By Modupe Gbadeyanka

Residents of Nigeria experienced a power outage on Saturday, January 11, 2025, after the national grid collapsed.

It was the first that occurred this year and it happened at about 3 pm today, according to information gathered by Business Post.

Last year, the nation recorded about 12 grid collapse that almost embarrassed the government, which later set up a team to look into the causes of the frequent collapse of the grid.

It was later that today’s incident occurred after power generation went down from 2,111.01 megawatts at 2:00 pm to about 390.20 megawatts by 4:55 pm.

This development caused a cut in power supply in most parts of the country, but the situation has been brought under control, with electricity restored in most affected areas.

By Adedapo Adesanya

President Bola Tinubu on Thursday urged the Chinese government to increase the $2 billion currency swap between Nigeria and the Asian nation to enhance trade between the two countries.

He also called for an upward review of the $50 billion aid package for Africa, which China’s President Xi Jinping announced last year.

Recall that China and Nigeria recently renewed their currency swap agreement, valued at 15 billion Yuan (approximately $2 billion), to enhance trade and investment.

According to a statement signed by his media aide, Mr Bayo Onanuga, the President made this appeal and more while receiving the Minister of Foreign Affairs of China, Mr Wang Yi, at the State House Abuja on Thursday.

The President said increasing the level of currency swaps will speed up the infrastructural development in Nigeria and deepen the strategic bilateral relations.

“We still demand more in the area of currency swap. The level you have approved as a government for Nigeria is inadequate considering our programme. If you can increase that, it will be well appreciated. Our bond should grow stronger and become unbreakable,” the President was quoted to have said in a statement

President Tinubu noted that the continent’s infrastructural needs would require more commitment, urging a review of the amount to reflect the continent’s reality.

“I am happy you are part of China’s highest decision-making body. We will want you to use your position to influence improved project funding. First, I say yes to the 50 billion dollar support, and thank you for contributing to African growth.

“The infrastructural needs of Africa are greater than that, and we want to move as rapidly as our other counterparts. All share your vision of rapid development. Africa values the relationship with China, and we seek deeper collaboration for infrastructural development,” he stated.

President Tinubu also called on China to support Nigeria’s bid for a permanent United Nations Security Council seat.

“You are a member of the UN Security Council. We want you to use your influence to ensure Nigeria secures the seat,” the President said.

The Nigerian leader thanked President Xi Jinping for his warm reception during his visit to China last year.

He said Africa, particularly Nigeria, was prepared to meet developmental goals and contribute counterpart project funding

“We are ready to move and reach the various developmental goals. Due to our deliberation, we signed many MOUs and planned many action programmes.

“My visit during FOCAC was a good experience. We signed several comprehensive MOUs during the visit. We planned several programmes of action. As a result of that deliberation, I made sure that immediately after I returned, I appointed one of the best brains available to coordinate Nigeria-China relations, Mr Joseph Tegbe. He will work to actualise various MOUs and promote a greater understanding of developmental programmes.

“It is good that you came at such a critical time. My visit to China was a good experience. Once again, accept my sympathy for the earthquake in Tibet. It was a natural disaster that nobody expected. We commend your government for the rapid reaction to protect lives.

On his part, Mr Yi said Chinese investments in the country would focus on employment generation and infrastructural development. He said the Chinese National Development Bank had started funding some development projects.

He said the Chinese Government would support including an African country in the UN Security Council, adding that “it was a historical injustice by the world that should be corrected”.

“We stand with Africa, and we will not support a country that invades another country,” he stated.

The foreign minister said China would welcome Nigeria’s membership in the BRICS and participation in the global development mechanism.

He said China fully supported Mrs Ngozi Okonjo-Iweala, the Director General of the World Trade Organisation (WTO), for a second term in office.

The minister also lauded President Tinubu for his visionary leadership and consistency in projecting Africa’s needs, which require China’s support.

By Adedapo Adesanya

Nigeria has received $52.88 million recovered Galactica assets linked to a former Minister of Petroleum, Mrs Diezani Alison-Madueke, from the United States Government.

The Attorney-General of the Federation and Minister of Justice, Mr Lateef Fagbemi (SAN) disclosed this at the formal signing ceremony of the asset agreement between Nigeria and the US in Abuja on Friday.

Delivering his remarks, Mr Fagbemi explained that $50 million of the recovered assets will be deployed through the World Bank to the development of the rural electrification project and the remaining $2 million will be deployed to the International Institute of Justice to expand the Justice system and also counter corruption.

Mr Fagbemi noted that the asset return marks a milestone in the ongoing collaboration between Nigeria and the US in combating corruption and upholding the rule of law

He said the event is also a significant effort by President Bola Tinubu to address the issue of corruption.

Meanwhile, in his remarks, the United States Ambassador to Nigeria, Mr Richard Mills called for the monitoring and effectively utilizing the recovered assets by the Ministry of Justice to benefit Nigerians.

Mrs Diezani Alison-Madueke has been accused of abusing her power when she was petroleum minister under the administration of former President Goodluck Jonathan in Nigeria, including accepting financial rewards for awarding multi-million-pound contracts.

In 2023, the United Kingdom National Crime Agency (NCA) alleged that Mrs Alison-Madueke benefited from at least £100,000 ($127,000) in cash, chauffeur-driven cars, flights on private jets, luxury holidays for her family, and the use of multiple London properties.

Other charges against her also detail financial rewards, including furniture, renovation work and staff for the properties, payment of private school fees, and gifts from high-end designer shops such as Cartier jewellery and Louis Vuitton goods, the NCA said.

Since she left office, she has been dogged by corruption allegations but denies the charges.

The 63-year-old woman has been on bail since first being arrested in London in October 2015.

The US Department of Justice has recovered assets totalling $53.1 million linked to Mrs Alison-Madueke’s alleged corruption.