Business
JUST IN: FG To Meet NLC Today Over Fuel Subsidy Removal
Federal Government representatives are expected to meet with the leadership of the Nigeria Labour Congress (NLC) today by 2pm over the planned removal of fuel subsidy.
“Government seems to have shown interest in discussion. As at last night, they reached out and we have fixed 2pm today (Wednesday) to commence discussion,” NLC National President, Joe Ajaero, on Channels Television’s Sunrise Daily programme on Wednesday.
“There, all other issues will discussed because you can’t just say there no subsidy and then you are not producing and leave us to the vagaries of the market, to people who want to sell the product they bought for N10 for N100 to maximise profit. If there is no more garri, we must find out what to eat.”
He said the position of Labour has been clear that even if President Bola Tinubu has a good intention, alternatives must be provided.
He said the President should have asked questions and find out the implications of fuel subsidy removal on Nigerians on the streets.
The NLC boss listed the alternatives to include the repair of the nation’s four refineries, provision of transportation of alternatives for the Nigerian workers, amongst others.
“The pronouncement by Mr President is as good as law and if in the process we make a law that is not practicable, the same people that made the law can look at it,” Ajaero said while calling for a review of the President’s pronouncement.
“Does it bring pleasure to us to say subsidy is gone and people start suffering? Is it not part of leadership for us to look at how the suffering of the people can be reduced?” he asked.
Subsidy Removal Only Answer To Make Nigeria Great – IPMAN
Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that the deregulation of the oil sector and subsidy removal is the only way to make Nigeria great.
“Removing subsidy is the only answer to make Nigeria great,” IPMAN National Public Relations Officer, Yakubu Suleiman said on Wednesday.
On Monday during his inaugural speech at the Eagle Square in Abuja, Tinubu said the era of subsidy payment on fuel has ended, adding that the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable.
“The fuel subsidy is gone,” Tinubu said, noting that his government would instead channel funds into infrastructure and other areas to strengthen the economy.
The Nigerian National Petroleum Company Limited (NNPCL) has since backed Tinubu on the removal of fuel subsidy.
However, the Trade Union Congress of Nigeria (TUC) said the President cannot unilaterally take a decision on subsidy removal, saying that there was a reason the immediate past administration of Muhammadu Buhari pushed the “sensitive issue” to the new government.
Fuel queues have since resurfaced across the country since the presidential pronouncement as Nigerians forage for the premium product which is now sold from N300/litre and above.
Business
Dangote unveils ambitious plan for 20,000MW power project
“We are now going into power… 20,000 megawatts,” said Dangote during a conversation with International Finance Corporation Managing Director Makhtar Diop, adding that Africa’s most pressing needs remain energy, fertilisers, and industrial inputs.
Aliko Dangote, the billionaire behind Africa’s largest industrial conglomerate, is determined to end Nigeria’s epileptic power sector with a plan to generate 20,000 megawatts of electricity.
Dangote’s entry into the sector follows a string of failed promises from the Nigerian government.
Adebayo Adelabu, ex-Power Minister, has repeatedly missed deadlines to stabilise the grid at even 6,000 megawatts, a fraction of what Dangote is now proposing.
“We are now going into power… 20,000 megawatts,” said Dangote during a conversation with International Finance Corporation Managing Director Makhtar Diop, adding that Africa’s most pressing needs remain energy, fertilisers, and industrial inputs.
Business
Enugu govt to build 660MW coal-fired power plant
Governor Peter Mbah disclosed this during a solidarity visit by the leadership of Organized Private Sector Nigeria (OPSN) to him at the Government House, Enugu, yesterday.
Photo: A coal fired power plant in Hanchuan, Hubei province, China / Getty Images
Enugu State Government has concluded plans to build a 660MW coal-fired power plant in the state.
Governor Peter Mbah disclosed this during a solidarity visit by the leadership of Organized Private Sector Nigeria (OPSN) to him at the Government House, Enugu, yesterday.
” I am pleased to inform you that in July, we will break ground for a 660MW coal-fired power plant.The outlay in terms of time for building the plant is 24 months. So, our target is to commission that power plant 24 months after the groundbreaking in July,” said Mbah.
Mbah recalled that Enugu State, under his leadership, was the first subnational to set up an electricity market, following the Constitution and Electricity Act amendments that effectively transferred power from the Exclusive List to the Concurrent List, thus paving the way for states to participate in all the power value chain, namely generation, transmission, and distribution.
The governor allayed concerns normally associated with coal, citing the low sulfur content and high calorific value of Enugu coal, standing at about 7,000 kilocalories per kilogramme.
He said the project was not a knee-jerk decision, as his administration had taken about two years to undertake the necessary studies and also secure coal assets to guarantee unhindered supplies to the plant.
Business
Zenith Bank: Mustafa Bello succeeds Ovia as chairman
Engr Bello is the longest-serving Board Member and has a good understanding of the Bank. This appointment has been approved by the Central Bank.
•Mustafa Bello
The former Minister of Commerce and longest-serving Non-Executive Director of Zenith Bank Plc, Mustafa Bello, has been appointed as the new Chairman of the Bank.
Bello’s appointment was announced yesterday during the bank’s yearly general meeting in Lagos.
In his remark, Jim Ovia stated, “Distinguished shareholders, it gives me great pleasure to address you this morning. This meeting will be the last Annual General Meeting that I will be attending as Chairman of this Bank. In line with the CBN’s corporate governance provision, I am expected to serve for 12 years. Having served for that term, I’ll be retiring at this AGM.
For continuity, the Board met and nominated Engineer Mustafa Bello as the next Chairman.
Engr Bello is the longest-serving Board Member and has a good understanding of the Bank. This appointment has been approved by the Central Bank.
I thank you for supporting me for this tenure. I hope you give him the same support that you gave me. Thank you and God bless Zenith Bank.”
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