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Oando Acquires Oil Block In Angola

Oando Plc  Favour Ifeoluwa & Akinola Ajibade  Oando Plc  says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc,  Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
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Tarrifs Adjustment: Nigerians may pay more electricity bills as from July, this year


By Akinola Ajibade

Consumers are likely going to pay more for energy,  as from second quarter of 2022, if the decision of the Nigerian Electricity Regulatory Commission (NERC) to review the tarrifs again go according to plans. 

The regulatory body had few months ago, carried out an upward review of the electricity tarrifs, in order to reflect its cost of production and consumption in the country. 

In a memo marked: “Notice Of Compliance in Respect of the Biannual Review of the Revenue Requirements of Licensees and made available to News Mirror, the power sector regulator said that the adjustment will cover among others, changes in relevant macroeconomic indices..

The statement reads: “Pursuant to the provisions of the Electric Power Sector Reform Act (EPSRA), NERC adopted the Multi-Year Tariff Order (MYTO) methodology in setting out the basis and procedures for determination of licensees’ revenue requirements and review of electricity tariffs in Nigeria. The body also explained that the methodology provides for minor reviews (every six months), major reviews (every five years), and extraordinary reviews in instances where industry parameters have changed significantly from those used in the operating tariffs.

“This it said is to such an extent that a review is required urgently to maintain the viability of the electricity industry.”

Continuing further, NERC in a separate orders  issued to the 11 Discos, noted that the “minor” hike in tariffs was to compensate for market fundamentals outside the control of the electricity distributors.

Its Chairman, Mr Sanusi Garba, in his reactions to the issue, explained that there were no new hikes, apart from the review approved in December, maintaining that the bi-annual review was to take care of inflation, foreign exchange, and generation volume among others and insisting that it is part of MYTO. 

Recall that NERC recently released documents approving tarrif increases for Distribution Companies ( DisCos) about four months after the implementation of the new rates commenced.

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