News
FG secures $500m World Bank loan to boost DisCos
The federal government has secured $500million loan from the World Bank to improve electricity Distribution Companies (DisCo) performance.
This was contained in a press statement by the Bureau of Public Enterprises (BPE), Head, Public Communication, Amina Tukur Othman, issued on Thursday, May 30.
She said, approved on February 4, 2021, by the World Bank Board of Directors, this funding supports the Nigerian Distribution Sector Recovery Program (DISREP) aimed at improving the financial and technical performance of the DisCos.
The Distribution Sector Recovery Program (DISREP), said the Head of Public Communications, is designed to enhance the financial and technical operations of the DisCos through capital investment and the financing of key components of their Performance Improvement Plans (PIPs), which have been approved by the Nigerian Electricity Regulatory Commission (NERC).
She said the key areas of improvement include:
• Bulk procurement of customer/retail meters and meter data management systems.
• Implementation of a Data Aggregation Platform (DAP).
• Strengthening governance and transparency within the DisCos.
• Program Components
• The DISREP comprises two main components:
• Program for Results (PforR):
• Allocation: $345 million
• Purpose: Support the implementation of selected PIP components.
• Implementation: Bureau of Public Enterprises (BPE)
• Investment Project Financing (IPF):
• Allocation: $155 million
The Purpose is to finance the procurement of meters, a Data Aggregation Platform, and Technical Assistance.
The statement added that the DISREP loan, particularly the Investment Project Financing (IPF) component, is expected to significantly benefit the Nigerian Electricity Supply Industry (NESI) by: Closing the metering gap
• Reducing Aggregate Technical, Collection, and Commercial (ATC&C) losses
• Improving remittances and liquidity for the DisCos
• Enhancing the reliability of power supply
• Increasing transparency and accountability within the DisCos.
BPE further noted that the $500 million DISREP loan from the World Bank offers concessional financing with more favourable terms than commercial bank loans.
This, she said, will enable the DisCos to: Invest in critical distribution infrastructure, improve ATC&C losses, and increase power supply reliability.
It will also achieve financial sustainability in the power sector, and enhance transparency and accountability.
BPE said: “Significant progress has been made in the preparation of the DISREP Program, with several key milestones achieved, and approval by the Federal Executive Council (FEC) on August 3, 2022. execution of the Financing Agreement by the Federal Ministry of Finance, Budget and National Planning, and the World Bank, adoption of the Program Operations Manual (POM) by BPE and TCN, obtaining Legal Opinion from the Attorney-General of the Federation, Execution of the
Subsidiary Loan Agreement, effective declaration of the DISREP Program on
January 31, 2023, inauguration of the DISREP Technical Committee on May 6,
2024, inclusion in the Federal Government Borrowing Plan, approved by the Senate Committee on May 16, 2024.”
The spokesperson said to ensure repayment assurance, the BPE sought and obtained approval from the Nigerian Electricity Regulatory Commission (NERC) and the National Council on Privatisation (NCP) for a structured repayment hierarchy.
It added that this structure prioritizes payments as follows: Statutory Payments (Taxes); repayment of CBN market loans; Market obligations, repayment of DISREP loan; and DisCos’ net revenue.
BPE said this structured repayment plan aims to mitigate risks associated with repayment uncertainty and defaults, with regulatory sanctions imposed for any defaults.
Source: The Nation
News
NCC Boss, Aminu Maida clinches international appointment
In recognition of the contribution of Nigeria’s telecommunications industry towards the global telecom network system, Dr. Aminu Maida, Executive Vice Chairman of the Nigerian Communications Commission (NCC), has been appointed to the Board of Directors of the International Institute of Communications (IIC).
This affirms Nigeria’s growing influence in global telecommunications and digital innovation.
Dr. Maida has had a rewarding career in the industry, spending over two decades.
