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National Grid Successfully Restored Following Collapse, TCN Confirms

The Transmission Company of Nigeria (TCN) announced on Friday that the national grid, which experienced a disturbance at 4:28 p.m. on Thursday, has been successfully restored.

According to TCN’s statement, full recovery was achieved by 10:00 p.m. the same day.The disruption, as reported by the National Control Centre (NCC) in Osogbo, was triggered by a significant reduction in generation capacity, mainly due to gas constraints.

This reduction caused a rapid decline in system frequency, leading to a sudden grid imbalance, further exacerbated by the sudden tripping of Egbin generation turbine 3, resulting in an additional loss of 167MW load and the subsequent collapse of the grid.

However, TCN assured that the grid has been recovered and is stable, transmitting all generated power to distribution load centers nationwide.TCN reiterated its commitment to addressing grid challenges and collaborating with other stakeholders in the power sector value chain to minimize disruptions.

This incident marked the second collapse of the national grid this year, with previous collapses occurring in 2023, including two in September and one in December.

LP Crisis: ‘Unite the Party or Leave’, Ex-Presidential Aspirant Challenges Peter Obi

Former presidential aspirant of the Labour Party, Faduri Oluwadare Joseph, has challenged the party’s 2023 presidential candidate, Peter Obi to unite members of the party or consider leaving amidst factional disputes.

The party has been rocked by internal crisis, with two factional groups led by Julius Abure and Apapa Lamidi vying for control of the national chairmanship, while the Nigerian Labour Congress, NLC, claims ownership of LP.The recent controversial reelection of Julius Abure as national chairman in a convention held in Anambra State has further escalated tensions within the party.

In a statement released on Friday, Faduri stressed an urgent need for unity within the party to prevent its collapse and maintain its status as a formidable opposition force in Nigeria.

“Enough is enough! Let’s bury the hatchet and work together for the purpose of bringing good governance to our nation.” He stated while urging Peter Obi to prioritize the interests of the party above personal agendasExpressing concern over the state of the nation, Faduri stated further that the Labour Party plays a crucial role in the Nation as an alternative for Nigerians yearning for change.

“Labour Party is the only alternative party Nigerians are looking up to. Thus, we must move this nation from the old to a new generation through a change of leadership” he statedFaduri also called upon all well-meaning Nigerians to rally behind efforts to rejuvenate the Labour Party, urging those unable to find common ground to consider stepping aside for the greater good.

“Let us rebuild this party with the help of NLC and Nigerians from the grassroots up, and we will stand to challenge anyone, any government, by 2027″ he said.

Nigeria’s Economy Records Over $1.5bn Inflow – CBN

The Central Bank of Nigeria (CBN), on Friday, has disclosed that there has been a total of $1.5bn inflow into the Nigerian economy.

The Bank’s Acting Director of the Corporate Communications Department, Hakama Ali, made this known on Friday, asserting that the development indicates the CBN’s monetary policy efforts are working.

She further disclosed that data available to the bank indicated that the inflows resulted from a concerted effort to stabilize the foreign exchange market.According to her, the naira has also continued to record gains in the Autonomous Foreign Exchange market, as it traded at N1,309/$1 as against N1,611/$1 in the second week of March 2024.

While noting that Thursday’s rate signified that the naira was headed in the right direction, she assured that the Yemi Cardoso-led CBN remained committed to ensuring the market’s stability, and the appropriate pricing of the naira against other major currencies worldwide.

The New Diplomat reports that this latest development comes on the heels of the CBN’s Monetary Policy Committee (MPC) announcement of a two-percent increase in its benchmark rate, from 22.75 percent to 24.75 percent on March 26, 2024.

Announcing the rate during a post-meeting briefing, the CBN Governor, Olayemi Cardoso, said the bank’s decision was intended to stabilize the economy by bringing the interest rate at par with the current inflation in the country, stating that the increase would not be long.

The apex bank had also conducted the Nigerian Treasury Bills (NTBs) auction of N1.64trn on March 27, 2024, at stop rates of 16.24 percent, 17 percent, and 21.124 percent for the 91-day, 182-day, and 364-day tenors, respectively.

