NERC Orders Removal of EKEDC MD and Top Executives. In a recent development, Dr. Tinuade Sanda, the Managing Director of Eko Electricity Distribution Company (EKEDC), along with other top executives, has been relieved of their positions following a directive from the Nigerian Electricity Regulatory Commission (NERC). The affected executives, all seconded staff from West Power…
NLC Expresses Concern Over Deteriorating State of Power Sector. The Nigeria Labour Congress (NLC) has sounded the alarm over the persistent poor state of power supply in the country, expressing significant concerns for businesses and national development. Despite twelve years of privatization initiated during the administration of former President Goodluck Jonathan, the NLC lamented that…
NSCDC Uncovers Five Suspects for Vandalizing Heirs Energies/NNPC Ltd JV. The Nigerian Security and Civil Defence Corps (NSCDC) has made notable progress in combating illegal oil activities, culminating in the arrest of five suspects involved in vandalizing the wellhead of Heirs Energies/NNPC Ltd JV. The incident took place in Odagwa Community, Etche Local Government Area…
NIMASA Reaffirms Commitment to Environmental Sustainability and More. Dr. Dayo Mobereola, the newly appointed Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), has outlined his key priorities, with a strong emphasis on safety, security, efficiency, and environmental sustainability. In his inaugural address upon assuming office, Dr. Mobereola emphasized the importance of fostering…
NERC Releases Electricity Distribution Figures for January 2024 The Nigerian Electricity Regulatory Commission (NERC) has released data indicating that eleven Electricity Distribution Companies (Discos) across the country collectively received 2,577.60 gigawatt-hours (GWh) of electricity in January 2024, valued at N130.92 billion. The Discos mentioned include Abuja, Benin, Eko, Enugu, Ibadan, Ikeja, Jos, Kaduna, Kano, Port…
Nigeria Sets Deadline for Eco-Friendly Reporting Standards Implementation Nigeria has taken a significant step towards environmental responsibility by announcing plans to enforce eco-friendly reporting standards for businesses within the next four years. Non-compliant companies may face sanctions as a consequence. This decision reflects a response to increasing global investor interest in companies’ environmental, social, and…
CNOOC’s Profits Decline by 12.6% in 2023 Following Record-Breaking 2022. Chinese energy giant CNOOC Ltd (0883.HK) reported a 12.6% decrease in net income for 2023 compared to its record-high earnings in the previous year. This decline was attributed to lower hydrocarbon prices, although the company’s emphasis on cost management and reserve expansion helped alleviate the…
Oil Prices Decline Amid Prospects of Gaza Ceasefire and Dollar Strength. Oil prices experienced a decline on Friday, influenced by the potential for a ceasefire in Gaza that could alleviate geopolitical tensions in the Middle East. Additionally, the strengthening of the U.S. dollar and a decrease in U.S. gasoline demand contributed to the downward pressure…
Kerosene Price Surges to N1,340 Per Litre in February, Reports NBS. The National Bureau of Statistics (NBS) has reported a rise in the average retail price of kerosene from N1,329 per litre in January to N1,340 per litre in February this year, reflecting a 0.86% increase. The data was published in the NBS National Household…
NCDMB Oversees NLNG Train 7 Progress During Monitoring Visit in South Korea. The Nigerian Content Development and Monitoring Board (NCDMB) is presently conducting on-site monitoring visits to South Korea as part of its oversight duties for the Nigeria Liquefied Natural Gas (NLNG) Train 7 project. Scheduled from March 18 to 22, 2024, this visit aims…
