Business
BEDC Gives 2019 Scorecard, Promises To Improve On Power Distribution
Published
5 years agoon
By
Editor
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.
READ ALSO: Ossiomo Power Project: Delayed Agreement Signing Due To Non-Agreement Of Oprational Processes-BEDC
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.
Read Also : Huawei Donates Lab. Equipment To Tafawa Varsity
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.
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The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.
Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.
This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.
The local currency maintained consistent strength throughout the week, recording gains daily.
READ ALSO: Naira Appreciates Against Dollar At Foreign Exchange Market
On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.
These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.
Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.
Business
BREAKING: Again, Dangote Refinery Cuts Petrol Price
Published
4 weeks agoon
May 22, 2025By
Editor
The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.
The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.
Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.
READ ALSO: JUST IN: Dangote Refinery Sashes Petrol Gantry Price
Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.
A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.
In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.
“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.
Business
Naira Appreciates Against Dollar At Foreign Exchange Market
Published
1 month agoon
May 17, 2025By
Editor
The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.
It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.
According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.
This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.
READ ALSO:Naira Depreciates In Parallel Market
The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.
On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.
These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.
However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.
This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.
READ ALSO:Naira Records Highest Depreciation Against Dollar At Black Market
Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.
Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.
Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.
The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.
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