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

JUST IN: Otedola Sells Shares In Geregu Power For N1trn

Published

4 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

9 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.