News

Shells $22bn Loss Waves Warning Flag to Nigeria's Indigenous Oil Companies cpeel-admin Wed, 07/01/2020 - 23:28

The future of most Nigeria’s indigenous oil companies may be under major threat as Shell, one of the world’s largest oil companies, has warned that it would write off up to $22 billion from the value of its assets after the spring’s oil price crash, a concession that in an age o

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Saudi Prince Calls Buhari Amid OPEC's Push for Oil Cuts cpeel-admin Wed, 07/01/2020 - 23:16

Saudi Arabia, de facto leader of the OPEC cartel, held a call with fellow member Nigeria as the organization strives to deliver production cuts aimed at bolstering global crude markets, according to Bloomberg.

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GENCOS Threaten Force Majeure If New Electricity Tariffs are Delayed cpeel-admin Wed, 07/01/2020 - 23:04

Electricity generation companies (GenCos) say they will declare a force majeure and down tools if the Federal Government goes ahead to delay the commencement of the new service tariff plan billed to start July 1.

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N1.72trn After, Nigeria Bids Farewell to Electricity Subsidy cpeel-admin Tue, 06/30/2020 - 15:49

Nigeria is set to quit the expensive habit of subsidising electricity consumption for its people which has cost the country a staggering N1.72 trillion in five years, BusinessDay has learnt.

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States Gave FG Control Over Their DisCos' Shares, Trouble is Getting it Back cpeel-admin Fri, 06/26/2020 - 18:07

Contrary to the Federal Government’s claims that state governments are trying to assume ownership of the DisCos, evidence shows that the states’ investments in DisCos’ equity give them a right to stake a claim.

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Oil Set For Second Weekly Loss Since April on U.S. Virus Fears cpeel-admin Fri, 06/26/2020 - 17:54

Oil Is headed for a weekly decline — only the second since April — as a surge in U.S. coronavirus cases clouded the demand outlook, though the pessimism was tempered by huge cuts to Russia’s seaborne crude exports.

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Oil Climbs to Three-Month High on Demand Strength, Trade Hopes cpeel-admin Fri, 06/26/2020 - 17:37

Oil climbed to a new three-month high as signs of improving demand buoyed a market momentarily roiled by confusion over U.S.-China trade.

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DisCos Face Bleak Future Over N930bn Debt in Unpaid Invoicesowed NBET cpeel-admin Fri, 06/26/2020 - 17:23

A grim picture of the finances of Nigeria’s electricity distribution companies (DisCos) is emerging after a reconciliation of the invoices and payments between them and the Nigerian Bulk Electricity Trader (NBET) showed that the 11 DisCos owe a combined sum of N622.4 billion plus N308

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Development Financing Offers Path to Metering All Electricity Customers

With over N40 billion monthly loss due to poor collections by power distribution companies (DisCos), mass metering of every electricity user can cut down losses and multilateral institutions are best positioned to provide financing, experts say.

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NERC To Sanction DisCos for Failing To Cap Estimated Bills To Unmetered Customers

One week after BusinessDay reported that unmetered electricity customers were still reporting excessive charges despite an order by NERC limiting distribution companies (DisCos)nfrom charging  outrageous bills, the commission  has threatened to sanction erring  DisCos.  The Nigerian Electricity R

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