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Business News

Power Generation Receives a Boost as FG Partners Investors to Develop Hydropower Plants

The Federal Government has begun negotiation with investors towards the construction of three hydropower plants with a combined capacity of 2,110 megawatts.

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TCN FG approves N600 billion disbursement for power sector

The Federal Government has begun negotiation with investors towards the construction of three hydropower plants with a combined capacity of 2,110 megawatts.

Findings reveal the projects include the 360MW Gurara II Hydropower Plant, 750MW Lokoja Hydropower Plant, and 1,000MW Makurdi Hydropower Plant.

Suleiman Adamu, the Minister of Power Resources, revealed this in Abuja at his valedictory press conference. He confirmed that the concession process of the recently completed 40MW Kashimbilla Hydropower Project had equally started.

“The National Water Resources Masterplan has identified that Nigeria has a hydropower potential of 12,220MW. It is, therefore, important to pursue more vigorously hydropower generation to meet the nation’s needs.”

“The concessioning of 30MW Gurara Hydropower Plant has attained financial closure and it is planned to come into full operation soon. In addition, we are in discussion with potential investors for other hydropower projects including Gurara II (360MW), Lokoja (750MW) and Makurdi (1000MW), among others.”

Passing the blame: The Minister put the total number of major ongoing and abandoned projects he inherited upon assumption of office in 2015 at 116. The breakdown shows irrigation and drainage projects were 38, dams and reservoir were 37, while water supply projects were 41.

“Many of the projects were either abandoned or comatose because they required a review of scope, or cost, or lacked consistent funding to complete. Most of the projects had only attained 40 to 60 percent level of completion or less, while outstanding liabilities on them stood at N88,848,112,579.77.”

He further remarked that Government’s 2016 technical audit classified the 116 uncompleted and abandoned projects into low, medium, and high priorities.

“Available resources were committed to actualising the completion and inaugurating all the high and medium priority projects. Projects that were ascertained as non-viable by the technical audit were dropped completely. So far, 11 projects have been completed and inaugurated.”

Ronald Adamolekun is a creative writer with proficiency in journalism, financial reporting, financial analysis and imaginative writing. However, his core competency lies in fiction and short story writing as well as feature writing. He is a graduate of English and Literature from Covenant University, Ota, Nigeria.

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Tech News

Twitter CEO auctions his first-ever tweet on Twitter, bidding at $2.5 million

Jack Dorsey is auctioning his first-ever tweet on a website that sells tweets as non-fungible tokens.

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Square buys $50 million worth of Bitcoins, Twitter warns political figures to abstain from fake, misleading statements, Has Twitter's Jack Dorsey changed the popular narrative attached to Nigerians?, Twitter forecasts future drop in revenue after milestone record in 2019 Q4 , Twitter founder, Jack Dorsey invest N2.3 million in Nigerian startup, DevCareer , Some Verified accounts may not be able to tweet, as Twitter freezes password reset to address cyberattack

Twitter CEO, Jack Dorsey is auctioning his first-ever tweet on Twitter “just setting up my twttr” on a website that sells tweets as non-fungible tokens (NFTs).

The tweet was listed for sale on ‘Valuables by Cent’ – a tweets marketplace that was launched three months ago. The tweet was first made in March 2006

The tweet received offers as high as $88,888.88 within minutes of Jack tweeting a link to the listing on” Valuables by Cent” on Friday.

Currently, bidding has reached $2.5 million (€2.1 million) indicating the potential in selling virtual objects that have been authenticated through blockchain technology.

The highest bid for the tweet — $2.5 million — came from Bridge Oracle CEO Sina Estavi. It topped cryptocurrency pioneer, Justin Sun’s $2 million bid.

The final buyer of the tweet will receive a certificate, digitally signed and verified by Jack Dorsey, as well as the metadata of the original tweet. The data will include information such as the time the tweet was posted and its text contents. Most of this information, however, is already publicly available.

According to Valuables by Cent’s terms, 95% of a tweet’s sale will go to the original creator while the remainder will go to the website.

What you should know

  • NFTs is a unique digital certificate that states who owns a photo, video, or other forms of online media.
  • Dorsey’s 15-year-old tweet is one of the most famous tweets ever on the platform.
  • Bidding had reached $2.5 million (€2.1 million) on Saturday, indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
  • More people are currently bidding their tweets on the platform.

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Stock Market

Bamboo’s current rate for buying U.S Stocks weakens to N492/$1

Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.

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The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.

About two weeks ago,  the Nigerian stock trading app offered an exchange rate of about N484 to $1.

The green-coloured trading app known for allowing local-based Nigerians invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.

READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban

That being said, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.

A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.

READ: Many Nigerians are trooping into foreign stock markets

Bamboo: It is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.

In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.

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