The Federal Government has announced it will be removing electricity subsidy for 15 per cent of consumers.⁣

FG said this will reduce its N3.3tn cost and save the government about N1.1tn annually.

The President’s Special Adviser on Information and Strategy, Bayo Onanuga, said this to Reuters on Tuesday. ⁣

Onanuga said the Bola Tinubu-led administration was poised to allow the price hike in electricity given its N450bn budget for energy subsidies in 2024. ⁣
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Consequently, power distribution companies will be allowed to increase prices from N68 to N200 per kilowatt-hour for urban consumers in April, the presidential aide explained in another interview with Bloomberg.
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He explained that the country last reviewed electricity tariffs in 2020, and the planned increase would enable Discos to recover costs and improve investments.⁣⁣

“With the huge subsidy burden and high cost of gas…the current electricity tariff is not realistic,” he told Reuters.
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Confirming this to our correspondent, Onanuga said the tariff hike would affect only 15 per cent of consumers, accounting for 40% of electricity consumption. ⁣
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He said the FG would help power generating companies to offset about N1.5tn debts they owe the country’s bulk electricity buyer.⁣
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An electricity report released by the National Bureau of Statistics on Monday showed that electricity distribution companies in Nigeria saw their revenues surge to N1.1tn in 2023.⁣ This is despite the persistent epileptic power supply nationwide.⁣⁣

The figure represents an increase of N234.4bn or 28.2 per cent from the N831bn generated by the power firms over a similar period in 2022.⁣
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Nigeria’s national power grid collapsed 46 times from 2017 to 2023, a report by the International Energy Agency revealed.⁣⁣

The IEA said Nigerians endured more nationwide blackouts in 2023, especially on September 14 when the grid collapsed due to a fire on a major transmission line.⁣
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An analysis of the revenue data showed that the Ikeja Electricity Distribution Company got the highest revenue of N218.6bn, up by 31.7 per cent or N52.7bn from N165.9bn recorded in 2022.⁣
It was followed closely by the Eko Distribution Company, which got a revenue increase of N52.8bn or 42.3 per cent from N124.8bn in 2022.⁣
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Third on the list is the Abuja Electricity Distribution Company, with a revenue generation of N167.4bn from N125.7bn recorded in 2022.⁣
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Similarly, Ibadan Electricity Distribution Company got a revenue of N111.3bn, Enugu Electricity Distribution Company got a revenue of N82.5bn, Yola Electricity Distribution Company (N22.3bn), and Benin Electricity Distribution Company (N84.6bn), and Kaduna Electricity Distribution Company (N32.4bn).⁣
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Also, Jos Electricity Distribution Company increased its revenue to N38.9bn, Kano Electricity Distribution Company (N55.2bn), and Port-Harcourt Electricity Distribution Company (N74.7bn).⁣
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Findings also showed that the increased efficiency in revenue collection might not be unconnected to rise in the overbilling of customers, especially those on the estimated billing system.⁣

Also, The PUNCH had observed that Discos were able to capture more customers under the estimated billings system.⁣
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Further analysis revealed that the number of metered numbers increased by 9.38 per cent or 480,833 while the number of customers under estimated billings reduced slightly by 1.73 per cent to 5.8m.

Controversial social media activist VeryDarkMan has revealed his next line of action if crossdresser, Bobrisky is not arrested soon.

He had previously called for Bobrisky's arrest but was instead arrested and kept in custody for day.

He had claimed that some powerful politicians are Bobrisky's gay partners.

Following calls for the arrest of crossdressers in the country, the Force Police Public Officer, ACP Olumuyiwa Adejobi, recently explained in an interview that the force cannot arrest transvestites because crossdressing is not a crime in Nigeria.

He said the force cannot act on the allegations that some crossdressers are gay which is a natural crime because there has not been enough evidence to prosecute them.

Reacting in a video message shared via his Instagram page, VeryDarkMan vowed to become a crossdresser and use the female restroom if popular crossdressers like Bobrisky are not arrested.

He claimed his recent arrest was connected to his call for Bobrisky’s arrest and claims that he was being protected by gay politicians.

He said, “When I came out of detention, I read somewhere that it was Tonto Dikeh who detained me. She can never detain me, I don’t care about her connection. The truth is that I was detained for the video I made calling for Bobrisky’s arrest and my claims that he was being protected by gay lawmakers. My detention is just a little sacrifice. They will still arrest me for my subsequent videos.

