General
UK, US Congratulate Tinubu, Pledge Support
By Adedapo Adesanya
The Prime Minister of the United Kingdom, Mr Rishi Sunak, has congratulated Nigeria’s President-elect, Mr Bola Tinubu, on his victory at the just-concluded presidential election.
In his message, the PM said he looked forward to fostering the relationship between both Nigeria and its former colonial kingdom, which share a longstanding relationship that has withstood 62 years of independence from the UK.
He wrote on Twitter, “Congratulations to @officialABAT on his victory in Nigeria. The UK-Nigeria relationship remains strong,” Sunak tweeted on Wednesday evening.
“I look forward to working together to grow our security and trade ties, opening up opportunities for businesses and creating prosperity in both our countries.”
The Independent National Electoral Commission (INEC) yesterday morning declared Mr Tinubu as the winner of the exercise.
Running on the platform of the ruling All Progressives Congress (APC), Mr Tinubu claimed the highest number of votes — 8,794,726, almost two million votes more than his closest rival, Mr Atiku Abubakar of the Peoples Democratic Party (PDP).
Mr Abubakar, who has now run for president six times, got 6,984,520 votes, while the candidate of the Labour Party (LP), Mr Peter Obi, who, in less than a year, galvanised young voters in a manner some have described as unprecedented, finished the race with 6,101,533, while another heavyweight, Mr Rabiu Kwakwanso of the New Nigeria Peoples Party (NNPP) came fourth.
The election which has drawn massive criticism was allegedly marred by low voter turnout, with official figures showing 27 per cent, a drop in trend when compared to 34.75 per cent in 2019.
The US Congratulates Tinubu, Nigerians
The United States, in a statement, also congratulated the people of Nigeria, Mr Tinubu, and all political leaders following the February 25 presidential election.
It said, “This competitive election represents a new period for Nigerian politics and democracy. Each of the top three candidates was the leading vote-getter in 12 states, a remarkable first in Nigeria’s modern political era, reflecting the diversity of views that characterized the campaign and the wishes of Nigeria’s voters.”
It added, “We understand that many Nigerians and some of the parties have expressed frustration about the manner in which the process was conducted and the shortcomings of technical elements that were used for the first time in a presidential election cycle. Nigerians are clearly within their rights to have such concerns and should have high expectations for their electoral processes. We join other international observers in urging INEC to improve in the areas that need the most attention ahead of the March 11 gubernatorial elections.
“There are well-established mechanisms in place for the adjudication of electoral disputes, and we encourage any candidate or party seeking to challenge the outcome to pursue redress through those mechanisms. We call on all parties, candidates, and supporters to refrain from violence or inflammatory rhetoric at this critical time.”
Further, “We commend the active participation of civil society and the media for advancing electoral norms and political discourse on issues of importance to citizens. We note with concern reports that numerous members of the media were attacked during the course of the election, and we urge the government, security forces, political actors, and all citizens to respect the media’s critical role by refraining from any damaging acts against them and ensuring accountability for such acts when they do occur. We also congratulate the Nigerian people, especially the large number of youths who are relatively new to the political process, for demonstrating their strong commitment to democracy.”
By Dipo Olowookere
A $15 million debt facility has been obtained by Watt Renewable Corporation from the AfriGreen Debt Impact Fund to finance hybrid solar power plants to be built and operated by the former, especially in Nigeria.
WATT intends to use the projects to serve commercial and industrial clients in Nigeria, particularly in the telecommunication and financial services sectors.
By integrating solar hybrid solutions, the firm aims to significantly reduce diesel consumption and CO2 emissions, enabling its clients to achieve substantial energy cost savings while promoting environmental sustainability.
As a pioneer in renewable energy solutions, WATT continues to drive innovation in Nigeria’s energy sector.
The company’s robust roll-out plan includes deploying hundreds of hybrid solar power sites nationwide to meet the growing energy demands of commercial & industrial clients.
