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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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Investors will make NNPC profit driven, not govt says El-Rufai



By Akinola Ajibade


The Nigerian National Petroleum Corporation  (NNPC) will collapse the nation's economy, if it not sold to private investors, who would run it in a more profitable manners, the Kaduna state governor, Nasir Ahmed El-Rufai has said..

He spoke recently on Channels Television Special Programme introduced in order to mark the 7th edition of the annual Kaduna Investment Summit( KADinvest 7.0) . 

He said the nation's oil company is not well manage, adding that if the company is not given to investors, who has the prerequisite knowledge to run the firm, the country will come to its knees.

He said the Federal Government has failed in the oil and gas business and should therefore stop managing the sector. 

While Speaking on the theme of the Summit “Building a Resilient Economy”, El-Rufai said that NNPC has since the beginning of this year, NNPCL has not brought even N20,000 to the Federation Account.

According to him, “NNPC is a big problem to Nigeria and unless we resolve it, it will bring Nigeria to its knees. It is a systemic and institutional problem, it is beyond one person.”

He said, “there is no reason why the Nigerian Government should still be in the oil and gas sector.

He said NNPC has not brought substantial revenue to the federation account this year, noting that the company isn’t adding any financial value to the country. “This year NNPC hasn’t brought N20, 000 to the federation account.”

“When I say the government should get out of oil and gas, people shouldn’t think it’s crazy, it’s not. We are living on taxes. It is PPT, royalties and income tax that is keeping this country going. Because NNPC claims that the subsidy has taken all the oil revenues, I don’t believe that. So, the government should sell everything —the oil and gas sector. I have been making this point since 1999 when I was head of the Bureau of Public Enterprises (BPE). I have not changed my mind.

“The government should get out of whatever is left of electricity. Leave it to the private sector. Maintain the environment. The money will come. Nothing has changed for NNPC other than adding L to it for the limited. They are still taking our money. They are still declaring profits that we don’t see.”

Speaking further, Governor El-Rufa’i said, the sectors doing well in the Country like entertainment, telecoms, fintech and others have no government involvement.

He said, commercialization of the Nigerian National Petroleum Company notwithstanding, nothing has changed with the sector since July 2022.

He said though the Group Chief Executive Officer of NNPC Limited, Mele Kyari is trying his best, the company has failed and has no business being in the sector. Adding that, “There is no reason why the Nigerian Government should still be in the oil and gas sector. It should just get out, it has failed. By every measure it has failed.”

 

 

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