Easter : Tinubu Hails Nigerians’ Sacrifices, Pledges Better Days are Ahead

President Bola Tinubu has commended Nigerians for their sacrifices since he assumed office, promising a path of recovery and growth.

Speaking in the Spirit of the Easter celebrations, Tinubu applauded Nigerians for their patience, assuring that it will yield positive results soon. He highlighted the significance of the season, stressing on the themes of love, sacrifice, and compassion, urging Nigerians to embrace these values for a united and prosperous nation.

In a statement through his spokesman, Ajuri Ngelale, Tinubu describes the need for selflessness and compassion, drawinEaster : Tinubu Hails Nigerians’ Sacrifices, Pledges Better Days are Aheadg lessons from the sacrifice of Jesus Christ. He encouraged leaders and citizens alike to emulate these virtues for national development.

“I strongly commend Nigerians for the sacrifices they have made in the past few months,” Tinubu said, adding that the seeds of patience which they have sown are beginning to sprout and will bring forth an abundance of good fruits.

”The President equally reiterated his administration’s commitment to a united, peaceful, and prosperous nation.

Mergers and Acquisitions Imminent as CBN Sets N500bn Minimum Capital Base for Banks

The Central Bank of Nigeria (CBN) has announced new minimum capital requirements for banks, setting the minimum capital base for commercial banks with international authorization at ₦500 billion. This move is aimed at strengthening the banking sector and ensuring financial stability.

In a circular addressed to all commercial, merchant, and non-interest banks, as well as promoters of proposed banks, the CBN stated that banks are required to meet the new minimum capital requirement within 24 months, starting from April 1, 2024, and ending on March 31, 2026.

CBN spokesperson, Hakama Sidi Ali, confirmed the development in Abuja, stressing that commercial banks with national authorization are now required to have a minimum capital base of ₦200 billion, while those with regional authorization must have ₦50 billion.

Merchant banks are expected to maintain a minimum capital base of ₦50 billion, and non-interest banks with national and regional authorizations are required to have ₦20 billion and ₦10 billion, respectively.

The CBN also advised banks to consider various options to meet the new capital requirements, such as injecting fresh equity capital through private placements, rights issues, or offers for subscription, as well as through mergers and acquisitions, or by upgrading or downgrading their license authorization.

The new minimum capital shall comprise paid-up capital and share premium only, and banks are required to ensure strict compliance with the minimum capital adequacy ratio (CAR) requirement applicable to their license authorization.

Banks that breach the CAR requirement will be required to inject fresh capital to regularize their position.

Furthermore, all banks are required to submit an implementation plan, clearly indicating the chosen options for meeting the new capital requirement and various activities involved, with their timelines no later than April 30, 2024.

The CBN will monitor and ensure compliance with the new requirements within the specified timeline.The minimum capital requirement for proposed banks shall be paid-up capital, and the new minimum capital requirement shall apply to all new applications for banking licenses submitted after April 1, 2024. Promoters of proposed banks with pending applications must make up the difference between the capital deposited with the CBN and the new capital requirement no later than March 31, 2026.

Former Kwara Finance Commissioner, Adebola Banu Faults EFCC’s Allegations in Alleged N411m Fraud

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Former Kwara State Finance Commissioner, Hon. Ademola Banu, has taken legal action against the Economic and Financial Crimes Commission (EFCC), disputing allegations and seeking to revoke a bench warrant issued for his arrest.

Banu filed an application/motion at the Federal High Court in Ilorin to challenge the warrant, arguing that the EFCC’s claims were false and misleading. He denied authorizing the payment of N411 million to a travel agency for a chartered flight for ex-Governor Abdulfatah Ahmed.

The EFCC had filed charges against Banu and Ahmed for alleged money laundering, alleging that Banu fled to the UK upon learning of Ahmed’s detention. This led to the court issuing a bench warrant for Banu’s arrest.However, Banu refuted these claims, presenting evidence that he had been in the United States, not the UK, during the stated period.

He also contested the allegation of jumping bail, stating that there were no new investigations or invitations by the EFCC after his previous acquittal.In response, the EFCC countered Banu’s arguments, maintaining the validity of the bench warrant and accusing him of authorizing the disputed payment from a government loan.