“Since the police say crossdressing is legal, I wll soon start crossdressing. I will give them one week after I drop my petition against Bobrisky. If Bobrisky is not arrested, I will become a crossdresser and use the female restroom.”

Nigerian businessmen, Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu and Femi Otedola have been listed in the list of Forbes top richest Nigerians in 2024.

The three Nigerians are the President/Chief Executive of the Dangote Group, Aliko Dangote; BUA Group Chairman, Abdul Samad Rabiu, and Globacom boss, Mike Adenuga.

The figure was a reduction of $3.2bn from $28.5bn recorded by the business moguls in 2023.

A breakdown shows that the fortune of the founder of Dangote’s group reduced slightly from $14.2bn in 2023 to $13.4bn.

The wealth of the chairman of BUA group also reduced marginally to $5.2bn in 2024 from $8.2bn in 2023 while Adenuga’s fortune increased from $6.1bn to $6.7 billion within one year.

Meanwhile, Nigerian business magnate, Otedola, was listed as a new entrant to the billionaire list with a total net worth of $1.4bn

On the list, Dangote,ranked at number 144, was described as the richest man in Africa and the richest Black man in the world.

His business empire, Dangote Group, is one of the largest private-sector employers in Nigeria as well as the most valuable conglomerate in West Africa.

Adenuga, ranked at number 409 n the Forbes list, is a Nigerian billionaire businessman, his company Globacom is Nigeria’s second-largest telecom operator and also has presence in Ghana and Benin Republic.

He owns stakes in the oil exploration firm, Conoil.

Forbes estimated his net worth at $6.7bn in 2024.

Rabiu is a Nigerian billionaire businessman and philanthropist, the founder and chairman of BUA Group, a Nigerian conglomerate concentrating on manufacturing, infrastructure and agriculture and producing a revenue in excess of $2.5bn and was ranked at number 581 in the Forbes list.

While, Otedola is a Nigerian businessman and philanthropist and the current executive chairman of Geregu Power Plc

He is ranked at number 2,152 with a networth of $1.4bn

He is the founder of Zenon Petroleum and Gas Limited, and the owner of a number of other businesses across shipping, real estate and finance.

He has recently invested in power generation as part of the liberalisation of the sector in Nigeria.

African leaders urged to emulate Faye

African leaders have been asked to emulate the new Senegalese President, Bassirou Diomaye Faye by declaring their assets publicly.

The call was made by a civil society organization, The Resource Centre for Human Rights and Civic Education, CHRICED, in a statement released on Tuesday to mark Faye’s inauguration as President.

DAILY POST reports that Faye, 44, won the March 24, 2024 presidential election in Senegal to become the youngest democratically elected President in West Africa.

As candidate of the opposition African Patriots of Senegal for Work, Ethics and Fraternity, PASTEF, Faye scored 54.3 per cent of the votes to defeat other contestants, including his main rival from the governing coalition, Amadou Ba, a former prime minister.

Already, Faye has made his assets known to the public in a publication titled ‘Heritage Declaration of the Candidate Bassirou Diomaye Diakhar Faye’.

The publication, posted on his Facebook page, contained all his assets and liabilities since October 2007.

Faye said he owned only one house built on 200 m2 of land in Mermoz allocated by the tax union (a family home since 2021) and built from 2017 to 2021, partly with his own funds and partly with loans settled.

He also disclosed that he has two vehicles – a Focus 2012 acquired second-hand in 2019 worth 6,500,000 FCFA and a Ford Explorer Platinum acquired second-hand in 2022 worth 19,000,000 FCFA.

Faye also listed undeveloped plots of land among his assets, including a 80 m/40 plot acquired in 2017 worth 3,000,000 FCFA and a 4.3ha agricultural land acquired in 2022 worth 15,050,000 FCFA.

In the publication, Faye added that he has money in two bank accounts as of March 19, 2024. One of the accounts has 3,276,046 FCFA, while the other has a total sum of 786,782 FCFA.

In the document, Faye went further to declare his liabilities, which include a 30,000,000 FCFA loan taken on September 5, 2022, an 8,000,000 FCFA payroll loan taken on August 22, 2022, and a 10,000,000 FCFA loan from a friend.

