• Friday, March 01, 2024
businessday logo

BusinessDay

Five things to know to start your Tuesday

Cart2024JAN011-2048×1489 (1)

FG grants 13 new licences for power generation, distribution

The Nigerian Electricity Regulatory Commission (NERC) has granted 13 new licences in Q3 2023 for off-grid and embedded power generation, independent electricity distribution, and electricity trading.

The cumulative capacity of the new licences is 40.9 megawatts, including five off-grid generation licences (8.81 MW), one embedded generation licence (5 MW), and licences for independent electricity distribution networks and trading.

Despite these developments, Nigeria still faces power challenges, generating between 3,500 MW and 5,000 MW for its population of over 200 million, resulting in frequent blackouts, particularly in rural areas.

Tinubu applauds Tantita over fight against oil theft

President Bola Tinubu has praised Tantita Security Services and other agencies for combating oil theft. Chief of Defence Staff, Major General Christopher Musa, commended their joint efforts during an inspection of the MT. Kali vessel arrested in Oporoza, Delta State.

The vessel, seized for oil theft, will be destroyed as a deterrent. Musa urged collaboration between government and private security agencies, emphasising a united front against criminal activities in the maritime environment.

The Chief of Defence Intelligence will investigate the arrested suspects.

Transcorp Hotels market capitalization crosses N1tn

Transcorp Hotels Plc has achieved a market capitalization of N1tn on the Nigerian Exchange Limited, joining an elite group of companies.

The hospitality brand experienced substantial growth in 2023, with its stock appreciating by 1,027 percent during the year.

The third-quarter report showcased a 31.76 percent revenue growth to N29.9bn and a 62 percent increase in profit to N5.5bn.

Transcorp Hotels Plc, under the parent company Transnational Corporation Plc, now stands alongside other major companies in the N1tn capitalization club.

Funding challenges slow FG gas transition plans

President Tinubu is considering alternative energy sources, particularly natural gas, to alleviate the impact of the removal of the petrol subsidy in Nigeria.

The move aligns with the international shift towards renewable energy, marking a transition from fossil fuels.

The Presidential Compressed Natural Gas Initiative aims to put one million gas-powered vehicles on the road by 2027, fostering economic advantages and creating jobs.

The initiative receives government support, including incentives like 100 percent VAT and import duty waivers for CNG-related products and electric vehicles.

Trump wins bone-chilling Iowa caucus

Donald Trump achieved a decisive win in the initial 2024 Republican presidential primary in Iowa on Monday, reinforcing his control over the party in pursuit of a third consecutive nomination and a rematch with Democratic President Joe Biden.