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BREAKING: FG directs NERC to suspend adjusted Electricity tariff

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The federal government, on Thursday directed the National Electricity Regulatory Commission (NERC) to suspend the implementation of the electricity tariff recently announced by the agency.

The directive was given b y the Minister of Power, Mamman Saleh on Thursday.Mr Saleh directed the NERC to inform all DISCOs to suspend the implementation of the duly performed minor review (which adjusted tariffs between N2/kWh and N4/kWh) until the conclusion of the Joint Ad-Hoc Committee’s work at the end of January 2021.The new adjustment in the electricity has elicited condemnations from all walks of life, especially the organised labour, who described it as “another breach of trust.”Although NERC had on Tuesday denied any increment, saying it did not approve such. It however explained further that rather than increment, what happened is a minor adjustment to reflect the current inflation and exchange rates.

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FG To Introduce Tollgates On 12 Highways (Full List)

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In its bid to ensure the regular maintenance of its road network across Nigeria, the Federal Ministry of Works and Housing plans to concession no fewer than 12 federal highways to private entities to manage.

The arrangement would enable the private companies to introduce toll gates on the 12 highways and collect revenue which they would use and regularly maintain such roads.

This information is contained in a document, which Vanguard obtained, yesterday, from the Federal Ministry of Works and Housing in Abuja.

The 12 highways to be concessioned under the Ministry’s “Highway Management Development Initiative”, HMDI, are: Benin-Asaba, Abuja-Lokoja, Kano-Katsina, Onitsha-Owerri, Shagamu-Benin and Abuja-Keffi-Akwanga.

Others are: Kano-Shuari, Potiskum-Damaturu, Lokoja-Benin, Enugu-Port Harcourt, Ilorin-Jebba, Lagos-Ota-Abeokuta and Lagos-Badagry-Seme Border.

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Again, Elon Musk Becomes the Richest Man In the World

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Just days after Jeff Bezos was named as the richest man in the world, another businessman has overtaken him to reclaim the position.

Elon Musk became the richest man in the world on Friday.

The Tesla chief’s wealth surged to $200 billion after the rocket company, SpaceX he founded completed another funding round, pushing him atop the Bloomberg Billionaires Index for the second time in 2021.

He moved past, Amazon’s founder Jeff Bezos, who is now worth $194 billion and had some days ago earlier reclaimed the title as the world’s richest person this week after Tesla shares plunged.

Recent reports suggest SpaceX raised another $850 million this month from a group of leading institutional investors led by Sequoia Capital.

Such investment now puts SpaceX’s valuation at $74 billion, a 60% jump from August, and helped boost Musk’s net worth by about $11 billion, according to the index.

 

November 15, 2016, filing with the Federal Communications Commission revealed the tech billionaire owned 54% of SpaceX.

Although Bloomberg’s analysis assumes he hasn’t sold his shares in subsequent rounds and that his stake has been diluted to about 47% in proportion to the amount raised. The value is reduced by 15% to account for typical discounts that shares in unicorns attract on the secondary market, according to two brokers.

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All markets in Lagos has been ordered to be closed

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The order was given by the Iyaloja-General, Chief Folashade Tinubu-Ojo as a sign of respect for the former Lagos state Governor, late Alhaji Lateef Jakande.

Chief Tinubu-Ojo told The Nation that the first civilian governor of Lagos state deserved more than that for his giant strides.

She said it was a mark of respect and solidarity in honour of the deceased.

“We are shutting down all markets tomorrow (today) to mourn our father. We all know he was the former governor of Lagos, who dedicated his time to develop the state, and dedicating a day in his honour is a good thing,” she said.

Confirming the directive, Chief Executive Officer of Bolswot Ventures at Oshodi Market, Alhaja Bola Olufowobi, said the Iyaloja-General’s initiative was a welcome idea.

The late Jakande, she said, deserved the honour.

“He was a good man. We are happy with the directive,” she said.

Most street traders around the Idimu axis were not aware, but Madam Beatrice, at Ikotun market, said an announcer went round the market to announce the closure.

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