Business
FG hands over Afam power plant to Transcorp
The Federal Government has handed over the Afam Power Plant in the Oyigbo Local Government of Rivers State to Transcorp Power Consortium, which emerged the preferred bidder of the power asset, with a bid offer of N105.3bn.
This is coming as the Group Chairman of Transcorp Plc, Mr. Tony Elumelu, has said that access to electricity is central to Nigeria’s economic growth.
The handing over of the Afam Power Station followed the fulfilment of the requirement of the request for proposal (RfP) and approval granted by the National Council on Privatisation (NCP) after Transcorp had paid 25 per cent of the bid amount (N26.325 billion), a condition precedent to the handing over.
At the ceremony marking the final consummation of the transaction in Abuja yesterday, the Director General of the Bureau of Public Enterprises (BPE), Mr. Alex Okoh, said it was a significant milestone in the process of the privatisation of the last successor generation company of the defunct Power Holding Company of Nigeria (PHCN) and a culmination of several years of painstaking efforts by the National Council on Privatisation (NCP) and the BPE in the face of daunting challenges.
Okoh added that sequel to the previous failed attempts to privatise Afam Power Plc and the approval granted by NCP for the recommencement of a new process, the bureau had commenced a free, fair and transparent competitive process of the privatisation of Afam Power Plc and Afam Three Fast Power Limited, which culminated in Transcorp Power Consortium emerging as the preferred bidder with a combined offer of N105,300,000,000.
He stated that after negotiations, which were impacted, among others, by the COVID-19 pandemic, the federal government, through the BPE signed the Share Sale and Purchase Agreement (SSPA) with Transcorp Power Consortium on November 5, 2020.
He said, “In line with the requirements of the RfP and approval granted by the NCP, Transcorp Power Consortium paid 25 per cent (cash) of the bid amount today November 26, 2020, which was a condition precedent to the current activity of handing over.
“Distinguished guests, I must add that my emphasis on cash payment is to correct some misinformation in the media that purported that the Afam deal is a mere reconciliation of figures between the federal government and Transcorp. For the benefit of those who wish to know, this idea was never accepted by both the NCP and its several sub-committees.
“However, with the payment of the money by Transcorp to the treasury today, we hope this unfounded and concocted information being fed to the public would stop.”
He added that the challenges facing the electricity sector in Nigeria are enormous, and it was convincing that the opportunities are far greater and certainly worth exploiting.
He noted that the federal government has demonstrated commitment to create the enabling environment encourage private sector investors to take on these challenges and the opportunities therein to ensure quality and cost-effective service delivery to electricity consumers while also receiving adequate compensation.
While congratulating Transcorp Consortium for emerging the winner, he thanked other bidders for their faith in the process, the government and economy despite the trying times.
The challenge now, he stated, is for Transcorp Consortium to use its proven capacity and pedigree as demonstrated with Transcorp Ughelli Power Plant and Transcorp Hotel, Abuja to transform Afam Power into an exemplary utility company of reference.
Okoh, who gave a synopsis of the power sector privatisation journey, said change did not come easy, adding that the reform is necessary for laying a solid foundation for sustainable electricity supply, loss and cost-reduction as well as service efficiency in the sector other ventures.”
In his remarks, Elumelu said the event was an epoch, adding that access to electricity is central to economic growth.
Elumelu cited the contraction of the nation’s gross domestic product in the third quarter by 3.6 per cent as part of the pitfalls of a poor power base.
He noted that getting the power sector right is one of the elements needed to correct the negative economic trend.
Elumelu, assured the people that Transcorp Power Consortium will improve the nation’s power situation, create jobs and better the lot of its host communities.
He added that the confidence reposed in the company by the federal government would not be taken for granted.
He said Transcorp possesses the human and financial muscles to meet the expectations of the federal government and Nigerians.
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Auto
X90 Plus Leads Jetour’s Abuja Drive for Bigger SUV Market Share
X90 Plus Leads Jetour’s Abuja Drive for Bigger SUV Market Share
Jetour Nigeria is taking its premium SUV battle to Abuja, with the seven-seater X90 Plus set to headline the Jetour Experience Abuja from September 22 to 24, as the automaker moves to capture a larger share of Nigeria’s fast-growing high-end family SUV market.
