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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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SNEPCO-Fed Govt: We pay $907m in 2022

By Favour & Akinola Ajibade Shell 


Nigeria Exploration and Production Company (SNEPCo) paid taxes and royalties of $907 million to the federal government in 2022.  This happens, as the company continued to contribute to the country's purse to finance its development. 

Also, SNEPCO and its partners remitted more than $20.73 million to the Niger Delta Development Commission (NDDC) in compliance with statutory requirements.

“SNEPCo has been boosting  national revenue since 2005, when we pioneered production from deep-water in Nigeria after successfully drilling the first exploration well in more than 1,000 metres of waters five years earlier,” said Managing Director Elohor Aiboni, while reviewing the company’s operations.

“But we pay more than taxes and royalties. The success story at Bonga has helped to create a generation of Nigerian deep-water professionals, encouraged indigenous contractors and service providers to acquire skills and competence to support operations offshore and resulted in the construction of medical and educational institutions in addition to other aspects of social investments in different states of the federation,” Aiboni added.

SNEPCo was incorporated in 1993 to explore and deliver hydrocarbons in Nigeria’s deep-water frontier where no concerted exploration effort had previously taken place. The company has continued to deliver on this mandate through Bonga and other deep-water blocs.  In February this year, Bonga produced the one billionth barrel of oil, marking a key milestone in the operations of a field located 120km off the shore of Nigeria.

Mrs. Aiboni added, “we are grateful for the support of Nigerian National Petroleum Company (NNPC) Limited and our Co-venture partners consisting of Nigerian Agip Oil Company Limited, Total Energies Nigeria and Esso Exploration and Production Nigeria (Deepwater) Limited. SNEPCo will continue to operate safely and deliver real benefits to all stakeholders, including the people and government of Nigeria.”

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