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Meet Wealthy Investors keeping Nigerians In Perpetual Darkness (Part 1)

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Power outages in Nigeria have certainly become a part of our everyday life, going by how long we have had to grapple with the situation. Unless something drastic is done, this abnormal phenomenon is not likely to end any time soon. However, in the past few months, the outages have assumed an embarrassingly high and alarming dimension with the power grid breaking down more frequently than it has ever happened over the past few years and plunging the nation in darkness for days, weeks and even months at a stretch in some parts of the country.

Worse still, the Minister of Power, Abubakar Aliyu, the Electricity Generating Companies and the Power Distribution Companies are trading blames over the situation. No one is willing to accept responsibility for the persistent power outages. Not even the Federal Government is willing to sanction these DISCOs and GENCOs or issue them ultimatums to do what they are meant to do. As with most issues in Nigeria, it has been business as usual. THEWILL has therefore compiled a list of wealthy investors who own electricity assets in Nigeria, so that people will know who to channel their displeasure at with hopes that they will eventually do the needful.

Femi Otedola

The billionaire investor is the major promoter of Amperion Power Distribution Limited (Geregu Power Plant) as chairman with Akin Akinfemiwa as the Chief Executive Officer.

Brigadier-General Tunde Ogbeha (retd.)

Although he is only a director in Mainstream Energy Solutions Limited in charge of Kainji Hydro Electric Plant and Jebba Hydro Station, Col. Sani Bello is the Chairman, while Alhaji Ismaila Isa is the Vice Chairman.

Engr Olubunmi Peters

He is the major investor in North South Power Company Limited in charge of Shiroro Power Station.

Tonye Cole

Although Tonye Cole is regarded as the face of KEPCO Energy Resources Limited in charge of Egbin Power Station, he however runs it with his partner, Tope Shonubi. They also invested in NEDC/KEPCO Consortium in charge of Ikeja Electricity Distribution Company with Kola Adesina as the Chairman. While the former is a power generating company, the latter is a power distribution company. Both Tonye and Tope are known for their popular oil and gas company, Sahara Energy.

Victor Osibodu

The embattled business man, who is fighting to keep his prized homes from being taken from him by Ecobank over alleged debts to the tune of $19m, is the Chairman of Vigeo Power Limited in charge of Benin Electricity Distribution Company. His wife, Funke Osibodu, a former Managing Director of Ecobank and Union Bank, is the Chief Executive Officer.

Alhaji Shehu Malami

He is the chairman of KANN Utility Consortium Company Limited in charge of Abuja Electricity Distribution Company. Neil Croucher, a Briton, is his Chief Executive Officer.

Alhaji Umaru Abdul Mutallab

The businessman and financier whose son, Umar Farouk, aka Underwear Bomber, is serving four life jail sentences and an additional 50 years in a US prison for attempting to detonate plastic explosives hidden in his underwear on board a US flight, is the chairman of Sahelian Power SPV Limited in charge of Kano Electricity Distribution Company. Alhaji Yusuf Hamisu Abubakar is the Chief Executive Officer of the power distribution company.

Augustine Nwokocha

He is the Chairman of 4Power Consortium Limited alongside the governors of Bayelsa, Cross River, Akwa Ibom and Rivers States. The distribution company is in charge of the Port Harcourt Electricity Distribution Company.

Tunde Ayeni

He is the Vice Chairman of and a major investor in Integrated Energy Distributing and Marketing Limited, with Ibadan Electricity Distribution Company and Yola Electricity Distribution Company as the company’s major assets. Although Captain Hosa Okunbo is his co-investor, with his demise, the current state of Okunbo’s investment is uncertain. A smart businessman, Ayeni made General Abdulsalami Abubakar the Chairman of the distribution company, while Dr. Sola Ayandele is the Chief Executive Officer.

Emeka Offor

The diminutive businessman, who has investments in the oil and gas industry, also has his tentacles spread in the power industry with his investment in Interstate Electrics Limited in charge of Enugu Electricity Distribution Company. He is the company’s Chairman.

