Sunday, June 16, 2019

Tag "Power sector"

    Sam Amadi: Power sector privatisation was designed to fail

Sam Amadi: Power sector privatisation was designed to fail

Sam Amadi, former chairman of the Nigerian Electricity Regulatory Commission (NERC), says the privatisation of the power sector was designed to fail.In a series of tweets, Amadi said the privatisation process could not produce the desired results because the power assets were sold to investors who lacked the financial and technical capacity.The sector was privatised after the unbundling of the [...]

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    Dangote: Power sector hindering Nigeria’s economic growth

Dangote: Power sector hindering Nigeria’s economic growth

Aliko Dangote, president of Dangote group, says the poor performance of the country’s power sector is hindering growth of the economy.Dangote spoke at a consultative roundtable session for public and private sector stakeholders in Lagos on Saturday.The programme was organised by the Central Bank of Nigeria (CBN).According to Dangote, Nigeria had been struggling to increase its electricity output for the [...]

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    Fashola: NERC can revoke licences of non-performing DisCos

Fashola: NERC can revoke licences of non-performing DisCos

Babatunde Fashola, minister of power, works and housing, says the Nigerian Electricity Regulatory Commission (NERC) has the power to revoke licences of non-performing electricity distribution companies (DisCos).Speaking on Thursday at the 2019 Punuka annual lecture in Abuja, Fashola maintained that the regulatory body, not the minister, could either cancel or amend the licences of the DisCos upon consumers complaints.The minister [...]

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    Power sector recorded ‘N108bn shortfall’ within three months

Power sector recorded ‘N108bn shortfall’ within three months

The power sector recorded a shortfall of N108.652 billion between January and March, according to recent data from the advisory power team in the office of Vice-President Yemi Osinbajo.The loss was recorded due to water reserves constraints, insufficient gas supply, poor transmission and distribution network.The data showed that about 2,978 megawatts(mw) of electricity did not get to the national grid [...]

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    Elumelu: Access to electricity is critical to economic growth

Elumelu: Access to electricity is critical to economic growth

Tony Elumelu, chairman of Heirs Holdings, says access to electricity is critical to growing Nigeria's economy.Speaking in an interview with Sky news, Elumelu said he believes that the second term of President Muhammadu Buhari will focus on improving the power sector.He added that another sector that is critical to the economy is the private sector which helps in creating employment [...]

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    HURRAY! Reps pass bill criminalising estimated billing

HURRAY! Reps pass bill criminalising estimated billing

The house of representatives has passed a bill seeking to criminalise estimated billing in the country, among other things.The lower legislative chamber passed the bill on Tuesday after considering the report of its committee on power sector.The report was adopted unanimously after Yusuf Lasun, deputy speaker of the house, put it to a voice vote.The bill aims to criminalise estimated [...]

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    Fashola: Between substance and shadow

Fashola: Between substance and shadow

A friend once described Nigerians as such atypical, hopelessly-hard-to-satisfy creation on the face of the earth that just when you thought it was time to roll out the carpet and beat the drums for you for having satisfied their yearnings and demands, you see them carrying placards and beating war drums again asking for yet another set of yearnings and [...]

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    Nigerian Electricity Regulatory Commission – an agency mired in confusion and missing in action

Nigerian Electricity Regulatory Commission – an agency mired in confusion and missing in action

BY CHISOM IKECHUKWUIn many developing economies, political interference has undermined regulatory independence. Regulatory procedures are expected to be transparent, accountable and predictable. “Without adequate safeguards against the misuse of regulation, investment will be discouraged and prices higher than needed. ...Credible, stable regulation is required to achieve the benefits of privatising and liberalising infrastructure”, according to Iannis N. Kessides, in the [...]

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    The challenges of the electric power sector needs no crowing

The challenges of the electric power sector needs no crowing

BY AKPAN ASUQUOIn these times of playing games with facts, an opinion piece titled “As Discos throw in the towel” by Mr. Sunday Onyemachi Eze which appeared in various media outlets deserves scrutiny. Nigeria deserves robust debate on how to address the challenges of the power sector. But the said article crows about the difficulties of the electricity distribution companies [...]

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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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    Jonathan ‘made the biggest investment’ in power sector

Jonathan ‘made the biggest investment’ in power sector

Godknows Igali, former permanent secretary of the ministry of power, says ex-President Goodluck Jonathan made the “biggest investment” in power sector.He said this while speaking with Gatefield TV, an online platform.Igali said before leaving office, the former president completed most of the power projects that were abandoned.He said before the Peoples Democratic Party (PDP) government came into power, there was [...]

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    Transcorp records N8.2bn profit

Transcorp records N8.2bn profit

Transnational Corporation of Nigeria Plc (Transcorp) has recorded N8.2 billion group profit after tax, on the strength of an "improved and sustained production capacity" in their power operations.The company's financial results were released for the third quarter (Q3 2017) which ended September 30.According to a press statement, the company recorded a profit after tax of N8.2 billion for Q3 2017, [...]

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    FG to review power sector privatisation

FG to review power sector privatisation

President Muhammadu Buhari says his government will restructure the power sector to optimise the operations of electricity distribution companies (DisCos).The president, who was represented by Zainab Ahmed, minister of state for budget and national planning, said this at the end of the 23rd Nigerian Economic Summit in Abuja on Thursday.He said the review would effect changes in the ownership structures of [...]

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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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    Enugu asked to ‘verify and pay’ N2bn debt as whistleblowing policy goes to power sector

Enugu asked to ‘verify and pay’ N2bn debt as whistleblowing policy goes to power sector

Babatunde Fashola, minister of power, works and housing, and stakeholders in the power sector, have asked the Enugu state government to verify and pay up N2 billion electricity debt.This was disclosed via a communique issued by the ministry, after the 16th monthly meeting of the minister and operators if the power sector, held on Monday at Ugwuaji 330/132 kV Transmission substation, [...]

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    Power sector was sold to clueless investors, says Saraki

Power sector was sold to clueless investors, says Saraki

Senate President Bukola Saraki on Tuesday criticised how the power sector was privatised, saying it was sold to individuals who had no idea about how to run it.He said the mistakes of past governments "borne out of ignorance, selfish interests and fraud", brought Nigeria to this point.Saraki said this at a workshop on power sector organised by the national assembly [...]

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Exchange Rates

June 14, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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