Banu provided documentation to support his defense, including a memo from the Government House showing approval by the former governor for the payment to the travel agency. He also called out some discrepancies in the EFCC’s justification for withdrawing previous charges against him.The case is set to continue, with the hearing for Banu’s motion to revoke the bench warrant pending. Ruling on the substantive case, Justice Evelyn Anyadike adjourned the case until April 29 and 30, 2024.

South Africa’s Ex-President, Zuma Barred from May Election

South Africa’s electoral commission said on Thursday it had excluded former president Jacob Zuma from standing in the May 29 general election.“In the case of former president Zuma, yes, we did receive an objection, which has been upheld,” commission president Mosotho Moepya told reporters, without giving details.“The party that has nominated him has been informed” as have those objecting to the move, he added.The decision can be appealed if lodged before April 2.Zuma, 81, was forced out of office in 2018 under a cloud of corruption allegations.He is campaigning for the opposition uMkhonto we Sizwe (MK) party in an attempt to relaunch his career and weaken his former party, the ruling African National Congress (ANC).The general election, after which the victor will appoint a president, is set to be tense.

The ANC is on the brink of dropping below 50 percent of the vote for the first time since it came to power at the end of apartheid.That would force the party once led by Nelson Mandela to form a coalition to stay in office.The ANC is bleeding support amid a weak economy and allegations of corruption and mismanagement.The electoral commission said in a statement that under the constitution “any person who was convicted of an offence and sentenced to more than 12 months imprisonment without the option of a fine” cannot stand in an election.Zuma was sentenced to 15 months in jail in June 2021 after refusing to testify to a panel probing financial corruption and cronyism under his presidency.Besides his 2021 contempt conviction, he is facing separate charges of corruption in an arms procurement scandal in the 1990s, when he was vice president.

Home Office granted 275 Care worker sponsorship visas after ‘forged application’

A damning report from the former borders and immigration inspector into the handling of the care sector by the Home Office said low-skilled workers were left “at risk from exploitation”.

The Home Office granted 275 certificates of sponsorship for care workers after “forged” documents were used to make an application, a damning report into the department has shown.The probe, by ex-borders and immigration inspector David Neal, claimed the Home Office had a “limited understanding” of the care sector after it was added to the UK’s shortage occupation list in 2022 – allowing more people to come to the country to fill jobs.

And as a result, it created a system that “invited large numbers of low-skilled workers to this country who are at risk from exploitation”.

In Mr Neal’s report into social care and immigration, he criticised the department’s “underestimation of demand for the care worker visa”.While the Home Office had predicted between 6,000 and 40,000 would come through this route each year, 146,182 were granted between February 2022 and October 2023.The report criticised “the inappropriateness” of the regime in place, and said the “mismatch between its meagre complement of compliance officers and ever-expanding register of licensed sponsors” – with one officer for every 1,600 employers – was “totally inadequate”.In the example of an employer only known as “company b”, an application had been submitted using forged documents and bank statements in the name of a real care provider.But despite online checks showing the address they provided showed “no trace” of links to a care home, 275 certificates of sponsorship had been secured, with 181 assigned to workers, “none of whom have arrived to undertake genuine roles”.It took more than two months after the sponsorship licence was granted to the company for Border Force officers to raise their concerns about those arriving on the visas.

Another example included 1,234 certificates being granted to a company that said it had only four employees when it was given a sponsorship licence.”In just these two examples, up to 1,500 people could have arrived in this country and been encouraged by a risk of hardship or destitution to work outside the conditions of their visa,” said Mr Neal.

Reliant on handouts

‘The report also highlighted the tough conditions faced by some workers caught up in the system, pointing to a story from Sky News, where a care worker paid £10,000 to an agent in Nigeria only to find there was no job for her when she arrived in the UK.And it said inspectors encountered migrants with care visas working illegally in two out of eight enforcement visits carried out over three months in 2023.

