EXCLUSIVE: Two Oando directors resign as crisis worsens

Two independent non-executive directors of Oando Plc have resigned from the company’s board, TheCable can report. Sena Anthony (pictured) and Oghogho Akpata have both informed the Nigerian Stock Exchange (NSE) about their decisions. In their separate resignation letters dated June 3, 2019 and addressed to the company secretary/chief compliance officer of Oando, they did not give any reasons for their decision. TheCable understands, however, that they are “unhappy” with the outcome of the forensic investigation by the Securities and Exchange Committee (SEC), the stock market regulator, which indicted a number…

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Dangote to FG: No business will thrive with business owners generating powers themselves

Aliko Dangote, president of Dangote group, says the poor performance of the country’s power sector is hindering growth of the economy. Dangote spoke at a consultative roundtable session for public and private sector stakeholders in Lagos on Saturday. The programme was organised by the Central Bank of Nigeria (CBN). According to Dangote, Nigeria had been struggling to increase its electricity output for the past 18 years without success. He urged the federal government to improve the sector, saying that “no business will thrive with business owners generating powers themselves”. “How do…

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Breaking: FG to close down Enugu Airport over deplorable runway

Minister of State, Aviation , Hadi Sirika said Enugu Airport will be closed down over the state of the runway. He said the airport will be degraded for international operations because the runway length is not ideal for such operations. He said the market, television masts and free trade zone needs to be relocated for the airport to be fit for safe flights. Sirika disclosed this in Lagos at a stakeholders forum. He also said Lagos international airport terminal would be partially pulled down by Julius Berger Limited for major…

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Another Nationwide Blackout Looms as Power Output Drops to 230megawatts

Critical Investments Needed To Sustain It, Says TCNFollowing a major collapse in the national grid during the week (Wednesday and Thursday), leaving electricity output dwindling to a low of 230 megawatts as against the 4,032 megawatts national average, most parts of the country have since been thrown into total darkness. And almost 72 hours after the first collapse, which was reported on Wednesday, and subsequently a second collapse at about 5:30 a.m. on Thursday, the Transmission Company of Nigeria (TCN) is yet to resolve the fault. With the sharp drop…

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Imminent Electricity Tariff Hike Underway

A fresh review and implementation of electricity tariff in Nigeria is underway.This move, which, according to investigation by New Telegraph is a result of pressure by power investors, is buoyed by surge in deficit recorded across the power value chain. For instance, Chairman of biggest thermal plant in sub-Sahara Africa, Egbin Power plant, Mr. Kola Adesina, told this newspaper on the side line of Ikeja Electric (IE) Young Engineers Programme (YEP) inauguration in Lagos, that the fresh review and implementation of the Multi Year Tariff Order (MYTO) is the best…

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Nigerian man with no walking limbs, bags 1st class degree from ABU

Nigerian man with no walking limbs inspires the online community, bags 1st class degree from ABU (photos) 12 minutes ago 150 views by  Adeyinka Odutuyo A Nigerian man has grabbed the attention of the online community after a social media user shared the news of the amazing feat he achieved despite his health challenges. A social media user identified as Mahmoud Shuaib, shared a post on popular micro blogging platform Twitter, in which he disclosed the academic excellence achieved by a young man he identified as Sani Khalid. According to…

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Trial Delay: Lawyers to pay minimum N100,000 fine, says Lagos CJ

Lagos Chief Judge, Justice Opeyemi OkeChief Judge of Lagos State, Justice Opeyemi Oke, yesterday said lawyers who aid the delay of cases in courts by filing frivolous applications would be fined a minimum of N100,000.She also said that lawyers, who fail to file applications within the time allowed by law, would pay N1,000 for each day they defaulted. Justice Oke said the fines were contained in the 2019 Lagos court rules put together to fast-track justice delivery and decongest the prisons.She, however, expressed disappointment that some lawyers on account of…

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Hope rises for Enugu community without electricity for decades

After the decades-long challenge of grappling with the problem of lack of access to grid electricity, it now appears respite is on a clear perspective for the people Ugwu-Isiokwe, a hilly community in Ezeagu Local Government Area of Enugu State, thanks to community efforts. Ugwu Isiokwe is within the larger Akama Oghe community; but while other areas have access to grid electricity, Ugwu Isiokwe has had to suffer a fate of lack. Anthonia Neke said that she was born “on this hill and has lived here all my life.” She…

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Fuel Subsidy: Petrol Landing Cost Now N180 Per Litre, Says Kachikwu

The landing cost of Premium Motor Spirit, also known as petrol, is N35 higher than the pump price of N145 per litre, the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said on Tuesday.Kachikwu said the rise in global crude oil prices after the 2016 hike in petrol price brought back subsidy.Recalling the experience of 2016, when the government increased petrol price from N86.5 to N145 after months of severe scarcity, he described fuel subsidy as an emotive issue. “You have very positive argument that says, ‘Why is this…

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Fuel scarcity looms as anticipated petrol subsidy removal triggers panic-buying

…NAEE, LCCI okay removal …Cost hits N731bn Fuel shortage appeared to have worsened over the weekend as queues of vehicles were seen at filling stations in Abuja, Lagos, Ondo and Ekiti. Investigation showed that the shortage was fuelled by the Federal Government’s announcement that it might undertake a gradual phase out of fuel subsidy, which the World Bank said cost Nigeria N731 billion in 2018. The Minister of Finance, Zainab Ahmed, who announced the decision of the Federal Government, was reacting to a recommendation by the International Monetary Fund, IMF,…

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