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Power minister laments as industries shun national grid
The Minister of Power, Adebayo Adelabu, has lamented the rate at which bulk electricity consumers abandon the national grid to generate their own electricity.
Adelabu emphasised that grid connection as a power source is more reliable than captive power plants currently being used by bulk electricity consumers.
He regretted that despite generating a record 5,155MW, it is not being taken up.
The minister spoke on Thursday at the Board retreat of the Nigeria Electricity Liability Management Company in Lagos.
He said, “The majority of bulk electricity users, such as industries, are off the grid due to lack of trust and confidence in the past.
“They now have their own captive power plants in their industries which is more expensive.”
According to him, the continued use of captive power rather than grid connection is more expensive.
“The average cost of producing captive power is about N350 to N400 per kilowatt-hour for those connected to gas lines. For diesel, it’s about N950 while petrol is about N550,” he said.
He stated that efforts would be made to encourage such bulk users to return to the grid.
News
SEE Black Market Exchange Rate for Dollar (USD) to Naira (NGN)
By Kayode Sanni-Arewa
Dollar to Naira Exchange Rate Today on the Black Market (Aboki Dollar Rate)
As of Saturday, November 9, 2024, the exchange rate for the U.S. dollar to the Nigerian naira in the Lagos parallel market (often referred to as the black market) shows that the buying rate for a dollar is N1740, while the selling rate stands at N1745, according to sources at Bureau De Change (BDC).
It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market for foreign exchange transactions. In line with this, the CBN has advised individuals and businesses looking to exchange foreign currencies to approach authorized banks and financial institutions for their Forex needs.
Dollar to Naira Black Market Exchange Rates Today:
Buying Rate: N1740
Selling Rate: N1745
Official Dollar to Naira Exchange Rates (CBN Rates) Today:
Buying Rate: N1664
Selling Rate: N1665
Please keep in mind that the exchange rates listed here are subject to fluctuation and may differ from those in actual transactions, as rates can vary depending on the location and the specific forex market you engage with. Always ensure that you check the current rates with authorized sources before making any exchange
News
Actor Charles Okocha reveals why he kept his fiancee from limelight
By Kayode Sanni-Arewa
Nollywood actor Charles Okocha has shared his thoughts on the right time to settle down, revealing that after years of being a “baby daddy,” he believes now is the time to commit. He spoke candidly about his decision to marry, noting that it was a natural step for him at this stage in his life.
In an interview, Okocha revealed that he has been secretly dating his bride-to-be since 2017, explaining, “I am getting married because it’s only right for me to be married. We have been dating since 2017, quietly, with no social media show of affection. She lives in America and is a nurse. So, it is true.”
Regarding his children’s reaction to the news, he added, “My kids are very comfortable and happy with the news.”
Okocha, a father of two from previous relationships, made the announcement of his upcoming marriage on Instagram on November 5, 2024. Sharing adorable photos with his fiancée, Okocha introduced the wedding hashtag #MICHARLES2024, confirming that the ceremony will take place this year.
Some fans were surprised by the news, considering his earlier reservations about marriage, which he expressed in a previous interview. “The truth is, I have never been married in my life, and I am a happy man. You and I know what is going on these days; you see a couple married for a few years, and next, they are divorced. These are people you’ve looked up to, and now they’re divorced; how, then, do you want me to get into this marriage thing?”
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Ex- President, Obasanjo opens up on belonging to a party
By Kayode Sanni-Arewa
Ex-President Olusegun Obasanjo has stated that he does not affiliate with any political party, identifying himself instead as a “no-party statesman.”
His declaration comes amidst the challenges Nigeria is currently facing, which he acknowledged during a recent event. However, Obasanjo also expressed a message of hope and resilience for the Nigerian people.
The statement was made on Saturday during a special thanksgiving service held at the Methodist Church, Nigeria, Cathedral of Unity in Abuja. The occasion was to celebrate the 80th birthday of Onyema Ugochukwu, a distinguished journalist and former Chairman of the Niger Delta Development Commission (NDDC).
During the service, Obasanjo praised Ugochukwu for his loyalty and support during Obasanjo’s 1999 presidential campaign. He highlighted that despite the competitive race within the People’s Democratic Party (PDP), where both he and Chief Alex Ekwueme vied for the same position, Ugochukwu stood by him. This act of loyalty, according to Obasanjo, was significant in the building of strong political relationships at the time.
In his speech, the former president encouraged Ugochukwu to continue to walk in faith and remain devoted to serving humanity in all his endeavors. “You must never allow your faith to wane,” Obasanjo said, referring to a passage from 1 Corinthians 13. He urged the celebrant to maintain hope and optimism even in the face of Nigeria’s current difficulties, which he acknowledged as being particularly daunting.
Obasanjo emphasized the power of love, encouraging Ugochukwu to carry love in all aspects of his life. “Let your love for your family, friends, and even those who may be your adversaries, guide you,” he added. “Extend that love to your community, your state, your country, and ultimately, to all of humanity. Above all, maintain your love for God.”
Reflecting on his own political journey, Obasanjo recalled the early days of his campaign and the dynamics that led to his eventual success in the 1999 election. “I first became acquainted with you through your reputation, and we came together during the campaign. At that time, I was contesting against Alex Ekwueme in the PDP, and you supported me loyally throughout the process,” he shared.
In this heartfelt address, Obasanjo urged not only Ugochukwu but all Nigerians to remain hopeful, resilient, and committed to serving their communities with love, despite the challenges facing the nation.
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