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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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Oil price hits $122 per barrel, signifying more liquidity for Nigeria, others



By Akinola Ajibade


Prices of crude oil, yesterday, reached  $121.95 per barrel at the international market, a development, which signifies increase in liquidity for Nigeria, which relies largely on proceeds from oil for its economy.

This happens, as Saudi Arabia raise oil prices for July amid doubts that an increased OPEC+ monthly output target will help in easing tight supply.

Brent crude firmed 32 cents, or 0.3%, to $120.04 a barrel  after touching an intraday high of $121.95.

U.S. West Texas Intermediate (WTI) crude futures were up 40 cents, or 0.3%, at $119.27 a barrel after hitting a three-month high of $120.99.

Saudi Arabia raised the July official selling price (OSP) for its flagship Arab light crude to Asia by $2.10 from June to a $6.50 premium, the highest since May, when prices hit all-time highs due to worries of disruption in supplies from Russia.

Oil rig

The price increase followed a decision last week by the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, to boost output for July and August by 648,000 barrels per day, or 50% more than previously planned.

The increased target was spread across all OPEC+ members, however, many of which have little room to increase output and which include Russia, which faces Western sanctions.

“With only a handful of… OPEC+ participants with spare capacity, we expect the increase in OPEC+ output to be about 160,000 barrels per day in July and 170,000 bpd in August,” JP Morgan analysts said in a note.

Recall that Citibank and Barclays have raised their price forecasts for 2022 and 2023, as they expect Russian output and exports to fall by around 1-1.5 million bpd by end-2022.

Separately, Italy’s Eni and Spain’s Repsol, according to Reuters,could begin shipping small volumes of Venezuelan oil to Europe as soon as next month. 

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