Ernest Orji, Dere Otubu, Charles Momoh, Tunji Olowolafe & George Etomi

Although Ernest Orji is a director in West Power and Gas Limited in charge of Eko Electricity Distribution Company, he is a well known investor and businessman in corporate circles. He is the promoter of Southern Sun Hotel and was a non executive director in Finbank.

Charles Momoh formerly of Addax petroleum and one of the key directors of the company was the pioneer chairman of the distribution company but was recently replaced with Dere Otubu the chairman of Staco Insurance, SIC Property and Investment Company Limited, Staco Prime Capital Limited and Senforce Insurance Brokers.

Tunji Olowolafe, a serial investor and consummate business man, is also a director in the company, while George Etomi, SAN one of Nigeria’s most seasoned power sector and privatization legal experts, is also one of the founding directors in the company.

Alhaji Garba Mohammed Noma

He is the chairman of Aura Energy Limited in charge of Jos Electricity Distribution Company.

 

By; Ivory Nkonu

Society

Boosting Health Access: Lasaco Assurance Supports NYSC Corps Members’ Health Mission”

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Insurance underwriter, Lasaco Assurance Plc, has donated health recovery items to support the Health Initiative Programme of the National Youth Service Corps members serving in the Ifako Ijaiye Local Government area of Lagos State.

A statement from the firm said that the donation was to boost health development in the country.

 

Some Corps members, under the aegis of Local Government Initiative, for their first quarter Health Initiative, embarked on a project to provide health services to rural dwellers, whose access to quality health services was limited due to poverty, ignorance and superstition.

 

Lasaco Assurance supported the corps members to reach the target audience and help them overcome their difficulties in accessing quality health.

10 corps members head to India for youth exchange programme

Group trains youths to solve environmental challenges

NYSC confirms release of abducted corpers

The company’s Head of Corporate Communications, Seye Smart, who represented the Head of Strategy, Research and Communications, Dayo Adetokun, at the presentation of the gift items to the corps members, emphasised the importance of exposing the citizens to quality health and safety as that would improve their capacity, make them function well and prolong their life expectancy.

 

A healthy citizen, she explained, would contribute meaningfully to the growth of society and be useful for the development of humanity.

Leader of the LGI team, Bose Ojimi, said the programme was the group’s modest contribution to the country’s quest for improved health and safety for Nigerians and hoped that other corporate organisations would follow in the footsteps of Lasaco Assurance to offer necessary assistance to the people.

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Yahaya Bello absent as court adjourns, EFCC mulls military’s help to fish him out 

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Justice Emeka Nwite of the Federal High Court Abuja has adjourned the suit instituted by the Economic and Financial Crimes Commission (EFCC), against the immediate past Governor of Kogi State, Yahaya Bello, to April 23rd.

 

The adjournment is for substituted service and possible arraignment of Bello for alleged N84bn money laundering. At the resumed sitting, Counsel for the EFCC, Kemi Phinro, told the court that the immediate past governor of Kogi State was absent from court for his arraignment because he was being protected by someone with immunity.

 

Phinro said the former governor was whisked out of his Abuja residence by the same person with immunity. Phinro said the anti-graft agency might seek the help of the military to fish him out to come face his arraignment. Responding to this submission, Yahaya Bello through his counsel, Abdulwahab Muhammad, told the court that there is an order of the court restraining the EFCC from arresting or arraigning him.

 

Muhammad said a Kogi State High Court had on February 9, 2024 restrained the EFCC from arresting or arraigning the former governor. He added that the EFCC has appealed the ruling and the Court of Appeal was yet to decide on the matter. He pointed out that the action of the EFCC was unconstitutional and the court lacked jurisdiction to entertain any charge from

the EFCC.

