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"Synergy, Commitment Are Key to Global Energy Sustainability, Says Bounour

By Favour Ifeoluwa & Akinola Ajibade  The Chief Executive Officer, Egbin Power Plc, Mr Mohktar Bounour says global transition to cleaner energ and sustainable environment are achievable, as long as there is strong synergy and commitment among stakeholders in the value chain.  He spoke during the maiden edition of  Asharami Square in Lagos. This is an initiative introduced and implemented by the Sahara Group, in order to amplify discourse on energy sustainability through  media advocacy globally. He said: " Having analyzed the percentage of global greenhouse emissions attributed to sectors including electricity/heat production, agriculture/forestry and transportation, we are realised that there is need for synergy  and renewed commitment among stakeholders". According to him, Egbin Power has unwavering commitment to reduce carbon emissions and promotes sustainable energy sources, stressing that the need to depeening engagement and advocacy among stakeholders in
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Marketers-Govt: Reintroduction Of Subsidy Will Massively Affect Economy

Operators at the conference


By Favour & Akinola Ajibade


Oil marketers have kicked  against the decision of the Federal Government to reintroduce oil subsidy regime in Nigeria, saying that the idea will further affect the economy. 

They are drawn from groups such as Major Oil Marketers Association of Nigeria (MOMAN), Independent Marketers Association of Nigeria (IPMAN) among others. They spoke during the recent Nigeria Association of Energy Correspondents( NAEC) International Strategic Conference 2023, held in Lagos.

Speaking against the backdrop of hitches in the distribution of Petroleum Motoring Spirit ( PMS) in the country, the Managing Director of 11 Plc, Mr Tunji Oyebanji urged the sub-sector to address the issue of  limitations in the importation of fuel must first come to an end, if meaningful growth would be achieve in that sector.

“First and foremost, we need to get ourselves out of the bottleneck we have created for ourselves, in which NNPC is the sole importer of fuel in Nigeria,” he said.

Also, the Chief Executive officer (CEO) and Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), Mr Clemens Isong noted that the previous subsidy arrangement had an arduous effect on the economy, noting that there is still “subsidy in some areas”.We must not go back to it,” he said.

He reasons that  opportunity exists in the short term to limit rising costs of the product for Nigerians as the country transitions away from the subsidy regime.

“So, essentially, where are we today? Is the market fully deregulated? The short answer is yes,” he said.

On his part, the CEO of Axxela, Mr Bolaji Osunsanya, said fuel like every other commodity should be allowed to float in the market. Represented by Fisayo Duduyemi, the company’s chief strategy, Odunsanya said there opportunities, which investors in the market would greatly explored.

“So, even though there may be some fluctuations, it is a better situation to have, because that will then bring some investors into the game to look at those opportunities for them to invest,” he said.

Recall that President Bola Ahmed Tiinubu on May 29, 2023 announced that the subsidy regime was over. This was followed by sharp increase in the pump price of fuel to N617 per litre in the federal capital territory (FCT), in July, following the statement.






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