Category: Energy

House of Reps to Reconstitute Ad-hoc Oil and Gas Investigative Committee

Lukman Laleye Babalola

The Leadership of the House of Representatives has resolved to dissolve the current ad-hoc Joint Downstream and Midstream Committee. The committee initially tasked with investigating the importation of adulterated petroleum products, the non-availability of crude oil for domestic refineries, and other critical energy security issues,will be succeeded by a newly constituted ad-hoc committee with the same mandate. “To ensure the efficacy and independence of this investigation, the new committee will consist of honourable members selected for their expertise, competence, and integrity. “The House remains committed to addressing these vital issues…

Tinubu orders NNPCL to sell crude to Dangote refinery in Naira

Lukman Laleye Babalola

President Bola Ahmed Tinubu has directed the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to Dangote Refinery and other local refineries in naira rather than dollars. This decision was disclosed by Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), following Monday’s FEC meeting. Adedeji said the measure would assuage the strain on the country’s foreign spending and stabilise the pump price of petrol, diesel and other products in Nigeria. Speaking further, Adedeji explained that this move aimed to facilitate the sale of refined products from…

BREAKING: Dangote expresses willingness to sell his $20bn refinery to NNPC

Emporium Reporters

Alhaji Aliko Dangote, Africa’s richest man has expressed willingness to give up ownership of his multibillion-dollar oil refinery to the NIgeria-owned energy company, Nigerian National Petroleum Corporation (NNPC) Limited.   Dangote made this known following a face-off with one of the major equity partners in the plant in the latest phase of bad blood with regulatory authorities in Nigeria.   “I am ready to let go, let the NNPC buy me out, run the refinery,” he said.     “They have labelled me a monopolist. That’s an incorrect and unfair…

FG orders sale of IBEDC, 4 other Discos within 90 days

Emporium Reporters

The federal government has ordered the resale of electricity Distribution Companies (DisCos) now under the management of banks and the Asset Management Company (AMCON) 90 days to reputable power operators.   The order was given by the Minister of Power, Adebayo Adelabu, when the Senate Committee on Power came for an oversight visit to the ministry in Abuja at the weekend.   Adelabu said very soon tough decisions would be taken on the DisCos, saying they are the last lap of the sector.   Nigerian government in conjunction with Fidelity…

Nigerian Senators on Study tour visit Turkey’s electricity plant in Istanbul

Emporium Reporters

On day four of the executive study program of Turkey electricity and exchange, Nigerian Senators went on a tour guide of Turkey’s electricity plant in Istanbul. The lawmakers after a three-day exhaustive lectures on Electricity Distribution and Systems Operator in Turkey-The Energy Exchange (EXIST-EPIAS) on day four visited the Electricity System: Generation, Transmission plant, in Karpowership, Istanbul. Recall that Turkey used more electricity per person than the global average, but less than the European average, with demanded peaking in summer due to air conditioning. Most electricity is generated from coal,…

Niger Govt sues Power Companies over ₦140bn Debt

Emporium Reporters

The Niger State Government has filed lawsuits against North-South Power Company Limited and Mainstream Energy Solutions Limited at the Federal High Court in Minna for nonpayment of ground rents and land charges spanning from 2017 to 2022.   The lawsuits also involved the Federal Ministry of Power and the Nigeria Electricity Liability Management Company.   The State Internal Revenue Service, acting as the plaintiff, is seeking approximately ₦140bn owed by the power-generating companies to the state during the specified period.   In two separate cases, the State Internal Revenue Service…

7 major oil marketers secure approval to sell Dangote fuel

Emporium Reporters

Dangote Refinery crude oil tank Seven major oil marketers have enrolled with the Dangote Petroleum Refinery to purchase and distribute refined petroleum products from the refinery. The marketers under the aegis of the Major Oil Marketers Association of Nigeria (MOMAN) confirmed on Sunday that with the registration, they would commence the distribution of fuel produced from the facility once the commercial terms are sorted. The MOMAN members poised to distribute petroleum products from the Dangote Petroleum Refinery include 11 Plc, Conoil Plc, Ardova Plc, MRS Oil Nigeria Plc, OVH Energy…

NNPCL speaks on plan to increase price of petrol to N1200 per litre

Emporium Reporters

The Nigerian National Petroleum Company (NNPC) Limited has reacted to a media report alleging fresh plans to increase the price of petrol to N1,200 per litre. Recall that social media on Wednesday was awash with rumours of a new increase in the price of fuel across the country. A report had it that fuel prices may go up after NNPC and fuel marketers clashed on Tuesday over prices of the commodities The naira’s recent downward trend against the dollar has reignited the debate, with economists and marketers claiming a resurgence…

Port-Harcourt Refinery resumes operation

Emporium Reporters

The Port Harcourt Refining Company in Rivers State has officially resumed operations in accordance with the Federal Government’s vow to ensure the facility’s production of refined products by December 2023.   This followed a $1.5 billion rehabilitation project initiated to restore its capacity to 210,000 barrels per day, aiming to enhance domestic refining and reduce reliance on imported petroleum products   Initially shut down in 2019, the combined processing capacity of Nigeria’s four refineries in Port Harcourt, Warri, and Kaduna stood at 445,000 barrels per day (bpd).   However, the…

Functionality of Refineries doesn’t dictate Petrol Pump Price – Kyari

Emporium Reporters

Forty eight hours after being summoned by the Senate, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has now appeared before the joint committee on appropriations.   The Senate had issued a 24-hour ultimatum on Wednesday to the NNPCL boss after an observations that he had in previous occasions, shunned summons by the Senate to appear before its ad-committee probing over 11 trillion naira expenditure on turn around maintenance of refineries in the country between 2010 and 2023.   Responding to questions…