• Sunday, March 03, 2024
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Five things to know to start your Monday


Power generation on Nigeria’s national grid plummeted to 59.9 megawatts on Sunday, resulting in a nationwide blackout.

The Federal Ministry of Power reported the drastic decline from 2,658.75 MW at 11 a.m. to 59.9 MW by noon as distributors lost supply. Kaduna, Sokoto, Zamfara, and Kebbi states were affected.

Abuja Electricity Distribution Plc assured customers of efforts to restore power amid system failure.

The grid’s generation improved to 1,051.4 MW by evening.

On Friday, dollar supply surged by 180.59 percent to $440.13 million in Nigeria’s official forex market. The naira ended the week at N1435.53/$, facing volatility.

The CBN’s efforts to stabilise rates prompted improved liquidity, with banks adjusting FX exposures.

Banks must now limit foreign currency positions to 20 percent of shareholders’ funds by February 1, 2024.

S&P Global Ratings affirmed Nigeria’s credit ratings amid ongoing stability efforts.

The Lagos State Physical Planning Permit Authority raised concerns about property owners ignoring notices to halt construction or present planning permits. Despite repeated visits and contravention notices, non-compliance persists.

In December 2023, property occupants obstructed officials, even setting dogs on them. LASPPA dismantled structures on January 31 after similar resistance.

General Manager Osinaike warned of document revocation and demolition for non-compliance, urging adherence to town planning laws.

Over 137 properties were sealed in 2022 for building irregularities.

Shell Petroleum Development Company (SPDC) partners with NNPC, TotalEnergies EP Nigeria, and Nigerian Agip Oil to supply 100 million standard cubic feet of gas daily to Dangote Fertiliser and Petrochemical Plant in Lagos.

SPDC’s Managing Director, Osagie Okunbor, emphasises the investment’s role in Nigeria’s “Decade of Gas” initiative.

The plan entails building a dedicated upstream facility to meet the plant’s gas needs for a decade.

Senegal faces political turmoil as President Macky Sall postpones the Feb. 25 presidential elections indefinitely, sparking opposition and civil society backlash.

The African Union urges prompt, transparent, and peaceful elections. Chairperson Moussa Faki Mahamat emphasises resolving disputes through dialogue.

Lawmakers consider a bill proposing Aug. 25 for the vote, allowing Sall to remain until his successor.

The delay marks unprecedented territory for Senegal, prompting calls for democratic integrity.