Category: Business

‘9th Time In 11 Months,’ National Grid Collapses Again

ADEOLA YUSUF

The Nigeria’s Transmission System also known as national power grid, siffered another collapse on Tuesday, November 5, 2024, marking the ninth time that the residents of the country have been plunged into total darkness. According to data from the Nigerian System Operator’s portal (niggrid.org), power generation dropped to an unprecedented zero megawatts from 2:00 pm, affecting all 22 operational generation companies (GenCos) nationwide. This latest blackout is another blow to Nigeria’s struggling power sector, which has been plagued by instability, insufficient capacity, and frequent grid disturbances. The Transmission Company of…

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Nigeria’s Daily Petrol Consumption Hits 50 Million Litres – NMDPRA

ADEOLA YUSUF

‘What Yuletide got to do with this,’NMDPRA’s Chief Executive Farouk Ahmed opens up at OTLAFRICA Energy Week   The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, has disclosed that the country’s daily petrol consumption is hovering around 45 million and 50 million litres, saying demand has increased as the yuletide approaches. Platforms Africa reports that Ahmed stated this in Lagos at the ongoing OTL Africa Downstream Energy Week, refuting claims that petrol consumption dropped to 4.5 million litres following the removal of subsidies by…

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N1,050/Litre: Again, NNPCL Increases Petrol Price

ADEOLA YUSUF

The Nigerian National Petroleum Company Limited (NNPCL) has again increased the pump price of Premium Motor Spirit (PMS), otherwise known as petrol, at its retail stations. The NNPCL increased the pump price of petrol at its stations in Lagos State to N1,020 per litre, while the product was sold at N1,050 in Abuja, the nation’s capital, on Tuesday, October 29, 2024. Platforms Africa recalls that the NNPCL, on October 9, 2024, raised petrol prices from N897 per litre to N1,030 in Abuja, and N998 in Lagos where petrol was formerly…

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How New Modular Refineries’ Licenses Boost Nigeria’s Midstream Sector – NMDPRA

ADEOLA YUSUF

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced a significant expansion in Nigeria’s refining sector. This includes the issuance of nine Licenses to Establish (LTEs), seven Licenses to Construct (LTCS), and four Licenses to Operate (LTOS) for modular refineries. This initiative aims to enhance local production and reduce dependence on imports. Engr. Farouk Ahmed, Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory (NMDPRA) revealed this during his keynote address at the 18th OTL Africa Downstream Energy Week summit in Lagos, themed “Alliances for Growth.” He…

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Tinubu Stripes Sports, Niger Delta Ministers Off Jobs, Scraps Portfolios

ADEOLA YUSUF

. The Ministry tossing out, merger that technically led to Senator John Owan Enoh and Hon. Abubakar Momoh jobs loss President Bola Tinubu has scrapped both the Ministry of Niger Delta and the Ministry of Sports Development. Platforms Africa reports that this striped the substantive ministers in the affected ministries; namely Senator John Owan Enoh of Sports and Hon. Abubakar Momoh of Niger Delta affiars off jobs. Nigeria Bans Cooking Gas Export Amid Price Surge Buy Petrol At N1,000 per litre; CNG At N200, Tinubu Tells Nigerians After Platforms Africa…

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Nigeria Rejects Shell’s $2.4Bn Onshore Asset Sale To Renaissance

ADEOLA YUSUF

  . Two years after, NUPRC approves ExxonMobil/Seplat $1.28 billion deals     The Nigerian Government has declined approval for the Renaissance Africa Energy’s acquisition of Shell’s onshore assets in the country. Recall that Renaissance has earlier in mid-January 2024 announced the acquisition of the entire shareholding in The Shell Petroleum Development Company of Nigeria Limited (SPDC). After Platforms Africa’s Report Buhari Sets up 14 Man Committee on Fuel Crisis ‘Revoke NNPC Fuel Import License,’ Dangote Slams N100bn Case On NMDPRA I’ve Very Clear Vision of Where Africa Should Be—…

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‘Revoke NNPC Fuel Import License,’ Dangote Slams N100bn Case On NMDPRA

ADEOLA YUSUF

Joined as defendants in the case by Dangote Refinery are NMDPRA, NNPCL, Aym Shafa Limited, A. A. Rano Limited, T. Time Petroleum Limited, 2015 Petroleum Limited, and Matrix Petroleum Services Limited (1st to 7th defendants). Dangote Petroleum Refinery and Petrochemicals FZE has asked the Federal High Court in Abuja to void import licenses issued to the Nigeria National Petroleum Corporation Limited (NNPC), Matrix Petroleum Services Limited, A. A. Rano Limited, and four other companies for the purpose of importing refined petroleum products that are already being produced by Dangote without…

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‘3rd Time in 5 Days,’ National Grid Collapses Again

ADEOLA YUSUF

. Details of the 8th grid collapse in 2024 and why more manufacturers now boycott supply from the ‘weak link’ Nigeria has been plunged into a fresh nationwide blackout as the national electricity transmission system popularly known as National grid suffered yet another total collapse. Platforms Africa reports that the system failure, which rocked the epectricity transmission network at 8:40 a.m. on Saturday, October 19, was the third collapse in just 5 days and the 8th collapse in the last nine months of the years 2024. ‘4,067MW To 1,255MW,’ How…

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Thumbs-up: Don’t Reverse Fuel Subsidy, Naira Floating – World Bank Hails Tinubu

ADEOLA YUSUF

. World Bank chief’s remarks insulting to the millions of Nigerians enduring unprecedented economic hardship – ActionAid Nigeria   The World Bank has warned President Bola Tinubu-led Nigerian government not to reverse fuel subsidies and other economic reforms that have exacerbated the cost of living crisis. After Platforms Africa Report, Oil Ministry Director Queried, Minister Disowns Claim The call comes in light of policy changes introduced by the Tinubu’s administration, including the removal of fuel subsidies and the abolition of multiple foreign exchange systems. During the launch of the Nigeria…

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The $20M Fraud Case In US That Landed Air Peace CEO In Fresh Trouble

ADEOLA YUSUF

US authorities charged the owner of Nigeria’s largest airline with obstruction of justice in a $20 million fraud case. The charge updates an indictment from five years ago in which he and an alleged accomplice were charged with bank fraud and money laundering. The US Department of Justice said Allen Onyema, founder and chief executive of Air Peace, faces the new charge of obstruction “for submitting false documents” to the US government. Onyema, 61, allegedly submitted the documents in a bid to end the investigation that led to the bank…

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