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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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Total exits stakes in NNPC, Shell Ventures

By Akinola Ajibade 

TotalEnergies has launched the sale of its 10 per cent stake in Nigerian joint venture Shell Petroleum Development Company, SPDC, with Canada’s Scotiabank leading the sale as financial adviser, a sale document tendering for interest showed.

Though Scotiabank declined to comment on the exercise TotalEnergies earlier announced the sale in late April.

TotalEnergies declined to comment on the financial adviser.

TotalEnergies confirmed it was selling its interest in 13 onshore fields and three in shallow water, producing over 20,000 barrels of oil equivalent per day. The sale includes infrastructure such as 3,500 km of pipelines connecting to two key crude export terminals, Bonny and Forcados.

The French company will keep OMLs (oil mining licences) 23 and 28 and its interest in the associated gas pipeline network that feeds Nigeria LNG.

Big oil companies have been progressively exiting Nigeria’s onshore production due to years of sabotage and theft that has degraded assets across the oil-rich delta region.

SPDC is a joint venture in which Shell holds a 30 per cent working interest, NNPC holds 55 per cent and Eni has 5 per cent. Shell is also selling its stake in SPDC but these efforts have been held up by a court case.


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