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If you wish, pay for your meters, Fashola changes discuss, group kicks

Meters

Fresh twist emerged on Tuesday, on the ongoing confusion bordering on whether or not consumers’ should for meters as the Minister of Power, Works and Housing, Mr. Babatunde Fashola said government will not oppose the wishes of electricity consumers willing to pay for meters from their distribution companies if both had an understanding to do so. This stemmed from his ...

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Oil marketers may begin importation soon as CBN eases forex, port charges

Naira exchange

After months of out of business by oil marketing companies due to harsh access to forex, the Central Bank of Nigeria (CBN), on Tuesday, eased issued bordering on payment for port charges to the Nigerian Ports Authority (NPA). This it did by approving that marketing companies can now be accommodated by the Bank using Form ‘A’. A circular endorsed by ...

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Akufo-Addo worried on growing power crisis, says Ghana loses 2% of GDP yearly

Following a new report released by the Institute for Social Statistics and Economic Research (ISSER) on electricity crisis, Ghanaian President, Nana Addo Dankwa Akufo-Addo has expressed worry that the nation lost $680 million in 2014 alone equivalent to two per cent of the country’s Gross Domestic Product (GDP) This is as the Manufacturers Association of Nigeria (MAN) also hinted that ...

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Shell denies neglect of Kula, Belema towns, restates commitment to GMoU

Shell

Pioneer International Oil Company (IOC), the Shell Petroleum Development Company of Nigeria Ltd. operated Joint Venture (SPDC JV), has debunked allegations of neglect of communities in Kula kingdom, and Belema in Rivers State, insisting that it had implemented a Global Memorandum of Understanding (GMoU) in the area The company also claimed that spirited implementation of GMoU in both communities has ...

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NNPC, marketers douse fears of fuel price hike

nnpc truck near nnpc hqs

To douse fears of possible increase in the pump price of Premium Motor Spirit (PMS), popularly known as petrol, the Nigerian National Petroleum Corporation (NNPC) and marketers in the downstream oil sector have said there are no plans for that now. It would be recalled that the Nigeria Labour Congress (NLC) had informed that the Federal Government should not test ...

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Fine for power theft, illegal connection to be increased from N50,000 to N.2m

nerc logo

To boost deterrence, the recommendations of the 17th power sector stakeholders meeting which included raising penalty for electricity theft from N50,000 to N200,000 is now receiving consideration by the Nigerian Electricity Regulatory Commission (NERC). Already, the indebtedness of Discos has been a serious setback and reason why they often reject part of electricity allocated to them by the Transmission Company ...

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NEPC’s Zero Oil Plan targets N30.5tn revenue from non-oil export, but…

NPEC 2

Though the Federal Government, through the Nigerian Export Promotion Council (NEPC) is targeting annual non-oil export revenue of $100bn (about N30.5tn, at N305 per dollar exchange rate) through the implementation of the Zero Oil Plan, there are fears of enabling environment for the success. Zero Oil Plan is NEPC’s strategy to replace oil as a major national foreign exchange earner ...

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Iheanacho explains why he sited refinery in Lagos than somewhere in Imo State

emma-ihanacho

Core investor in the emerging Eko Petrochem & Refining, the special purpose company handling the Greenfield refinery project for Integrated Oil & Gas Group, Capt. Emmanuel Iheanacho, has provided fresh insight on why the scheme is running in Lagos and not somewhere in Imo, his home state. It would be recalled that the final sets of agreement for the real ...

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Inability to transmit ready 6,000MW translates to daily loss of N2.568bn—NESI

fashola switches op transmiter

More facts on why the nation’s power privatization spree by previous administration must be reviewed are still emerging. Weekend, the Nigerian Electricity Supply Industry Statistics (NESI) analysis revealed that the nation’s inability to utilise 6,000MW represents a daily loss of N2.568 billion to the economy. The report showed that the daily loss could have been used to upgrade infrastructure in ...

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Conflicting statistics trending in Nigeria’s oil exploration, production worrisome

Ibe K

Only last week, a Senator, Ms. Stella Odua called for a reliable metering system that will help determine the exact volume of all oil output and sales in the country, saying time has gone for the era of no knowledge of what Nigeria truly produces in the oil and gas sector. Still last week, the Minister of State for Petroleum, ...

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