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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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NIPCO acquires majority shares in Abuja Sheraton



NIPCO Outlet 


By Favour Ajibade


 Independent Petroleum Company ( NIPCO) Plc has announced the acquisition of a majority shares in Capital Hotels, which is the former owner of Abuja Sheraton Hotel. 

22 Hospitality Limited,a, NIPCO Plc, has announced the deal in a statement.

The company explained that the deal is part of the concerted efforts of the integrated downstream operator to diversify into the nation’s hospitality industry

Alhaji Aminu Abdulkadir, a Group Executive Director of NIPCO Plc, said  that the new investors are now desirous to restore the hotel to its former glory and to reposition it as the first-choice luxury hotel in Abuja.

The hotel is currently managed by Starwood / Marriott under various system license Agreements with CHP.

Sheraton Hotel, Abuja

Starwood had in the past acknowledged in various reports that the hotel was ‘in a very degraded state and will require hard renovations’ to make it brand compliant. However, despite the hotel’s poor condition and non-compliance with its brand standards, Marriot/Starwood has continued to manage the Sheraton Abuja Hotel which is now in a dilapidated and deplorable state.

A statement signed Lawal Taofeek,Assistant General Manager,Corporate Affairs
NIPCO Plc,said the new investors are keen to turn around the fortunes of the hotel through the injection of substantial new capital under certain preconditions.

He said,as part of the new investors commitment to manpower development in the hospitality industry, it is keen to establish a ‘Hospitality Academy’ in Nigeria in collaboration with the Federal Government to train the Nigerian youths in the various hospitality skill sets.

He added:”This initiative is borne out of the current global shortage of trained and experienced hospitality manpower. Indeed, the statistics show that there are currently more than one million job vacancies in housekeeping, waiters, chefs, security, IT and maintenance.

The CHP Hospitality Academy will not only train Nigerians for local employment but will also equip them with the requisite expertise to seek overseas placements to fill the large volume of vacancies in other parts of the world, thereby becoming a veritable recourse in the quest to abate unemployment in Nigeria.

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