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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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Eni To Oando: We Are Selling NOAC, If Plans Sail Through


By Favour & Akinola Ajibade


Eni Spa, yesterday, (Monday) said that it would sell Nigerian Agip Oil Company(NAOC) to Oando, a fastest growing Nigerian oil company, if all go according to plans. 

Eni, an Italian firm, said it has reach agreement with Oando issue, with both companies  expecting the deal to come into fruition soon. 

Oando is the leading Nigerian energy company listed on both the Nigerian Stock Exchange and Johannesburg, while  Nigerian Agip Oil Company Ltd, was a subsidiary of Eni and active in Nigeria in onshore hydrocarbon exploration and production and power generation.

In Nigeria, NAOC holds corporate interests in four onshore blocks namely OML 60, 61, 62, 63, which are being operated on behalf of the NAOC JV – operator NAOC Ltd 20%,Oando 20%, NNPC E&P Limited 60% -, in Okpai 1 and 2 power plants with an installed capacity of 960MW, and in two onshore exploration licenses – OPL 282 and OPL 135, 90% and 48%, respectively -, of which it is also operator.

The stake NAOC holds in SPDC JV – Shell Production Development Company Joint Venture – Shell operator 30 percent, TotalEnergies 10 percent, NAOC 5 percent, NNPC 55 percent – is outside the scope of the transaction and will remain in Eni’s portfolio.

The transaction is in line with Eni’s 2023-2026 Plan. “Upstream will complement core organic growth with high-profile portfolio assets, adding resources that will increase their value, while divesting assets that can offer greater value and opportunities to the new owners,” the company explained in a note.

The closing of the transaction is subject, inter alia, to the approval of all relevant local and regulatory authorities.

Eni trades in the green by 0.6 percent at EUR14.62 per share.

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