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FG- Imo: :Regulatory Oversight of The State Electricity Market Is Now Underr ISERC

By Favour Ifeoluwa & Akinola Ajibade  The Federal Government yesterday( Monday) announced the transfer of Regulatory Oversight of the Electricity Market in Imo State to the state electricity regulatory commission, otherwise known as (ISERC). In a statement issued by the Nigerian Electricity Regulatory Common( NERC), the development is in compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended), reiterating that all transfers envisaged by this order shall be completed by 31 December 2024. According to the Commission,the transfer Order’s provisions include: “Direct Enugu Electricity Distribution Company (EEDC) to incorporate a subsidiary (EEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Imo State from EEDC, and that EEDC shall complete the incorporation of EEDC SubCo within 60 days from 27th June 2024. The subcompany shall apply for and obtain licence for the in
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How 116.46 m litres fuel stolen in 2021, says NNPC

By Akinola Ajibade 

Details have emerged how N15billion worth of Petroleum Premium Spirit (PNS) otherwise known as petrol imported into the country was stolen.

According to the Nigerian National Petroleum Company NNPC) Limited, which is the sole importer of fuel into the  country, the product estimated to worth n18.86billon was stolen in 2021. 

In the Data obtained from different reports obtained from NNPC the products were lost through four pipeline segments , including Atlas Cove Modimi, Atlas Cove Idimu, Satellite, Mosimi-Ibadan, Mosimi Ibadan and Port Harcourt.

The reports further show that the multiple avenues through which the products disappeared made it difficult  to discover early enough, such the fuel regulatory authorities are unable to trace exactly where the products were diverged.

' " The products were lost through four pipeline segments including Atlas Cove-Mosimi and Atlas Cove-Idimu-Satellite, Mosimi-Ibadan, Ibadan-Ilorin and Port Harcourt-Aba. Also, the products were lost between January to December 2021, coupled with fact that  their desired destinations could not be ascertained." the reports said 

Giving the breakdown of how the petroleum products was stolen, the National Oil Company ( NOC) in the reports said that a total of 371 million litres of petrol was lost through three pipeline segment, excluding that of Port Harcourt-Aba, as there was no pumping operation on the line in January.

It added that the -ex-ddepot price of pettol , was N143.17/litres, a development, which implies that the worth of petrol stolen in January 2021 was N943.92m.

In the months of February, March and April 2021, the oil firm lost 5.317 million litres, 5.722 million litres and 7.366 million litres of petrol, valued at N787.88m, N855.28m and N1.09bn respectively.

In May, June and July 2021, NNPC lost 14.157 million litres, 10.585 million litres and 9.329 million litres of petrol respectively.

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