celebrity radar - gossips
Nigeria set to experience total darkness as Power distribution companies lament N400Billion Debt
Nigeria may be set for a total blackout as power generation as well as distribution companies say over N400bn debts are stifling their operations.
While GENCOs’ debt is put at over N300bn, DISCOs have complained of being owed over N100bn by customers.
With such a huge debt burden, the power firms said they lack the funding required for their operations, including the purchase of equipment and spare parts.
The Executive Secretary, Association of Power Generation Companies, Dr. Joy Ogaji, said, “The debt is over N300bn that GENCOs are being owed. If the situation is not checked, there will be blackout. It is so imminent that I don’t know if most of the generation we are having now can go beyond Christmas if the payment problem is not solved. We can’t pay contractors; most of the machines are packing up.”
Ogaji said the Nigerian Bulk Electricity Trading Company Plc should be blamed for the problem, saying, “As GENCOs, we don’t really have any direct relationship with DISCOs at the moment; GENCOs are meant to generate power and government brought NBET as a wholesaler, which takes all the power being generated by GENCOs and sells to the DISCOs. So the onus lies on NBET to collect the money from the DISCOs.
“The claim on whether DISCOs are remitting money or not should not be the problem of the GENCOs, but that of NBET. Government told us that NBET is properly capitalised and has enough money to meet all of the GENCOs’ payments. But unfortunately, NBET has not been able to do that.”
A recent advert that was placed in The PUNCH newspaper by the Association of Nigerian Electricity Distributors, the umbrella body for the DISCOs, stated that its members were being owed N100bn by consumers. ANED had earlier identified the military and government Ministries, Departments and Agencies as their biggest debtors.
However, different operators in the sector blamed the DISCOs for the drastic illiquidity in the power market, as they argued that the DISCOs were not doing enough with respect to revenue collection from electricity consumers.
Officials at NBET told one of our correspondents on Friday that regardless of the fact that the organisation was established to support the sector financially, the bulk electricity trader would not use taxpayers’ money to settle the huge debts owed the GENCOs.
“This is primarily because of the inability of the DISCOs to make the required remittance to the NBET,” an official, who spoke to Saturday PUNCH on condition of anonymity, said.
Aside the NBET, the Niger Delta Power Holding Company recently urged the DISCOs to ensure adequate remittance to the bulk trader in order to enhance smooth operations of the power business.
The Managing Director/Chief Executive Officer, NDPHC, Mr. Chiedu Ugbo, stated that the indebtedness to his company by the power market as of August 2016 was over N105bn.
He particularly stated that the huge debt to the NDPHC and the power market was primarily because the DISCOs were not remitting more than 50 per cent of what they should remit to the bulk trader for onward payments to producers of electricity and gas suppliers.
“The total energy invoiced by the eight operational NDPHC plants since they started functioning amount to about N235bn. But out of this amount and as of August 2016, we were being owed about N105bn,” Ugbo told our correspondent in Abuja.
Also, the President, Nigerian Gas Association and Managing Director, Frontier Oil Limited, Mr. Dada Thomas, in an exclusive interview with Saturday PUNCH, blamed the DISCOs for the illiquidity being experienced in the power sector.
He said, “The sector is not generating enough money. So what we have today is that the DISCOs are collecting possibly only about 20 per cent of what they should be collecting. And therefore, there is nobody coming up to pay the GENCOs and the GENCOs are not paying the gas operators.”
But the DISCOs had argued that aside the fact that the current Multi Year Tariff Order put together by the Nigerian Electricity Regulatory Commission was not cost reflective enough, the refusal of ministries, departments and agencies of government to settle their electricity bills was also hampering their ability in making the required remittances.
The Chief Executive Officer, ANED, Mr. Azu Obiaya, recently told our correspondent that to avert an increase of over 200 per cent in electricity tariff payable by residential consumers in the near future, the Federal Government had to intervene in the sector.
He explained that the government’s intervention was vital in order to address the N809bn revenue shortfall in the industry.
Obiaya insisted that the intervention could come in form of subsidy to consumers, access to foreign exchange by the companies, as well as commercial reasonable financing for the DISCOs.
