Breaking News
FG Completes Takeover Of Kaduna, Kano, Ibadan and Port Harcourt DISCOs
The Bureau for Public Enterprises (BPE) has said the take-over of four electricity Distribution Companies (DisCos) namely; Kaduna, Kano, Ibadan and Port Harcourt DISCOs has been concluded successfully.
BPE Director General, Mr. Alex Okoh, who disclosed this in a presentation made at a virtual meeting of the National Council on Privatisation (NCP) held earlier last week Tuesday, added that the challenge in the takeover of the Benin DisCo is being addressed.
This is as the vice president, Prof Yemi Osinbajo said the inauguration of a board for the Nigeria Electricity Liability Management Company (NELMCO) will enhance ongoing efforts to resolve liabilities relating to tariff shortfalls for distribution companies, among other challenges plaguing Nigeria’s power sector.
Osinbajo gave the assurance in his remarks delivered virtually on Friday at the inauguration of the new board of NELMCO.
The company has been running without a duly constituted board since the first one was inaugurated in 2013 and dissolved shortly after.
“Today’s inauguration marks an important milestone in the bid to resolve the liabilities relating to tariff shortfalls in the power sector (specifically for Distribution Companies), and to provide a veritable mechanism for managing the very dynamic nature of the liquidity challenges of the power sector in Nigeria,” the Vice President said, according a statement by his spokesman, Laolu Akande.
Continuing, Prof. Osinbajo said “this ceremony formally brings on board the invaluable skills and experience of notable and highly respected personalities as members of the Board of NELMCO.”
On the expectations for the new board, the vice president told the members that, “as a board, you are expected to make conscious and deliberate efforts to develop appropriate strategies to facilitate the successful conclusion of the outstanding pre-privatisation issues of the defunct PHCN, and ensure an effective implementation of NELMCO’s additional mandate to resolve the tariff shortfall problems of the Electricity Distribution Companies.”
“In view of the challenges ahead, you are expected to draw extensively on our experience over the years, to continue to give credence to the Federal Government of Nigeria’s economic development programme in a transparent, sustainable, credible and acceptable manner.
“The Board is required to take appropriate steps to also ensure that the interests of the various segments of our society, particularly the ordinary citizens, are protected in the implementation of NELMCO’s mandate,” the VP added.
On the board’s mandate, Prof. Osinbajo charged members “to diligently carry out the responsibilities assigned to the board in accordance with the provisions of the Memorandum and Articles of Association (MEMART) of the Company.”
Some of the provisions of the MEMART of the Company include: To assume and administer the stranded debts of the defunct Power Holding Company of Nigeria (PHCN) Plc pursuant to the provisions of Electric Power Sector Reform Act 2005; To manage post-privatisation liabilities in the power sector as may be directed by the National Council on Privatisation, or any authorised agency of the federal government from time to time in line with the power sector reform act 2005.
Responding on behalf of the members, the Board Chairperson and Minister of Finance, Budget and National Planning, Mrs Zainab Shamsuna Ahmed, assured the vice president of the board’s preparedness to ensure quick resolution of tariff shortfalls and related issues in the power sector in the most efficient manner.
Other members of the board include the minister of Power, Engr. Abubakar Aliyu; director general of BPE, Mr. Alex Okoh; director general of Debt Management Office (DMO), Ms. Patience Oniha; managing director of NELMCO, Mr. Bayo Fagbemi; Mr. Muhammad Aliyu Jumma’a; Mr. Olufunso Olutola Olukoga; Dr. Chinedum Orisakwe; Mojoyinoluwa Dekalu-Thomas and Dr. Nurain Hassan Ibrahim.
Meanwhile, BPE director general, Mr Alex Okoh, in his report to the National Council on Privatisation (NCP), also made a presentation on the concession of the Zungeru Hydroelectric Power Plant, inviting NCP to note steps taken by the Bureau to fast track the process.
The NCP is chaired by the vice president who was represented at the meeting by the minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed, who is the vice chair of Council.
