Business

17 Independent Power Distributors Get Licences, 10 Operational

Published

12 months 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

PHOTOS: 300 NNPC Trucks Converge On Dangote Refinery To Lift Petrol

Published

1 day ago

September 14, 2024

Editor

The Nigerian National Petroleum Company, NNPC, Limited’s trucks are arriving the Dangote Refinery ahead of loading of petrol tomorrow, Sunday, as scheduled.

In total, 300 NNPC trucks will be ready to load petrol.

The company’s Chief Corporate Communications Officer, Olufemi Soneye, told Vanguard: “We (NNPC Ltd) has started deploying our trucks and vessels to the Dangote Refinery to lift PMS (petrol), in preparation for the scheduled lifting date of September 15th, as set by the refinery.

“Our trucks and personnel are already on site, ready to begin lifting.

“We are expecting more trucks, and the deployment will continue throughout the weekend so we can start loading as soon as the refinery begins operations on the 15th (tomorrow).

On X (Twitter), Soneye wrote: “NNPC Ltd. trucks are arriving at the Dangote Refinery in preparation for the scheduled petrol loading on Sunday, September 15, 2024.

“By the end of today, at least 300 trucks will be stationed at the refinery’s fuel loading gantry.”

Earlier, NNPC made same announcement.

It posted that “In preparation for the Dangote Refinery’s scheduled petrol loading on Sunday, September 15, 2024, NNPC Ltd. has been mobilising trucks to the refinery’s fuel loading gantry in Ibeju-Lekki.

“As of Saturday afternoon, NNPC Ltd. had deployed over 100 trucks, with hundreds more en route.”

Below are images of the NNPC trucks that had arrived the Dangote Refinery facility for petrol:

Business

NNPCL, Dangote In Marathon Meetings Over Petrol Pricing

Published

2 days ago

September 14, 2024

Editor

Pricing of the Premium Motor Spirit (PMS) has been a key agenda in the marathon meetings between the managements of the Nigerian National Petroleum Company (NNPCL) and Dangote Petroleum Limited in the last few weeks, The Nation learnt.

A source of the National Oil Company, who was privy to the meetings, which have been holding in the NNPCL Tower, Abuja, said they also tabled other matters relating to pricing.

The source, who only spoke with The Nation in confidence said: “We have been holding meetings for over three weeks now, discussing various issues, with pricing being one of the key topics, along with other related matters.”

READ ALSO: NNPCL Announces Date Dangote’s Petrol Will Flood Market, Prices To Be determined by Market Forces
The meetings are certainly the roundtable negotiations following their previous disagreements over pricing.

Dangote Group President Aliko Dangote had said the product was regulated by NNPCL.

Amazing Cool GadgetsAmazing Cool Gadgets

It also added that the state-owned oil firm was yet to fix the pump for the PMS.

After days of conjecture about the pricing and sale of the product, NNPCL insisted it will certainly procure the product offshore if it is not cheaper in the Nigeria’s domestic refineries.

The NNPCL’s current petrol pump price is N897 per litre with independent marketers vending the product for as much as N1,200 per litre and black marketers selling in plastic Jerry cans uncontrollably for as much as N13,000 per 10 litre.

This has resulted in endless queues around the NNPCL retail outlets and the independent stations.
NATION

Business

Naira Depreciates Further In Parallel Market

Published

2 days ago

September 13, 2024

Editor

The Naira continued its downward trend on Friday, depreciating to N1,660 per dollar in the parallel market.

This represents a slight decline from the N1,655 per dollar traded on Thursday.

In a similar vein, the Naira depreciated to N1,546.41 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday. According to data from FMDQ, the indicative exchange rate for NAFEM fell from N1,649.76 per dollar on Thursday, indicating a marginal appreciation of N103.35 for the Naira.

However, the gap between the parallel market and NAFEM rates widened significantly, increasing to N113.59 per dollar from N5.24 per dollar the previous day. This growing disparity highlights the ongoing instability in the foreign exchange market.