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BREAKING: Abia State Governor Alex Otti has signed into law, the Abia State Electricity Bill which empowers the State to regulate its electricity market.

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Abia State Governor Signs Electricity Bill into Law

  • Abia State Governor Alex Otti signed the Abia State Electricity Bill into law, marking the beginning of enhanced energy regulation, investment protection, and power expansion in the state.
  • The bill prioritises renewable energy, establishes ASERA, and supports expanding the power grid to more LGAs.

Governor Alex Otti of Abia State has signed the Abia State Electricity Bill into law, marking a new era in energy regulation, investment protection, and power expansion within the state.

Speaking after the signing yesterday in Nvosi, Isiala Ngwa South Local Government Area, Governor Otti explained that the bill, which originated from the Executive, was quickly but thoroughly passed by the Abia House of Assembly.

“This law will protect the investments made by Aba Power and give the government the authority to regulate,” Otti said. “It is a law that will stand the test of time, safeguarding both current and future investors in the energy sector.”

The Governor highlighted that the bill benefited from the expertise of 15 international power experts from the United States, Canada, Southeast Asia, and Europe, who contributed their knowledge pro bono. He also noted that the state engaged the Nigerian law firm Banwo & Ighodalo to refine the legal framework before the bill became law.

Abia State’s electricity framework is unique, with a ring-fenced power system covering the Local Government Areas of Aba South, Aba North, Osisioma, Obingwa, Ugwunagbo, Ukwa East, Ukwa West, Isiala Ngwa South, and Isiala Ngwa North. The state’s integrated power initiative, led by Aba Power Ltd., covers generation, transmission, and distribution. It has been under development for two decades.

The Governor stated that the initiative is now a model for power infrastructure in Nigeria. With the new law, Otti said the government had begun efforts to extend the Umuahia Ring-Fence to include the remaining eight LGAs, ensuring stable electricity across the state.

The legislation also prioritises renewable energy, positioning Abia as a leader in sustainable power initiatives. Otti revealed that discussions with Geometric Power, the parent company of Aba Power Ltd., are ongoing to expand electricity distribution beyond Aba.

Plans are also in place to establish the Abia State Electricity Regulatory Authority (ASERA), which will help maintain efficiency and create a welcoming environment for investors.

Governor Otti commended the 8th Abia State House of Assembly for its thorough review and timely passage of the bill.

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Fuel price reduction: ‘Joy’s coming’ – Manufacturers

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Director General, Manufacturers Association of Nigeria, Segun Ajayi-Kadiri, sees the price of fuel coming down to N800.

Ekwutosblog reported recently that Dangote Petroleum Refinery slashed its ex-depot price for Premium Motor Spirit, PMS, also known as petrol, to N840 per litre.

The reduction represents a N40 decrease from the previous rate of N880 per litre.

This happened a few days after the Nigerian National Petroleum Company Limited, NNPCL, increased the pump price of petrolto N925 per litre in Lagos.

This decrease is also coming a week after Dangote Refinery increased the ex-depot petrol price to N880 per litre

Speaking in an interview with Channels Television, Ajayi-Kadiri said that it was a welcome development, adding that price of the product would further decrease to N800 with the modalities being put in place by Dangote Refineries.

“You cannot blame anyone for producing and ensuring effective delivery,” he said.

When asked to share his thoughts from a manufacturer’s point of view on what he sees about the long term effect, he added, “So if I may use what the Gen Z is called ‘Joy is coming’, that’s what I see.

“The long term is going to be better. I see the price coming down to 800 and that’s what manufacturers want.

“I just told you now that last year, we spent as much as 1.1 trillion in terms of providing alternatives, apart from the fact that even the quality of the products is not guaranteed.

“So in the near future, I continue to see continued reduction in the price of diesel.

“I also see a situation where other players will be encouraged to come into the field, because that is what it takes. I don’t think that we should use sentiment to dissuade any investor from improving the life and well being of the people.

 

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Nigeria projected among top-five world’s biggest economies

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Nigeria has been projected to be among the top five biggest economies in the world by 2075.

The Spectator Index disclosed in a post on Friday, quoting a Goldman Sachs’ document titled ‘The Path to 2075—Slower global growth, but convergence remains intact’.

According to the news platform, Nigeria’s economy is estimated to reach $13.1 trillion by 2075.

The report showed that Nigeria followed China ($57 trillion), India ($52.5 trillion), the United States of America ($51.5 trillion), and Indonesia ($13.7 trillion) in projected world’s biggest economies by 2075.

Data from the National Bureau of Statistics showed that Nigeria’s Gross Domestic Product grew by 3.84 percent in the fourth quarter of 2024. The country’s GDP is estimated to be $568 billion at the end of 2024 in real GDP terms.

Africa’s most populous nation is expected to reach a GDP estimate that could be $585.9 billion.

The development comes as the President Bola Tinubu administration projects a $1 trillion economy by 2030.

Meanwhile, financial analysts had expressed doubts over the possibility of Nigeria achieving a $1 trillion economy by 2030 when the country’s projected GDP growth rate is 3.2 percent.

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Dangote Sugar, Oando, other stocks push NGX to N1.185tn gains

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Oando, Dangote Sugar and other stocks have propelled Nigerian Exchange Limited, known as the Nigerian Stock Market, to a significant N1.185 trillion single-day gain.

Accordingly, NGX market capitalisation increased by 1.57 percent to reach N76.761 trillion, up from N75.576 trillion recorded on Tuesday.

Similarly, the All-Share Index (ASI) rose by 1,466.87 points, or 1.22 percent, settling at 121,257.69 from its previous close of 119,790.82.

Other stocks that fueled the bullish run on Wednesday are Cileasing, Champion Breweries, and 59 other stocks.

Consequently, Ekwutosblog reports that market breadth closed positive, with 63 gainers and 17 losers.

On the gainers’ table, Dangote Sugar rose by 10 percent, closing at N48.40, while Oando Plc also increased by 10 percent, settling at N68.75 per share. Then, Cileasing grew by 9.98 percent, finishing at N5.18, and Champion Breweries soared by 9.98 percent, ending the session at N10.91 per share.

 

Also, Computer Warehouse Group gained by 9.95 percent, closing at N11.60 per share.

Meanwhile, conversely, University Press dropped by 6.25 percent, finishing at N6.00, while RT Briscoe fell by 6.12 percent, closing at N2.30 per share.

Multiverse Mining declined by 4.89 percent, settling at N8.75, and Meyer shed 4.69 percent, ending the session at N9.15 per share.

In another level of analysis, a total of 861.67 million shares worth N26.18 billion were exchanged across 22,896 transactions.

This is compared to 868.68 million shares worth N23.71 billion that were traded across 22,207 transactions earlier.

Market data showed that transactions in the shares of Fidelity Bank topped the activity chart with 82.98 million shares worth N1.66 billion. Accordingly, Caverton Offshore Support Group followed with 64.18 million shares valued at N319.69 million, while Zenith Bank transacted 60.62 million shares worth N3.45 billion.

Also, Ja Paul Gold traded 56.26 million shares valued at N115.35 million, and Access Corporation sold 48.59 million shares worth N1.12 billion.

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