The Welsh government has taken a significant step forward in its commitment to renewable energy by investing £2 million in Inyanga Marine Energy Group, a key player in the development of tidal energy at the Morlais site off Ynys Mon (Anglesey). This investment, announced by First Minister Eluned Morgan at the Marine Energy Wales Conference, aims to enhance tidal turbine technology, potentially increasing energy output by up to 60%. The Morlais site, one of Europe's largest consented tidal energy projects, could power over 180,000 homes, marking a pivotal moment in Wales' clean energy future.

At the same conference, the Cydnerth project, part of the North Wales Growth Deal, was highlighted for its role in expanding the Morlais tidal energy scheme. With an £8.9 million investment from the Welsh and UK Governments, the project is set to increase the scheme's grid capacity from 18 megawatts to 240 megawatts over time. This expansion is expected to drive economic growth and create high-quality jobs in coastal communities, further establishing North Wales as a leader in tidal energy.

The collaboration between the Welsh government, Inyanga Marine Energy Group, and other stakeholders underscores the potential of tidal energy as a reliable and clean power source. The investment in Inyanga's HydroWing technology, which has secured contracts for difference in the UK government's allocation rounds, exemplifies the innovative approaches being explored to harness the full potential of ocean tides. These efforts are not only advancing marine energy technology but also contributing to the global transition away from fossil fuels.

The Morlais tidal energy project, with its 'plug and play' model, is pioneering a new approach to tidal energy generation. By providing the necessary infrastructure and renting berths to turbine development companies, Morlais is facilitating the testing and deployment of various electricity generation technologies. This model, combined with the Welsh government's investment in Inyanga and the broader support for the Cydnerth project, positions Wales at the forefront of the tidal energy sector, showcasing the region's commitment to sustainable development and innovation in renewable energy.

The ongoing trial involving the Asset Management Corporation of Nigeria (AMCON) and Arik Air has taken a dramatic turn as Muhammed Abbas Jega, a former Executive Director of Credits at AMCON, contradicted his earlier testimony regarding the performance of Arik Air's loan. Initially, Jega had stated that the loan was performing, but during cross-examination, he admitted that the loan had been non-performing since its inception, shedding light on the complexities of the case.

Jega's revelation came during the trial of former AMCON MD/CEO Ahmed Kuru and others, who are facing charges related to the alleged mismanagement of N76 billion and $31.5 million. The case, which has drawn significant attention, highlights the challenges faced by AMCON in managing non-performing loans acquired from Nigerian banks under the Eligible Bank Asset (EBA) programme.

Further complicating the matter, Jega disclosed that despite AMCON's injection of N85 billion to purchase Arik's debt from Union Bank and Bank PHB, and an additional N11 billion extended as working capital, Arik Air failed to meet its financial obligations. This admission raises questions about the due diligence processes at AMCON and the viability of the airline's financial restructuring efforts.

The trial also took an unexpected turn when Jega questioned the authenticity of the Loan Purchase Agreement presented in court, pointing out discrepancies in signatures and document structure. This development adds another layer of intrigue to the case, as it challenges the integrity of the documents underpinning the financial transactions between AMCON and Arik Air. The court's decision on these matters could have far-reaching implications for corporate governance and financial accountability in Nigeria's banking and aviation sectors.