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Electricity Consumers Paid N362bn in Nine Months – Discos

Electricity consumers paid N362bn out of the N520bn billed them by the distribution companies in the country from January to September last year, a new report by the Discos has shown. The Association of Nigerian Electricity Distributors, the umbrella body for the 10 private Discos in the country, said the power firms lost N158bn, representing 30.38 per cent of the ...

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Lekoil Loses Board Fight with Metallon

Shareholders of London-listed Nigerian oil company Lekoil voted on Friday to approve an investor’s bid to add three members to the company’s board, in the culmination of a bitter dispute between its founder and its biggest shareholder. The dispute between Lekoil founder and chief executive Lekan Akinyanmi and top shareholder Metallon even drew in Nigeria’s Ministry of Petroleum, and created ...

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FG and DISCOs Failure to Meet Prepaid Metre Distribution May Stall Projections

…..by James Ikenna….. The federal government and the power Distribution Companies failure to meet the target of distributing the one million prepaid metres they promised the Nigerian consumers between the months of October and December last year may stalll the projection of metering the 10 million consumers within the next three years. According to analysis of meter deployment across electricity ...

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FG to Earn N7.9 Billion from 161 Shortlisted Firms for Bid Round

The Federal Government is to earn about N7.9 billion from 161 oil firms that has been shortlisted by Department of Petroleum Resources (DPR) for the marginal fields bid round which took place last year. The DPR had announced on June 1, 2020 the start of the 2020 Marginal Field Bid Round, which ‘is open to indigenous companies and investors interested ...

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TCN Wheels 5,552.8MW as total Generated Power

Transmission Company of Nigeria (TCN) has wheeled 5,552 megawatt as totally generated power. This is an all-time power generation as announced by TCN. According to TCN, the new peak power generation, which was recorded was successfully transmitted across the grid to power distributors. “This latest all-time peak transmitted surpasses the last peak generation of 5,520.4MW which was also effectively transmitted ...

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NLNG and NAOC Gas Pipelines Explosion Rock Community in River State

………..by Charles Namdi…….. Nigeria Liquified Natural Gas (NLNG) limited and Nigeria Ship Oil Company (NAOC) Pipelines explosion have rocked Oduoha community in Emohua Local Government Area of Rivers State leaving the community in shock for two days. The pipelines are the one that supply gas through the community to a terminal in Bonny Island, in Rivers which belong to Nigeria ...

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FG Orders Reversal of Electricity Tariff

The Minister of Power, Mr. Saleh Mamman, has directed the Nigerian Electricity Regulatory Commission (NERC) to inform all Electricity Distribution Companies (DISCOs) to revert to tariffs that were applicable in Dec. 2020. Mr Aaron Artimas, Senior Special Adviser, Media and Communications to the Minister of Power, made this known in a statement in Abuja. He said that the reversal to ...

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NNPC to Raise $1 Billion for Port Harcourt Refinery Revamp

The Nigerian National Petroleum Corporation (NNPC) is seeking to raise $1 billion oil prepay for revamping Port Harcourt refinery. According to Reuters, the oil firm intends to raise the fund in prepayment with trading firms to refurbish its largest refining complex at Port Harcourt. Although NNPC declined to comment, about seven sources familiar with the discussions confirmed this. The sources ...

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World Bank Projects 5 Percent Growth for Nigeria, others in 2021

The World Bank has projected a five per cent growth for emerging market and developing economies in 2021. Nigeria is a developing economy and the financial institution’s projection was contained in its January 2021 Global Economic Prospects report. “Growth in emerging market and developing economies is envisioned to firm to five per cent in 2021, but EMDE output is also ...

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FCMB to Appoints Yemisi Edun as Acting Managing Director

The Management and Board of First City Monument Bank (FCMB) Plc is to name Yemisi Edun as Acting Managing Director, subject to regulatory approvals which will be subsequently announced in the coming days. The planned appointment has been reported by several online sites and widely circulated on social media. This is also confirmed from a reliable source within the bank ...

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