INSTANT NEWS

The Minister of Power, Adebayo Adelabu, recently made a significant announcement regarding the future of electricity subsidies in Nigeria. In a press conference held in Abuja on Wednesday, Adelabu emphasized that the country can no longer sustain the practice of subsidizing electricity.

According to Adelabu, Nigeria must transition to a more sustainable tariff model to address its mounting debt to generating companies (GenCos) and gas suppliers. Currently, the country owes approximately 1.3 trillion naira to GenCos and 1.3 billion dollars to gas companies.

During the press conference, Adelabu revealed that only 450 billion naira was allocated for electricity subsidy in the current year's budget, falling far short of the required funds. The ministry estimates a need for over two trillion naira to maintain subsidy levels.

Furthermore, Adelabu announced a significant policy change, allowing states to independently generate power. This move marks a shift towards decentralization in the power sector.

The minister's statements underscore the urgent need for Nigeria to transition towards a cost-effective tariff system and address its outstanding debts. As the country embarks on this transition, stakeholders will need to closely monitor developments in the power sector to understand the implications for consumers and the broader energy landscape.

Access Holding Plc has officially announced the passing of its Chief Executive Officer, Herbert Wigwe. Sunday Ekwochi, the company secretary, made this disclosure in a statement released on Sunday, revealing that Wigwe, along with his wife and son, tragically lost their lives in a helicopter accident in the United States on Friday, February 9, 2024.

In the statement, the bank expressed profound sadness at the loss, highlighting Wigwe's pivotal role as a driving force with a larger-than-life personality within the organization. The Board of Directors mourned the loss of Dr. Herbert Wigwe, CFR, acknowledging his significant contributions to Access Bank Plc since he joined the organization in 2002.

Abubakar Jimoh, Chairman of Access Holdings, reflected on Wigwe's legacy, praising his intellect, personal qualities, and extensive business experience, which greatly benefited the Access Family. The statement also mentioned the forthcoming appointment of an Acting Group Chief Executive Officer in accordance with the company's policy, expressing confidence in the Access Group's ability to continue building on Dr. Wigwe's legacy of growth and operational excellence.

Herbert Wigwe, his wife, son, and others tragically lost their lives in a helicopter crash in California, United States. Herbert Wigwe, born on August 15, 1966, hailed from Rivers state and passed away at the age of 58.

According to United States authorities, preliminary investigations into the tragic helicopter crash resulting in the demise of Access Holding Plc's Group Chief Executive Officer, Herbert Wigwe, his wife, son, and others, suggest wintry weather conditions as a contributing factor.

During a media briefing held Saturday (3 am Nigerian time, Sunday), Michael Graham, a member of the National Transportation Safety Board, revealed that officials were at the crash site to collect time-sensitive evidence. Graham noted witness reports indicating rain and wintry mix conditions at the time of the accident.

Graham further disclosed that the helicopter lacked a cockpit voice recorder or flight data recorder, as it was not mandated to have such recording devices.

Regarding passenger details, Graham mentioned a lack of specific information, indicating that any names would be released through the coroner's office, although a timeframe was not specified.

In the wake of the tragedy, Access Bank issued a statement on Sunday confirming the passing of Herbert Wigwe and his family members.

Herbert Wigwe, the co-founder of Access Bank and the founder of Wigwe University, has tragically passed away in a helicopter crash in California, United States.

Wigwe, who also served as the Chief Executive Officer (CEO) of Access Holdings, the parent company of Access Bank, was reportedly traveling with his wife, son, and three other passengers. The helicopter was en route to Las Vegas when it crashed near the border between Nevada and California on Friday night.

The US government has confirmed that there were no survivors among the six individuals aboard the helicopter. The crash occurred around 10:00 pm local time near Nipton, California, an unincorporated community approximately 60 miles south of Las Vegas in eastern San Bernardino County.

Mara Rodriguez, a public information officer with the department, stated that officials from the San Bernardino County Sheriff’s Department were alerted to the downed aircraft at 10:12 pm local time. The crash site was identified east of Interstate 15, near Halloran Springs Road.

While The New York Times has verified the incident, the names of the passengers have not been disclosed. As of now, no official statement has been released regarding the tragic event.

On Tuesday, the Federal Government inaugurated four Reform Task Teams with the goal of expediting the realization of presidential objectives for the housing sector in Nigeria. The Minister of Housing and Urban Development, Mr. Ahmed Dangiwa, stressed the importance of unlocking the sector's massive potential for fostering inclusive economic growth.

The four committees introduced are the Housing Institutions Reform Task Team, the Multi-Agency Project Delivery Team, the Land Reform Task Team, and the Building Materials Manufacturing Hubs Task Team. Minister Dangiwa challenged these committees to diligently work and present their recommendations within an eight-week timeframe. He emphasized the need for comprehensive reforms addressing systemic issues hindering development and removing legal impediments in the housing sector.