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Billionaire Businessman, Tunde Ayeni’s Talk of the town Daughters Wedding

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Barr. John Olatunde Ayeni C.O.N is indeed a man of high repute with a highly cerebral nature blessed with suave, elegance and finesse. As a young man, he has carved a niche for himself as a seasoned investor and a finance person with a background in the legal profession after bagging a law degree at Ahmadu Bello University, Zaria before he was called to bar. Everything he touches turns into gold. He is a man who knows the true spirit of friendship and brotherhood which has elevated him to the position he holds today. The erstwhile Chairman of Skye Bank has created his name in gold as one of the best brains to have come out of Nigeria as he sits atop several high business conglomerates.

 

One thing has remained constant for him he is a man who loves his family and will never trade anything for his family. More reason he spared no cost to ensure his daughter Abolaji Ayeni gets one of the biggest wedding Soiree with her hubby Oluwatobiloba Adeoye that will never be forgotten in a hurry. It was a rollercoaster of events that remained colourful and also further cents Ayeni’s position as a crowd puller as all his friends turned up for him to celebrate him and his family in one of their proud moments as a father.

 

Last year 2nd of December, the Groom’s family was hosted by Ayeni at an introduction ceremony at his Lagos residence and from that moment he has told his friends that; the wedding shindig would be one to remember as he is putting lots of resources into making the day a memorable one and also appreciate his daughter for making him and his wife proud parents.

 

On Thursday the 11th of April, Ayeni and his family hosted a traditional engagement wedding in Lagos Ikoyi where it was a parade of cultural aesthetics from the best Aso-Ebi to the best of Agbada and music as Yinka Aiyefele serenade the audience with his musical rendition there was an array of cuisines that guests savoured their taste buds with and lots of high-cost drinks.

On Saturday the 13th of April, Ayeni also pulled his heavyweight as the Church wedding where the couples were tied together by Pastopr Tunde Bakare’s Latter Rain Church in Oregun before the train moved to the reception at the Balmoral Hall of the Federal Palace Hotel, Victoria Island where guests were treated like a king, the whole V.I corridor was locked down as automobiles of different kinds took over the roads.

 

It was an absolute display of wealth, opulence and splendour as the who is who in Nigeria’s business, political and socialite space were in attendance. The roll call was quite an elitist one as it was like a gathering of stars with deep pockets. The father of the bride adorned in his full Agbada was seen smiling cheerfully welcoming his guests and also making sure those who attended were given the best of treats. The food was local and continental and the wines served were vintage wines. It was like a carnival as Evangelist Dunni Olarewaju (Opelope Annionting)coroner was on the bandstand while King Wasiu Ayinde Marshall the Fuji maestro also serenaded the audience.

 

Those who attended confessed that Ayeni is not only a master planer in the boardroom he is also a master planner of soirees and a good host with a high sense of hospitality. Those spotted were; the Governor of Ogun State, Prince Dapo Abiodun, Kogi State Secretary to the State Government; Mrs Ayoade Folashade, Former Governor of Ogun State Senator Ibikunle Amosun, Chairman Federal Inland Revenue Service; Dr Zacch Adedeji Former Governor of Delta State, Chief James Ibori, Former Governor of Ekiti State, Mr Niyi Adebayo, Hajia Bola Shagaya, Olugbon of Ilegbon Oba Francis Alao, Olofin of Isheri Oba Sulayman Bamgbade, Elegushi of Ikate Land Oba Saheed Elegushi, Akinshiku Dosumu Oba Otudeko, Iyaloja of Lagos Folashade Tinubu-Ojo, Mogaji Wole Arisekola, Former Fidelity Bank MD Mr Nnamdi Okonkwo, Daily Times Publisher Mr Fidelis Anosike and wife Rita Dominic-Anosike, Nkiru Anumudu, Segun Awolowo, Terry Waya, Comfort Obamuyiwa, Aisha Achimogu, Abu Abel, Abisagboola ‘Bankuli’ Oluseun and a host of others.

By: Oladapo Shofowora.

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