The over 20,000 landlords in Aba, the Abia state commercial nerve centre, have lauded the Minister of Power, Engr Abubakar Aliyu, for his intervention last weekend in the disconnection of feeders belonging to the electricity distribution companies in Aba, Kaduna, and Kano that were cut off from the national transmission network for debts owed Federal Government agencies in the power sector.  While all 29 Aba Power feeders were cut off for 10 days as a result of the N896m indebtedness that threw the entire Aba Ringfence comprising nine local government areas into darkness, three Kaduna Electricity Distribution Company feeders were taken off the national grid for four days for owing the Transmission Company of Nigeria (TCN) N33bn.  In a …
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Serial investor and billionaire, Femi Otedola has exited his stake in Transcorp Plc, Nairametrics can confirm. Otedola had acquired a 6% stake in Transcorp over a series of carefully orchestrated purchases going almost unnoticed until the acquisition was announced. Nairametrics first announced the acquisition. Reliable sources with knowledge of the transaction inform Nairametrics that the billionaire investor reached a deal with Elumelu to exit the company. The decision effectively staves off a possible greenmail situation for Transcorp which may have turned out murky. Both parties entered negotiations about a possible exit in the early hours of Thursday after both had declared willingness to work together in an apparent bromance. The negotiations leading to the agreement were said to be swift …
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