By Energy Worth The Nigerian National Petroleum Corporation (NNPC) has said that it is working on the right strategies to remain in business for a long time. The Group Managing Director of the corporation, Maikanti Baru, who spoke at the NNPC first quarter 2018 top management steering committee meeting in Abuja at the weekend, said…
By Energy Worth The Central Bank of Nigeria has provided funds to power distribution companies for the purchase of 704,928 meters and for the acquisition and installation of over 500 transformers. In a bid to avert the collapse of the country’s power sector, the bank has also paid more than N24bn to gas suppliers and…
Thirty five ships conveying petroleum products, food and other goods are expected to arrive at Apapa and Tin Can Island Ports, from Monday to June 16, says the Nigerian Ports Authority (NPA). The News Agency of Nigeria (NAN) reports that not less than seven of the 35 ships will sail in with petrol. The remaining…
With shortfalls in the electricity market at over N1 trillion, the need to rescue the electricity sector has never been more acute. The challenge however is that the distribution companies (DisCos), who collect on behalf of everyone else in the value chain, are inefficient. This is why the Federal Government has been considering options to…
While still awaiting a fresh probe of his administration between 1999-2007, former President Olusegun Obasanjo, yesterday made public the report of the investigation conducted by the Economic and Financial Crimes Commission (EFCC) in 2007, on various allegations, including that of the alleged $16b power project. The 20-page report was the outcome of investigations based on…
The Enugu Electricity Distribution Company, EEDC, has established a Special Investigation and Prosecution Task force on Electricity Offences (SIPTEO). The EEDC head of communications, Emeka Ezeh, made this disclosure in a statement issued to newsmen on Sunday in Enugu. According to the statement, the development is to checkmate individuals and organisations, engaging in energy theft…
By Energy Worth There are indications that the financial support from the Central Bank of Nigeria (CBN) to the power sector will help reduce the amount of Non-performing Loans (NPLs) in the banking system, especially for lenders that are highly exposed to the sector. This declaration was made at the Renaissance Capital (RenCap) ninth Annual…
Energy Worth with Agency Report Oil prices extended their decline from last week on growing expectations that major oil producers may ease their 17-month-old production cuts. A return to the oil production levels that were in place in October 2016, the baseline for the current deal to cut output, is one of the options for…
Energy Worth with Agency Report A former Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Mr Temisan Omatseye, has said that Nigeria is losing about $300 million yearly for berthing five degrees East on Nigerian waters. Omotseye said this at the 3rd Annual Conference tagged: “A Day with Nigeria Maritime Students 2018’’ organised by Platforms…
By Energy Worth A Niger Delta group, the United Rivers and Bayelsa State Indigenous Association, Lagos Chapter, has charged the Federal Government to release the derivation components of the Excess Crude Act (ECA) to the oil producing states of the Niger Delta. The group said just as the government deployed funds from the national pool…
