The Lagos State Government has given a seven-day ultimatum for the removal of illegal structures erected beneath high-tension and power lines across the state. The Lagos State Building Control Agency (LASBCA) shared the directive via its official X account, emphasizing its goal to reduce the risks associated with unauthorized constructions in these areas. The announcement…
It has become necessary to clarify media reports suggesting an imminent 65 percent increase in electricity tariffs. This is a misrepresentation of what I actually said in a recent press interview. I highlighted the fact that, following the increase in Band A tariffs in 2024, current tariffs now cover approximately 65 percent of the actual…
The Petroleum Industry Act (PIA), which ushered in the full deregulation of the nation’s oil & gas sector conferred on NNPC the critical role of the supplier of the last resort. In practical terms, what this means is that at any point in time when there are discrepancies in the supply chain of petroleum products,…
In a bold move to drive economic relief for Nigerians, Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre, effective from Saturday This price adjustment is in response to favourable developments in the global energy sector and a significant decline in…
The federal government has said that for electricity tariffs to reflect the actual cost of production, some Nigerians might need to pay over 65 per cent of what they are currently paying for a kilowatt/hour of electricity. Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, explained that Nigeria’s power prices need to rise…
The Petroleum Products Retail Outlet Owners Association of Nigeria says its members are now loading petroleum products from the Port Harcourt and Warri refineries. This is contrary to previous doubts that the refineries owned by the Nigerian National Petroleum Company Limited were not fully operational. spokesman for the association, Joseph Obele, disclosed this in a…
Lagos state government, has announced plans to introduce new meters to eliminate estimated Governor Babajide Sanwo-Olu, made the announcement at the Lagos Commodities and Futures Exchange Meeting , in Lagos. The Governor, presented by his Deputy, Obafemi Hamzat, while speaking onthe themed ‘Building a Competitive Electricity Marketplace: Strategies to Attract Investments and Boost Confidence in…
A leading gas and power portfolio company in sub-Saharan Africa, Axxela Limited, has received gas distribution licences for its subsidiary companies, Gaslink Nigeria Limited, and Central Horizon Gas Company Limited, from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to support expansion opportunities and deepen domestic gas utilisation in the country. The licences, awarded…
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, has declared the country’s electricity sector open for investment at the ongoing #Mission300 African Energy Summit in Dar es Salaam, Tanzania. Addressing selected investors and development partners, Edun highlighted Nigeria’s electricity sector as a prime opportunity for investment. He emphasised the nation’s commitment…
The Group Chief Executive Officer of OandO Plc, Wale Tinubu has disclosed that the oil firm is partnering with the Lagos State Government to deploy 5,000 electric buses for public transportation in the state. Tinubu, stated this in an interview with CNBC Africa, on the sidelines of the just concluded World Economic Forum in Davos,…
