-case submission.

Continue Reading



 

Join Us On Facebook

Most Popular