He explained that DISCOs were not willing and could not impose any increase in tariff on consumers, but maintained that to avoid a situation where the consumers would have to pay as high as N70 to N105 per kilowatt-hour as energy charge, the Federal Government must do something.
Currently, the average rate being paid as energy charge by residential consumers across the country is N22.8/KWH, but this may increase if nothing is done to address the N809bn revenue shortfall in the power sector, according to the DISCOs.
The President of Association of Small Businesses of Nigeria, Mr. Femi Egbesola, who demanded stable power supply, said a blackout would lead to the closure of small businesses.
Also, a Lagos-based manufacturer-cum-economist, Mr. Akeem Babajide, said the government should urgently pay the debts it owed the GENCOs and DISCOs to avoid a blackout.
celebrity radar - gossips
Among His Peers, Oba Orin Saheed Osupa Stands Out : The Fuji Star’s Storytelling Legacy By Alhaji Arems
Among His Peers, Oba Orin Saheed Osupa Stands Out : The Fuji Star’s Storytelling Legacy
By Alhaji Arems
In the vibrant world of Fuji music, where the artistry of storytelling and cultural commentary thrive, Saheed Osupa has carved out a unique role as both an artist and an influencer of thought. Recently, his name has been lighting up social media discussions and generating significant buzz—not just because of his music but because of the depth of his words. Osupa’s trending status is rooted in his ability to subtly address pressing issues, particularly those surrounding the ongoing tension between fellow Fuji musicians Taye Currency and Pasuma Wonder.
Osupa’s recent contributions to this situation have not been straightforward; rather, he has adopted an artistic approach, using parables and proverbs—sometimes through complex storytelling—to impart wisdom. These nuanced messages, often hidden within his lyrics, resonate with fans who appreciate the clever way he brings age-old Yoruba wisdom into contemporary issues. One notable example involves a story about an animal (traditionally symbolizing patience and resilience) that many believe reflects Osupa’s thoughts on rivalry and pride. Through this parable, he seems to suggest the importance of self-reflection and restraint, especially in the heat of conflict.
In a genre that values not only musicality but also the power of words, Osupa has long been seen as a master of *itan*, or storytelling. His recent songs echo the traditional Yoruba way of imparting wisdom through tales that serve as lessons. This is a skill that few artists have mastered, making his approach particularly impactful in today’s fast-paced digital world, where nuanced messages can often be overlooked.
Beyond the Taye Currency-Pasuma Wonder issue, Osupa’s trending status is also due to his reputation as a voice of reason and maturity in Fuji music. As a genre that is often vibrant and full of competitive spirit, Fuji has its share of rivalries. Yet, Osupa has often stood out by promoting unity and peaceful dialogue among Fuji artists. By sharing these reflective stories in his music, he adds layers of meaning that fans continue to unpack and discuss, drawing new audiences who appreciate both the artistry and wisdom behind his words.
The charm of Saheed Osupa lies in his timeless approach. In a world where trends are fleeting, he reminds fans of the importance of timeless values, urging reflection, humility, and understanding. As fans interpret and share his latest stories, Osupa’s message continues to resonate widely—proof that, in Fuji, the power of words can be as influential as the beat of the drum.
celebrity radar - gossips
What You Need To Know About Award-Winning Nigerian Actor, Mustapha Sholagbade
What You Need To Know About Award-Winning Nigerian Actor, Mustapha Sholagbade
Mustapha Ololade Sholagbade, born on January 1, 1989, in Ebute Metta, Lagos, is an accomplished Nigerian actor, producer, and filmmaker with a deep passion for Yoruba cinema. Originally from Abeokuta, Ogun State, he is the first child in his family. Sholagbade began his education at Kadara Primary School and continued at Sojomen Talabi High School, Akute, and Nawairudeen Secondary School, Ebute Metta. He later earned an Ordinary Narional Diploma in Business Administration from the Lagos State Polytechnic. Pursuing his passion for acting, he trained at Odunfa Caucus, where he graduated in 2010.
Sholagbade launched his acting career in 2005, making a name for himself in Yoruba-language films. His portfolio includes roles in popular films like Olowo Ghetto, Alaimo, Ebun Mi, Esi, Gold and Treasure, Liam, Emilomo Babaolowo, Oko Aunty Mi, Broken Bond (Tude), and Last Born. In addition to acting, he has also produced several films, further cementing his influence in the industry.
