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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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Fed Govt Approves Six Firms to Import fuel in July

Ms Olubukola Arowolo- Verhejien, Special Adviser on Energy to  President Bola Tinubu..


By Favour & Akinola Ajibade


The Federal Government, yesterday ( Monday) said that it has received approval from six new companies to import petroleum products into Nigeria this July. 

The Executive Secretary of Nigeria Mainstream and Downstream Petroleum Regulatory Authority (NMDRA), Farouk Ahmed disclosed this to state correspondents at the Presidential Villa.

According to him, several companies have applied to import petroleum soon, aside the approved six. 

He however, debunked the rumours making round that Dangote Group was one of the companies, which the Nigerian National Petroleum Company Limited (NNPCL) had given approval to import fuel into the country, adding that the National Oil Company has no approval to give that approval.

He further said that that there are several companies that applied for fuel importation permit and anyone can apply for importation to get access to the port as the authority is open to all those interested in importing.

Ahmed said, “There are six companies who said they want to import fuel in July. Of course, all the others may import in December in November, or anytime but those who expressed interest to bring in fuel in July there were six of them as of this morning.

“The beauty of it is that there are interests which means that they have been able to have access to foreign exchange in order to import.

“Now, as we go along, of course, we’ll be briefing you on the progress or the achievements so far, but the important thing is that NNPC has 30 days fuel sufficiency, so we do not anticipate any gap in supply or in distribution.”

Meanwhile, President Bola Tinubu has taken steps to stop ship owners from withdrawing their vessels over what they see as excessive back charges.

The Special Adviser to the President on Revenue, Zacchaeus Adedeji, who led government officials in an interactive session with shipping stakeholders at the State House, warned that Nigeria cannot afford not to have vessels move in and out of the country.

Reports had suggested that at least two ship owners said they were keeping their vessels away from Nigeria after a series of multimillion dollar tax bills were sent out, seeking to recover back unpaid duties from 2010 to 2019.

Adedeji while briefing State House Correspondents on the issue of fuel importation,  allayed fears within the oil and gas sector, spelling out the agreement reached to avert vessel withdrawal so as not to disrupt the flow of products.

He said  that a technical committee has been set up to resolve the issues in contention.

He noted that no vessel would be arrested or detained as the committee works to reconcile the back taxes


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