Conoil shareholders get N1.39bn dividend

Conoil shareholders get N1.39bn dividend

Shareholders of Conoil Plc have approved the payment of N1.39 billion dividend proposed by the board of the oil marketing company. This came on the back of appreciable performance recorded in the 2019 financial year, and thus, the shareholders will get 200 kobo on every 50 kobo ordinary share. At the virtual 50th Annual General Meeting (AGM) of the company held by proxies at the weekend in Lagos, the shareholders were unanimous in their commendation for performance of the Board and Management and for the consistency in the payment of…

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Nigeria loses N1.06trn oil revenue target to COVID-19 – NNPC

The Nigeria National Petroleum Corporation (NNPC) says  the country’s oil revenue target declined by N1.06 trillion due to COVID-19 and low crude oil price. Nigeria loses N1.06trn oil revenue target to COVID-19 – NNPC The NNPC’s Group Managing Director, Malam Mele Kyari, made the disclosure on Tuesday during a Nigerian Stock Exchange (NSE) oil and gas webinar with  theme as: “Perspectives of Operations and Industry Experts Post- COVID-19”. According to Kyari, the country’s N2.64 trillion oil revenue target declined by 40 per cent as a result of twin shocks of…

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Nigerian venture plans to raise N480bn for power gap

power electricity

A Nigerian venture plans to raise N480 billion ($1.2 billion) over the next three years to buy electricity meters and help power distributors plug a revenue gap in Africa’s most populous nation. Less than a 10th of Nigeria’s 41 million households have their electricity consumption metered and half of those are faulty, according to PricewaterhouseCoopers. As a result, distribution companies have to estimate bills, resulting in disputes that delay payments. According to Bloomberg News, Meter Assets Finance and Management Co. hopes to end that by raising funds to purchase and…

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CBN releases framework for metering financing, promotes local content

Power: Deal With Siemens - The Birth of a New Era?

The Central Bank of Nigeria (CBN) has released the framework for the financing of National Mass Metering Programme (NMMP). The programmed is aimed at closing the current metering gap of over 10 million in the Nigeria Electricity Supply Industry (NESI). According to the apex bank, the closing of this gap is expected to enhance efficiency of revenue collection by distribution companies (DisCos), thereby facilitating meeting their obligations to other upstream market participants. The framework, which outlines the operational modalities of the CBN financing support to the DisCos (downstream) and local…

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Concerns mount as NNPC Group’s liabilities surpass assets by N4.4trn

The liabilities of the Nigerian National Petroleum Corporation (NNPC) Group has exceeded the assets of the oil firm by N4.4 trillion in 2019, the just released audited financial statements of the firm for 2019 showed. In the same vein, the report further revealed that the oil firm’s liabilities as a corporation also exceeded its assets by N1.1 trillion. The auditors expressed significant doubt on the continued existence of NNPC as a going concern considering the level of liability being shouldered by the oil firm. The auditors include PriceWaterhouseCoopers (PwC), SIAO…

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Experts to dissect COVID-19 impacts on oil & gas sector

Experts to dissect COVID-19 impacts on oil & gas sector

The Nigerian Stock Exchange (NSE) will host an Oil and Gas sector webinar on Tuesday, 20 October 2020.   With the theme, Perspectives of Operators and Industry Experts Post-COVID-19, the webinar will bring together key players across the entire oil and gas value chain to discuss the impact of the COVID-19 pandemic on the sector as well as its reactions to global trends, government policies, funding dynamics, key challenges and potential shifts. According to a press statement for the management of the bourse on Wednesday, interested participants can register to attend at  http://bit.ly/nse-oilandgas-webinar. The statement…

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FG secures AfDB’s $350m for power intervention

FG secures AfDB’s $350m for power intervention

The Federal Government has secured a $350 million intervention fund from the Africa Development Bank (AfDB) for power sector just as the sale of three power assets near completion. A document of the Ministry of Power sighted at the weekend, which showed this, added that the stations slated for sale included the Afam Power Station and the Afam Three Fast Power as well as the re-privatisation of the Yola Electricity Distribution Company (YEDC) to boost current efforts aimed at providing reliable power supply in the country. “The AfDB has signaled…

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25% job cuts: Strike threatens Chevron’s operations in Nigeria

25% job cuts: Strike threatens Chevron's operations in Nigeria

The National Union of Petroleum and Natural Gas and the Petroleum and Natural Gas (NUPENG) Senior Staff Association of Nigeria have directed their members in Chevron Nigeria Limited (CNL) to commence a total shutdown of the company’s operations over the sack of Nigerian employees. In a statement jointly signed by Prince Williams Akporeha, the President of NUPENG, and his PENGASSAN counterpart, Mr Festus Osifo, the unions said, “Chevron management was using the COVID-19 pandemic as an excuse to ease out Nigerian workers from the company while it continued to engage…

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DisCos need N8.7bn to meet NERC’s remittance order

Hints remittance order may lead salar payment Asks MDAs to settle N100bn electricity debts _______________________________________ The Electricity Distribution Companies (DisCos) have implored the National Assembly to intervene in the current liquidity crisis in the power sector, saying they will need N8.7 billion to comply with the remittance order set by the Nigerian Electricity Regulatory Commission (NERC). A statement issued today by Sunday Oduntan, ANED’s executive director, research and advocacy, in a breakdown of the required amount, said the DisCos will require N725 million monthly to meet the threshold of 35…

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DisCos reocup N1.27trn from Nigerians in 3 years

Electricity distribution companies collected a total of N1.27 trillion from customers in the last three years, data obtained from the Association of Nigerian Electricity Distributors on Thursday have shown. The association, said customers paid N363 billion in 2017, N437.9 billion in 2018 and N473 billion in 2019 as utility bills for connecting to and using the public electricity infrastructure. The Discos said the energy billed customers stood at 18,882 gigawatt-hours (equivalent to N597.3 billion) in 2017; 20,852 GWh (N661.6 billion) in 2018, and 21,702GWh (N695 billion) in 2019. The energy…

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