Beyond the entertainment world, Sholagbade is a versatile professional with experience in railway engineering, IT support, and site management in the UK. He is also a farmer and general merchant, demonstrating his entrepreneurial spirit and diverse skill set.
Throughout his career, Sholagbade has collaborated with top figures in Yoruba cinema, such as Yinka Quadri, Taiwo “Ogogo” Hassan, Funke Akindele, Femi Adebayo, Odun Adekola, Oga Bello, Baba Wande, Jide Kosoko, Funsho Adeolu, Fathia William Balogun, Saidi Balogun, Wunmi Toriola, and Mide Martins.
Sholagbade’s hobbies include traveling, business, football, filmmaking, and meeting new people, reflecting his dynamic and outgoing personality.
Sholagbade’s talent and dedication to his craft have earned him numerous accolades, including: Best Actor Yoruba – BON Awards, 2024, Best Supporting Actor– Afro Nollywood Awards, UK, 2019, Best Supporting Actor– Heritage Awards, Atlanta, USA, Best Supporting Actor of the Year (Yoruba) – City People Movie Awards, Best New Actor of the Year (Yoruba) – City People Movie Awards.
With his achievements and versatility, Mustapha Ololade Sholagbade remains a notable force in the Nigerian film industry and a proud ambassador of Yoruba cinema worldwide.
Coalition Congratulates Oluyede on Appointment as Acting COAS
The Coalition of Civil Society Groups against Terrorism in Nigeria has congratulated Major-General Olufemi Oluyede on his appointment as the acting Chief of Army Staff, (Ag COAS, Nigerian Army).
The Convener of the Coalition, Comrade Oladimeji Odeyemi, in a statement, said General Oluyede has the responsibility to consolidate the success achieved by the Nigerian Army under General Taoreed Lagbaja.
President Bola Tinubu had on Wednesday, October 30, appointed Oluyede as acting COAS pending the return of the indisposed substantive Chief of Army Staff, General Taoreed Lagbaja.
The Coalition said his appointment is a welcome development. It said: “Major-General Olufemi Oluyede is well qualified for the position. He was a member of the 39th regular course and commissioned as an officer in 1987. Aged 56, he was promoted to the rank of Major-General in September 2020. A professional and top-notch security expert, he brings a lot of hope and inspiration to younger officers as acting chief of Army Staff.
“His appointment is the way to go. As the acting Chief of Army Staff, Oluyede has the responsibility to lead an army that will administratively manage the institution, consolidate on the success achieved by General Lagbaja and his team to mop up remnants of insurgents, bandits and the ragtag criminal elements in the North, and dismantle the ethnic militias in the Southeast to bring peace in the country.
“The 56-year-old Oluyede shares a long history with General Lagbaja, with a track record and excellent service to the nation. Both are members of the 39th Regular Course and were commissioned as officers in 1987.
“Oluyede’s meritorious career began as a Platoon commander and adjutant at 65 Battalion, advancing to Company commander at 177 Guards Battalion and later Staff Officer at the Guards Brigade and commandant of Amphibious Training School.
“Oluyede has been part of many notable operations, including the ECOMOG Mission in Liberia, Operation HARMONY IV in Bakassi, and Operation HADIN KAI in the Northeast, where he commanded the 27 Task Force Brigade.
“He has received honours, including the Corps Medal of Honour, and Grand Service Star, all recognition for passing the Staff Course and membership in the National Institute, and his dedication and achievements in service.”
-
Business6 months agoMaxwell Opara Goofed Says AAS Investors As They Stand By Jesam Michael, Demand For Justice
-
society6 months agoAlleged Assault In Court: Setting The Record Straight, Jesam Michael is The Victim, Not Maxwell Opara
-
society6 months agoExposing The Many Lies Of Wanted Cyber Bully, Dorcas Adeyinka + Her Failed Attempt To Blackmail The Odegbamis
-
Business7 months agoAAS $87m Theft Case: Abayomi Oluwasesan Remanded In Suleja Prison As Police Arrest Prince Humble, Engineer Oma
You must be logged in to post a comment Login