He had worked with the British Telecom, Cisco Systems, and EE Ltd. He was instrumental in groundbreaking advancements in small-cell technology during his tenure at UbiquiSys Ltd, which was later acquired by Cisco in 2013
His contributions in Nigeria are equally remarkable. As the Executive Director of Technology and Operations at the Nigeria Inter-Bank Settlement Systems PLC (NIBSS), he transformed the country’s digital payments infrastructure, reinforcing its financial ecosystem. As EVC of the NCC, Dr. Maida has spearheaded initiatives that promote connectivity, competition, and inclusivity, driving Nigeria’s telecom sector into a new era of innovation and growth.
The IIC, a globally renowned organization, brings together leaders in telecommunications, media, and technology (TMT) to foster collaboration on regulatory frameworks, emerging technologies, and sustainable development. Dr. Maida’s appointment marks a landmark achievement for Nigeria, amplifying its voice in shaping the future of the global telecom sector.
His appointment offers Nigeria a stronger platform on the international stage to influence key discussions on telecommunications and digital equity. His expertise and passion for policy advocacy will play a vital role in global conversations on emerging technologies and the digital divide.
Appreciating this gesture, Dr. Maida said: “It’s an honor to serve on the Board of the International Institute of Communications. I look forward to sharing insights from Nigeria’s transformative journey and collaborating on strategies to foster a more inclusive and sustainable global telecom industry.”
This appointment not only solidifies Dr. Maida’s legacy but also underscores Nigeria’s growing prominence in leveraging technology for development. It signals a future where the country will continue to lead in innovation and bridge global digital divides.
businessstandardsng
News
N80.2bn fraud: EFCC finally detains ex-Kogi governor
Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested Yahaya Bello, former governor of Kogi state.
According to TheCable, Usman Ododo, Kogi governor, brought Bello to Abuja this morning and invited EFCC to come pick him up.
The EFCC had charged the former governor with alleged money laundering, breach of trust, and misappropriation of N80.2 billion.
The former governor’s detention was disclosed by EFCC’s Head of Media and Publicity, Dele Oyewale.
“We have arrested him. Our chief security officer arrested him and he was brought in by 12:54pm. He is having a session with our investigators. We are holding him in our custody,” Oyewale told TheCable.
In September, Bello honoured the invitation of the anti-graft agency in Ododo’s company.
The former governor and Ododo were at the car park of the Abuja office of the EFCC, but the anti-graft agency did not arrest him.
The beginning
In April, the commission declared Bello wanted after several attempts to arrest him proved unsuccessful.
On August 20, the court of appeal in Abuja ordered Bello to surrender himself for arraignment.
Ola Olukoyede, EFCC chairman, would later allege that Bello withdrew $720,000 from Kogi coffers to pay his child’s school fees in advance.
The anti-graft agency also filed a 19-count charge against Bello over alleged money laundering.
However, the arraignment was stalled due to the absence of the former governor.
In May, Abdulwahab Mohammed, counsel to Bello, told the court that the former governor’s whereabouts remain unknown and that he was nurturing some safety concerns.
On August 20, the court of appeal in Abuja ordered Bello to surrender himself for arraignment.
Dele Oyewale, EFCC spokesperson, had said the court’s ruling was a “vindication” of the EFCC’s stance that Bello must face trial.
Sources had told TheCable that Bello has been hiding in plain sight — holed up in the “protective custody” of the Kogi state government — since he was declared wanted by the EFCC.
News
FAME Foundation launches tracker to eliminate violence against women
FAME Foundation, a gender focused non-governmental organisation (NGO), has launched a tracker to report and document femicide cases in Nigeria.
Speaking at a press conference on Monday to commemorate the International Day for the Elimination of Violence Against Women, Arabinrin Aderonke Atoyebi, founder of the foundation, called for collective action to end femicide.
She said the tracker will provide reliable data on cases of femicide in Nigeria.
“Today, I am proud to announce the launch of our Femicide Tracker, an important tool that allows for the reporting and documentation of femicide cases,” she said.
