Almost five years after core investors put $1.2 billion (about N427bn) to acquire 60% stakes in 11 electricity Distribution Companies (DisCos) in 2013, they said they are yet to recover the investments or make profit from the defunct PHCN assets. The investors disclosed this on Tuesday in Abuja at a joint briefing by the Association…
The disagreement between the Federal Government and power distribution companies continued on Tuesday, with the Discos threatening to quit the sector and expressed willingness to resell the power assets at discounted rates. Investors in the Discos came out this time around to speak for their companies rather than sending the spokesperson for the Association of…
The Minister of Power, Works and Housing, Mr Babatunde Fashola, has called on state governors to support access to electricity through improved power infrastructure in their states. Speaking at the opening session of NACOP, the minister said, “It is no longer news that the Distribution Companies (DisCos) are having difficulty funding distribution infrastructures. Therefore, as…
Nigeria’s renewable energy segment has recorded $200million worth of equity investments, Stanbic IBTC Bank’s Head, Power & Infrastructure, Mr Abiodun Oni, has said. He said the capital is small in view of the investment gap in the off-grid sub-sector of the electricity industry. According to him, more private investments are coming to the sector to…
Nigeria’s Rensource Energy, has raised €500,000 to contribute to solving Nigeria’s problem with electricity by helping small and medium-sized enterprises to replace the heavy usage of fossil fuel-powered generators with solar systems. This loan from investors on Trine will provide at least 4,000 shops in Nigeria access to electricity. Founded in 2015 with over 1500…
With gas supply, distribution and transmission challenges affecting on-grid power sector, indications have emerged that 13 states’ access to electricity is still below 40 per cent. A report by the Rural Electrification Agency, REA indicated that access to electricity differs from one state to another, from close to universal access in Lagos to about 11…
The German armed forces (Bundeswehr) has commissioned solar plants at three locations in Nigeria built and operated by Daystar Power. The plants at Abuja and Jaji, Kaduna have a total output of 103.8 kilowatts and have been operating since November 2017, creating a self-sufficient and sustainable ecosystem around the German Bundeswehr sites. Two further locations…
A power generating firm, Kano Hydro and Energy Development Company, KHEDCO, Thursday, received two water use licences from the Federal Government for hydro power generation in order to boost electricity supply in the country. The Executive Director, Nigeria Integrated Water Resources Management Commission, NIWRMC, Reuben Habu, presented the licences to KHEDCO in Abuja. NIWRMC is…
The South Korean Ambassador to Nigeria, Mr. Lee In-tae said his country is eager to renew collaboration with the Nigeria mining sector. He made this known today when he paid a Courtesy call on the Minister of State for Mines and Steel Development, Hon. Abubakar Bawa Bwari. Ambassador In-tae revealed that South Korea is now…
In 2014, Cairn and its joint venture partners made one of the world’s biggest oil discoveries and this was followed by Kosmos with significant gas discoveries. “The region has now evolved from a frontier to an emerging hydrocarbon opportunity attracting the attention of the global industry,” Eric Hathon, exploration director at Cairn Energy, said. “In the…