Category: Energy

AEDC slammed with N1.69bn fine for overbilling customers

Emporium Reporters

The Abuja Electricity Distribution Company has been slammed with a fine of N1.69bn by the Nigerian Electricity Regulatory Commission (NERC) for overbilling customers.   This was contained in the commission’s regulatory document, ORDER/NERC/2024/114, dated August 30 and signed by Vice Chairman, Musiliu Oseni, and Commissioner, Legal, Licensing and Compliance, Dafe Akpeneye but released on its website on Thursday, September 12, 2024.   According to NERC, the fine is based on AEDC’s non-compliance with the commission’s previous order on capping estimated billing for electricity consumers.   After investigating AEDC’s billing practices,…

Tinubu approves NNPC’s request to spend 2023 dividends on fuel subsidy

Emporium Reporters

President Bola Ahmed Tinubu has approved a request by the Nigerian National Petroleum Company (NNPC) Ltd to utilise the 2023 final dividends due to the federation to pay for petrol subsidy, The Cable reports.   The president also approved the suspension of the payment of 2024 interim dividends to the federation in order to augment the oil firm’s cash flow. Although Tinubu announced the removal of fuel subsidy during his inaugural address on May 29, 2023, there have been strong indications that the government still spends billions on subsidy. However,…

Matrix Energy Group denies importation of substandard Petroleum products to Nigeria

Lukman Laleye Babalola

Matrix Energy Group, a leading indigenous oil marketing and trading company, has reacted to a publication making its rounds in various online platforms that the company involved in importing substandard petroleum products into the country.   An online news platform reported that Matrix Energy, an indigenous and independent oil marketing and trading company is one of the major importers of fuel from the tiny European country, Malta as well as Russia.   But in its official reaction, the management of Matrix Energy, affirmed that it has never imported or distributed…

92 CSOs urge Tinubu to ignore smear campaigns against NNPCL, Kyari

Lukman Laleye Babalola

A coalition of 92 Civil Society Organizations, CSOs, led by the Global Centre for Conscious Living Against Corruption, has urged President Bola Tinubu to ignore calls for the removal of the Group Chief Executive Officer of the Nigeria National Petroleum Company Ltd, NNPCL, Mallam Mele Kyari, and the entire management. Speaking at a World Press Conference in Abuja on Wednesday, August 7, 2024, in Abuja, Dr. Nwambu Gabriel, Director General, of the Global Centre for Conscious Living Against Corruption, said their call to the president is based on their “independent…

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…