Business

Kunle Olubiyo Blames TCN for Frequent National Grid Collapses

Published

2 months ago

October 15, 2024

Photo source: Google

Kunle Olubiyo, the President of the Nigeria Consumer Protection Network, has expressed serious concerns regarding the frequent collapses of the national power grid, emphasizing that these incidents highlight the deficiencies within the Transmission Company of Nigeria (TCN).

His comments come in response to the sixth grid failure of 2024, which occurred on Monday at approximately 6:48 PM, leaving many parts of the country plunged into darkness once again.

While the TCN characterized this collapse as partial and assured that restoration efforts were underway, many Nigerians remained without power hours later.

Olubiyo criticized TCN for its history of responding to such crises with mere platitudes rather than effective solutions.

He stated that the repeated failures of the national grid, along with ongoing challenges related to its stability and reliability, stem from a lack of genuine commitment to addressing these issues.

He remarked, “The repeated occurrences of system collapses and challenges to the National Grid’s stability are largely due to the management’s insincerity and their tendency to pay lip service to a broad range of problems while misplacing priorities over the years.”

Olubiyo pointed out that inadequate investment in necessary network improvements, insufficient protective systems, and a near-total lack of vegetation control have all contributed to the ongoing crises.

He emphasized that these issues have been recognized for some time but have received little attention from TCN’s leadership.

The pattern of grid collapses is alarming, with previous failures recorded on February 4, July 6, August, and September 19 of this year alone.

According to TCN data, the national grid has suffered over 227 collapses in the last 14 years, underscoring a chronic problem in the country’s electricity supply system.

This situation is particularly troubling given that electricity tariffs were increased by 240 percent in April, further straining the financial burdens on Nigerian households and businesses.

As power outages continue to affect daily life, the call for accountability and effective management within TCN becomes increasingly urgent.

Olubiyo’s insights reflect the frustrations of many Nigerians who are tired of empty promises and inadequate responses to a crisis that has persisted for far too long.

The need for immediate, substantial reforms in the management of Nigeria’s electricity supply is clearer than ever, as citizens hope for a stable and reliable power system that meets their needs.

Business

Price of Beans in Nigeria Drops to ₦100K-₦120K, Traders Show Excitement

Published

5 days ago

December 13, 2024

Ese Ohwofa

Price of beans drops and news excites traders and consumers. Residents as well express joy with price drop amid the upcoming Christmas holiday. According to a report, the price of beans has sustained a slight drop as 100kg bag of beans is sold for 150k Naira to 140k.

The price of a bag has now dropped to 100k to 120k, depending on the type of beans. It was reported that the price of beans has been dropping for the past two weeks unlike the past months.

Business

Nigeria Reclaims Top Spot as Africa’s Leading Oil Producer in 2024

Published

6 days ago

December 12, 2024

Ese Ohwofa

Nigeria’s Oil Production increased in November 2024 and has reached 1.69 Million per day going 10% increase compared to that of October production.

This now secures Nigeria’s oil production as the top in the Africa Oil Production.

The crude oil production rose with 11.42% but the condensation production reduced. Despite the great progress of the production, Nigeria’s oil production still has not reached their 2024 goal of 1.78mbpd.

Business

CBN Governor Urges Nigerians to Stay and Help Build the Country’s Future

Published

3 weeks ago

November 30, 2024

Gift Ogieva

Photo source: Google

Olayemi Cardoso, the Governor of the Central Bank of Nigeria, has made a passionate appeal to Nigerians, particularly the youth, urging them not to leave the country.

In a keynote address at the 59th annual Bankers Dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, Cardoso highlighted the importance of staying and contributing to the growth of Nigeria’s economy.

Cardoso acknowledged the challenges facing the country but reassured citizens that the Central Bank was actively working to create an environment where both individuals and businesses could flourish.

He pointed out that leaving the country at this time could have detrimental effects, particularly for those who might choose to sell off their assets in the process.

“If you leave now, you’ll be selling your assets for a fraction of their value,” he explained.

“There are external forces looking for bargains who would take advantage of this situation, pocketing the profits and waiting for a time to sell it for a higher price.”

He further emphasized that now more than ever, Nigerians needed to stay and be part of the solution to the country’s problems.

“This is a critical time, and we need everyone’s efforts to help us turn things around,” he said.

“Leaving may seem like an easy solution, but it’s important to be part of the change and help shape the future of our nation.”

Despite the economic struggles Nigeria has faced, Cardoso remains optimistic about the country’s prospects.

He pointed to the growing interest in the Nigerian market, citing positive developments over the last year and particularly in the past six months.

“Opportunities are everywhere if we stay committed and invested in our nation’s future,” he remarked, adding that the reforms introduced by the Central Bank, although tough, were necessary to address the issues of today while securing better opportunities for tomorrow.