Business
National Electricity Grid Collapse Causes Widespread Blackout
The nation experienced another blackout yesterday as the national electricity grid collapsed at approximately 6:16 PM.
Power generation plummeted from 3.87 gigawatts at 5 PM to 3.56 GW by 6 PM, ultimately dropping to 0.00 GW by 7 PM and remaining at that level through 8 PM.
The Enugu Electricity Distribution Company (EEDC) confirmed the grid failure in a statement to customers, with EEDC Head of Corporate Communications, Emeka Ezeh, noting that the collapse occurred at 6:48 PM on October 14, 2024. This led to a loss of power supply across the EEDC network, affecting customers in Abia, Anambra, Ebonyi, Enugu, and Imo States.
Ezeh stated, “All our interface TCN stations are out of supply, and we are unable to provide services to our customers. We are on standby for further information on the collapse and restoration of supply from the National Control Centre (NCC) in Osogbo.”
The Abuja Disco also reported the outage, stating, “The power outage being experienced is due to a system failure from the national grid at 6:58 PM, impacting our franchise areas. We are collaborating with stakeholders to restore power as soon as the grid stabilizes. Thank you for your understanding.”
Business
Shehu Sani Criticizes World Bank Over Nigeria’s Economic Outlook
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Business
HIG: Building Trust and Driving Innovation in Nigeria’s Insurance Market
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Business
Wike Urges Nigerians to Pay Taxes for Improved Social Services
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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