PHED Introduces OTSC for Easy Electricity Bill Payment

By Adedapo Adesanya  PricewaterhouseCooper (PwC) Nigeria has commended the country’s move towards fixing its copious electricity challenges with the Electricity Act 2023 and proposed key amendments that will ensure the issues are faced head-on, At the 14th edition of its Annual Power and Utilities Roundtable, with the theme The Electricity Act 2023: Powering Nigeria, the Partner and Energy, Utilities and Resources Leader at PwC Nigeria, Mr Pedro Omontuemhen, noted that, “The 2023 power roundtable’s timing coincides with the ongoing COP 28 in Dubai, highlighting the urgent need for continued action on climate change especially in the area of renewable energy.”

By Adedapo Adesanya Almost two months after Nigeria’s victory in an $11 billion suit, the Commercial Courts of England in the United Kingdom has ordered Process & Industrial Developments (P&ID) Limited to pay £20 million in damages and compensation. The court ordered that the money be given to Nigeria within the next 28 days. The award of £20 million in damages was revealed during a subsequent ruling on the subject in London to determine what happened after the October ruling. The hearing was also held to determine whether P&ID would be granted permission to appeal the decision, however, the court

 By Adedapo Adesanya The Cross River Government has entered into a partnership with Oando Clean Energy on the provision of wind power in the state. Signing the Memorandum of Understanding (MoU) at the ongoing climate conference, known as COP28, in Dubai, Governor Bassey Otu of Cross River State said the collaboration signified the commitment of the state to spearhead the green economy, which he described as a significant milestone in his development objective for the state. Represented by the state Commissioner for Special Duties and Inter-Governmental Relations, Mr Oden Ewa, the Governor said the strategic deal with the energy company

By Dipo Olowookere On Monday, there were rumours that Mr Godwin Emefiele had been removed as Governor of the Central Bank of Nigeria (CBN) by President Muhammadu Buhari. These rumours, which went viral on social media, forced the CBN to quickly clarify that Mr Emefiele was still in charge of the apex bank in Nigeria. Mr Emefiele, who was appointed by former President Goodluck Jonathan in 2014, will complete his first five-year term in office on June 3, 2019. However, he can be reappointed by the President for another final second term of five years. One problem is that most

By Modupe Gbadeyanka Job seekers across the country have been warned to be very careful of fraudster claiming that the Nigerian National Petroleum Corporation (NNPC) was recruiting. In a statement issued by its spokesman, Ndu Ughamadu, the agency, for the umpteenth time, reiterated that it has not launched a recruitment campaign of any kind for now. Mr Ughamadu noted that the latest clarification was coming on the heels of a fresh recruitment advert purportedly from the corporation being circulated by e-mails and on various social media platforms. He said the advert, which is on a fake letterhead complete with NNPC

By Dipo Olowookere The Senator representing Lagos West Senatorial District, Mr Solomon Olamilekan Adeola, popularly called Yayi, has been praised by President Muhammadu Buhari for being courageous. The President, in a message to greet the lawmaker for attaining the golden age of 50, said the respected accountant-turned politician stood by his people and his political party during the time of adversity at the last Senate headed by its President, Mr Bukola Saraki. In a statement signed on Saturday, August 10, 2019 by Mr Femi Adesina, the Special Adviser to the President on Media and Publicity, the Chairman of the Senate

By Modupe Gbadeyanka Fiscal authorities in Nigeria have been advised to slow down its aggressive hunger for generating huge revenue from taxes this year. Nigeria, an oil-dependent nation, has struggled to raise funds for its 2020 budgets as a result of the crash in the prices of the commodity at the global market. The decline in the price of crude oil was caused by the global health pandemic, Coronavirus disease (COVID-19). The federal government, in order to increase its revenue, has raised pump price of petrol, increased the Value Added Tax (VAT) from 5 percent to 7.5 percent, while the

By Dipo Olowookere Business Post has confirmed the release of former New Media Director to the Peoples Democratic Party (PDP), Mr Deji Adeyanju, by the police. Mr Adeyanju was apprehended on Friday morning in Abuja while trying to stage a peaceful protest to clamour for open trial for leader of a pro-Biafra group, the Indigenous People of Biafra (IPOB), Mr Nnamdi Kanu. He was reportedly arrested by security operatives alongside others. But shortly after his arrest, the social media went on fire, with many threatening a showdown with the government. Mr Adeyanju, on Friday afternoon, announced his release from the

By Dipo Olowookere Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, may have responded to criticisms over the flooding of his campaign posters in Abuja and a few other places. Over the weekend, the posters of the CBN chief adorned Eagle Square in Abuja, the venue of the national convention of the ruling All Progressives Congress (APC). This sparked reactions from various quarters as Mr Emefiele was accused of getting distracted, especially at a time he should have been more focused on getting the economy back on its feet. The rising cost of items at the market

By Aduragbemi Omiyale The decline in crude oil prices caused by the COVID-19 pandemic in 2020 put the Nigerian economy under pressure as foreign exchange earnings slumped significantly. At a point last year, the price of the Brent crude, under which Nigeria’s crude oil is graded, was selling at $20 per barrel and this caused a plunge in revenue as most of the country’s earnings are from the sale of the commodity. As a result, the nation slipped into another recession in the third quarter of 2021 after the gross domestic product (GDP) contracted by 3.62 per cent after a

By Adedapo Adesanya The Naira recorded a 37 kobo or 0.09 per cent loss against the US Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (forex) market as it traded at N415.10/$1 compared with N414.73/$1 it was traded on Thursday. It was observed that the Naira came under pressure during the trading session with the value of transactions rising by 56.2 per cent or $60.7 million at the market window to $168.62 million from the preceding day’s $107.92 million. In the same vein, the local currency depreciated against the American currency at the interbank segment of