Business

BEDC Gives 2019 Scorecard, Promises To Improve On Power Distribution

Published

6 years ago

February 1, 2020

The Management of Benin Electricity Distribution Company ( BEDC) says it installed a total of 2500 pre-paid meters and connected aboutl 48 communities to the national grid in 2019.

The power distribution company also pointed that it will not compromise regulatory orders and safety with it’s face off with the Edo State Government.

Speaking with Journalists at the company’s cooperate headquarters in Benin City, the Edo State capital, the Chief State Head(Edo),Mr Abel Enechaziam, said BEDC in 2019 metered about 2500 customers and connected about 48 communities to the national grid.

Mr Enechaziam,who represented,the Managing Director BEDC,Mrs Funke Osibodu, said the company commissioned Twenty- Two 300 KVA,Two 200KVA and One 500KVA transformers in Delta State; Five 500KVA,Three 300KVA in Edo State;Two 500 KVA,Two 300KVA and Two 200KVA in Ekiti State.

It also stated that under the year in review, the company also commissioned a 1×7.5 MVA in Uteh Injection Substation, to supply the Uteh community, revealing plans for a new 11 KV Feeder from Nekpenkpen to improve the supply in Sokponba and Akpakpavba axis.

The company is to engage generation companies both in and outside Nigeria to improve electricity supply to customers in the 4 states within it’s franchise area.

On the recent ultimatum issued to BEDC by the Edo State Government, which expired yesterday (31st January,2020), he said BEDC has a distribution network and, there cannot be a distribution network within BEDC network, stressing that the company can only accommodate a partner.

He also stated that the Ossioma power project have to operate within the terms of the regulatory arrangements to avoid any form of tragedy and mishap in the system.

READ ALSO:Idahagbon’s Assassination Attempt: Ize-Iyamu Condemns Act, Berates Edo Govt Silence
“As regards the ultimatum issued to BEDC by the Edo State Government, BEDC has a distribution network and, there cannot be a distribution network within BEDC network. But the BEDC can accommodate a partner. Also the Ossioma power project have to operate within the terms of the regulatory arrangements to avoid any form of tragedy and mishap in the system.And that is what we’re trying to avoid.The BEDC has a good relationship with the Edo State Government.” He said.

Business

Dangote Sugar Announces South African Mabe A

Published

35 minutes ago

November 19, 2025

Editor

Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.

This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.

The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.

Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.

“Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.

Business

Naira Records Second Consecutive Depreciation Against US Dollar

Published

1 week ago

November 12, 2025

Editor

The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.

Business

Tinubu Approves 15% Import Duty On Petrol, Diesel

Published

3 weeks ago

October 30, 2025

Editor

President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), also known as petrol.

This was announced in a letter dated October 21, 2025, where the private secretary to the president, Damilotun Aderemi, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Tinubu gave his approval, following a request by the FIRS to apply the 15 percent duty on the cost, insurance and freight (CIF) to align import costs to domestic realities.

With the approval, the implementation of the import duty will increase a litre of petrol by an estimated N99.72 kobo.

The latest development has led to the Nigerian National Petroleum Company Limited (NNPCL) announcing that it has begun a detailed review of the country’s three petroleum refineries, with a view to bringing them back online.

NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, made the announcement in a post on his official X handle on Wednesday night.

According to Ojulari, one of the options being explored by the NNPCL is to search for technical equity partners to ‘high-grade or repurpose’ the facilities.

Tagged: “Update on Our Refineries”, Ojulari said: “The NNPCL continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.”

It can be recalled that despite spending about $3 billion on revamping the refineries, only the 60,000 barrels per day portion of the facility worked skeletally for just a few months before packing up.

The Warri refinery has remained ineffective weeks after it was gleefully announced to have returned to production, while the one situated in Kaduna State never took off at all.