News
No Power, Petrol Price Hikes Till After Elections
Nigerians should be ready for hike in power and petrol prices immediately after the 2019 general elections, economists and investors in the power and petroleum sectors have warned.
In a chat with New Telegraph in Lagos, they insisted that the expedient hike in prices of electric power and Premium Motor Spirit (PMS); two utility products in Nigeria, will wait till immediately after the general elections.
Speaking with this newspaper last night, CEO of Financial Derivatives, Mr. Bismarck Rewane, a frontline economist, said nothing would happen on both power tariff and petrol price until after the election.
“Nothing will happen until the government gets another four-year mandate. If they do now, they will lose and that will not be a wise decision,” he said.
Similarly, Managing Director, Cowry Asset Management, Mr. Johnson Chukwu and investors in the 11 distribution companies, said that no party or individual that emerges winner in the election will sustain the energy tariff and oil subsidy burden.
The All Progressives Party (APC)-led Federal Government, New Telegraph gathered last weekend, foreclosed the processes it started to make the current prices of these two products competitive basically because of the effects it could have on voting pattern during the forthcoming general elections.
The Nigerian National Petroleum Corporation (NNPC) incurs about N774 million daily under-recoveries to subsidise the N145 per litre pump price of petrol across the country.
Chukwu told this newspaper that the “government is absorbing the shock presently, which is inevitable, but at the long run, any government that comes in after the election will definitely review the prices.”
Specifically, he said: “Immediately after the election, whoever wins will not sustain the energy tariff and oil subsidy.
“Even if the government increase tariff today, the power generation will not change overnight, it will only enable operators to raise funds to strengthen their networks.”
Besides, he noted that the reality of the matter was that no government will inflict hardship on the masses prior to an election.
“So they are actually not willing to say that they want to increase tariffs or drop subsidy on oil before the general elections.
“They will be going for votes in the next six months to seek for mandate and there is no reason for any government to want to increase any tariff few months to the national election. It doesn’t happen anywhere in the world.
For me, it is a known fact that government will not increase the tariff. The government is currently absorbing the loss in terms of price difference between boarding price of petroleum product and the pump price,” he said.
Blaming the current woes in the power sector on the government’s inability to effect a cost-reflective tariff for power, investors in the 11 DISCOS in the country, said through their Director, Research and Advocacy, Association of Electricity Distributors (ANED), Sunday Oduntan, that the government can’t raise power tariff.
“They (the government) can’t do that until after the elections. They just cannot do that because it will be politically unwise. You know, there are problems,” he said, but refused to be specific.
He described the government’s inaction to raise the power tariff as “illegal.”
Besides, he insisted that actions and inactions of the Minister of Power, Works and Housing, Mr. Babatunde Fashola, on the tariff and relationship with shareholders should be checked if the country is ready to be out of the power crisis.
The minister’s relationship with stakeholders, he said, is headmaster/pupils rapport, as such, “gives no room for sincere collaboration.”
“Under the watch of Mr. Fashola as the minister, the Nigerian Electricity Regulatory Commission (NERC) has conducted no minor review of the Multi-Year Tariff in violation of the law. This has worsened the under recovery in the entire value chain far above N1.1 trillion,” he said.
Stating that the DISCOs are battling with dire economic situation foisted on them by the lack of cost-reflective tariff, Oduntan maintained that only one of the DISCOs had foreign direct investment as at the time the Power Holding Company of Nigeria (PHCN’s) assets were sold to them. Others procured the assets with facilities from the Nigerian banks.
Meanwhile, International Oil Companies (IOCs) in Nigeria’s oil and gas industry have commissioned studies on feasibility of violence during the 2019 general elections with focus on protection of over 1.2 million barrels of equity crude they produce daily in the country.
This move, investigations by this newspaper showed, has led most of the oil producers into talks with foreign and local safety and security consultants as the polls draw nearer.
Describing this move as a normal routine by “multi-national business concerns”, a management staff of one of the IOCs who confirmed this development to this newspaper, maintained that the consultants are being charged to beam searchlight on areas such as the oil-rich Niger Delta where over 2 million barrels of oil are being produced jointly by the IOCs, NNPC and the indigenous oil companies.
News
Alice Loksha, abducted UNICEF nurse, escapes captivity after 6 years
Alice Loksha, a nurse abducted by ISWAP terrorists, has regained freedom after six years in captivity.
She was abducted alongside two other female health workers on March 1, 2018, while working at a United Nations Children’s Fund (UNICEF) facility in Rann, Kala Balge LGA of Borno state.
Speaking with journalists at Maimalari cantonment, Maiduguri, on Friday, Kenneth Chigbu, deputy theatre commander of the joint task force (JTF) Operation Hadin Kai, said Loksha was found in Geidam, Yobe state, on October 24.