The report praised frontline staff at the Home Office dealing with care workers and their awareness to the “serious risk”.But Mr Neal said: “What worries me most is that the Home Office does not appear to have any process to identify the lessons from this debacle and then bring those lessons into core thinking in order that they are not repeated.”‘Robust measures’The former inspector called for a full review of the visa route, sponsorship licensing and compliance, as well as the creation of a multi-agency agreement so each part knows what they are responsible for.A Home Office spokesperson said they had “already intervened to stop the flow of overseas care workers entering the UK where there is no genuine role for them to undertake” and taken “robust action” against exploitation.

They also insisted new measures were already in place to “cut the rising numbers of visas granted and address significant concerns” about non-compliance, worker exploitation and abuse.But Labour’s shadow home secretary, Yvette Cooper, called both reports from Mr Neal “scandalous”, saying they “expose a Conservative government which has lost control of our borders and our border security”.

‘Cash for care jobs’ scandal EXPOSED: Vulnerable UK patients are being looked after by unqualified migrants

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Vulnerable care residents are being looked after by unqualified migrants as rogue operators exploit Home Office loopholes, a Mail investigation shows.Scant checks in the desperate bid to fill huge vacancies mean untrained and overworked staff, sometimes barely able to speak English, are left caring for the elderly in the under-strain sector.

Our probe into the ‘cash for care jobs scandal’ found some outfits charge overseas applicants ‘work finder fees’ of up to £20,000 to help them get a visa allowing them to come – and stay – here.One ‘adviser’, a Baptist minister, told an undercover reporter that for £9,000 he could help her arrange a job in just three days – with ‘100 per cent’ success guaranteed.A watchdog warned there had been ‘widespread abuse’ of the system since early 2022 after ministers relaxed immigration rules to plug mass job vacancies.

Abia enjoys 24 hours power supply but the project took 20 years, here’s why

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The Minister of Power has called on other states to play their part to bolster the country’s power distribution and supply.

On Monday, February 26, 2024, Vice President Kashim Shettima inaugurated the 181-megawatt power plant, located in the Osisioma industrial hub of Aba, the state capital.

Championed by by Geometrics Power Limited, the $800 million project, including the building 27KM natural gas pipeline, can generate and distribute 181 megawatts of power.

A new electricity distribution company, Aba Power Limited Electric, has since started drawing power from the plant and supplying it to Aba residents, spread across nine out of the 17 local government areas in the state.

However, this development comes two decades after the project commenced during the administration of Governor Orji Uzor Kalu.

Speaking on Channels Television‘s ‘Politics Today‘ on Thursday, February 29, 2024, Governor Alex Otti lifted the lid on why it took 20 years for the power plant to get off the ground.

The former bank chief recalled how the founder of Geometrics Power Limited and ex-Minister for Science and Technology, Bart Nnaji, approached him as an Executive Director of First Bank sometime in 2010 regarding the project.

According to Otti, Nnaji said that the former bank that was funding the project had stopped it mid-way owing to the global economic crisis.

“We processed an $85m facility for him (Nnaji), but unfortunately, he couldn’t draw down on that facility because the board of the bank felt that because I was proceeding to Diamond Bank as CEO, it won’t make any sense to allow the country to withdraw the facility when the person that was going to manage it was not there,” the Governor stated.

Continuing, he said, “We processed an $85m facility for him (Nnaji), but unfortunately, he couldn’t draw down on that facility because the board of the bank felt that because I was proceeding to Diamond Bank as CEO, it won’t make any sense to allow the country to withdraw the facility when the person that was going to manage it was not there.

“I headed to Diamond Bank which actually was the bank that was initially funding the project. On getting to Diamond Bank, we restructured the facility and saw it to completion by October 2014, the time I left Diamond Bank.

“But a lot of things happened thereafter that made it impossible for the project to take off. There was the unfortunate sale and resale of the Aba Invest Island and that took a life of its own.

“When that was resolved, Shell which owned the major oil block that was supposed to supply gas to Geometric sold it to another company whose focus was not gas for domestic use but export

“By the time we took over on the 29th of May, we sat down with Geometric a few times and engaged with NNPC and NNPC deployed their partners and gas was made available,” he stated.

The Governor disclosed that the plant can supply 141 megawatts of power as of now but will be expanded to 181 megawatts when the final turbine is delivered.

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