Oando Plc Favour Ifeoluwa & Akinola Ajibade Oando Plc says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc, Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
By Favour & Akinola Ajibade
Electricity consumers, henceforth, are going to pay new prices for prepaid meters and unit costs of the product respectively, the Nigerian Electricity Regulatory Commission (NERC) has said.
In the circular dated September 5th 2023 and signed its Chairman, Sanusi Garba and the Commissioner of Legal, Licensing and Complicated, Safe Akpeneye, the Commission blamed the development on factors such as rising rates of inflation, landing cost of the material and the recent increase in charges by Nigerian Customs Services.
Others are multiple Charges by various Institutions in charge of Ports and the increasingly outrageous cost of doing business in Nigeria and other built-in costs.
Apart from this, NERC approved new prices for unit cost of electricity for consumers.
According to the approved price list Single Phase Pre Paid Meters is now N81, 975 . 16k. from N58 , 661 .69k, 3 Phase Pre Paid Meters is now N143 , 836 .10k from N109 ,684.36k .
While justifying the increase, the Commission said the adjustment in prices of meters and unit cost of the product was to create an equitable and sensible meter pricing system that would be fair to both Meter Asset Providers (MAPs) and end-user customers.
Continuing further, NERC said that MAP will ensure the ability to recover reasonable costs associated with meter procurement and maintenance while ensuring that their pricing structure allows for a viable return on investment.
It also stated that “Pursuant to the provisions of section 8(1)(c) of the Regulations which provides that the costs of single-phase and three-phase meters for MAPs, inclusive of all other associated costs of installation and warranties shall be at the regulated rates approved by the Commission, the Commission hereby approves the following review of meter prices of MAP issued meters.
“The approved meter prices are exclusive of Value Added Tax (VAT). The approved meter prices are also inclusive of the revised Nigerian Electricity Management Services Agency (“NEMSA”) sealing cost.
“All MAPs shall adjust their prices to reflect the approved rates. All Maps shall supply meters previously paid for by end-use customers prior to the commencement of this Order at the prevailing rate when payment was made by the customers without additional increase in cost.
“All DisCos and MAPs are to develop/implement customer enlightenment campaigns on the price review along with a schedule on the implementation of their meter rollout plans.“All MAPs shall continue to file monthly sales and meter installation returns with the Commission.”
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