The three-day motoring showcase will give prospective buyers, families and auto enthusiasts in the Federal Capital Territory and neighbouring states an opportunity to experience the X90 Plus and other models in the Jetour range through test drives and hands-on demonstrations.
The Abuja showcase follows the success of the brand’s earlier Jetour Experience in Lagos, where strong customer interest, inquiries and sales momentum reportedly encouraged the company to take the initiative to the Federal Capital Territory.
Jetour Nigeria said growing demand from customers in Abuja and neighbouring states was a major factor behind the decision to expand the experience to the northern market.
Positioned as a full-sized family SUV, the X90 Plus is designed for executives and families seeking a combination of space, technology, performance and comfort without the price tag associated with some luxury SUVs.
The model is offered with 1.6-litre and 2.0-litre turbocharged engines paired with a seven-speed dual-clutch transmission. The powertrain produces up to 254 horsepower and 390Nm of torque.
Inside the cabin, the X90 Plus features a 12.3-inch LCD touchscreen infotainment system, panoramic sunroof, Sony premium audio system and wireless charging.
Its safety and driver-assistance features include a 360-degree panoramic camera, Forward Collision Warning, Lane Departure Warning and electronic stability systems.
Jetour’s growing profile in Nigeria has also earned the brand recognition from the Nigeria Auto Journalists Association (NAJA), which named it Fastest Growing Auto Brand, while it was also recognised as Auto Brand of the Year at the Nigeria Transport Lecture.
To support its expanding customer base, Jetour Nigeria, the sole authorised distributor, operates through seven accredited dealer partners across the country: Elizade Nigeria Limited, Mandilas Autos, R.T. Briscoe Motors, Germaine Auto Centre, Kojo Motors, Tab Autos Limited and New Era Auto Vehicle Services Limited.
The Abuja Experience is expected to provide Jetour with another platform to engage potential customers and reinforce its position in Nigeria’s increasingly competitive SUV market.
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Business
Dangote raises petrol price 6.7% to N1,350/litre
Dangote raises petrol price 6.7% to N1,350/litre
The Dangote Petroleum Refinery has increased its Premium Motor Spirit (PMS), popularly known as petrol, gantry price by 6.7 per cent, raising it from N1,265 to N1,350 per litre, with the new price taking effect from September 12, 2026.
The latest adjustment represents an N85 increase per litre and is the fourth upward review of Dangote Refinery’s petrol price since August 21, further raising concerns about the possible impact on petrol pump prices, transportation costs and the wider cost of living.
The refinery also increased its coastal price from N1,669,543 to N1,783,530 per metric tonne, representing an increase of N113,987, or about 6.8 per cent.
In a memo to customers, Dangote Petroleum Refinery announced the revised prices and directed customers with existing loading arrangements to return their Authority to Collect (ATC) documents for repricing.
The refinery said new volume contracts would subsequently be issued to allow loading to resume under the revised prices.
The latest increase means Dangote’s petrol price has risen by N185 per litre, or about 15.9 per cent, in 22 days.
The refinery had increased its gantry price from N1,165 to N1,185 per litre on August 21. It subsequently raised the price to N1,200 on August 26 and then to N1,265 on August 29, before the latest increase to N1,350.
The development comes amid renewed pressure in the international crude oil market, with Brent crude recently trading above $100 per barrel as geopolitical tensions and disruptions to oil supplies in the Middle East continue to affect global energy markets.
The pressure on global fuel markets is also being felt by refiners and petroleum traders as disruptions to Middle Eastern refining capacity and shipping routes create concerns over the availability of crude and refined petroleum products.
Dangote Refinery’s management recently said global fuel shortages could persist beyond the current Iran conflict because of damage to refining infrastructure, high refinery utilisation rates and the need to rebuild fuel inventories.
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For Nigeria, the increase comes as the downstream petroleum market continues to operate under deregulation, meaning petrol prices are largely determined by market conditions rather than a fixed government-controlled price.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) recently identified crude oil sourcing, refinery delivery timelines, imported cargoes, transportation, logistics and taxes among the factors influencing movements in petrol prices.
NMDPRA Head of Public Affairs George Ene-Ita said petrol prices are fully deregulated and therefore exposed to fluctuations across the supply chain.
