Nigeria’s Electricity Tariff Hike and Fear for Economic Sustainability Nigeria’s economy has been struggling. In February, the headline inflation rate rose to 31.70 percent, representing an increase of 1.80 points when compared to 29.90 percent recorded in January, according the National Bureau of Statistics (NBS). On a year-on-year basis, the headline inflation rate was 9.79…
NSCDC Takes Down Illegal Oil Bunkering Operation in Abia In a significant crackdown on illegal oil bunkering activities, the Nigerian Security and Civil Defence Corps (NSCDC) has successfully dismantled an illicit operation and confiscated two local Cotonou boats containing 9,000 litres of illegally refined Automotive Gas Oil (AGO) in the vicinity of Inhandu Community, Ukwa…
Electricity: Metering will enhance investment, growth in power sector — De-Haryor boss The Chief Executive Officer, De-Haryor Global Services Limited, Engr. Ashade Olatunbosum, said increased metering of households, businesses and other customers would enhance investment and growth in Nigeria’s power sector. The federal government has through many interventions in the power sector encouraged the supply…
Sifax Group Unveils Plans for $20 Million Truck Park at Lekki Port In a bid to streamline truck movement within and around the Lekki Port corridor, the Sifax Group has revealed its intentions to construct a state-of-the-art $20 million Truck Park. This initiative aims to alleviate congestion and enhance efficiency in port operations. The group…
Navy Discovers Illegal Refinery with 9.6 Million Litres Capacity in Rivers State The Nigerian Navy Ship, NNS Pathfinder, has uncovered and dismantled 16 illegal refineries capable of refining 9.6 million litres of crude oil in the Elem-krakama community of Degema Local Government Area, Rivers State. During the operation, 14 suspects, including a woman, were apprehended…
Transcorp Power Announces N3.13 Dividend, Sees 75% Surge in Profit Transcorp Power Plc, a key subsidiary of Nigeria’s prominent conglomerate, Transnational Corporation Plc, has unveiled its audited financial statements for the fiscal year ending December 31, 2023. The company recorded robust gross earnings of N142.1 billion over the 12-month period, marking a substantial increase of…
Nigerian Navy Discovers Massive Diesel Bunker with 400,000-Litre Capacity in Lekki Residence In a recent operation, the Nigerian Navy Ship (NNS) BEECROFT revealed the presence of an illicit Automated Gas Oil (AGO) bunker, boasting a capacity of 400,000 liters, situated within a private compound in the Lekki region of Lagos. The uncovering of this bunker…
NERC Adapts Subsidy Framework and Service Enhancement in NESI In accordance with the Electricity Act of 2023, the Nigerian Electricity Regulatory Commission (NERC) holds the responsibility of enabling licensees within the Nigerian Electricity Supply Industry (NESI) to set rates that recover operational costs efficiently while ensuring a reasonable return on invested capital. This task necessitates…
PENGASSAN Threatens Nationwide Strike Over BelemaOil’s Unpaid Salaries and CBA Dispute In a brewing standoff, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has issued a stern warning of a potential nationwide strike over grievances involving unpaid salaries and the absence of a Collective Bargain Agreement (CBA) with indigenous oil firm, BelemaOil…
Electricity Customer Numbers Reach 12 Million in Q4 2023 – NBS Reports According to the National Bureau of Statistics (NBS), Nigeria recorded a total of 12.12 million electricity customers in the fourth quarter of 2023, marking a 3.46 percent increase from the 11.71 million customers in the third quarter of the same year. Comparing year-on-year…