Business

BEDC Gives 2019 Scorecard, Promises To Improve On Power Distribution

Published

5 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

Naira Depreciates Against Dollar

Published

5 days ago

July 4, 2025

Editor

The Naira experienced a slight depreciation on Friday at the official market, trading at N1,528.56 to the dollar.

Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira lost N2.73.

This represents a 0.17 percent loss compared to the N1,525.82 recorded on Thursday.

The Naira, which opened the week on Monday with a gain of N9.52 against the dollar, held steady gains until Thursday.

On Wednesday, the local currency gained N3.42 against the dollar and received commendation from the International Monetary Fund (IMF).

The IMF, in its 2025 Article IV Consultation report on Nigeria, commended the CBN for its reforms to the foreign exchange market, which supported price discovery and liquidity.

Business

JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price

Published

3 weeks ago

June 20, 2025

Editor

Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.

Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.

The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.

The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.

The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.

On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.

This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.

Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.

On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.

He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.

“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”

He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.

His forecast of increased costs now appears spot on, considering the latest developments.

Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.

Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.

Business

Naira Appreciates At Official Market

Published

2 months ago

May 24, 2025

Editor

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.

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.