Monday, January 21, 2019

Tag "Electricity"

    Nationwide blackout looms as GenCos threaten to shut down power plants

Nationwide blackout looms as GenCos threaten to shut down power plants

Joy Ogaji, executive secretary of the Association of Power Generation Companies (APGC), says the power firms might shut down plants over the inability of the Transmission Company of Nigeria (TCN) to transmit available volume of electricity generated into the national grid.In a statement on Thursday, Ogaji said the generation companies (GenCos) were increasingly facing lower capacity utilisation with the fact that they [...]

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    Fashola should be ‘denied access to generator’

Fashola should be ‘denied access to generator’

Ahmed Isah, prominent rights activist, better known as "Ordinary President", says Babatunde Fashola, minister of power, works and housing, should not be given access to a generator.Speaking in Abuja at a townhall meeting on the power sector, organised by the Shehu Musa Yar'Adua Foundation, on Monday, Isah said Nigerians are battling epileptic power supply because influential personalities have other means [...]

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    $16bn power project: Refer Obasanjo to EFCC, SERAP tells Buhari

$16bn power project: Refer Obasanjo to EFCC, SERAP tells Buhari

The Socio-Economic Rights and Accountability Project, (SERAP) has urged President Muhammadu Buhari to initiate probe against ex-President Olusegun Obasanjo for allegedly mismanaging $16 billion meant for power projects in the country.It asked the president to refer the allegation to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to be investigated [...]

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    Soon, it’ll be the right of every Nigerian to own prepaid meter

Soon, it’ll be the right of every Nigerian to own prepaid meter

A bill seeking to prohibit the issuance of estimated electricity bill to electricity consumers in the country has passed second reading at the house of representatives.The Electric power sector reform act (amendment bill), sponsored by Femi Gbajabiamila, leader of the house, proposes a legislation to criminalise such billings method.By creating new sections 68 to 72 in the act to prohibit [...]

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    Power generation ‘to hit 100,000mw by 2030’

Power generation ‘to hit 100,000mw by 2030’

The Energy Commission of Nigeria (ECN) has predicted that Nigeria will be able to generate 100,000 megawatts of power by 2030.Eli Bala, ECN director-general, made this known on Monday in an interview with NAN.He said the projection would be possible with an annual economic growth rate of seven percent and steady implementation of the national energy plan by the federal [...]

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    FEC approves new framework to expand electricity transmission

FEC approves new framework to expand electricity transmission

The federal executive council (FEC) has approved a new framework to expand the 33KVA and 11KVA electricity transmission lines in the country.The framework will ensure distribution of 2,000 megawatts of generated energy currently not being distributed from power stations.FEC gave the approval on Wednesday during the council’s weekly meeting.Addressing state house correspondents after the meeting, Babatunde Fashola, minister of power, [...]

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    Fashola: 2000 megawatts of electricity currently idle

Fashola: 2000 megawatts of electricity currently idle

Babatunde Fashola, minister of power, says the country currently has 2000 megawatts of electricity that is idle because it cannot be distributed.Fashola said the power is not being utilised because manufacturers have not shown interest in making use of it.The minister made this known at the January 2018 edition of the monthly power sector operators’ meeting in Lafia, Nasarawa."I will [...]

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    NNPC to build three power plants with 4600MW

NNPC to build three power plants with 4600MW

The Nigerian National Petroleum Corporation (NNPC) says it will build three power plants with 4600MW, in the northern part of the country.The power plants, to be located in Abuja, Kaduna and Kano, would rely on gas supplies from the planned Ajaokuta-Abuja-Kaduna-Kano (AKK) gas pipeline project.Maikanti Baru, group managing director of the NNPC, disclosed this when Abubakar Bello, governor of Niger [...]