Consequently, the new Dangote price does not necessarily mean motorists across Nigeria will immediately pay exactly N1,350 per litre at filling stations.
The price consumers pay will depend on the cost at which individual marketers obtain their supplies, transportation and distribution expenses, depot charges, operating costs, location, competition and profit margins.
However, the increase in the refinery’s gantry price is expected to put additional pressure on marketers who source petrol from Dangote Refinery, particularly as they replenish existing stocks.
Recent reports indicate that petrol prices in several parts of the country had already moved higher, with pump prices in some locations reaching the N1,310-N1,350 per litre range before the latest Dangote adjustment.
The latest price review could therefore trigger another round of adjustments by petroleum marketers, especially if the higher wholesale acquisition cost persists.
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The development is also significant because Dangote Refinery has become an increasingly important source of locally refined petrol as Nigeria seeks to reduce its dependence on imported petroleum products.
The refinery has secured at least 16 million barrels of Nigerian crude for October delivery, equivalent to roughly 520,000 barrels per day, according to Reuters. The purchases represent a substantial portion of the refinery’s current 700,000-barrel-per-day capacity and underline its growing role in Nigeria’s domestic fuel supply.
Despite the increase in petrol prices, Dangote Refinery is pursuing plans to expand its capacity significantly. The company announced a $14.3 billion expansion programme that is expected to increase its processing capacity from about 700,000 barrels per day to 1.4 million barrels per day by 2029.
The refinery is also preparing for a major initial public offering (IPO) aimed at raising about N2.15 trillion, with the offer scheduled to run from September 14 to October 13.
For consumers and businesses, the immediate concern remains the potential effect of the latest petrol price increase on transportation, logistics and the cost of goods and services.
Petrol remains a major input for transportation and commercial activities in Nigeria. Any sustained increase in its price can raise the cost of moving people and goods and increase operating expenses for businesses that depend on petrol-powered vehicles and equipment.
The extent of the impact of the new N1,350 per litre Dangote petrol price, however, will depend on how marketers respond and whether international crude prices remain elevated.
For now, the latest adjustment establishes a higher wholesale benchmark for customers buying petrol from Dangote Refinery, while the retail market is expected to respond according to prevailing supply, distribution and competitive conditions.
Dangote raises petrol price 6.7% to N1,350/litre
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Auto
Jetour Takes Award-Winning Dashing, Other SUVs to Abuja
Jetour Takes Award-Winning Dashing, Other SUVs to Abuja
Motorists in Abuja are set for a close encounter with Jetour’s award-winning Dashing and other models as Jetour Nigeria moves to deepen its foothold in the nation’s capital with the Jetour Experience Abuja, beginning September 22.
The three-day motoring event, which runs until September 24, is expected to draw prospective buyers and automobile enthusiasts to a hands-on experience featuring test drives, product demonstrations and direct engagement with Jetour’s seven authorised dealers and product specialists.
The participating dealer network comprises Elizade Nigeria Limited, Kojo Motors, Mandilas Autos, Germaine Auto Centre, R.T. Briscoe, Tab Autos and New Era Auto Vehicle Services Limited.
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The Abuja Experience follows the success of the Lagos edition, which attracted thousands of visitors for test drives and direct engagement with product specialists. According to the organisers, strong demand and inquiries from motorists in Abuja and neighbouring states prompted the expansion of the event to the Federal Capital Territory.
The Dashing has gained attention in Nigeria’s competitive compact SUV segment for its combination of modern styling, technology, performance and competitive pricing.
The SUV is available with 1.5-litre and 1.6-litre turbocharged engines, producing up to 145kW of power and 290Nm of torque, paired with six- or seven-speed dual-clutch transmissions.
Its features include a 15.6-inch central touchscreen infotainment system, panoramic sunroof, wireless charging and smartphone integration.
For safety, the vehicle comes with a 360-degree surround-view camera, automatic emergency braking, lane departure warning, blind-spot detection and multiple airbags.
Beyond vehicle sales, the authorised dealers provide warranty, genuine spare parts and after-sales support to Jetour customers across their respective locations.
The Abuja Experience is expected to strengthen customer engagement and give motorists in the FCT a closer look at Jetour’s growing range of vehicles, while further expanding the brand’s footprint in the northern market.
Jetour Takes Award-Winning Dashing, Other SUVs to Abuja
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