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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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NNPC Declares Revenue Of N4.5Trn, Eyes More ' Dividends


The Nigerian National Petroleum Company Limited (NNPCL)  has a generated a total sum of N4.5 trillion revenue as at October this year, its Group Chief Executive Officer, Mele Kyari said this in Abuja.

He spoke yesterday ( Wednesday) during an interactive session with the Senate Committee on Finance.

According to Kyari, the NNPCL generated the N4.5 trillion as revenue for the federation for 2023 as at October.

He said better days were ahead, adding that reforms contained in the Petroleum Industry Act (PIA) for the oil sector had placed the company at par with its peers across the globe.

“The NNPC Limited that as a creation of the National Assembly, requires that that the company  conducts its business transparently in line with provisions of the law.

“And to create value for shareholders, and not to lose money, and also to continue to add value and pay dividends to shareholders.

I’m glad to inform you Mr Chairman and Distinguished Senators, that as at October, we are able to deliver N4.5 trillion into the federation account as a company  in 2023.

“Every national oil company has a trading firm.. We have always had one, which never worked prior to PIA Implementation.

“Currently, NNPC Limited is delivering on its mandate through the PIA reforms that has brought us to be at par with our peers, across the globe, and not to lose money anymore,” Kyari said.

Continuing further, he said the He went company had been expanding in business like most National Oil Companies in Africa.

Kyari said the sector would be more investment driven by the time the issue of wide margins in exchange rate and import and export windows were narrowed.

“There is always a parallel market in every country. There is also an import and export window in every country, even in the developed world.

“But there is always a narrow gap between the two and it takes time for you to have stability in this gap so that you have a low margin between the two for a sustained period of time, then businesses will thrive.

“There is a line of sight around this. I am very confident that by the end of the first quarter of next year, those margins will narrow and stability will come and you will see others coming into the market,” he said.

Meanwhile, the Minister of Finance and Coordinating Minister for the Economy, Wale Edun has disclosed plans by the federal government to audit the accounts of the Nigerian National Petroleum Company Limited (NNPCL).

Recall that Edun made said this at the release of the latest World Bank Nigeria Development Update on Wednesday in Abuja.

While insisting on the necessity for rigorous scrutiny, Edun stressed the government’s eagerness to ensure revenue inflows from the NNPCL and other revenue generating agencies.

“There will be earnest scrutiny and I am sure NNPCL is getting ready for that.  We want revenue to come into the government coffers from NNPC and all other revenue agencies.

“The last two ministers of Finance, namely, Mrs. Kemi Adeosun and Mrs. Zainab Ahmed publicly said that the accounts of the NNPCL would be looked into, but there has been no report of such audit made public,” the Minister said.

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