Business

20 power plants suffer major problems, blackouts to worsen

Published

3 years ago

June 6, 2022

Following the perennial power outages currently being experienced across the country; findings have shown that 20 gas power plants are currently under-performing, leading to power generation dropping below 2000MW.

Nigeria has 23 power generating plants with 11, 165MW capacity connected to the national grid. These plants are managed by generation companies (GenCos), independent power providers, and Niger Delta Holding Company. Out of the 23, two are hydro plants.

Independent investigations by The PUNCH showed that the gas plants are currently either generating below expectations, shut down due to lack of gas, or undergoing maintenance.

Investigations further showed that the affected plants included: Omotosho units 5 & 6, Olorunsogo units 3, 4 & 6, Omoku Units 3 & 6, Omotosho NIPP units 3 & 4, Delta units 15, 17, and 18, Afam VI units 11 & 12, Olorunsogo NIPP unit 3, Ihovbor NIPP unit 2, Sapele Steam unit 3, Sapele NIPP unit 1, Odukpani NIPP units 1 & 3, and Okpai units 11, 12 & 18.

Also, Jebba Hydro and Shiroro power generating stations are either out or have limited generation capacity.

Other affected power generating plants include: Omotosho units 3&4, Olorunsogo unit 1, Delta units 10 &20, Afam VI unit 13, Ihovbor NIPP unit 4, Geregu NIPP units 22&23 and Odukpani NIPP units 2, 4 & 5. These are out either because of fault or for scheduled maintenance.

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The two hydro plants, Shiroro and Jebba, are also experiencing generation shortfall due to water management.

Further checks revealed that there were fault and technical problems in the country’s largest gas plant, Egbin, which took it completely off the grid, causing 514MW shortfall. In Geregu, the situation caused 230MW shortfall, with reported fault at Alaoji NIPP. Olorunsogo, Omotosho, Sapele NIPP, Omotosho NIPP, Omoku, Okpai, Afam VI, Olorunsogo NIPP, Geregu NIPP, and Ihovbor are also experiencing different constraints currently weighing down their performances.

Odukpani NIPP, which was recently shut down due to gas pipeline pigging, is also yet to fully bounce back to full generation capacity.

However, 16 gas plants were on weekend back on the national grid with Delta Power generating the highest at 332MW.

Also on the grid are: Rivers IPP (160MW), Sapele (53MW), Sapele NIPP (94.90MW), and Shiroro Hydro (122MW).

Power generation was put at 1,936.90 mega watts from 3,647MW last recorded.

The Ministry of Power over the weekend confirmed The PUNCH findings when it released a statement apologising to the public over the current dip and stated that there was a partial shutdown of the Oben gas plant to address the repair of critical gas processing equipment.

“The incident, unfortunately, occurred at a time when other power plants on other gas sources are undergoing planned maintenance and capacity testing,” the statement signed by Special Adviser to the Minister of Power, Isa Sanusi, said.

Spokesperson for Eko Electricity Distribution Company, EKEDC, Godwin Idemudia, told The PUNCH that the station currently got low allocation from the Transmission Company of Nigeria.

According to Idemudia, as of Saturday, load allocated to it was a mere 240MW out of expected 861MW.

“This affects all our injection substations. For example, Alangbon TS (covers IKoyi, Keffi, Obalende and environs) is expected to be 135 mw but we got 64.4 mega watts. On the overall, instead of getting 861mw, we are given 240.1 mw. We cannot give what we don’t have. The only way out is to load shed so it can go round all our customers,” he said.

The TCN had blamed the situation on a combination of issues ranging from gas constraints, fault, and technical problems within generating plants which caused persistent low generation and consequently low load allocation to distribution companies nationwide.

“This is based on the fact that TCN can only transmit what is being generated by Gencos and presently they are all generating below capacity,” the transmission company stated in a note.

Spokesperson for Electricity Consumers Association of Nigeria, Chijioke James, told The PUNCH that electricity consumers across the country were not happy with the low power supply.

Related Topics:blackouts Featured power plants

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SEC announces stricter measures to protect investors

Published

18 hours ago

March 24, 2025

Trends Admin

Director-General of SEC, Dr. Emomotimi Agama

SEC announces stricter measures to protect investors

The Securities and Exchange Commission (SEC) has reaffirmed its commitment to protecting investors in Nigeria’s capital market by cracking down on fraudulent activities.

According to the Director-General of SEC, Dr. Emomotimi Agama, operators engaging in unscrupulous practices will face strict penalties as the Commission prioritizes safeguarding investor interests.

“So, clearly for us, it is getting people to understand that there is no hiding place anymore for anybody that has the intention to defraud Nigerians and to defraud anybody that is investing in this market,” Dr. Agama stated, emphasizing the Commission’s zero-tolerance policy.

