Business
Abuja Faces Power Outage as TCN Issues Disconnection Notice to AEDC
Darkness may soon envelop Abuja, as well as parts of Nasarawa, Niger, and Kogi states, following a recent notice issued by the Transmission Company of Nigeria (TCN).
The TCN has informed the Abuja Electricity Distribution Company (AEDC) of a forthcoming disconnection due to its failure to adhere to established Market Rules.
In a disconnection notice dated Friday, signed by Ali Ahmad, the Market Operator at TCN, it was announced that the AEDC faces a five-working-day ultimatum to address these compliance issues. If the AEDC does not rectify its infractions by the deadline, which falls on July 28, 2024, the disconnection will be enforced.
The impending disconnection is set to affect the 33kV feeder linked to the 132/33kV Katampe 1 Transmission Station, as well as Feeder 3 from the 132/33kV Central Area Transmission Station. This action comes as a result of AEDC’s non-compliance with Section 15.3.3.a of the Market Rules.
The TCN’s notice also highlighted that proper procedures, including newspaper publications, have been followed to ensure AEDC was made aware of its violations. The company has been given a five-day window to remedy these issues before the disconnection is carried out.
Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.
This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.
The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”
The Central Bank of Nigeria (CBN) recently assured stakeholders about the state of the banking sector in Nigeria, stating that the banking sector can still be trusted and is secure.
The assurance was shared in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN. In the statement, it was emphasized that stakeholders should disregard any negative news concerning the banking sector, as such reports are misleading.
The CBN also highlighted the security of the deposits entrusted to it, stating, “There is no reason for the public to worry about the security of their deposits.” The extent of the measures and security in place was also emphasized by the director in the statement.
Nigerian Businessman Dr. Cosmos Maduka analyzes popular Billionaire, Aliko Dangote and describes him as the biggest debtor in Nigeria.
The businessman highlighted the fact that people who seem to have the most money are often the largest debtors.
“The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world.”
“As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”
-
Sport22 hours agoLookman Says Choosing Nigeria Changed His Life and Career and He Feels at Home
-
Sport22 hours agoMikel Obi Says Osimhen Should Stay in Europe and Not Move to Saudi Arabia
-
Entertainment18 hours agoActor Linc Edochie Claps Back at Critics Over New Marriage and Family Drama
-
News22 hours agoTinubu Welcomes Ademola Adeleke and Davido to His Home in Lagos
-
Sport22 hours agoEduard Mor says Super Eagles is a Top Team not Just in Africa but in the World
-
Politics22 hours agoSowore Says Opposition Coalitions Are Weak and Helping Tinubu Win Again
-
Entertainment15 hours agoNollywood’s Angela Okorie Slams Bloggers Over Poor Quality Photos
-
Entertainment16 hours agoOdumodublvck Reveals Call with Davido, Hints at Upcoming Collaboration