This strategic expansion aligns with WATT’s vision to revolutionize energy access across Africa, enabling sustainable development and reducing reliance on fossil fuels.
The funds from AfriGreen provide the critical capital needed to accelerate WATT’s ambitious projects, strengthening its market position and empowering businesses with reliable and affordable energy solutions.
Business Post gathered that to mitigate the currency risk for WATT in the event of devaluation of the Nigerian Naira, AfriGreen is offering a local currency facility that matches the payment structure of the power purchase agreements.
“We are thrilled to partner with AFRIGREEN on this transformative journey to expand reliable and sustainable energy solutions across Africa.
“With this support, it enables us to accelerate our shared mission of providing hybrid solar power to businesses, reducing carbon emissions, and supporting economic growth while enhancing energy security for our clients,” the Managing Director of WATT, Mr Oluwole Eweje, said.
“We are delighted to support WATT in rolling out hundreds of hybrid sites across the country.
“This represents another key transaction for AFRIGREEN in Nigeria. The combination of high energy prices, good solar irradiation, and strong demand from industrial and commercial energy users makes this market particularly attractive for companies like WATT.
“By leveraging these favourable market conditions alongside WATT’s exceptional operational performance and a well-structured financing solution, we are setting the stage for a strong and lasting business partnership,” the Managing Director of AfriGreen, Mr Alexandre Gilles, stated.
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has denied issuing a directive that gas supply to power generating companies (GenCos) be halted.
In a statement on Wednesday, the authority also denied instructing wholesale gas suppliers to stop further supply of gas to companies due to failure in payment obligations.
The NMDPRA described reports stating that it has directed the stoppage of gas supply to GenCos over N2 trillion debt as “false and completely unfounded”.
“It has absolutely no bearing on the information shared at a recent stakeholders’ engagement held in Lagos between the Authority, the OPTS, IPPG and other stakeholders in the oil and gas industry,” the NMDPRA said.
“The purpose of the engagement was to sensitise stakeholders on the requirements, opportunities and benefits associated with the implementation of the wholesale supply license as provided by sections 142 and 197 of the Petroleum Industry Act (PIA) 2021.
“It was a follow-up to an earlier stakeholder engagement held at the NMDPRA corporate headquarters in Abuja on November 27, 2024.
“The Authority wishes to reassure all our stakeholders and indeed the general public that at no time was the false statement made at that event and anywhere else, and are advised to completely disregard the publication as every effort is being made to ensure that the supply and distribution of natural gas and petroleum products to end users is seamless and unabated as we head into the festive season and indeed all through the coming year 2025.”
Recall that Nigeria’s national grid experienced another collapse on Wednesday, the 11th time in 2024 as Gencos couldn’t generate enough power, compounding issues facing the Nigerian power sector.
This was the first time in over a month as the last time the nation witnessed a nationwide shutdown in electricity supply was on November 7, 2024.
Before then, the country was experiencing an incessant collapse of the grid, which prompted the federal government to set up a team to address the issue.
By Aduragbemi Omiyale
Nigeria is currently experience a cut in power supply after the national grid collapsed for the 11th time in 2024.
This is the first time in over a month as the last time the nation witnessed a nationwide shut down in electricity supply was on November 7, 2024.
Before then, the country was experiencing an incessant collapse of the grid, which prompted the federal government to set up a team to address the issue.
However, just when Nigerians were thinking they will not witnessed another national grid collapse in the year, it issue reared its ugly head again.
On Wednesday afternoon, most of the energy distribution companies suffered power outage, prompting them to inform their customers of the situation.
One of the DisCos, Ikeja Electric Plc, in a message to electricity consumers under its franchise area, said, “Please be informed that we experienced a system outage today, December 11, 2024, at about 13:32 hours affecting supply within our network.
“Restoration of supply is ongoing in collaboration with our critical stakeholders. Kindly bear with us.”
Recall that on Tuesday, in a report, Google listed national grid as one of the top trending searches by Nigerians this year.
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