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There will be total blackout if tariff hike isn’t implemented — Minister of Power, Adebayo Adelabu

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8 months ago

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The Minister of Power, Adebayo Adelabu, has warned that there would be total blackout in the country in the next three months if the proposed electricity tariff hike is not implemented.

The minister said this in Abuja on Monday, April 29, when he appeared before the Senate Committee on Power at an investigative hearing over the recent electricity tariff hike by the Nigerian Electricity Regulatory Commission (NERC).

According to him, “The entire sector will be grounded if we don’t increase the tariff. With what we have now in the next three months, the entire country will be in darkness if we don’t increase tariffs.

The increment will catapult us to the next level. We are also Nigerians, we are also feeling the impact.

For this sector to be revived, the government needs to spend nothing less than 10 billion dollars annually in the next 10 years.

This is because of the infrastructure requirement for the stability of the sector. But the government cannot afford that. And so we must make this sector attractive to investors and to lenders.

So, for us to attract investors and investment, we must make the sector attractive, and the only way it can be made attractive is that there must be commercial pricing.

If the value is still at N66 and the government is not paying subsidy, the investors will not come. But now that we have increased the tariff for A Band, there are interests being shown by investors.”

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First Bank Denies Losing N7 Billion To Fraud Incident, Says Report Is Unfounded

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December 14, 2024

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Ekwutosblog has gathered that the First Bank of Nigeria (FBN) has denied losing N7 Billion to a fraud incident in the course of the year.

This was a response to an earlier report by a news platform (not CITyNEWS) that the bank lost the aforementioned amount to a massive fraud incident that affected customers’ funds.

“First Bank, Nigeria’s oldest bank, was hit by a massive fraud incident that led to the theft of ₦7 billion from customer accounts by unknown persons, according to one person with direct knowledge of the matter. Three other persons who asked not to be named discussing sensitive company matters confirmed the incident.”

In a statement sent to this publication, First Bank described the report as unfounded as it wasn’t based on any factual event.

“Correction of Misleading Information Regarding Fraud Allegations.

“We have been made aware of a recent publication by Tech Cabal containing allegations of fraud involving our institution. We wish to categorically state that the story is entirely unfounded and not supported by any factual evidence.”

Over the years, First Bank has built a strong reputation around seamless banking, safety of customers’ funds, excellent customer service, and several others.

For six consecutive years (2011 – 2016), FirstBank was named “Most Valuable Bank Brand in Nigeria” by the globally renowned The Banker Magazine of the Financial Times Group and “Best Retail Bank in Nigeria” eight times in a row, 2011 – 2018, by the Asian Banker International Excellence in Retail Financial Services Awards.

In 2023, FirstBank received notable awards including “Best Private Bank for Sustainable Investing in Africa 2023” by Global Finance Awards; “Best Sustainable Bank in Nigeria 2023” by International Investors Awards; “Best Bespoke Banking Services in Nigeria 2023” by International Investors Awards; “Best Financial Inclusion Service Provider in Nigeria 2023” by ’ by Euromoney Awards and ‘’Most Innovative Banking Brand – Nigeria 2023’’ by Global Brands Award.

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Some foodstuff traders and consumers in Lagos state have expressed excitement over the recent drop in the price of beans.

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17 hours ago

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December 13, 2024

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Some foodstuff traders and consumers in Lagos state have expressed excitement over the recent drop in the price of beans.

The traders expressed their joy in separate interviews with NAN on Friday in Lagos.

According to the report, there has been a slight drop in the price of beans that has consistently risen in the past few months…

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Naira Gains ₦14.94 in Official Market, Improves in Parallel Trade

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18 hours ago

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December 13, 2024

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The naira appreciated against the dollar in both the official and parallel foreign exchange markets on Thursday.

According to data from the Central Bank of Nigeria, CBN, the naira closed at N1,532 per dollar on Thursday, improving from N1,545 recorded on Wednesday.

Similarly, data from FMDQ showed that the naira strengthened to N1,534.35 per dollar on Thursday, compared to N1,549.29 traded the previous day. This represents an appreciation of N14.94 against the dollar.

At the parallel market, the naira also gained trading between N1,640 and N1,680 per dollar on Thursday, compared to N1,710 on Wednesday, according to Abubakar Alhassan, a Bureau de Change operator in Wuse 4, Abuja.

Akelicious reports that the naira has experienced fluctuations throughout the week.

This volatility follows the recent introduction of the Electronic Foreign Exchange Matching System, EFEMS, by the CBN, aimed at ensuring more transparent FX transactions.

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