In a statement by its Executive Director, Comrade Ibrahim Zikirullahi, on Tuesday, April 2, 2024, The Resource Centre for Human Rights and Civic Education, CHRICED, commended Faye for publicly declaring his assets.

CHRICED also noted that Faye’s action should be emulated by other African leaders, as it underscores a commitment to transparency and accountability.

“CHRICED is pleased to see President Faye’s commendable start in publicly declaring his assets. This is a crucial step that demonstrates his commitment to the welfare of the people.

“Transparency and accountability are fundamental principles of effective governance, and any government official, whether elected or appointed, who chooses not to disclose their assets publicly raises suspicions about their intentions.

“It is important for leaders to lead by example and show that they have nothing to hide. By openly declaring his assets, President Faye is setting a positive precedent for other government officials to follow.

“This move not only builds trust with the public but also helps to prevent corruption and unethical behavior.

“Transparency in asset declaration can help to prevent conflicts of interest and ensure that government officials are acting in the best interests of the people they serve. It also allows for greater scrutiny and oversight, which is essential for holding leaders accountable for their actions.

“We commend President Faye of Senegal for his commitment to transparency and accountability, and we hope that other ECOWAS leaders will follow his example in order to promote good governance and uphold the trust of the people,” CHRICED said.

CHRICED, in the same vein, urged Faye to rededicate his administration to transparent, accountable and responsible leadership, with the rule of law and respect for the rights and freedoms of Senegalese people as the “immutable central value”.

Noting that Senegal recently discovered oil in commercial quantities, which is expected to grow the country’s revenue, CHRICED advised Faye to prioritize national interest and the well-being of Senegalese people in contract negotiations and revenue management structures for the anticipated oil revenue, to avoid going the way of nations like Nigeria, where abundant oil resources had failed to manifest in better living conditions for citizens.

Observing that “to many citizens and residents of West Africa, ECOWAS is considered a club of presidents for their own protection and preservation”, CHRICED further noted that Faye’s emergence presents a new opportunity for the voice of young Africans in the governance and administration of the ECOWAS Commission.

Further setting an agenda for the new Senegalese leader, the civil society organisation urged him to work towards the revival of ECOWAS.

“The regional body, which was initially conceived for the promotion of free movement of residents and economic partnership, has been a victim of poor leadership in the sub-region as successive ECOWAS Presidents struggle with legitimacy and other internal political challenges of their own and the demand of the office of the presidency of ECOWAS.

“As a result, the ‘community of people’ promised through the reforms of the ECOWAS Commission has remained elusive while the region continues to struggle with corruption, lack of accountability, poverty, mass unemployment, widespread inequality, and, most recently, insecurity that poses severe threats to democracy in the region.

“We hope that President Faye will mobilize the necessary will to influence and steer ECOWAS towards the original vision of the regional body and the needs of citizens and residents of the region,” it stated.

The Debt Management Office, DMO, has unveiled plans to raise N1.8 trillion through new issuance and reopening of federal government bonds over the next three months amid the country’s increasing debt stocks.

This is as DMO opened offer for the April 2024 Savings Bond.

The debt office in the bond issuance calendar for the second quarter of 2024 said it plans to raise between N300 billion to N600 billion every month between April and June this year.

According to the calendar, the DMO plans to open a new five-year bond this month to raise between N100 and N200 billion.

Also, it plans to reissue the 7-year 18.50 per cent FGN FEB 2031 paper and the 10-year 19.00 per cent FGN FEB 2034 paper during the three months.

Meanwhile, it plans to raise more funds this week through the 2-year and 3-year savings bonds due April 2026 and April 2027.

According to the offer document, the DMO is issuing the 2-year paper at 17.046 per cent per annum while the 3-year paper is being issued at 18.046 per cent per annum.

Last month, it issued the 2-year savings bond at 15.097 per cent, while the 3-year paper was raised at 16.097 per cent.

The increased rate on the savings bond, according to DMO, is to bring the interest closer to the Monetary Policy Rate, which was raised to 24.75 per cent at the last Monetary Policy Committee meeting last month.

Recall that Nigeria’s’ total public debt stock more than doubled to N97.3 trillion in 2023.

The total public debt stock includes external and domestic loans from federal and state governments.

Currency traders have shared their thoughts on why the Naira has been appreciating against the Dollar over the past few weeks.

According to data from FMDQ Securities, the indicative exchange rate for the Nigerian Autonomous Foreign Exchange Market closing below the N1,300 ceiling marks the first instance since January 26 of this year.

