Category: Energy

“We’ll revoke licences of underperforming DisCos, GenCos” – Minister

Aminu Imam

The Federal Government has revealed that it has no intention of renewing licensing agreements for underperforming electricity distribution and generation companies (GenCos & DisCos) in Nigeria. The Minister of Power, Adebayo Adelabu disclosed this yesterday, while speaking during the commencement of the three-day inaugural Nigerian Electricity Supply Industry, NESI, Market Participants and Stakeholders Roundtable (NMPSR) in Abuja. He expressed regret over the fact that, a decade after the privatisation of the power sector in November 2013, the operators have been unable to fulfill the set objectives. Adelabu insisted that for…

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Emir of Kano expresses enthusiasm over AKK Natural Gas Pipeline project

Aminu Imam

Emir of Kano, His Royal Highness, Aminu Ado Bayero, has described the ongoing Ajaokuta-Kaduna-Kano (AKK) Natural Gas Pipeline project as a grand investment that will transform socio-economic activities in northern Nigeria and beyond. The Emir spoke at the 6th Valuechain Annual Lecture & Awards on Thursday, the good people of Kano were excited about the Ajaokuta-Kaduna-Kano (AKK) Natural Gas Pipeline project, which runs through communities, States and cultures, while harnessing economic linkages along the corridor. He added that as Nigerians set their minds on the 2060 net-zero target for carbon emission, the…

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$11bn P&ID vs. Nigeria Suit: UK court sets today as judgement date

Aminu Imam

The Business and Property Court, in London, United Kingdom (UK) has scheduled today, Monday, October 23, as the date for delivering the verdict in the ongoing case between the Nigerian federal government and Process & Industrial Developments (P&ID) Ltd. The judgment will be handed down by Judge Robin Knowles. Recall that in 2010, P&ID entered into an agreement with Nigeria to construct a gas processing plant in Calabar, Cross River State. However, P&ID alleges that the deal fell apart due to the Nigerian government not fulfilling its obligations. P&ID sought…

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‘Zungeru hydro-power project to yield 2.64bn KW/h yearly’ – Chinese consortium

Aminu Imam

The Chinese consortium, consisting of the China National Electric Engineering Company (CNEEC) and Sinohydro, has announced that the Zungeru hydropower project will generate an annual electricity output of 2.64 billion kWh. The consortium, which made the disclosure in an issued statement released in Abuja, emphasised that the project would significantly contribute to Nigeria’s power generation capacity, highlighting it as a testament to the strong China-Nigeria partnership. The Zungeru hydro-power project, he said, is designed not only to generate electricity but also to provide flood control, irrigation, water supply, and fish-breeding…

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MAP Meters: Kaduna Eletric begins refund to customers

Abdul-Azeez Ahmed Kadir

Kaduna Electric announced that it had since started refunding customers who bought meters under the Meter Asset Provider (MAP) scheme. The company disclosed this in a statement issued in Kaduna and signed by Head of Corporate Communication, Abdulazeez Abdullahi. “Management is delighted to inform its esteemed customers that it has since commenced the repayment of the cost of meters to customers who purchased their meters through the MAP Scheme.” The statement said the repayment for the cost of the meters was in installments through energy token when a customer purchased in…

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Adjusted Fuel Pumps: NMDRRA to sanction erring stations

Abdul-Azeez Ahmed Kadir

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it will sanction fuel stations operators who alter petroleum pumps. Mr Farouk Ahmed, NMDPRA Chief Executive, said this during an interactive session with commissioners of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) on Friday in Abuja. Ahmed said that petrol stations caught dispensing fuel with adjusted fuel pumps would face heavy sanction. He said that the sanctions to be meted out include revocation of operating licenses, suspension from operation or shut down depending on the gravity of the offence.…

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Inflation: Diesel crosses N1, 000 per litre in Lagos, Abuja

Aminu Imam

The retail price of automotive gas oil, also known as diesel, has surged in some filling stations in Lagos and Abuja. With inflation reported at 25 percent, the price hike would inflict more pressure on household income and increase the cost of operation of businesses. According to reports yesterday, checks showed that a litre of diesel crossed the N1, 000 mark in some filling stations in Abuja, Ogun, Ondo, and Lagos States. At Shema filling station in Kado, Abuja, the product was reportedly sold for N1, 100 per litre at the…

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Oil Investments: “Nigeria will no longer accept crumbs” – Tinubu

Aminu Imam

President Bola Tinubu has emphasised that Nigeria will no longer settle for crumbs and leftovers on the world’s investment agenda, especially in the energy sector. He noted that the country is now more prepared for business than ever before. The President made this assertion in New York, USA on Monday, while hosting a delegation from ExxonMobil, a global Oil and Gas transnational giant. Tinubu pointed out that with an illustrious private sector career, particularly in the oil and gas industry, and a proven track record of making difficult decisions, he is well-prepared to…

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Dangote Refinery to commence operation in October with 370,000 b/d – Director

Aminu Imam

The long-awaited Dangote refinery heralded as a game-changer for Nigeria and sub-Saharan Africa, will receive its initial shipment of crude in the next two weeks. Dangote Group Executive Director, Deva Kumar Edwin, who revealed this yesterday, said as from October onwards, it is set to commence the production of approximately 370,000 barrels per day (b/d) of diesel and jet fuel. If achieved, the refinery’s maximum intended capacity of 650,000 bpd will make Nigeria self-sufficient in fuels while leaving ample for export. The refinery will initially focus on diesel and jet…

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FAAC queries NNPCL over misappropriation of $55m NLNG dividend

Aminu Imam

The Federation Account Allocation Committee (FAAC) has launched an investigation to find out what the Nigerian National Petroleum Corporation Limited (NNPCL) did with some dividends from the Nigerian Liquefied Natural Gas (NLNG). NLNG is a Nigerian natural gas company that operates in the liquefied natural gas sector. An ad-hoc committee is currently reviewing and comparing the amounts due for subsidies, taxes, royalties, and other payments, with the amounts that have been received or paid so far. According to the report of the FAAC post-mortem sub-committee for August, $275 million accrued…

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