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FG considering converting ‘illegal refineries’ to modular operators

Ibe Kachikwu

The federal government is currently perfecting strategies it would use to incorporate operators of illegal refineries in the Niger Delta to the emerging regime of modular refineries. Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who gave the hint in Abuja at the 10th Nigerian Association for Energy Economics/International Association for Energy Economics Conference said “In the past two ...

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FG may have not released half of the N50b appropriated for transmission in 2016 —ANED

TCN

Facts are beginning to come up on why the Transmission Company of Nigeria (TCN) may have been running from pillar to post looking for funding in the last one year for its activities. The Director, Advocacy and Research at Association of Nigerian Electricity Distributors (ANED), Mr. Sunday Oduntan, explained in a statement issued in Abuja that the main constraints hampering ...

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Coalition of Niger Delta Agitators threatens to resume vandalism over unfulfilled promises

militants-and-buhari

Tension is on the rise in the volatile oil rich Niger Delta region following fresh threats by a coalition of militant groups over what they described as inability of government to fulfill promises in the development of the area and their welfare. In a statement signed by the leaders of Niger Delta Watchdog, ‘General’ John Duku; ‘General’ Ekpo Ekpo of ...

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At last, General Electric offsets salary arrears of protesting workers’, ready for peace

GE Labour

The leadership of the Lagos Zone of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), on Monday confirmed the payment of salary arrears of protesting workers of the power giant, General Electric (GE). The payment was confirmed by Abel Agarin, the zonal chairman of PENGASSAN in an interview. It would be recalled that GE had been picketed ...

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CBN’s FSR shows repay of N6.26bn out of N114.7bn facility to power firms

CBN MPC meeting

Latest Financial Stability Report (FSR) of the Central Bank of Nigeria (CBN) on power sector has revealed that out of N114.7b so far given to major power companies in Nigeria, only about N6.26bn had been repaid leaving N106.64bn an outstanding debt. The benefiting companies had been crying loud for long over what they described as galloping debts owed by several ...

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Gencos running out of funds, debts surge, nationwide darkness looms

fashola switches op transmiter

The reason for the growing light outs in parts of the country has emerged. The members of Association of Power Generation Companies of Nigeria (APGCN), have said they can no longer sustain their operations, due to high outstanding debts. They noted that currently, members are operating at a loss; as the percentage of revenues received does not cover their operating ...

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Jonathan’s wife kinsmen, Okrika ethnic nationality seeks license to operate modular refinery

Mrs. Jonathan

Kinsmen of the wife of former President Goodluck Jonathan, Okrika ethnic nationality in Rivers State have joined the league groups in Niger Delta seeking license to operate modular refinery in their community. Part of their plea before the federal government include peaceful approaches to discourage illegal oil refinery and bunkering in the Niger Delta region. It was not clear if ...

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NLNG links 50% drop in dividends to militancy, oil price crash in 2016

nlng-visits-npa

The management of Nigeria Liquefied Natural Gas (NLNG) has given insights on why dividends payments to the federal government ebbed last year when compared to 2015. The Managing Director of the group, Mr. Tony Attah while rolling out figures and performance of the company in Lagos recently said the company dividend paid to the Federal Government from last year’s operations ...

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NERC mulls new rules, capital limits for power sector investors to tame poor deliveries

nerc logo

Considering observed failures and poor growth in the power sector, the Nigerian Electricity Regulatory Commission (NERC), will soon rollout new recapitalization guidelines that must be met by prospective investors in the power sector. Having indentified paucity of fund as a major setback in the industry, the Commission recalled that successor companies of the Power Holding Company of Nigeria (PHCN) were ...

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OPEC, non-OPEC production cuts restoring market stability – Barkindo

OPEC Ibe kachukwu

Former Managing Director of Nigerian National Petroleum Corporation (NNPC), and incumbent OPEC Secretary General, Mohammad Sanusi Barkindo shas averred that at an energy forum in Abu Dhabi that the group is hopeful over continued stay of the production cuts agreement. He said the development will lead to a recovery in the market over time. According to him, “We are optimistic ...

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