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Dr. Agama highlighted that the Investments and Securities Act (ISA) 2007 serves as the framework for securities regulation in Nigeria, ensuring that market operators adhere to high ethical standards.

He emphasized the importance of the “fit and proper person’s test,” which requires operators to meet specific regulatory criteria to maintain their licenses.

“This is because the very ethics of regulating or registering a securities market operator is in the principle of the fit and proper person’s test,” he explained.

“What you have been seeing most recently by the revocation of licenses, the suspension of operators and our follow-up to operators that are not registered with the SEC is only a tip of the iceberg as to what we intend to do this year.”

Dr. Agama assured stakeholders that the SEC will leverage its regulatory powers under Nigerian law to deter fraudulent activities, noting, “We believe strongly that a protected investor is a powerful investor.”

SEC announces stricter measures to protect investors

Business

Bitcoin rises above $86,000 as crypto market gains momentum

Published

18 hours ago

March 24, 2025

Trends Admin

Bitcoin rises above $86,000 as crypto market gains momentum

Bitcoin and other leading cryptocurrencies extended their gains on Monday, buoyed by positive investor sentiment despite concerns over upcoming U.S. tariffs and key economic data releases later this week.

As of 7am WAT, Bitcoin rose 3.2% to $86,590, while Ethereum gained 2.3%, trading at $2,047.

The global cryptocurrency market capitalization increased by 2.94% in the past 24 hours, reaching $2.84 trillion.

Other notable performers included XRP, Cardano, and Dogecoin, which posted gains of 3%, 2%, and 3.8%, respectively. Chainlink, Avalanche, Hedera, and Stellar recorded growth ranging from 3% to 10%.

“Bitcoin is holding above $86,000, registering a 3% gain today. The key resistance level to watch is $86,700; a breakout could pave the way for $90,000,” said Vikram Subburaj, CEO of Giottus.

Bitcoin’s market capitalization surged to $1.727 trillion, with dominance rising to 60.73%. Its 24-hour trading volume soared by 93% to $18.2 billion, while stablecoin transactions accounted for 94.74% of total crypto trading, reaching $57.58 billion, according to CoinMarketCap.

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Solana Outperforms Peers Amid Positive Market Sentiment

Solana (SOL) emerged as a standout performer, surging over 7% in the past 24 hours to trade above $139.

The rally was fueled by reports suggesting that President Trump’s April 2 tariffs may be more targeted than initially feared, easing market concerns.

Weekend rumors indicated that the tariffs might include country exemptions and non-cumulative charges on metals, contributing to improved sentiment across global markets.

The Federal Reserve’s projections for two rate cuts this year further supported risk assets, with the central bank describing potential tariff-induced inflation as “transitory.”

BitMEX co-founder Arthur Hayes expressed optimism about Bitcoin’s trajectory, stating, “The Fed’s policy orientation could help Bitcoin achieve $110k before it retests $76.5k.”

Solana’s momentum aligns with unprecedented acceptance rates. DeFiLlama reported that Solana’s total value locked (TVL) reached 54.87 million SOL, its highest level since June 2022. Ali Charts revealed that a record 11.09 million addresses now hold SOL, underscoring growing adoption.

Bitcoin rises above $86,000 as crypto market gains momentum

Railway

Lagos Govt to redesign Oshodi motor park for rail integration

Published

1 day ago

March 23, 2025

Trends Admin

Honourable Commissioner for Transportation, Oluwaseun Osiyemi

Lagos Govt to redesign Oshodi motor park for rail integration

The Lagos State Government has announced plans to redesign the Oshodi Transport Interchange (OTI) to integrate the facility with the Red Line and Blue Line rail systems, advancing its Rail Mass Transit project.

This initiative aims to deliver seamless connectivity between the two key rail networks and enhance commuters’ experience in Lagos.

The disclosure was conveyed via a statement shared on the official X (formerly Twitter) account of the Lagos State Ministry of Transportation on Saturday, highlighting the need to optimize the design and operations of the OTI to boost efficiency and align with global standards.

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To kickstart the process, the Honourable Commissioner for Transportation, Seun Osiyemi, held a meeting with stakeholders to assess the current state of the interchange and outline strategies for its improvement.

“The Ministry of Transportation sought to address the ongoing developments and challenges affecting the Oshodi Transport Interchange (OTI) in preparedness for the integration of the Rail Mass transit system; Red Line rail project connecting the Blue Line.

“The Ministry recognized that a review of the OTI’s design and operations is essential for its optimization which led to the Honourable Commissioner for Transportation, Oluwaseun Osiyemi meeting with relevant Stakeholders to discuss the current state of the OTI and identify viable solutions that would enhance its operational efficiency in alignment with global standards and Standard Operating Procedures,” the statement read in part.