BusinessDay

Five things to know to start your Monday

DisCos reproach FG on failed N100bn Subsidy, other promises

The Association of Nigerian Electricity Distributors (ANED) has accused the federal government of failing to provide a N100 billion fund and fulfilling other promises made after privatisation in 2013 to ensure Distribution Companies (DisCos) improved services.

ANED stated that the DisCos’ investors were taken advantage of due to insufficient and untrustworthy data from Bureau of Public Enterprises (BPE) during the privatisation process, and that the government failed to meet its commitments to ensure debt-free financial books and the clearance of all Ministries, Departments, and Agencies (MDAs) electricity debts.

Similarly, the “restructuring” violated all of the guidelines and processes of the privatisation agreements, as well as the rule of law. “We believe it is reasonable to conclude that the end result has been an expropriation or backdoor renationalisation of the DisCos by the Federal Government of Nigeria (FGN),” according to a statement issued by Sunday Oduntan, ANED’s Executive Director, Research and Advocacy.

While the DisCos are responsible for some issues, ANED said that the government also contributed to the difficulties. The government owns 40% of the DisCos and has representatives on the boards that make operational decisions, but the DisCos are blamed for the power sector misalignment.

NAPTIP cautions Benue residents on applying for online job offers

The National Agency for the Prohibition of Trafficking in Persons (NAPTIP) has warned residents of Benue State to be wary of online job opportunities.

Gloria Iveren Bai, the zonal commander of Makurdi Zonal Command, issued the warning over the weekend during the agency’s walk to commemorate this year’s World Day Against Human Trafficking in Persons, which aims to raise awareness about the situation of human trafficking.

“I would like to take this opportunity to warn the public that traffickers are using technology to lure our children into slavery.” “Be cautious of what you read online; verify before accepting that online appealing job offer; football academy advertisements and scholarship opportunities,” she advised.

Speaking further, Bai said that the warning became necessary in order to promote and protect the rights of victims, as well as to mobilize political will and resources to address the global problem of human trafficking.

She said that this year’s theme, “Use and Abuse of Technology,” addressed how technology has promoted and continues to promote human trafficking as well as how it hinders it.

The zonal NAPTIP commander went on to say that “A Walk Against Human Trafficking” would help members of the public speak out against the evil scourge of human trafficking.

Lottery player wins $1.28 billion jackpot

A very lucky person in Iowa, United States (US), has beaten the odds and won the $1.28 billion Mega Millions jackpot and according to the Associated Press (AP), this is the third largest lottery prize in US history.

The winning numbers were 13, 36, 45, 57, 67, and the gold Mega Ball was 14. The draw took place on Friday, July 29, 2022. The Megaplier was set to 2X.

The jackpot only reached the billion-dollar mark on Tuesday, having grown since March because no one had won – that’s 29 draws without a jackpot winner.

According to Mega Millions, if the ticket holder chooses the annuity option, which is paid every year for 29 years, they could win the $1.28 billionaire prize. However, if they choose the cash option (as most jackpot winners do), they will receive an estimated $742 million.

“Congratulations to the Illinois Lottery for selling the winning ticket for the $1.28 billion Mega Millions jackpot,” Ohio Lottery Director Pat McDonald said in a statement.

“We’re eager to find out who won and look forward to congratulating the winner soon!”

The Mega Millions jackpot has been won four times this year, according to the website, on January 28, March 8, March 12, and April 15.

The record-breaking haul is just $1.537 billion short of the largest Mega Millions jackpot ever. It was won in October 2018 in South Carolina.

Read also: National Lottery Game will generate employment for youths, create wealth – FG

Libya oil production back to pre-blockade levels says official

According to official sources, Libya’s oil production has resumed the pre-blockade levels that the country experienced before it paralysed the economy for several months.

Libya’s National Oil Corporation announced on Twitter, “We are pleased to announce that our production rates have reached pre-force majeure levels” of 1.2 million barrels per day.

Oil and gas minister Mohammed Aoun confirmed to AFP in an interview that production has returned to that level.

On July 15, Libya’s new oil chief lifted the country’s oil fields and export terminals from force majeure, as groups besieging several installations ended a blockade that had begun in mid-April.

Force majeure is a legal provision that allows businesses to release themselves from contractual obligations due to circumstances beyond their control.

As the country’s divided authorities fought for control, groups close to the eastern camp blockaded six oil fields and export terminals in protest of demands for a more “equitable distribution” of hydrocarbon revenues and according to Western diplomatic sources, the eastern-based camp agreed to reopen the facilities in exchange for a share of oil revenue for spending in their control regions.

Today in History (August 1, 2022):

Vigds Finnbogadóttir, an Icelandic teacher and politician, was elected president of Iceland; she was also the first woman in the world to be elected head of state in a national election.

Vigdís Finnbogadóttir
Vigdís Finnbogadóttir

As president, Finnbogadóttir emphasized the importance of protecting Iceland’s environment, children, and cultural heritage. She made it absolutely clear that the Icelandic language was an essential part of the country’s identity, and she worked tirelessly to protect and promote it. Her prior training in foreign languages was also useful in her role, as she was able to communicate effectively with world leaders while speaking on national issues.

Get real time updates directly on you device, subscribe now.