FG Plans Liaising with CBN to Prioritise FX Allocation to Boost Power Generation To begin offsetting debts owed Gencos from next month Egbin's output plunges to 400mw due to gas shortage, N1.4tn govt debt Peter Uzoho As hope of improvement in electricity supply in the country continues to
look like a mirage due to undercapacity generation, the federal government is now considering liaising with the Central Bank of
Nigeria (CBN) to prioritise allocating foreign exchange (FX) to power generating companies (Gencos) to enable them ramp up power output.
In addition, the government also said it would from April 2024, begin to clear the huge debts owed Gencos, noting that it would also grant gas
suppliers access to gas wells as a way of defraying the legacy debts owed them by the power sector and guarantee more feedstock supply to
power plants. Minister of Power, Mr. Adebayo Continued on page 5
Buhari, Sanwo-Olu, Fubara, Others Greet Tinubu at 72... Page 5 Friday, March 29, 2024 Vol 29. No 10579. Price: N400
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Catholic Bishops: Nigerians Celebrating Easter in Atmosphere of Uncertainty... Page 33
Delta Killing: DHQ Declares Eight Suspects Wanted, Embarks on Enhanced Operations Warns killing of personnel no longer tolerated Don’t bungle probe, resort to arbitrariness, Falana advises military Kingsley Nwezeh in Abuja, Sylvester Idowu in Warri The Defence Headquarters (DHQ),
yesterday, declared eight persons wanted over their suspected role in the recent killing of military personnel in Okuama, Delta State.
The military high command released the list at a media briefing in Abuja. DHQ, which embarked on
enhanced operations in light of the killing, also warned that murder of military personnel in any part of the country would no longer be tolerated.
However, Chief of Defence Staff, Gen. Christopher Musa, urged Nigerians to trust the armed forces, saying the security forces are
constitutionally empowered to protect citizens and democratic governance. Continued on page 5
CBN Sets New Hurdles for Banks, Raises Capital Thresholds to N500bn, N200bn, Others Separates new capital base from shareholders’ fund Capital adjustments to affect new applications for banking licenses submitted after April 1, 2024. Mandates compliance within 2 years, demands implementation plan Access Bank will need to raise N248.18bn, FBNH – N248.66bn, Zenith – N229.25bn, GTCO – N361.81bn, UBA – N384.18bn James Emejo in Abuja and Nume Ekeghe in Lagos The Central Bank of Nigeria (CBN) yesterday announced new minimum capital requirements of N500 billion
and N200 billion for commercial banks with international and national authorization respectively. The apex bank further unveiled Continued on page 5
INFRASTRUCTURE ON THEIR MINDS... Chairperson of Global Infrastructure Partners, Mr. Adebayo Ogunlesi (left) and President Bola Tinubu during Ogunlesi and his team's visit to the president at the presidential villa in Abuja...recently