Business

Current petrol pump price remains for now — FG

Published

2 years ago

November 21, 2021

The Federal Government at the weekend insisted that the current pump price would remain for now with the expected high rate of travel during the festive period.

Presently, petrol sells at N162/163 per litre in most major petrol stations with independent marketers selling at N165/litre.

The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Engr. Farouk Ahmed who spoke to journalists in Abuja at the Petroleum Regulators’ 1st Invitational Golf Tournament organised by the Nigerian Upstream Petroleum Regulatory Commission, NUPRC and NMDPRA, assured consumers that there would be no price increase in the immediate future.

Ahmed who was represented at the event by Ogbogu Ukoha, Executive Director, Distribution Systems, Storage and Retail Infrastructure, said the government was working hard to resolve the challenges faced by operators.

According to him, “I will like to assure everybody that it is mere speculation. There will be no increase in the pump price, not in the near future.

“This is peak consumption period for Nigerians. Our focus must be on the average Nigerian who is on the street.

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“People will be travelling now and so you don’t increase pump price arbitrarily like that. So the pump price will be maintained and Nigerians should feel free to travel”.

He however pointed out “But having said that, yes there are issues. Last two weeks the chief executive led, for the first time, we had every major player under the same roof.

“They raised the issues, the issues were addressed as much as we could and we all left with happy faces and handshakes.

“This is the way forward for now. The NNPC was represented by as high as the Group Executive Director, Downstream, who assured that there will be sufficient supply during this period.

“And even on the dollar payment issue, they (NNPC) conceded to take freight in naira. This is because as we know the dollar issue is critical. So I will like to assure everybody that there will be no pump price increase,” he added.

Also speaking to journalists at the event, the Chief Executive of NUPRC, Engr. Gbenga Komolafe noted that despite the global clamour for energy transition, the Commission has had fruitful discussions with investors in the industry.

Komolafe stated that Nigeria needed to increase its oil and gas production to meet its national economic and social demands.

He said: “Since I came on board we’ve started various engagements with investors including international oil companies and other independent producers.

“The feedback we are getting from our engagements with investors has been quite positive regardless of the developments in the outside world, especially with regards to energy transition.

“The PIA (Petroleum Industry Act) has offered very robust and attractive fiscal regimes and so there’s still quite a lot of investment opportunities in the Nigerian oil sector and we try to canvass that to investors regardless of the challenges posed by the energy transition”.

Speaking on the golf tournament which was held at the IBB International Golf and Country Club, Maitama, Komolafe said: “We need productivity in the oil and gas sector and it is in realisation of that that the NUPRC has put together this tournament with our sister agency, because it is important for our workers to be healthy.

“Apart from the health benefits of the game of golf, it is a means of social connectivity and networking. And for oil and gas investments you need to network with investors. So this provides that opportunity for you to achieve that,” he added.

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Finally, NERC unbundles TCN, creates new system operator

Published

20 mins ago

May 4, 2024

Trends Admin

Finally, NERC unbundles TCN, creates new system operator

The Nigerian Electricity Regulatory Commission (NERC) has set up the Nigerian Independent System Operator of Nigeria Limited (NISO) as it unbundles the Transmission Company of Nigeria (TCN).

The transmission leg of the power sector has over the years been seen as weakest link with obsolete equipment.

The unbundling announcement is contained in an Order dated April 30, 2023 and jointly signed by NERC chairman, Sanusi Garba, and vice chairman, Musiliu Oseni.

By this order, the TCN is expected to transfer all market and system operation functions to the new company.

The commission had previously issued transmission service provider (TSP) and system operations (SO) licences to the TCN, in accordance with the Electric Power Sector Reform Act.

The Electricity Act 2023, which came into effect on June 9, provided clearer guidelines for the incorporation and licensing of the independent system operator (ISO), as well as the transfer of assets and liabilities of TCN’s portion of the ISO.
In the circular, the commission ordered the Bureau of Public Enterprises (BPE) to incorporate, unfailingly on May 31, a private company limited by shares under the Companies and Allied Matters Act (CAMA), 2020.
NERC said the company is expected “to carry out the market and system operation functions stipulated in the Electricity Act and the terms and conditions of the system operation licence issued to the TCN.
“The name of the company shall, subject to availability at Corporate Affairs Commission, be the Nigerian Independent System Operator of Nigeria Limited (“NISO”),” NERC said.

Citing the object clause of the NISO’s memorandum of association (MOU) as provided in the Electricity Act, NERC said the company would “hold and manage all assets and liabilities pertaining to market and system operation on behalf of market participants and consumer groups or such stakeholders as the Commission may specify.”

Business

Naira depreciates again, trades at N1,402/$

Published

21 hours ago

May 3, 2024

Trends Admin

Naira depreciates again, trades at N1,402/$

The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71

Naira depreciates again, trades at N1,402/$

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Appeal court takes over NURTW case as NIC withdraws

Published

2 days ago

May 1, 2024

Trends Admin

Appeal court takes over NURTW case as NIC withdraws

The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.

The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.

Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.

The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.

The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.

Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.

With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.