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Davido’s father, Adedeji narrates how govt officials want to frustrate his power plant project

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Adedeji Adeleke, the father of the award-winning superstar, David, popularly called Davido, has revealed what he went through securing the environmental permit for his power plant worth over $2 billion.

The billionaire industrialist disclosed this while speaking as a Layperson from the West-Central Africa Division during the Seventh Day Adventist General Conference Annual Council on Tuesday, which was held in Maryland, United States of America.

While sharing his experience as a Baptist member, Adeleke recounted how he ran into bottlenecks with ‘difficult government officials’, with a particular official saying to him that the project would never ‘see the light of day’.

He said he went on his knees and prayed to God because he did not want to accept the government official’s statement as the final say for his company, Pacific Energy which was closely working with Chinese engineering companies for the construction and design of the power projects.

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“I am a businessman in Nigeria. I’m into the electricity business. I own a power plant, I generate about 15 per cent of the electricity needs for Nigeria. I have Chinese engineering companies that work for me. I’m building the biggest power plant in Nigeria that will be completed in January 2025. It is a 1,250-megawatt power plant.

“During the course of the design and getting the permit, we ran into difficult government officials. For environmental reasons, our permit was denied, and the particular government officials that I held a meeting with told me to my face that my project would never see the light of the day. But while he was saying that, I was saying in my mind that this guy is talking as if he is God. I was saying in my mind that God should listen to him; Because he is not God, whatever he is saying is null and void.”

“So I left, disappointed and I told my Chinese friends that unfortunately we have difficulty and this project is going to stall. Meanwhile, the project is worth about $2 billion. In the process, a lot of money had already gone into the design and preliminaries. Before we get to the stage where we would need a permit and then break ground. So my Chinese friend was worried because the Afrexim Bank of China was involved so that meant bankruptcy for him. I told him not to worry,” he said.

Adeleke further stressed that his Chinese friend had to travel down to Nigeria to discuss a way out because he never believed that prayer was enough to get the project done, noting that it did as the then Minister of Power granted the approval because he saw that the project was a brilliant one.

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Recall that Adeleke had earlier spoken about this power project while delivering a lecture note at the 9th graduation ceremony of Adeleke University, Ede, Osun State in July 2023

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BREAKING! FG delegation in meeting with NLC, TUC

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By Kayode Sanni-Arewa

The Federal government delegation is currently meeting with the leaders of organised labour at the Presidential Villa in Abuja.

The meeting is centred on the state of the nation, especially the petrol pricing system.

The meeting is taking place at the Secretary to the Office of the Government of the Federation, SGF, George Akume.

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At the meeting are Mallam Nuhu Ribadu, the National Security Adviser, NSA; Nkeiruka Onyejeocha, the Labour Minister; and Wale Edun, Minister of Finance and Coordinating Minister of the Economy.

Others are the Information Minister, Petroleum Minister, State Minister of Gas, and representatives of the Nigerian National Petroleum Corporation, NNPC, Limited.

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Reps Ask FG To Reverse Petrol Pump Price Hike, Cooking Gas Price

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…urge NNPCL, others to expedite repairs of refineries 
 
 
By Gloria Ikibah 
 
 
The House of Representatives has urged the Federal Government to reverse the recent Pump Price hike and take immediate steps to stabilise petrol and cooking gas prices through targeted interventions such as temporary price relief measures, tax reductions, or subsidies on LPG for low-income households.
 
 
The House also called on the Nigerian National Petroleum Corporation (NNPC), Ministry of Petroleum Resources and other relevant agencies to expedite the repair/maintenance of domestic refineries and increase local refining capacity as a stop-gap measure to reduce thedependence on imported refined petroleum products.
 
 
The lawmakers furtwhr urged the Central Bank of Nigeria (CBN) to implement monetary policies that will mitigate the adverse effects of fuel price hikes on inflation, particularly with regards to essential goods and services.
 
 
These resolutions was sequel to the adoption of a motion of urgent public importance on the “Urgent need to suspend the increased cost of petrol and cooking gas in the country and provide a stop-gap”, moved by the House Minority Leader, Rep. Kingsley Chinda and 111 other lawmakers. 
 
 
Debating the motion, the Deputy Minority Leader, Rep. Aliyu Madaki, said that Nigeria, as an oil-producing nation, has historically relied on petroleum products and cooking gas (LPG) as essential sources of energy for both domestic and industrial purposes.
 
 
He expressed concern that in recent months, the prices of petrol and cooking gas have skyrocketed and continue to so do, creating an unsustainable financial burden on ordinary Nigerians and exacerbating the cost of living:
 
 
According to Madaki, the removal of fuel subsidies, coupled with global oil price volatility and the depreciation of the Naira, has contributed significantly to the rising cost of petrol at the pump and cooking gas for households.
 
 
The motion reads: “Worried that the escalating fuel and gas prices are impacting the cost of transportation, food, essential goods and healthcare, further increasing inflation and pushing many families into deeper financial hardship.
 
 
“Further concerned that businesses, particularly small and medium-sized enterprises (SMEs), are struggling to manage their operational costs due to increased fuel prices, threatening economic stability and job security.
 
 
“Acknowledging that the Federal Government has previously announced plans to repair domestic refineries and boost local refining capacity to address some of these issues but has yet to deliver significant results in this regard;
 
 
“Mindful that the rising cost of petrol and cooking gas poses a significant threat to the livelihood of millions of Nigerians and unchecked inflationary pressure caused by the increased prices can lead to social unrest, increased poverty rates, and negative long-term economic effects; Also worried that unless urgent and pragmatic steps are taken to control the rising cost of petrol and cooking gas, the Nation will go into economic crisis leading to negative outcomes like increased crime rate and mortality rate.
 
 
The House unanimously adopted the motion urging the Federal Government to explore alternative energy sources and diversify the country’s energy mix to reduce reliance on petrol and gas, promoting renewable energy solutions that are more sustainable and affordable in the long term.
 
 
The lawmakers also encourage State Governments to adopt policies that alleviate the financial burden on their citizens, such as waiving taxes or levies on transportation and goods affected by high fuel costs.
 
 
The House further mandated its special adhoc committee investigating fuels price increase to investigate and report back within two week for further legislative action. 
 
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PMS Prices Determined By Market Forces, No Price Deal With IPMAN – NNPC

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By Kayode Sanni-Arewa

The Nigerian National Petroleum Company (NNPC) Limited has debunked claims that it reached an agreement with the Independent Petroleum Marketers Association of Nigeria (IPMAN), on the price of Premium Motor Spirit (PMS), commonly known as petrol, saying fuel prices are now determined by market forces.

Reports credited to IPMAN President, Abubakar Maigandi had stated that NNPC agreed to reduce the ex-depot price of petrol for its members from N958 per litre to N955 per litre.

Refuting the claim in a statement on Wednesday, the Chief Corporate Communications Officer of the national oil company, Olufemi Soneye, emphasised that under the current deregulated regime, fuel prices are determined by free market forces, as provided for in the Petroleum Industry Act (PIA), 2021 rather than by agreements.

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Refuting any form of price deal with Marketers, Soneye said NNPC had only provided a one-time N3 discount to marketers with funds deposited at NNPC to facilitate fuel lifting and prevent shortage, saying the initiative “was a temporary measure”.

Maintaining that prices are still determined by market forces, not by NNPC Ltd, Soneye said, “The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd.

“There is no price agreement between IPMAN, NNPC, or any marketer. The market forces determine prices under the current deregulated regime.”

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