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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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PIA will boost oil and gas sector growth, once Frameworks are right, says Iledare


By Akinola Ajibade

The Petroleum Industry Act( PIA) will boost the growth of the Nigeria'n oil and gas sector, once the institutions in the industry have the right leadership attitudes and frameworks to spur it's growth and the economy in particular, a professor of petroleum economy, Wunmi Iledare has said. 

He said this during his opening remarks at the third Society of Petroleum Engineer, Benin Biennial Technical Symposium recently in Benin, Edo State.

According to him,the PIA is legislated for efficient and effective industry governance, adding that this role can be materialised once the leaderdhi of institutions in the sector is anchored on sound knowledge of the businesses in the industry, not sentiments.

Such institutions, he said, said must also motivate individuals to engage in critical thinking in order to discourage mediocrity.

He also said the institutions should possess leadership that is willing to process diversity of ideas with institutional enrichment priced above self-interests would matter a lot to effectively manage the Oil and Gas future in Nigeria.

He said the PIA 2021 offers investors rewards that are commensurate with the challenges and risks that come with finding, developing and utilizing petroleum resources.

He added:” Thus, the new government, MDAs, enacted by PIA and private participant in the oil sector must rationalize spending significant amount of money, annually, on best available technology and human resources to foster a business environment conducive to petroleum
operations in Nigeria. The importance of human resources with proper skillsets in an organization cannot be overemphasized making continuing
education of professionals imperative.

Adding that: " “The suitability of PIA to foster competitive business environment for petroleum investments and operations in the future will depend on efficient and effective manpower development and deployment in the oil and gas sector governance, administration and operation.

9n human capital development, Iledare ssid that rofessional training and staffd development must be in place in order to sharpen competencies, enhance productivity, and balances rewards adequately in the industry 

The former Country's President, Association of International Energy Economist( AIEE) further said that the sector must have leadership styles and Frameworks that would lead to transformation of the sector.

“This means that prebendalism, elite capture, and transactional leadership scheme had to be expunged from the system if PIA objectives were to met expectations. The oil and gas reform and restructuring in Nigeria took too long, perhaps, because of the HCDD trilemma” he said.

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