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    Investors call for restructuring of power sector

Investors call for restructuring of power sector

Some participants at the Nigerian Economic Summit holding in Abuja have called for the restructuring of power.Tony Elumelu, chairman of Heirs Holding, said the power sector needs to be recapitalised, citing access to electricity as a game-changer in the development of the nation’s economy.Elumelu advised the government to increase their investment in the sector, scaling up ownership from 51% to [...]

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    N11trn ‘wastage’: SERAP asks ICC to probe Obasanjo, Jonathan

N11trn ‘wastage’: SERAP asks ICC to probe Obasanjo, Jonathan

The Socio-Economic Rights and Accountability Project (SERAP) has asked the International Criminal Court (ICC) to probe the administrations of former presidents Olusegun Obasanjo, Umaru Musa Yar‘Adua and Goodluck Jonathan for allegedly wasting electricity funds.SERAP had accused the trio of squandering a total sum of N11 trillion meant for provision of electricity to Nigerians during their respective regimes - between 1999 [...]

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    Fashola: Metering customers NOT a monopoly of DisCos

Fashola: Metering customers NOT a monopoly of DisCos

Babatunde Fashola, minister of power, says supply of meters to electricity consumers in the country is not exclusive to distribution companies (DisCos).He said as it is an “open but regulated” business.Fashola said this on Monday at the 18th monthly power sector and stakeholders’ meeting in Kumboso, Kano state.He was, however, quick to add that for anybody to be involved in [...]

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    SERAP: N11trn electricity fund was ‘squandered’ under Obasanjo, Yar’Adua, Jonathan

SERAP: N11trn electricity fund was ‘squandered’ under Obasanjo, Yar’Adua, Jonathan

The Socio-Economic Rights and Accountability Project (SERAP) says N11 trillion electricity fund was squandered by the administrations of former presidents Olusegun Obasanjo, Umaru Musa Yar'Adua and Goodluck Jonathan.The former presidents were in charge of the country between 1999 and 2015.In a report titled ‘From darkness to darkness: How Nigerians are paying the price for corruption in the electricity sector’ which was launched [...]

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    EXTRA: Abuja DisCo punishes community with darkness for rejecting estimated billing

EXTRA: Abuja DisCo punishes community with darkness for rejecting estimated billing

Angwan Sarki, a community in the belly of Orozo - an outskirt of Abuja - is in the pouch of darkness.The community which lacks every shade of a “living ease” mocks the vulgarity and opulence of the federal capital territory (FCT). A visible irritation - the road within the forlorn place - is snaky, jagged and “troublesome”.Despite being within the [...]

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    GenCos ask FG to increase electricity tariff

GenCos ask FG to increase electricity tariff

Power generation companies (GenCos) in the country are calling for an increase in electricity tariff due to “high business costs”.Ismaila Funtua, vice chairman, Mainstream Energy Solution, made this known on Tuesday while speaking with journalists on the sidelines of the quarterly presidential business meeting held in Abuja.He said the GenCos were asking the government to stop subsidising electricity and “let those who [...]

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    Solve electricity; solve Nigeria’s economy

Solve electricity; solve Nigeria’s economy

BY BELIJE MADUThe creation story of old sets the scene in which the heavens and the earth were covered in darkness. Then there was light. Light was separated from darkness, because light was good. As the story goes, from the start, light was fundamental to the survival, growth and prosperity of man.A significant thread that would most certainly unravel, [...]

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    You were not forced to buy power assets, Fashola tells DisCos

You were not forced to buy power assets, Fashola tells DisCos

Babatunde Fashola, minister of power, works and housing, on Monday, told electricity distribution companies that nobody forced them to acquire power assets.The minister chided DisCos over their inability to meet the electricity needs of consumers.Speaking in Plateau state during a monthly meeting of stakeholders in the power sector, Fashola told DisCos to stop complaining while reacting to their reasons for [...]

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Exchange Rates

January 18, 2019USDGBPEUR
INTERBANK306397354
LAGOS362463411
KANO361465413
PH361462412
ABUJA362462413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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