NNPC, others get fresh order to end fuel scarcity in one week – Newstrends
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NNPC, others get fresh order to end fuel scarcity in one week

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1 year ago

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The House of Representatives has directed the Nigerian National Petroleum Company (NNPC) Limited and other concerned regulatory agencies to end the fuel scarcity being experienced across the country in one week.

This came after the adoption of motion of urgent public importance by Sa’idu Musa Abdullahi (APC, Niger) at plenary on Tuesday.

Presenting the motion, he said in the last few months, Nigerians had been subjected to untold hardships caused by the lingering petrol scarcity, affecting economic activities and making the already trying times in the country more difficult.

He said the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) advanced several excuses to justify the fuel scarcity.

Abdullahi said, “Firstly, when the scarcity reared its ugly head at the peak of the rainy season in October this year, NMDPRA said the fuel scarcity in Abuja and other northern states was caused by rainfall which submerged the greater part of Lokoja including the highway leading to Abuja, a development that grounded all vehicular movements along that route.

“Soon after floods/rains receded in Lokoja and the petrol scarcity continued, the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN) said the situation persisted because of the supply gap created by the blockade in Lokoja. IPMAN affirmed that there was enough product in the depots and that the lingering scarcity was only caused by the break in supply of the product.

“When the scarcity continued and all the excuses advanced by the stakeholders watered down, the National Operations Controller of IPMAN advanced another reason and argued that the scarcity is because of an unsteady supply of the products.

“Intelligence reports on current fuel scarcity gathered by our security agencies indicated that there is a deliberate plan by some oil marketers to derail the effort of the government in the distribution of fuel in the country by hoarding the petroleum products, thereby creating artificial scarcity all over the country.”

He said while some major marketers are currently selling fuel at government regulated price, some independent marketers sell at higher prices.

According to him, most of such independent filling stations are selling fuel at over N300 per litre.

He said, “It is observed with dismay that those who are gaining from this artificial fuel scarcity appear to be smiling home as a result of this ugly development and this has the potency to provoke innocent Nigerians against the government.

“The inability of the regulators of the petroleum sector to end this artificial scarcity of petroleum products forced the Department of State Security Services to issue an ultimatum to the NNPC, and oil marketers to end the artificial scarcity within 48-hours”.

The House therefore called on the NNPC Ltd to end the scarcity in the next one week to ease the suffering of Nigerians.

It also called on the Nigerian Midstream Downstream Petroleum Regulatory Commission to collaborate with the Nigeria Police Force and DSSS to ensure that fuel is sold at the regulated price in all retail outlets.

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Finally, NERC unbundles TCN, creates new system operator

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2 days ago

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May 4, 2024

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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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Naira depreciates again, trades at N1,402/$

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3 days ago

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May 3, 2024

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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

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This represents a 0.84 per cent loss when compared to the previous trading date on Tuesday April 30, when it exchanged at 1,390.96 to a dollar.

However, the total daily turnover increased to 232.84 million dollars on Thursday, up from 225.36 million dollars recorded on Tuesday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between 1,445.00 and N1,299.42 against the dollar.

Naira depreciates again, trades at N1,402/$

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Appeal court takes over NURTW case as NIC withdraws

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4 days ago

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May 1, 2024

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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.

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