BUSINESS
FG Releases N12.7bn to Provide Smart Meters in Barracks
The Minister of Power, Mr Adebayo Adelabu, says the Federal Government has released N12.7 billion to provide meters in Army barracks across the country.
The amount is from the N40 billion earmarked for the mass metering project.
Mr Bolaji Tunji, Special Adviser, Strategic Communication and Media Relations to the Minister, said this in a statement in Abuja on Monday.
He quoted the minister as saying this during the flag off of the metering exercise at the Headquarters of the 9th Brigade of the Nigerian Army, Ikeja Military Cantonment.
He said the exercise would be in phases with the Ikeja cantonment being the first phase of the exercise.
He said that the current exercise would last for six weeks before the second phase begins.
“Mass metering in army formations nationwide will enable us know what is being consumed on a monthly basis in order to ensure appropriate billings and ease collections.
”The overall intention is to eliminate and make estimated billing a thing of the past,” the Minister said, indicating that
the current exercise is part of President Bola Tinubu’s renewed hope agenda to ensure regular supply of electricity to army formations nationwide.
“This is one of Mr. President’s objectives as contained in the renewed hope agenda to ensure that electricity supply to the armed forces is prioritised and they do not suffer, especially in the enjoyment of public utilities,” he said.
Adelabu said the smart meters being installed are tamper-proof and would eliminate energy theft.
He said that it would be difficult to by- pass the meter which also comes with an app where customers can get statements of their consumption on a monthly basis.
He said that the meter allows interconnectivity between grid and off grid solar power supply.
The minister said that part of the energy blue print for the country was also to build off grid power sources such as solar energy for military barracks located in remote areas without grid supply.
He said that where there is grid supply, there would be an interchange between the grid and solar supply if not satisfied with the number of hours supplied by the Distribution Companies (DISCOs).
”Beyond metering, we have to prioritise electricity supply to the barracks,” he said.
Adelabu said the metering project would be extended to all military formations in the country with the objective of providing 24 hours power supply to the barracks.
Also speaking, Mr Ashade Olatunbosun, Chief Executive Officer of De Haryor Global Services, said that the second phase of the project would begin in Abuja and Enugu, simultaneously.
He said that military formations across the 11 DisCos would benefit from the exercise.
“Army formations in Jos, Abuja, Ibadan, Enugu, Kaduna, Ikeja and Eko DisCos will benefit from the exercise,” he said.
Speaking earlier, Maj.-Gen. A. Adetuyi, Commander, 9th Brigade, Nigerian Army, Ikeja, said that the Federal Government metering initiative was timely as the brigade headquarters has been getting epileptic power supply over time.
Adetuyi said that on investigation, he found out that the brigade was only being given three hours of electricity daily and on some days they do not even get supplies.
”We have tried to resolve this and we have even involved the state government without any result.
”We also discovered that we were always being given estimated bills, though we would not have minded if power supply was regular,” he said.
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
Yuletide: Bode George Urges Tinubu to Reduce Petrol Price
ShareChief Bode George, a former Deputy National Chairman of the Peoples Democratic Party (PDP), has urged President Bola Tinubu to...
Tinubu Set for Groundbreaking of Renewed Hope City in Lagos
Share President Bola Tinubu, is set to perform the groundbreaking of 2,000 housing units of the Renewed Hope City in...
Gov. Alia Presents N550.1bn as 2025 Budget Estimate to Benue Assembly
ShareGov. Hyacinth Alia on Wednesday presented the sum of N550.1bn as the 2025 appropriation bill to the Benue State House...
Tax Bills: NASS will not Betray the Trust of Nigerians, says Akpabio
Share The President of the Senate, Sen. Godswill Akpabio, says the National Assembly will prioritise the interest of all Nigerians...
Alia Has Demonstrated Capacity, Courage to Entrench Good Governance—Speaker
Share The Speaker, Benue Assembly, Mr Hyacinth Dajo, has said that Gov. Hyacinth Alia has so far demonstrated capacity, courage,...
Investors Gain N183bn on NGX
Share The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion. Accordingly, the market capitalisation, which...
Energy, Solid Minerals Top Priority, Tinubu Tells German Businessmen
Share President Bola Tinubu, on Wednesday, assured the German government and businessmen of Nigeria’s preparedness to expand frontiers for investors...
Nigerian Who Wrote WASSCE 17 Times Bags Distinction from London School
Share Dr Emmanuel Ahmadu, a Nigerian who wrote the West Africa School Senior Certificate Education 17 times, has earned a...
INEC Staff Welfare Association Warns Members Against Manipulating Election Results
Share The Abia Chapter of the INEC Staff Welfare Association (ISWA) has warned its members to uphold the integrity of...
Bill for Compulsory Counselling, Training of Convicts Scales 2nd Reading
ShareA bill to amend the Corrupt Practices and Other Related Offences Act, 2000, has successfully passed its second reading in...