Business
End fuel crisis within 48 hours, DSS tells NNPC, marketers
…says situation becoming security threat
The Department of State Services on Thursday handed down a 48-hour ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) and other players in the oil sector to end scarcity of petrol in all parts of the country.
The fuel scarcity has persisted in Abuja, Lagos and many states for over a month, adversely affecting economic activities and a threat to security.
The situation has also resulted in hike in the price of the product.
But speaking to journalists at a press conference on Thursday in Abuja, the DSS said the situation was becoming a threat to the nation’s internal security and it needed to intervene.
Spokesperson for the DSS, Peter Afunaya, spoke to journalists on the issue, saying they had a closed door meeting with the NNPCL and others relevant operators in the sector and they had promised to end the scarcity of the product.
He said, “Today, we held a meeting with NNPLC and other stakeholders in the downstream sector which include the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigeria Union of Petroleum and Natural Gas Workers, Independent Petroleum Marketers Association of Nigeria, Major Oil Marketers Association of Nigeria, depot operators among others.
“We were clear and told them enough is enough on the lingering fuel scarcity. We told them they should resolve the hurdle right away. Nigerians have the right to have access to petroleum products. We told them we would not continue to tolerate the scarcity.”
Afunaya said the DSS had to intervene because of it is mandated by the constitution to prevent threats to national security as well as to prevent sabotage to the Nigerian economy.
“You might be wondering what our business is on this issue. Don’t forget the Constitution charges us with the mandate of detecting and preventing any threat against our internal security.
“We are also empowered to investigate economic sabotage of concern to national security.”
He added that all stakeholders in the sector agreed on the need to end the scarcity at the meeting with them.
Afunaya said on its own part, the DSS would provide security for the distribution of fuel across the country.
According to him, all the DSS commands in the country are on alert and will begin operations to bring defaulters to book.
He said, “The major takeaway from our deliberation is that there is sufficient fuel that would last us throughout the Yuletide and beyond in the country despite all other issues raised.
“The NNPCL said there are 1.9 billion barrels of petroleum in stock and all the stakeholders agreed to that.
“Among the resolutions reached at the end of the meeting is that the marketers will be operating for 24 hours on a daily basis.
“Also, tanker operators assured that all hands will be on deck to ensure the lifting of the products.
“Similarly, the NNPCL agreed to sell at ex-depot price. It also agreed to decentralise distributions to impact positively on marketers.”
Business
Forex: FG to delist naira from P2P platforms
Forex: FG to delist naira from P2P platforms
The Federal Government is set to delist the naira from all Peer-to-Peer platforms to reduce the manipulation of the local currency value in the foreign exchange market.
Director General of the Securities and Exchange Commission, Emomotimi Agama, made this known on Monday at a virtual conference with blockchain stakeholders.
The goal of this resolution is to combat manipulation of the value of the local currency in the foreign exchange market.
In past months, the nation’s regulatory bodies have started looking into and closely examining cryptocurrency exchanges.
This is part of a number of regulations to be rolled out in the coming days.
He said, “That is one of the things that must be done to save this space. The delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening.
“I want your cooperation in dealing with this as we roll out regulations in the coming days.”
The SEC DG decried how some market players were manipulating the value of the naira.
This, he said, was why the commission was “seeking collaboration and help in making sure that the crypto environment is respected globally”.
Business
Ikeja Electric cuts tariff for Band A customers
Ikeja Electric cuts tariff for Band A customers
The Ikeja Electricity Distribution Company has announced a reduction in the tariff for customers under Band A classification from N225 per kilowatt-hour to N206.80kw/h
This is coming about a month after the Nigerian Electricity Regulatory Commission (NERC) approved an increase in electricity tariff for customers under the Band A category to N225 per kwh — from N66.
The commission has clarified that customers under Band A receive between 20 and 24 hours of electricity supply daily.
Ikeja Electric said in a circular on Monday the cut in the new tariff rate would take effect from May 6, 2024.
Business
Finally, NERC unbundles TCN, creates new system operator
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.”
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