The Naira depreciated to as low as N1,615/$1 on March 13, 2024.

Since the central bank introduced a slew of forex policies in March, the Naira has gained over 21 percent against the Dollar.

Currency traders who spoke to Punch, attributed the naira appreciation to waned demand for the greenback note and the decision of the apex bank to sell foreign exchange to operators.

Analysts at Afrinvest also predicted that the Naira would trade within the similar band in the month of April as the CBN continues its activities to mop up liquidity and attract more capital.

A BDC operator at Wuse Zone 4, Ibrahim Yahu, stated, “The demand for dollars has really gone down and the Naira is appreciating because of the new rate determined by the CBN for traders.

“The CBN initially started selling to us at N1,251 but they gave another rate last week Thursday at N1,190 and that is the reason for new fresh drop of the Dollar. The CBN selling directly to us has really helped trading activities.”

Another trader, Malam Yunusa, stated that the Naira was poised to maintain its gain against the Dollar adding that operators also want the Naira to grow.

The President of the Association of Bureaux de Change Operators of Nigeria, Aminu Gwadabe, recently noted that apart from the tightening of monetary policy resulting in interest rate hikes, increased investment in government instruments, and the clearance of $7 billion forex backlog forward commitments, the reactivation of the BDCs has notably enhanced dollar liquidity in the retail segment of the forex market.

The newly inaugurated President of Senegal, Bassirou Diomaye Faye, has appointed Ousmane Sonko as the prime minister of the country.

The 44-year-old Faye had earlier on Tuesday, took the presidential oath in the presence of hundreds of officials and several African heads of state, including President Bola Tinubu of Nigeria at an exhibition centre in the new town of Diamniadio, near Dakar.

Shortly after, he returned to the capital, with his motorcade greeted by hundreds of jubilant residents and supporters who lined the roads leading to the presidential palace, where his predecessor, Macky Sall, symbolically handed Faye the key to the presidential headquarters before leaving the palace.

Hours after officially taking over the reins of power, the administration of the new president, named 49-year-old opposition leader, Sonko as prime minister.

“Mr Ousmane Sonko is named prime minister,” said Oumar Samba Ba, the general secretary of the presidency, who read out a decree on the public television station RTS.

Sonko was disqualified from running in the most recent presidential race and picked Faye as his replacement on the presidential ballot.

Faye and Sonko were among a group of opposition politicians freed from prison 10 days before the March 24 presidential ballot under an amnesty announced by former president Macky Sall, who had tried to delay the vote.

A popular Nigerian filmmaker and former Vice President of the Directors Guild of Nigeria (DGN), Frank Igho Okpokoro Vaughan, has reportedly died.

Naija News reports that Vaughan, who hails from Delta State, reportedly died in Warri on Tuesday after a protracted battle with illness.

The sad news was confirmed to journalists by his younger brother, Philip Okpokoro, a cinematographer and series director of ‘Nigerian Idols’ reality TV show.

The late movie director played a crucial role in shaping the Nigerian movie industry and mentoring aspiring filmmakers.

He is a seasoned TV producer/director and also a current affairs and political analyst.

Before he died, Vaughan, who was in his 1960s, was lately a pastor with Dominion City Church, Asaba, Delta State.

Nollywood actress, Doris Ogala, has called out a Nigerian clergyman, Chris, over alleged unpaid N25 million debt.

Naija News reports that the movie star made this known in a post via her Instagram page, alongside the photo of Chris, claiming he stole from her.

According to Doris, someone had given Chris the sum of N35 million to give to her, but he claimed the person had only paid N15 million.

The thespian said Chris has been threatening and blackmailing her for demanding the unpaid N25 million.

She wrote, “THIS???? man stole my money. Someone gave him 35, million of my hard earned money to give to me. He told me the person only paid 15 million and gave me 10 million and held onto 5 million..

“With me still thinking the other person was still owing me.. not knowing he took all my money. Chris I want my money complete.. now I’m asking him of my money. He started threatening and blackmailing me. Simply because he’s a self acclaimed man of God. I should not speak. Me I’m the anointed of God. Touch me not.

“I want my money period… he said because he’s a pastor, no one will believe me. That people will turn against me. He started threatening me.. he even said some people are begging him that they want to drag me. All I want is my money. I worked for it.”