Business

17 Independent Power Distributors Get Licences, 10 Operational

Published

2 years ago

October 4, 2023

The Federal Government has issued licenses to 17 Independent Electricity Distribution Networks operators, among which 10 are currently operational, the government announced on Tuesday.

It disclosed this in the 2022 Market Competition Report released on Tuesday by the Nigeria Electricity Regulatory Commission, an agency of the Federal Government.

The government revealed this while providing a breakdown of the country’s power distribution segment. Nigeria’s power sector is basically categorised into the electricity generation, transmission and distribution segments.

In November 2013 when the sector was unbundled into the three segments, 11 successor distribution companies were created and were privatised, as they have been serving the country since then, amidst complaints by consumers.

But in the just released 2022 Market Competition Report, the NERC said, “All the 11 successor Discos (distribution companies) have been privatised. Ownership and management of the Discos have been transferred to private investors.

“Additional private distribution company has been licensed in a specified franchised area. 17 Independent Electricity Distribution Networks’ operators have been licenced, of which 10 are operational as at December 2022.

“The regulator explained that the market competition report was prepared in compliance with Section 24(2) of the Electric Power Sector Reform Act 2004, which mandates the commission to prepare an annual report for the minister as to the potential for competition in the Nigerian Electricity Supply Industry.

“This report provides a review of the level of competition in the NESI and assesses the progress for a transition to a more competitive market. The report further provides recommendations for transition to a more competitive market pursuant to Section 26 of ESPRA.

“The report is directed at a wide spectrum of readers including government officials and institutions, private sector, energy economists, engineers, financial and market analysts, potential investors as well as general readers,” the commission stated.

Business

JUST IN: Otedola Sells Shares In Geregu Power For N1trn

Published

18 hours ago

December 29, 2025

Editor

Billionaire businessman, Femi Otedola, has sold his majority stake in Geregu Power Plc for N1.088 trillion in a deal financed by a consortium of banks led by Zenith Bank Plc.

The Nigerian Exchange, NGX, made this announcement on Monday.

Otedola’s Amperion Power Distribution Company Ltd reportedly held nearly 80 percent of the power generating company.

With this new development, Otedola, Chairman of First Holdco Ltd, parent company of First Bank of Nigeria Plc, will reportedly now concentrate on expanding his interest in the Nigerian banking sector, although he still retains some shares in Geregu.

Otedola is said to currently own 17.01 percent of First Bank — its single largest shareholder since the bank was established in 1894.

Business

Fuel Price Cut: NNPCL GCEO Ojulari Reveals Biggest Beneficiaries

Published

23 hours ago

December 29, 2025

Editor

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has said Nigerians are the biggest beneficiaries of the ongoing fuel price reductions, triggered by competition in the downstream oil sector.

Ojulari made the remarks on Sunday while speaking with journalists after briefing President Bola Tinubu in Lagos.

He described the current fluctuations in petrol prices as a natural outcome of Nigeria’s transition away from dependence on fuel imports.

According to him, increased competition in the market ultimately favors consumers, adding that the present volatility will ease over time.

“Where there is healthy competition, the buyers are the ultimate beneficiaries. We should also bear in mind that the market will stabilise,” Ojulari said. “There may be some tension along the way because we are undergoing a major transition.”

His comments come amid an ongoing fuel price war that has resulted in successive reductions at petrol stations across the country in recent weeks.

Earlier in December 2025, Dangote Refinery cut its gantry price to about N699 per litre. Following this move, MRS filling stations, NNPCL outlets, and other marketers reduced pump prices to between N739 and N901 per litre in Abuja.

Business

Naira Records Massive Appreciation Against US Dollar Into Christmas Holidays

Published

3 days ago

December 27, 2025

Editor

The Naira gained massively against the United States dollar in the last three days at the official foreign exchange as trading ended for the Christmas holidays.

Central Bank of Nigeria data showed that the Naira strengthened further on Wednesday to N1,443.37 per dollar, up from N1,449.99 on Tuesday.

This means that since Monday this week, the Naira has recorded a significant N13.18 gain against the dollar, according to the apex bank data.

Similarly, at the black market, the Naira traded on Wednesday at N1,490 per dollar, an appreciation from the N1,500 exchanged on Monday but the same rate as on Tuesday.

The uptrend comes amid the rise in the country’s external reserves to $45.24 as of December 23rd, 2025.

DAILY POST reports that the Naira gained against the dollar at the official market on Monday and Tuesday.