Business
FG Signs MoU For 500 MW From Coal
The Federal Government
has signed a Memorandum of Understanding with One Nation Energy Platform Ltd for the production of 500 megawatts coal-fired power plant in Enugu.
The Minister of Power, Prof. Chinedu Nebo, signed on behalf of the Federal Government while the Chairman of the company, Dr. Uzoma Obiyo, signed on behalf the company.
This is contained in a statement signed by Mrs Grace Njoku, on behalf of the Deputy Director, Press, Mr Timothy Oyedeji in Abuja.
The statement described the agreement as a welcome development for government’s quest for a robust energy mix that would support the nation’s aspiration for development of the power sector.
It noted that the coal-power project will also provide stable power, devoid of challenges of sabotage from vandals determined to frustrate the present administration’s effort at providing adequate and reliable power to all Nigerians.
According to the statement, citing the coal powered plant in the Enugu axis was a welcome development as Ugwuaji, one of the settlements in Enugu State, houses one of the biggest transmission sub-stations in the country.
The statement described the coal deposit in Nigeria as very clean, and that the processing of the mineral resource for energy delivery would not be a cumbersome process.
It further said that the South East zone alone had enough coal deposits to deliver 5,000 megawatts of coal fired power to Nigeria.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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