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Improved Electricity: Lagos Targets 20hrs Power Supply Daily To Residents



The Lagos State Government has disclosed plans to improve power supply up to 20 hours daily in communities to further stimulate investments and boost standard of living, among others.

Recall that President Bola Tinubu, recently signed the passed Electricity Act into law, marking a significant update to the 2005 Electricity and Power Sector Reform Act in Nigeria.

Originally enacted in July 2022 during former President Muhammadu Buhari’s administration, the new legislation aims to stimulate private sector investments in the country’s power sector and break the monopoly in electricity generation, transmission, and distribution on a national level.

Permanent Secretary, state Ministry of Energy and Mineral Resources, Ms. Sholabomi Shasore, disclosed this at the weekend at an organised stakeholders’ engagement in Alimosho Local Government Area in the state as part of continued efforts to ensure adequate power supply to Lagos residents through various interventions.

Shasore, said the meeting was organised in line with the inclusive policy of the administration of Governor Babajide Sanwo-Olu, who believes that the contributions of every resident in the state are essential to achieve the “Greater Lagos vision.”

According to her, the Light Up Lagos Community Electrification Programme is an initiative of the present administration aimed at unlocking electricity distribution, transmission and metering infrastructure to deliver reliable power supply to high-impact, high-population, low-income communities in Lagos.

Shasore stressed that the pilot implementation of the Power Infrastructure upgrade at target communities is nearing completion at Alimosho, Orelope and Okunola; Agege, Oko-Oba and Abattoir, as well as in Ajah, Eleko, Magbon and Ibeju Lekki.

“This initiative was borne out of the desire of the State Government to improve the standard of living of Lagos residents, contribute to their economic activities; increase in productivity; job creation and ultimately boost the businesses of small and medium scale enterprises including artisans who rely primarily on electricity for the survival of their businesses, as well improve the overall wellbeing of all residents in the state,” she added.

While informing that the expected impact is to improve power supply (up to 20 hours) to target communities and create a catalyst for further investment across low-income communities in Lagos State, Shasore stated that a total number of 8,613 Service addresses connected to the feeders being installed will benefit from the improved supply covering almost 10,000 households.

According to her, “While the State Government had intervened in the functionality of electricity supply to various communities within Alimosho as a whole, the Sanwo-Olu administration is now taking it a step further by engaging with residents who are the critical stakeholders in this power intervention.

“Your participation is required to ensure that you reap the benefits of this Power Infrastructure upgrade.”

“With this engagement, the state government seeks to ensure that you know your role in realising the goal of this intervention and look out and protect the infrastructure as your own. I implore the leadership of relevant CDAs, who are direct beneficiaries of this power project, to take ownership of this electrification infrastructure and protect it against vandals,” she stated.
Shashore stressed the importance of prompt payment of electricity bills, protection against energy theft, discouragement of meter bypassing and other illegal acts that might jeopardise the overall intention of the state government to improve power supply to Alimosho and its environs.

She explained that the developments in the power sector with the recent amendment of the Power provision in the Nigerian Constitution of 1999 are indicative that great things are to come with regard to power and Lagos State is at the forefront.

Shasore submitted that the electricity infrastructure that has been put in place in the communities would guarantee reliable power supply as incidents of power failure, faulty transformers, cables, high and low electric current and inadequate electricity poles among others have been fully addressed.

“It is worthy to note that Alimosho Local Government and its environs have always been identified as an integral part of the Greater Lagos Rising project under the administration of Governor Sanwo-Olu and as such it is set to enjoy more dividends of democracy and good governance going forward,” she said.


Hardship: Protesters Defy Police Warning, Hit Lagos Streets



Residents have hit the streets of Lagos State to protest against the increasing spike in the price of food and the high cost of living in the country.

The protest was facilitated by a human rights group identified as the “Take It Back Movement.”

This comes against the warning issued by the Lagos State Commissioner of Police, Adegoke Fayoade, on Sunday.

The protesters were seen carrying placards of various inscriptions at Ojuelegba Under Bridge area of the state to express their grievances.

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CBN Lifts Ban On BDCs, Introduces New Operational Mechanism



In a major development aimed at financial stability and strengthening the naira, the Central Bank of Nigeria (CBN) plans to resume its weekly intervention in the country’s foreign exchange (FX) market through the Bureau de Change (BDC) operators.

In 2021, the central bank, in a bid to achieve its mandate of safeguarding the value of the local currency, ensuring financial system stability, and shoring up external reserves, announced the immediate discontinuance of foreign currency sales to Bureau de Change (BDC) operators in the country.

However, the resumed intervention, which would reportedly commence today for funding as well as Tuesday for collection, will see the apex bank inject FX into the subsector in a bid to rescue the naira from further depreciation against major currencies, particularly the US Dollar. The collection will be at designated CBN branches in Lagos, Abuja, Kano, and Awka, while details of the naira accounts to be credited for funding bidding will also be made available today.

CBN is also expected to publish the list of eligible BDCs to benefit from its funding using certain compliance criteria.National Executive Council of Association of Bureau De Change Operators of Nigeria (ABCON) hinted on the latest developments through a memo to its members over the weekend.

The association also warned members that it will no longer be business as usual under the new supervisory regime of the central bank, as any infringement or infraction would result in outright revocation of license and prosecution.

ABCON said through the association’s various engagements with the central bank, in conjunction with ABCON’s strategic partners, CBN had agreed to its request, under the bank’s supervision, to inject liquidity into the market through a weekly intervention beginning today.

CBN assured ABCON that the new circular on the Revised Regulatory and Supervisory Guidelines to BDCs, which was introduced over the weekend, was only a draft exposure that required the association’s inputs before the release of the final guidelines by the apex bank.

To that effect, the letters of the guidelines were not cast in stone, the association’s leadership told its members, who had been worried over the sweeping reforms in the document, which, among other things, prescribed N2 billion and N500 million minimum capital for national and state BDCs, respectively.

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