Despite the prevailing air of uncertainty in the international oil market and its potential negative implications for oil exporting countries, the Nigerian National Petroleum Corporation (NNPC) has predicted that oil and gas would continue to contribute significantly to economic growth in countries worldwide in the years ahead. The corporation’s Operating Officer, Upstream, Mr. Roland Ewubare, […]
The African Development Bank’s (AfDB’s) Board of Governors has approved the conversion of the Bank-administered multi-donor trust fund, the Sustainable Energy Fund for Africa (SEFA), into a “special fund”, to catalyse the development finance institution’s impact by allowing it to access a wider range of financial instruments beyond the current scope of technical assistance. Currently, […]
President of the Senate, Senator Ahmad Lawan, has said that the Ninth National Assembly would demand for accountability and transparency in the power sector funding, especially in the application of funds that would be allocated in the 2020 budget. The lawmaker made this remark when the Managing Director of the Niger Delta Power Holding Company, […]
The Niger Delta Development Commission (NDDC) on Monday assured that the 132/33KV Sub Station designed to provide electricity for over 2, 000 riverside communities in Ondo State would be completed and commissioned soon. The commission’s Acting Managing Director, Dr Akwagaga Enyia, gave the assurance during an inspection of the project in Okitipupa. Accompanied by the […]
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has said that the Federal Government is optimistic of securing $3 billion World Bank loan to supplement resources for funding power sector projects in the country. Ahmed, who gave the hint on Sunday during a media briefing about Nigerian delegation’s participation during the just-concluded […]
The National Council on Privatisation (NCP) has approved Transcorp Power Consortium as the preferred bidder for the Afam Electricity Generation Company (Afam Power Plc and Afam Three Fast Power Limited). The approval was granted based on the bid price of N105.3 billion (about US$343.6m) offered by the Consortium while Diamond Stripes Consortium was approved as […]
The Nigerian Electricity Regulatory Commission (NERC) has served notices to eight electricity distribution companies (DISCOs) on its intention to revoke their licences if they failed within 60 days to correct ‘breaches of the terms and conditions of their power purchase agreements’. Specifically, the industry regulator accused the DISCOs of breaching the terms and conditions of […]
Transnational Corporation of Nigeria Plc, (Transcorp Plc) has been named the preferred bidder for Afam Electricity Generation Company (GenCo) in furtherance of government’s efforts to increase electricity generation through private sector investments. Transcorp was successful with its offer of N105.3 billion (about $293 million) for the power plant, which operates a natural-gas fired power plant […]
Despite concerns by some analysts and the International Monetary Fund (IMF) about Nigeria’s rising debt stock, the Federal Executive Council (FEC) has approved another $247.3 million foreign loan for infrastructure development. Nigeria’s domestic and foreign debt had jumped from N12.12 trillion in 2015 to N24.38 trillion in 2018. Giving a breakdown of the loan based […]
The Association of Bureaux De Change Operators of Nigeria (ABCON) has canvassed the need for government to fast-track the implementation of the power sector reform programme as a desirable step towards providing stable electricity for households and businesses in the country. This is even as it called on its member-entities BDCs to adopt the principle […]