Power privatisation: Has FG fulfilled its promise?

Nigeria’s power privatisation exercise would clock five years in November, but progress in the sector has been stagnant, as the government has not done what it promised. Adeola Yusuf reports     Afew months into the fifth anniversary of power sector’s privatisation, the news about bickering between the Federal Government and investors outshined information, if any, about achievements of the scheme that came with much promises for Nigerians. Friday, November 1, 2013, it was that the assets of the defunct Power Holding Company of Nigeria (PHCN) were handed over to…

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Young entrepreneur shines at 2018 african entrepreneurship award

A young Entrepreneur, Chidi Nwaogu, owner of a Publishing start-up company, “Publiseer” recently shines at the concluded 2018 African Entrepreneurship Award organised by BMCE Bank of Africa clinching the ‘Most Needed Company in Africa’ award out of the over 4,900 companies in all regions of Africa reviewed by a team of 400 mentors. The exercise which took place between the months of March and May earlier this year saw Publiseer emerging the winner of the said category. The prestigious award offers $1 million to all eligible African entrepreneurs with extraordinary…

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Downstream: Another look at NNPC’s 30% target

The Nigerian National Petroleum Corporation (NNPC) has set a two-year target to capture 30 per cent of downstream market share, which may run more private fuel marketers out of business. ADEOLA YUSUPH reports   Last Wednesday, the NNPC set a two-year target to cut down 16 per cent more of the share of private marketers in the downstream sector. Hitherto, the corporation had been enjoying seeming monopoly in the importation of Premium Motor Spirit (PMS) also known as petrol.   Hence, private marketers who were biggest suppliers of the product…

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Nuclear energy to offer Nigeria stable electricity pricing

The proposed plan by the Federal Government to construct a nuclear power plant would offer Nigerians a cheaper and stable source of electricity pricing – in the long run – borne out of lower operating costs. Viktor Polikarpov, Vice-President, ROSATOM Sub-Saharan Africa, revealed this recently. Recall, the Nigerian Federal Government, last October, signed an agreement with ROSATOM – Russia’s state owned nuclear energy corporation for the construction of a nuclear power plant and research centre in Nigeria. This is with a view to diversify Nigeria’s current energy generation mix –…

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Shell’s annual contracts for Nigerians hit N230bn

Oil firm, 7 banks earmark N690bn for local firms   The yearly contracts awarded by the Shell, biggest international oil firm in Nigeria in terms of assets and production, hit N230 billion in 2017, a 94 per cent of the total contracts in that year. Seven Nigerian banks including Access Bank Plc, Skye Bank Plc, Zenith Bank Plc, Stanbic IBTC Bank, First Bank of Nigeria Limited, Standard Chartered Bank, and Guaranty Trust Bank, the company, said in a document obtained by New Telegraph, have also set aside N690 billion for…

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Nigeria’s energy sector: Disquiet over sack persists

The number of sacked skilled and unskilled workers in Nigeria’s energy sector has exceeded 10,074 in the last two years. Adeola Yusuf reports how the sector, worst hit by last economic downturn, is contending with fresh sack fever.     It is not yet uhuru for some personnel in Nigeria’s energy space. The operators in the sector and government agencies under the Ministry of Petroleum Resources are mulling fresh sack and historic re-deployment of over 4,500 additional staff. This is aside the not cheery news of figure of staff disengaged…

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FG mobilises 3 fuel depots’ contractors back to work’

Contractors for the rehabilitation of three major depots for petroleum products at Diko, in Minna, Niger state; Gusau in the North West and Ibadan in Oyo state, South West, have been mobilized to site, Minister of Power, Works and Steel, Babatunde Fashola, has disclosed. He said this in a keynote address at the 4th quadrennial delegates conference of the petroleum tanker drivers branch of National Unon of Petroleum and Natural Gas (NUPENG). The minister however, did not give details of the contract, but declared that works had begun to refix…

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Nigeria delegates set for atomic energy expo in Russia

Nuclear Regulatory Agency and the Atomic Energy Commission

All is set for the staging of the 10th edition of ATOMEXPO – an international forum – which seeks global partnerships on peaceful uses of atomic energy. Billed to hold in the Russian city of Sochi, the event will be held at the city’s Main Media Centre – between May 14-16. Officials of Nigeria’s Nuclear Regulatory Agency and the Atomic Energy Commission are billed to participate. The list of participants further includes leaders of the world nuclear power industry, representatives of international, national and public organizations, Russian and foreign companies,…

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Banks, energy debts and recovery bid

The banks’ principal exposure to the energy sector has hit an all-time high of $12 billion. ADEOLA YUSUF examines how recovery of larger percentage of these debts have become a tough task for the lenders.   Banks in Nigeria have modified the tactics for energy sector’s debts recovery as their principal exposures to the sector exceeded all-time high of $12 billion. Aside from the $500 million huge sum in principal exposure to the downstream sub-sector, banks have sunk over $11.6 billion into portfolios by local and international investors, who participated…

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FG mulls oil, gas park deals for North, others

The Federal Government plans to develop multi-billion naira oil and gas park projects in the North and other parts of Nigeria where oil exploration is being carried out. Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said this in a statement from the Nigerian Content Development during the ground-breaking of the Nigerian Oil and Gas Park at Emeyal-1, Ogbia Local Government Area of Bayelsa State.   He maintained that similar projects would be sited in other parts of the country so as to extend the benefits to more Nigerians.…

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