Nigeria’s oil revenue threatened as India shifts to alternative market
Businessam Staff
September 30, 2019
Nigeria is about losing one of its major oil customers, India, as the world’s third-largest oil importer has found a new market in cheap crude oil supplies from Iraq, according to a report by Reuters. Also after nine years of using the persuasive approach and warnings to compel oil and gas industry stakeholders to comply […]
AfDB to scrap coal power stations across Africa
Businessam StaffSeptember 25, 2019
Akinwumi Adesina, president, African Development Bank (AfDB,) has revealed plans to scrap coal power stations across Africa and switch to renewable energy. According to a statement issued on Wednesday by the bank, Adesina revealed the plan during climate talks on the sidelines of the ongoing United Nations General Assembly. Addressing a gathering of leaders and […]
Discos accuse TCN of 100 system collapse; 5,300 interruptions in 6 years
Businessam StaffSeptember 24, 2019
Electricity distribution companies (DISCos) on Tuesday again accused the Transmission Company of Nigeria (TCN) of inefficiency despite over $1.6 billion federal government-guaranteed and multilateral funding and grants to the company. The Association of Nigerian Electricity Distributors (ANED), the umbrella body of ten DISCos, except Yola, said TCN’s analogue system has caused over 100 electricity grid […]
UNDP, Sahara Group target energy delivery to 10m households in Africa
Businessam StaffSeptember 24, 2019
The United Nations Development Programme (UNDP) and the Sahara Group on Tuesday unveiled a plan to boost access to sustainable energy for 10 million households in Africa. The two organisations pledged to realise the target through several alternative energy initiatives and interventions in various parts of the continent under the Africa Renewable Energy Forum. Speaking […]
Oil prices extend decline as Saudi promises speedy restoration of production output
Businessam StaffSeptember 18, 2019
Oil prices extended decline to Wednesday as Saudi Arabia said it would quickly restore full production following last weekend’s attacks on its facilities. Although tension in the Middle East remained elevated, Saudi Arabia said it would provide evidence on Wednesday linking Iran to the attacks. The United States had already said it believed the attacks […]
Reps to reintroduce PIB, estimated electricity billing, others
Businessam StaffSeptember 17, 2019
Age long petroleum industry bill, PIB would be reintroduced and perhaps passed very soon by the House of Representatives. The House would also reintroduce the bill prohibiting estimated billing in the power sector to permanently end the wastefulness and unfairness created by an unreliable and arbitrary system that imposes unforeseen costs on individuals and businesses […]
NERC says DisCos largely responsible for poor power supply
Businessam StaffSeptember 17, 2019
The Nigerian Electricity Regulatory Commission (NERC) says the distribution companies (DisCos) are largely responsible for poor electricity supply to customers despite increased power generation. The commission stated this in its newly released 2018 fourth-quarter report. The regulator stated that the limitation in electricity distribution networks remains the biggest constraints in delivering adequate power supply to […]
Nigeria, 10 other African countries to benefit from Desert to Power project
Businessam StaffSeptember 17, 2019
Kenneth Afor with agency report President of the African Development Bank Group (AfDB), Akinwunmi Adesina has said that Nigeria and ten other countries in the Sahel region will benefit from the Desert to Power project when completed. He said this at a joint press conference with the president of the G5 Sahel, Christian Kabore of […]
Africa Oil & Power condemns attacks on Nigerians, foreign nationals in South Africa
Samson EchenimSeptember 16, 2019
By Samson Echenim Africa Oil & Power (AOP) says it is outraged by the violent attacks on Nigerians and other foreign nationals living in South Africa, calling for violence to come to an end. “AOP and its partners strongly condemn the violent attacks on foreign nationals living in South Africa which have resulted in businesses […]
NERC orders PHED to remove killer high tension pole in Calabar
Ben EguzozieSeptember 16, 2019
…as Disco is swamped by customer-related grievances The Nigerian Electricity Regulation Commission (NERC) has ordered the Port Harcourt Electricity Distribution Company (PHED) to decommission its precariously positioned high-tension electricity supply pole in Nyang Asang, a densely populated settlement in Calabar Municipality council, which snapped five years ago killing tens of football fans at a viewing […]