Dangiwa highlighted President Bola Tinubu's commitment to revitalizing the housing sector, citing the demerger from the Ministry of Works and the establishment of the task teams as significant steps toward realizing the Renewed Hope Agenda for the sector.

The Housing Institutions Reform Task Team aims to create a robust framework for optimizing housing agencies under the ministry's supervision, delivering decent and affordable homes to Nigerians. The Multi-Agency Project Delivery Task Team will ensure collaborative efforts among housing agencies for efficient housing delivery. The Land Reform Task Team focuses on developing a blueprint for sustainable land administration reforms, promoting easy and cost-effective land access. The Building Materials Manufacturing Hub Task Team will assess the current state of the building materials manufacturing sector, identifying challenges and opportunities.

Dangiwa assured the committees of the government's support and resources to fulfill their responsibilities within the specified timeline. He urged the Federal Housing Authority to intensify operations with government support and encouraged the Federal Mortgage Bank to provide mortgages, enabling more Nigerians to own homes.

Dr. Marcus Ogunbiyi, the Permanent Secretary of the Ministry, emphasized the necessity of these task teams in addressing multifaceted challenges in effective housing delivery. The chairmen and members of the committees were selected for their proven integrity and competence. The appointed chairmen include Adedeji Adesemoye for the Housing Institutions Reform Task Team, Dr. Ugochukwu Chime for the Land Reform Task Team, Nuhu Wya for the Building Materials Manufacturing Hubs Task Team, and Brig. Gen. Tunde Reis for the Multi-Agency Project Task Team.

Nigerians expressed their approval on Tuesday as President Bola Tinubu took a decisive step to reduce the size of his entourage for domestic and international travels by 60%. This move aims to curb excessive spending on travel.

The austerity measures extend to all federal ministries, departments, and agencies, including the Office of the President, Office of the Vice President, and the wives of both. President's Special Adviser on Media and Publicity, Ajuri Ngelale, revealed the details, emphasizing the president's commitment to cutting costs.

On international trips, President Tinubu directed that only 20 individuals accompany him, reduced to five for the First Lady. The Vice President's entourage on official international trips is also limited to five, with the same restriction for the Vice President's wife.

This decision follows criticism of the Tinubu administration for sponsoring over a thousand delegates to COP28 in Dubai, with reports suggesting significant spending. Many Nigerians commended the president for this move, urging governors to follow suit to reduce recurrent expenditure.

Despite some skepticism, there was widespread appreciation for the cost-cutting initiative, with citizens lauding President Tinubu's leadership by example. The spokesperson emphasized that the president is determined to bring prudence and sanity to the management of public resources.

Further details include limits on staff members accompanying officials on domestic and international trips. Ministers and agency heads now face restrictions on the number of individuals allowed to travel with them. The president's spokesperson emphasized the seriousness of the directive and warned against defying it. This initiative reflects Tinubu's commitment to aligning government prudence with the expectations of Nigerian citizens.

The United Kingdom government recently unveiled a comprehensive list of licensed companies and organizations authorized to sponsor skilled workers seeking relocation. This information, updated on January 12, 2024, showcases 99,856 approved companies, signaling a substantial increase from the 68,630 recorded in January 2023.

Diverse sectors, including technology, commerce, education, media, advertising, and engineering, are represented among the approved companies. The skilled worker route caters to various categories such as charity workers, skilled workers, creative workers, global business mobility, senior or specialist workers, and international sportspersons.

The UK government, through its official website, provides a detailed document listing worker and temporary worker sponsors. This document specifies the types of workers these sponsors are licensed to support and their respective sponsorship ratings. Prospective candidates are encouraged to explore the companies' websites for available job opportunities.

Some noteworthy companies on the approved list include RSS Express Ltd T/A Ledbury Fuel Service Station, IECC Care (Independent Excel Care Consortium Limited), AboutCare Hastings Ltd, £ ESS Ltd, Architect UK Ltd, Home Accommodation Services Ltd, Ur Eaz Ltd, Infiniti Limited, Brunswick Stores Limited, Plus Care Ltd, 003 Ltd, 0086 Ltd, 00Nation Limited, 01 Accounting Services Ltd, 012 Global Ltd, 023 Ltd, 0xA Technologies Ltd, 1 Ace Training Limited, 1 and 1 Rougamo Limited, 1 and 5 Tech Ltd, and 1 Answer Insurance Services Ltd, among others.

It is important to note that while the UK offers various visa programs for foreigners, the implementation of a visa ban on dependents commenced on January 1, 2024. Interested individuals are advised to stay updated on the latest developments and explore opportunities on the official websites of the approved sponsoring companies.