He said the 42-year-old nurse had been subjected to forced marriages with two ISWAP commanders and endured dire conditions before her eventual escape.
“She was initially taken to Tumbuma, where she was held for two days,” Chigbu said.
“From there, she was relocated to Kwalleram where she spent seven months and was forced into marriage with a terrorist leader named Abu Umar.
“The marriage led to the birth of a son, Muhammad. All this happened before Abu Umar was eliminated during a gunfight with troops in 2022.
“During that fight, he was found dead, and it was alleged that his colleagues had actually eliminated him.
“Ms Alice Loksha was again forced into another marriage to another ISWAP commander named Abu Simak in 2022 before the latter was banished by his fellow terrorists to Dogon Chukwu camp.
“It was from Dogon Chukwu that she managed to escape through the Diffa axis to Geidam on October 24, 2024, where she reported to troops of the Joint Task Force on October 29, 2024.
“She has since been subjected to medical evaluation and other humanitarian support.”
FAYINA, SISTER OF LATE SOLDIER, ALSO RESCUED
Chigbu also confirmed the escape of Fayina Ali, younger sister of late Samuel Andrew, an army officer who served under the 212 Battalion.
He said Fayina was abducted by ISWAP terrorists on October 19, 2022, while travelling to Maiduguri to process the death benefits of her late brother.
“Since then, she was held captive at Kangarwa enclave for nine months before she was taken to Tumbuma, where she remained for four years under one of the terrorist leaders, Muhammad Sheikh,” he said.
“She was later taken back to Kangaruwa, where she stayed for another year before her eventual escape.”
Both women were received on behalf of the Borno state government by Zuwaira Gambo, the state’s commissioner of women affairs and social development.
News
NIDCOM rescues 13 trafficked girls from Ghana
The Nigerians in Diaspora Commission (NIDCOM) says it has rescued another set of 13 trafficked girls from Ghana.
A statement on Friday by Abdur-Rahman Balogun, NIDCOM spokesperson, said this brings the total number of girls repatriated to the country over the past five months to 163.
Balogun said the girls were lured to Ghana under the false promises of employment, but were later forced into exploitative situations and bound by an oath of secrecy.
He said the girls are aged between 19 to 30, and from Ebonyi, Benue, Kaduna and Rivers states.
Balogun said the rescue operation was as a result of the combined and coordinated efforts of the Ghanaian anti-human trafficking police, the Rescue Live Foundation International, and NIDO Ghana.
The girls were handed over to the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) for rehabilitation and reintegration.
Speaking on the latest efforts, Abike Dabiri-Erewa, chair of NIDCOM, reiterated the commission’s commitment to protecting Nigerians in the diaspora.
Akinboye Akinsola, NiDCOM representative, who accompanied the ladies back to Nigeria, said these set of ladies surrendered themselves willingly, having heard of the earlier operation conducted in Kpone Katamanso and Tema.
Valentine Okike Uzo, senior special assistant to governor of Ebonyi state, said efforts are in place to ensure a proper rehabilitation for victims from the state.
News
Lagos state government demolishes 138 shanties where occupants pay over N60k annually
The Lagos State Environmental Sanitation Corps (LAGESC) says its officials have demolished 138 shanties illegally erected along Ajao estate canal.
Tokunbo Wahab, commissioner for environment and water resources in Lagos, announced the development in a post on his X page on Friday.
“In continuation of concerted measures to reduce the scourge of environmental infractions and illegal encampment in public spaces, the Lagos Environmental Sanitation Corps (LAGESC) popularly known as KAI on Thursday demolished 138 shanties around the canal bank in Ajao Estate Canal where illegal occupants pay between N60,000 to N100,000 rent,” Wahab wrote.
https://twitter.com/tokunbo_wahab/status/1857319887158313028?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1857319887158313028%7Ctwgr%5E664593354c56dfeedfa4d39b2514f9b34d45a5a9%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.thecable.ng%2Flagos-demolishes-138-shanties-where-occupants-pay-over-n60k-annually%2F
On Wednesday, Wahab said 94 persons were arrested during a midnight operation targeting rail track squatters and miscreants, in response to complaints from citizens.
The commissioner added that a locally fabricated gun, wraps of suspected Indian hemp, charms, and a jack-knife were seized from the suspects.
“In response to complaints from residents, commuters and concerned citizens on the nefarious activities of illegal squatters, miscreants and suspected criminal elements along rail-track corridors, the agency undertook a midnight raid along the rail-track between Pen-Cinema under-bridge up to Fagba Junction,” he wrote on X.
“The thorough operation commenced at about 0230hrs, covering over five kilometres in distance; shanties/illegal structures were removed.
“94 suspects were arrested during the midnight operation; a locally fabricated short gun and several wraps of illicit substance suspected to be Indian hemp, charm and a jack knife were recovered.
“The suspects will be charged to court accordingly.”
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