Business

Ossiomo Power Project: Delayed Agreement Signing Due To Non-Agreement Of Oprational Processes-BEDC

Published

5 years ago

February 1, 2020

The Management of Benin Electricty Distribution Company (BEDC) PLC, yesterday, January 31, explained that the its delay in signing the bilateral agreement on Edo State owned Ossiomo Power project was due to Ossiomo’s non agreement to process of operations, maintenance and management of the line being constructed in line with licensing and safety standard in order to ensure safety of lives and property.

The Management, however, affirmed it ready to partner Edo State government on the project, stressing that this is evidenced in its constant efforts at ensuring that the Nigerian Electricity Regulatory Commission (NERC) clearance letter is properly and safely implemented.

BEDC Chief Head, Edo State, Mr. Abel Enechaziam, while disclosing the company’s position to newsmen in Benin, said procurement process for the proposed new line, expected to be based on open & competitive procurement that is in line with prudency requirement by the regulators has not been agreed to by Ossiomo.

Enechaziam, who addressed the press on behalf of the Managing Director of BEDC, Funke Osibodu, noted that when combined with proposal by Ossiomo, the valuation methodology for pricing of purchase in 10years time should be agreed to in future, stressing that these can lead to tariff costs that may not conform with regulatory approval.

“As you are aware, we operate in a regulated sector andsector and would require the sign off of the relevant sector regulators such as NERC and NEMSA before executing the proposed agreement, in order to ensure that we remain within the permitted regulatory parameters”, he stressed further.

According to him, two grey areas that were in contention in the bilateral agreement on Ossiomo bordered on the need for valuation of the line being used for power evacuation through open, competitive and transparency tendering process to ensure that only prudent cost are passed to the customers.

The other area of dispute he said was the company’s insistence that joint operation and maintenance of the Ossiomo line was not allowed and that a sub contactor could be appointed by Ossiomo to work under BEDC supervision for accountability and safety sake in its network.

He stated, “The recent electrocution of two persons occasioned by Ossiomo’s ongoing construction which interfaced with our distribution line thereby causing supply interruption to the community in the area as well as alleged death of one of the parties involved, indeed emphasizes the need for the project to be undertaken in line with applicable regulatory and safety standards.”

He further noted that in addition, there were also other unresolved matters such as valuation methodology for line construction, as well as the issue of procurement of 33KV line, and the operation and maintenance of the constructed distribution line.

The Management therefore requested for the release of the draft agreement for its review and clearance by the regulator; considerations for safety of the lives of people and public costs so that there is need for proper alignment of key stakeholders and regulatory sign off on the agreement before execution.

Business

Naira Appreciates At Official Market

Published

4 weeks 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.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

4 weeks ago

May 22, 2025

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.

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 ago

May 17, 2025

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.

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.

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.