Business News
FEC approves $64 million for Escravos power supply
Kachikwu made this disclosure after the FEC meeting at the Presidential Villa, Abuja.
The Minister of State for Petroleum Resources, Ibe Kachikwu has disclosed that the Federal Executive Council has approved the sum of $64 million for power supply to communities around Escravos area in Delta State.
Kachikwu made this disclosure after the FEC meeting chaired by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.
The approved fund, according to the Minister, is expected to halt the N18 million spent monthly by the Nigerian National Petroleum Corporation (NNPC) to supply power to the area.
Recall that the NNPC had announced the completion of repairs of Escravos pipeline. In addition, gas supply to power generating companies has been restored. The Federal Ministry of Power, Works and Housing had in a statement released last week promised to restore power as soon as possible.
Shutting down of pipeline meant that several power stations in the country had to be shutdown. They include the Egbin 1,320MW, Olorunsogo NIPP 676MW, Olorunsogo 338MW, Omotosho NIPP 450MW, Omotosho 338 MW, and Paras 60MW power stations.
The sudden loss of generation due to an interruption in gas supply from these stations caused the national transmission grid to trip off around 20:20 on 2nd January 2018, throwing a large section of the country into darkness. The national transmission grid is owned and operated by the Transmission Company of Nigeria (TCN).
Most of Nigeria’s power generation is from thermal power stations that require gas for fuel. The gas is produced by oil and gas companies overseen by the Ministry of Petroleum Resources. The gas is delivered to the power stations through pipelines owned and operated by Nigerian Gas Processing and Transportation Company Limited (NGPTC), a subsidiary of Nigerian National Petroleum Company (NNPC).
Escravos is located in Warri South-West Local Government Area of Delta State. Communities likely to benefit from the provision of power supply include Ugborodu, Ogidigben, Jaghala, Madagho and Ajidaibo.
Escravos also hosts two major multinational oil companies, Shell and Chevron. While Shell has three flow stations (Sagara, Otumara and Ogidigben), Chevron has its flow station offshore.
Coronavirus
COVID-19 Update in Nigeria
On the 25th of September 2020, 213 new confirmed cases and 2 deaths were recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 58,062 confirmed cases.
On the 25th of September 2020, 213 new confirmed cases and 2 deaths were recorded in Nigeria, having carried out a total daily test of 10,526 samples across the country.
To date, 58,062 cases have been confirmed, 49,606 cases have been discharged and 1,103 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 494,577 tests have been carried out as of September 25th, 2020 compared to 484,051 tests a day earlier.
COVID-19 Case Updates- 25th September 2020,
- Total Number of Cases – 58,062
- Total Number Discharged – 49,606
- Total Deaths – 1,103
- Total Tests Carried out – 494,577
According to the NCDC, the 213 new cases are reported from 17 states- Lagos (51), Plateau (51), FCT (29), Rivers (18), Ondo (12), Oyo (9), Osun (8), Gombe (7), Ogun (7), Kaduna (5), Enugu (4), Edo (3), Jigawa (3), Kano (3), Benue (1), Delta (1), Sokoto (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 19,174, followed by Abuja (5,644), Plateau (3,373), Oyo (3,248), Edo (2,620), Kaduna (2,389), Rivers (2,305), Delta (1,801), Ogun (1,796), Kano (1,737), Ondo (1,620), Enugu (1,289), Ebonyi (1,038), Kwara (1,028), Abia (881), Gombe (864). Katsina (848), Osun (826), Borno (741), and Bauchi (692).
Imo State has recorded 566 cases, Benue (481), Nasarawa (449), Bayelsa (397), Jigawa (325), Ekiti (317), Akwa Ibom (288), Niger (259), Adamawa (237), Anambra (234), Sokoto (162), Taraba (95), Kebbi (93), Cross River (87), Zamfara (78), Yobe (75), while Kogi state has recorded 5 cases only.
READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous
Coronavirus
Lagos launches N5 billion support fund for 2,000 low-cost private schools
The Governor said the facility will benefit low-cost schools with amounts ranging from N500,000 to N5 million.
Lagos State government has launched a N5billion support fund to help reduce the impact of Coronavirus pandemic on low-cost private schools in the state.
This was disclosed by the Governor of the state, Babajide Sanwo-Olu via his Twitter handle on Friday.
According to him, the educational sector is one of those severely impacted by the pandemic, with schools and vocational learning-centres shut since March.
He said, “With access to funding for privately owned schools and vocational training centres in the state, we are confident that this programme, under the partnership between First Bank Nigeria and Lagos State Education Trust Fund (LSETF) will help accelerate a sustainable return to learning and skills acquisition.”
Today, I launched a N5bn support fund to help reduce the impact of #COVID19 on low-cost private schools in Lagos. The educational sector is one of those severely impacted by the pandemic, with schools and vocational learning-centres shut since March. #EducationMeetsFunding pic.twitter.com/PrKjLhxBXq
— Babajide Sanwo-Olu (@jidesanwoolu) September 25, 2020
He explained that the facility will benefit 2,000 low-cost schools with amounts ranging from N500,000 to N5 million.
“As a responsible Government, we are obligated to provide interventions that would enable learners in schools study in line with the new normal,” the Governor Sanwo-Olu added.
The Chief Executive Officer, First Bank Nigeria, Dr Adesola Adeduntan, said “With this partnership, we are sure that registered educational institutions in Lagos State will have access to funds at subsidised interest rates to meet their needs as they reopen at this auspicious time.”
Business News
Paga Group relocates to the UK
Oviosu announced that he is very excited about moving to and working with the UK government.
Paga Group has redomiciled from Mauritius to the United Kingdom (UK). The group is the holding company for its operations in Nigeria, México, Ethiopia, and the UK.
This was disclosed by the Chief Executive Officer and founder, Paga, Tayo Oviosu on Friday.
The Paga Group has redomiciled to the UK 🇬🇧!
The Paga Group is the holding company for our operations in all countries – Nigeria, México, Ethiopia, and the United Kingdom.
Very excited about this move and look forward to working with @tradegovuk to promote trade with the UK!
— Tayo Oviosu (@oviosu) September 25, 2020
Why it matters: The company took the decision due to bureaucratic challenges it faced last year.
He said, “The laws and courts of Mauritius are not very fast-moving, and the rules are difficult. I’ve had one court case that was eventually thrown out after a year.
“In the UK it would have been thrown out immediately, and the person would have had to pay us for our lawyer fees.
“Basically, not an easy place to do business. It is more painful than useful. I say stick to good ol’ America or UK or Netherlands or Luxemburg. Where you know there are professionals, and the legal system works.”
Oviosu said he is very excited about the move, looks forward to working with the UK government to promote trade with the UK.
The Paga Group has raised $34.7 million in funding so far, according to Crunchbase.
COVID-19 Update in Nigeria
Lagos launches N5 billion support fund for 2,000 low-cost private schools
Paga Group relocates to the UK
Nigerian Stocks fire up on all cylinders, investors gain N173.62 billion
Stanbic IBTC Holdings Plc appoints Sola David-Borha as Non-Executive Director
COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦465/$1
Naira stabilizes across forex markets, as BDCs get another round of dollar allocation
N4.16 billion unpaid lottery revenue recovered by EFCC
Rivers State unemployment figures by NBS are fake – Wike
