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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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NAOC/ Oando: NNPC Not Opposing Transaction Between The Two Firms



By Favour & Akinola Ajibade


The Nigerian National Petroleum Commission Limited ( NNPCL) says it has not in any way 
opposed the transaction  between Oando  Plc  and Nigerian Agip Oil Company ( NAOC)  as industry stakeholders were made to believe.
While Oando is an indigenous oil marketing company, the Nigerian Agip Oil Company  (NAOC), a subsidiary of the multinational oil firm- Exxon is planning to divest from Nigeria by selling it Oil Mining Leases (OMLs) to Oando. The board of the two companies are working to see reach a compromise on the matter.
NAOC is discussing the sales of its OMLs 60,61,62 and 63 with Oando. 
According to a statement issued yesterday  (Thursday, September 7th, 2023) signed by 
NNPCL's Corporate Communication Officer, Garba Deen Muhammed, the letter purportedly written by the firm concerning the sale of the assets was nothing, but a routine communication written by NNPC Expiration snd Production ( E&P) Limited to its Joint Venture JV Partner, Nigerian Agip Oil Company Limited (NAOC).
He said: “It has come to our notice that a routine communication in the form of a letter written by NNPC E&P Limited (NEPL) to its JV Partner, Nigerian Agip Oil Company Limited (NAOC) is being interpreted to suggest that NNPC Ltd. is opposed to the sale of NAOC shares to Oando PLC. This is not correct.

“NNPC Ltd. wishes to state that the letter was sent by NEPL, an NNPC Ltd. subsidiary. However, nowhere was opposition or objection to the transaction mentioned in the letter. NEPL is only drawing attention to certain important clauses in the Joint Operating Agreement (JOA) between it, NAOC and OOL; which might have been overlooked in error. Adherence to those clauses will protect the transaction, now and in the future”,.

NNPCL had through the letter with reference no E and P /MD/0623 dated 4th of September, titled “Purported Divestment of Eni Shares to Oando Oil Limited” and addressed to the managing director of Nigerian Agip Oil Company (NAOC), drew the attention of the company to the fact that Clause 19.11 of the JOA provides that “no party may assign or transfer any interest or any part therefore without prior written consent of the other parties, which consent shall not be unreasonably withheld”

The letter was signed on behalf of NNPC EandP Limited by Ali Muhammed Zarah, its managing director. The Group Chief Executive Officer of NNPCL, Executive Vice President of Upstream and the Chief Operating Officer of Oando Oil Limited were copied. 

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