Okoh then presented for approval a proposal to amend the Procedures Manual of the BPE, especially in the areas of legal framework; reform activities; pre-transaction activities; project advisory and delivery team; receipt of technical and financial transaction strategies, and opening and evaluation of technical proposals, among others.
Aliko Dangote, Chairman of Dangote Industries, through his legal representative, has formally submitted a corruption petition to the Economic and Financial Crimes Commission (EFCC) against Farouk Ahmed, the former Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
This was disclosed in a statement made available to our correspondent by the Dangote Group media team on Friday.
Recall that Dangote had earlier petitioned the Independent Corrupt Practices and Other Related Offences Commission to investigate Ahmed for allegedly spending $5 million on his children’s secondary education in Switzerland. He withdrew the petition a few days ago, even as the ICPC vowed to continue with its investigation.
The statement on Friday said Dangote’s petition to the EFCC followed “The withdrawal of the same petition from the Independent Corrupt Practices and Other Related Offences Commission, a strategic decision aimed at accelerating the prosecution process.”
In the petition, signed by Lead Counsel Dr O.J. Onoja, Dangote urged the EFCC to investigate allegations of abuse of office and corrupt enrichment against Ahmed, and to prosecute him if found culpable.
The petition further stated that Dangote would provide evidence to substantiate claims of financial misconduct and impunity.
“We make bold to state that the commission is strategically positioned, along with sister agencies, to prosecute financial crimes and corruption-related offences, and upon establishing a prima facie case, the courts do not hesitate to punish offenders. See Lawan v. F.R.N (2024) 12 NWLR (Pt. 1953) 501 and Shema v. F.R.N. (2018) 9 NWLR (Pt.1624) 337,” the petition read.
Onoja further urged the commission, under the leadership of Mr Olanipekun Olukoyede, “To investigate the complaint of abuse of office and corruption against Engr. Farouk Ahmed and to accordingly prosecute him if found wanting.”
The Rivers State House of Assembly formally recommenced impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu.
This marks the second time within ten months that the state legislature has initiated such a move.
At a plenary session presided over by the Speaker, Martins Amaewhule, the Majority Leader of the House, Major Jack, formally read the notice detailing allegations of gross misconduct against Governor Fubara.
The notice, which was endorsed by 26 lawmakers, accused the governor of actions allegedly in violation of the Nigerian Constitution.
Amaewhule announced that the notice would be served on the governor within the next seven days.
During the same sitting, the Deputy Majority Leader, Linda Stewart, read the notice of allegations and gross misconduct leveled against Deputy Governor Ngozi Oduh.
Breaking News
Supreme Court: President Has Power To Declare Emergency Rule, Remove Elected Officials
The Supreme Court has reaffirmed that the President holds the constitutional power to declare a state of emergency in any state where circumstances threaten public safety or governance.
According to the ruling, this authority may be exercised to prevent a serious breakdown of law and order or to stop conditions from deteriorating into chaos or anarchy.
The court emphasized that such powers are intended to safeguard national stability and ensure the continued functioning of democratic institutions when extraordinary situations arise.
It noted that emergency measures are justified only in exceptional cases where normal governance mechanisms are unable to effectively address escalating crises.
More details later…
Boko Haram Demands $300,000 Ransom For Abducted Borno Ex-LG Chair, Another Victim
How Rivers Women Spread Wrappers For Wike’s Motorcade During Port Harcourt Visit
Impeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly
Your Second Coming Was A Chance To Avoid These Political Mistakes – Fayose To Fubara
Corruption Battle: Dangote Drags Ex-NMDPRA Boss To EFCC After ICPC Withdrawal
Rivers Crisis: Full List Of 8 Misconduct Allegations Against Governor Fubara
Panic In Ibadan As Rising Kidnap, Robbery Threats Trigger Official Red Alert
Wizkid Becomes First African Artist To Enter Spotify’s 10 Billion Streams Elite
Funke Akindele’s Behind The Scenes Becomes West Africa’s All-Time Box Office King
