Business

Benin, Togo, beg Nigeria for More power supply

Published

9 years ago

September 29, 2015

The governments of Benin and Togo on Monday called for an increase in the amount of electricity, which their countries receive from Nigeria.

They specifically requested the Nigerian electricity supply industry to increase the amount of power sent to them from 200 megawatts to 300MW.

Speaking through the Community Electric du Benin, the countries urged the Nigerian Electricity Regulatory Commission to intervene in the matter, but NERC made it clear to them that they would pay stipulated commercial rates for the power from Nigeria.

The CEB, known in English as the Electricity Community of Benin, is an international organisation co-owned by the governments of Benin and Togo. It is in charge of developing electricity infrastructure in both countries, which are strongly dependent on energy imports from Ghana and Nigeria.

NERC said in a statement that it told the four-man delegation from the CEB that the governments of Benin and Togo should be ready to pay commercial rates for electricity supplied to them by Nigeria.

Speaking with the CEB team, the Transmission Service Provider and Independent System Operator for the Republics of Togo and Benin, the NERC Chairman, Dr. Sam Amadi, was quoted as saying, “The ongoing reform in the Nigeria electricity industry will not jeopardise international relations and strategic interests of Nigeria.”

The delegation, the statement said, was in Nigeria to find out the implication of the privatisation of the remaining government-owned power plants under the National Integrated Power Project and how it would affect the allocation of 200MW of electricity, which the two nations were receiving from Nigeria.

NERC stated in the statement, “They also made a case for an increase in allocation from 200MW to 300MW. Nigeria currently supplies 300MW to Togo, Benin and Niger Republic, out of which the CEB countries get 200MW of power supply with the balance of 100MW given to Niger Republic.”

“You need to sign a power purchase agreement with the Nigeria Electricity Bulk Trader Plc and be up to date in your payment for electricity received as the market will be entirely private-sector-driven by the time the NIPP plants are sold,” Amadi was quoted as telling the delegation.

He explained that such financial commitment and responsibility might be an issue when considering their request for additional capacity.

The CEB team was told that the request would be deliberated at the October edition of the industry stakeholders’ meeting and that decisions reached would be communicated to them.

Source : punch

Business

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

Published

1 hour ago

December 21, 2024

Sahara Weekly

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets

Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.

To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.

Business

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

Published

8 hours ago

December 21, 2024

Sahara Weekly

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

NNPC Debunks Shutdown Rumors, Confirms Port Harcourt Refinery Fully Operational

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports circulating in certain media outlets claiming that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.

In a statement released by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that the refinery is fully operational. The statement noted that the facility’s operational status was recently verified by former Group Managing Directors of NNPC during a site inspection.

“Preparation for the day’s loading operation is currently ongoing,” the statement confirmed, emphasizing that allegations of the refinery’s shutdown are baseless and intended to create panic or artificial scarcity in the fuel market.

NNPC Ltd urged members of the public to disregard such misleading reports, labeling them as the work of those seeking to exploit Nigerians.

The Old Port Harcourt Refinery has been in operation since its re-streaming, and the company remains committed to ensuring stability in the supply of petroleum products across the country.

Business

Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

Published

1 day ago

December 20, 2024

Sahara Weekly

Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

In a show of solidarity, the Committee of Banks in Nigeria has extended a helping hand to victims of the September 2024 floods in Jigawa State. On Thursday, a high-profile delegation led by Dr. Oliver Alawuba, Chairman of the Committee and Group Managing Director/Chief Executive Officer of United Bank for Africa Plc (UBA), visited Dutse, the state capital, to present relief materials to the state government.

The donated items, worth several million Naira, included essential food supplies such as rice and cooking oil, along with mattresses and beverages. Dr. Alawuba highlighted that the gesture aimed to alleviate the hardship faced by flood victims and support critical institutions, especially public hospitals, in their efforts to assist those affected.

“We stand in solidarity with the people and government of Jigawa State during this difficult time. This donation is our way of expressing empathy and supporting those who have lost loved ones, properties, and livelihoods,” Dr. Alawuba stated.

The delegation included notable banking leaders such as Mr. Roosevelt Ogbonna of Access Bank Plc, Dame (Dr.) Adaora Umeoji of Zenith Bank Plc, and Dr. (Mrs.) Nneka Onyeali-Ikpe of Fidelity Bank Plc, among others. Their collective presence underscored the banking sector’s commitment to corporate social responsibility and national development.

Governor Malam Umar A. Namadi expressed profound gratitude for the donation, describing the visit as a rare and commendable act of compassion. He assured the delegation that the relief materials would be judiciously distributed to the intended beneficiaries, emphasizing the importance of partnerships in rebuilding lives and communities.

The Committee of Banks also reiterated their commitment to supporting Nigerians during emergencies, drawing attention to previous interventions, including relief efforts during the 2011 and 2013 floods, the COVID-19 pandemic, and security initiatives like the Lagos State Security Trust Fund.

This humanitarian gesture reflects the collective resolve of Nigeria’s financial institutions to foster social and economic growth, making a meaningful impact in times of need.