“This tool will help ensure that no case goes unnoticed, no story is silenced, and that we, as a society, can work toward justice and accountability for victims and their families.
“By utilizing this tool, we aim to spotlight this pressing issue and mobilize action against the rising trend of femicide.”
She said the foundation’s activities for this year’s campaign will focus on amplifying awareness, empowering people, and engaging communities.
As a call to action for collective efforts against gender-based violence, Bello announced the launch of a social media campaign, #HereForHer.
“This campaign serves as a reminder of the collective responsibility we share to protect and empower women and girls,” she said.
“Let us remember, awareness is just the starting point. True change requires sustained and united efforts.
“It demands a commitment from governments to enforce laws that protect women, from civil society to create supportive environment, and from people to challenge harmful behaviours and attitudes.”
News
UK Visa Application: New locations announced in Lagos, Abuja for booking of appointments
The United Kingdom, UK, has announced changes of its visa application centres in Nigeria.
The UK embassy made the announcement in a statement issued on Wednesday.
In a statement on its official X handle, the embassy said the UK is changing its visa supplier in Nigeria.
It however assured that applicants would be notified with further information via email.
“The supplier of our visa application centres in Nigeria is changing. During this transition customers may submit and collect their documents from different location.
“You will be contacted via email if this affects you.”
Applicants were advised to visit the UK official visa application website for more details.
News
NJC sets up panel to probe allegations against Osun CJ, others
The National Judicial Council, under the Chairmanship of the Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun, has constituted a committee to investigate multiple allegations against Osun State Chief Judge, Hon. Justice Adepele Ojo and others.
In its 107th meeting on November 13 and 14, 2024, the NJC sanctioned five judicial officers for misconduct and recommended the formation of a committee to probe the various complaints against Justice Ojo.
At the heart of the allegations are claims that Justice Ojo has repeatedly failed to adhere to legal and ethical standards expected of her position.
A petition submitted to the NJC by the Concerned Citizens of Nigeria, Osun State Chapter, further outlined the gravity of the allegations. The petition claims that Justice Ojo’s actions have violated both the spirit and the letter of the law. The group accuses her of gross abuse of office, breaches of professional ethics, and a blatant disregard for the rule of law, which they argue has led to a loss of public trust in the judiciary.
Earlier, Osun State Governor Ademola Adeleke took the decision to suspend Justice Ojo following a resolution by the State House of Assembly. The resolution cited serious allegations of misconduct, abuse of power, corruption, and failure to uphold the rule of law.
Additionally, Justice Ojo is accused of taking personal vengeance against judiciary staff, she dismissed several staff members who had shown courage in reporting her actions, creating a climate of fear and retaliation within the judiciary.
News
NCC commences pre-enforcement action on Starlink over price hike
The Nigerian Communications Commission (NCC) says the decision by Starlink to unilaterally review its subscription packages upwards did not receive the approval of the commission.
In a statement signed by its Director, Public Affairs, Reuben Mouka said the action of the company is in contravention of Sections 108 and 111 of the Nigerian Communications Act (NCA), 2003, and Starlink’s Licence Conditions regarding tariffs.
The Commission commenced pre-enforcement action on the licensee on the 3rd of October, 2024.
- News2 months ago
‘She forged my signature to open bank account’ – Amen Estate owner Gbadamosi replies ex-wife, Babalakin and Co.
- Opinion2 months ago
Seyi Tinubu: Like father, like son
- Worship2 months ago
Nigeria @ 64: CCC cleric Aso calls for unity, hope and progress among Nigerians
- Metro2 months ago
Why I ordered the killing of Aye Confraternity leader in Ijoko —Eiye counterpart
- Spotlights2 months ago
REVEALED! Betta Edu returns as Tinubu pen down 12 ministers for replacement, details emerge
- Politics2 months ago
Lagos 2027: Meet four Tinubu’s loyalists likely to succeed Sanwo-Olu
- Showbiz & Lifestyle2 months ago
Wizkid continues to shade Davido, reflects on their last link-up