General
Discos Lose N2.5bn to One-Day Strike by NUEE
By Adedapo Adesanya
The one-day industrial action carried out by members of the National Union of Electricity Employees (NUEE), which led to the shutdown of businesses on Thursday, August 18, 2022, has caused the 11 electricity distribution companies (DisCos) in Nigeria to lose about N2.5billion in revenue.
The electricity workers, during the one-day strike, shut down the engines of the Transmission Company of Nigeria (TCN) and with the national grid down, the nation was in darkness.
The Executive Director of Research and Advocacy at the transmission company, Mr Sunday Oduntan, expressed worries that the action may weaken investors’ confidence and interest in the country’s power sector.
He said if the industrial action, which lasted less than a day, had persisted for one week, it would have been capable of bringing the entire power sector value chain to a total collapse.
Mr Oduntan said the FG’s failure to address some of the concerns of the union, which NUEE said it had raised and notified them of the same since May this year, led to the strike.
He said there is a misalignment in the power sector value chain and challenged the federal government to ensure that the nation does not experience such as well as look into the privatisation of the TCN like was done for distribution companies (Discos) and generation companies (Gencos).
He maintained that the transmission arm of the power sector value chain is the most problematic, advising the government to let go of it and allow private operators to come in to run it in an efficient and effective manner.
He also disclosed that under the current structure, the TCN is not capable of wheeling out the total quantum of electricity generated by the GenCos because it lacks the capacity to do so.
On cost reflective tariff, he said the players in the sector cannot pretend not to know that all is not well because the tariff as presently in operation is not capable of meeting the demands in the sector, adding that this was responsible for underinvestment in the industry.
General
Oyo Rehabilitates Agbowo Road, Three Others
By Modupe Gbadeyanka
Four major roads are being rehabilitated by the Oyo State government to improve transportation infrastructure and enhance mobility.
The chairman of the Oyo State Road Maintenance Agency (OYSROMA), Mr Busoye Ogunlade, in a statement in Ibadan last Friday, said the roads should be completed in less than eight weeks.
The roads include Bashorun Oluwo-nla road, Agbowo road, Eleyele-Water road, and Zion plaza-Olusoji road.
“Work has commenced on some of these roads, as we speak. However, repairs on other roads will commence soon,” Mr Ogunlade said, advising commuters to follow temporary traffic diversions and cooperate with the ongoing construction efforts.
The OYSROMA chief said the ongoing rehabilitation was based on fund availability and the economic viability of those roads, noting that the move is in line with the commitment of the administration of Governor Seyi Makinde to make the state more attractive to both local and foreign investors.
“Governor Seyi Makinde has given us the mandate to rehabilitate roads across the State, and we have mobilized Engineers, through direct labour to these sites,” he said, adding that to make the exercise have the desired impact on the people, the agency has gone across all zones and picked critical roads that need rehabilitation across the state.
“This is borne out of the complaints we received during zonal town hall meetings from residents of the state. Our Engineers have swung into action and have taken measurements of critical roads,” he said.
General
UNILAG Honours AXA Mansard Chairman Kola Adesina With Doctoral Degree
By Modupe Gbadeyanka
The chairman of AXA Mansard Insurance Plc, Mr Kola Adesina, has been bestowed with an honourary doctorate degree by the University of Lagos (UNILAG).
The prestigious higher institution of learning said the degree was given to the prominent Nigerian businessman because of his exceptional contributions as a “globally renowned entrepreneur with extensive experience spanning academia, finance, trade, diplomacy, and the energy sector.”
The conferment ceremony at UNILAG’s main auditorium last week was graced by dignitaries from various sectors, including academia, finance, and industry, who gathered to honour Mr Adesina’s remarkable achievements and contributions.
The chief executive of AXA Mansard, Mr Kunle Ahmed, lauded Mr Adesina’s virtues and emphasised that the honorary degree is a testament to his exemplary leadership and relentless pursuit of excellence.
“Mr Adesina’s visionary approach has been pivotal in driving our company’s success and positively influencing our ambition to transition from a payer to a partner.
“We are incredibly proud of his accomplishments and this well-deserved recognition,” Mr Ahmed remarked.
Also, the Chief Client Officer of AXA Mansard, Ms Rashidat Adebisi, congratulated her chairman on the recognition, noting that it underscores Mr Adesina’s significant impact in Nigeria and Africa’s growth and development.
“As a business, we have greatly benefited from Mr Adesina’s vast expertise and wealth of experience. His outstanding leadership and dedication to our nation’s progress are truly remarkable.
“We are immensely proud to be associated with him and celebrate this milestone. We believe this honour will inspire Mr Adesina to continue being a beacon of progress in Nigeria’s socio-economic landscape,” she stated.
General
20,000 Nigerian Armed Forces Personnel to Receive Consumer Credit
By Adedapo Adesanya
As part of initiatives to celebrate the just concluded Armed Forces Remembrance Day, the Nigerian Consumer Credit Corporation (Credicorp) has kicked off a consumer credit fund for personnel of the armed forces in a partnership with Fewchore Finance.
The scheme aims to benefit 20,000 armed forces personnel in its first phase.
This fund – kicking off with the Armed Forces Remembrance Day – advances President Bola Tinubu’s vision to extend consumer credit access to over 50 per cent of working Nigerians by 2030.
This demonstrates a specific commitment to improving the welfare of Nigerian soldiers who protect and serve the nation.
Via affordable consumer credit, members of the Armed Forces can now acquire life-enhancing household assets and meet immediate financial challenges – and at even better terms for locally manufactured goods.
According to a press release, the programme aims to ease their financial burden, boost morale, and enhance the well-being of their families, most of whom they leave for the battlegrounds.
President Tinubu has long championed the welfare of uniformed personnel, and this initiative reflects his commitment to creating meaningful support systems.
“This programme shows Mr. President’s commitment to supporting those who protect and serve our nation,” said Mr Uzoma Nwagba, Managing Director/CEO of Credicorp. “By making credit accessible to armed forces personnel, we not only honor their service but also advance the President’s goal of using consumer credit for much better lives.”
On his part, the chief executive of Fewchore Finance, Mr Sunkanmi Balogun, added, “We are proud to support the courageous men and women of the armed forces. At Fewchore Finance, we have a long-standing relationship with the Armes Forces and remain committed to creating solutions that address real needs.”
The initiative, starting with a first phase targeting 20,000 beneficiaries, will involve all branches of the armed forces.
Phased implementation will ensure equitable access, coordinated with the respective Accounts and Budget departments of the forces.
The programme launched at the last Armed Forces Remembrance Day carries deep symbolic meaning, showcasing the nation’s gratitude and dedication to the brave men and women who protect its peace and security.
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