Stories by Ugo Amadi
Dr Ransome Owan, Group Managing Director, Aiteo Power has advised Federal Government and the National Assembly to split the Petroleum Industry Bill (PIB) for easy passage as it affects economic growth.Owan gave the advice during his paper presentation titled “The emerging investor-owned electricity industry in Nigeria and prospects for economic boom” in West African Power Industry Convention (WAPIC) in Lagos. He said that the bill which is regarded to be complex for a country like Nigeria needs to be broken into manageable size as to have an easy passage by the National Assembly.
The Federal Government has signed agreements with power generation and distribution companies as well as independent power producers, international oil companies and the Nigerian Gas Company for the supply of gas to further boost the country’s power generation capacity which hit over 4,500 megawatts recently.
The Minister of Power, Chinedu Nebo (Professor) said that the Ministry has developed an operator platform to ensure that transparency is maintained in the market. He added that NERC and the Ministry are working assiduously to ensure that all the conditions precedent to the declaration of the Transitional Electricity Market are fulfilled.
The United Nations Conference on Trade and Development (UNCTAD) has tasked Nigeria and other developing economies on the need to exploit the biofuels market as alternative means of energy supply.
As this is imperative to enable the country bridge energy demand gap, especially in the real sector.
With biofuels accounting for one per cent of global energy use, a new UNCTAD report on the state of the global biofuels market has found climate change concerns and economic pressures as key drivers shaping the future of this increasingly important sector.
Shell Nigeria Exploration and Production Company Limited (SNEPCo) has unveiled plans to drill eight more wells in the Bonga deepwater oilfield to help maximise deep-water production off the coast of Nigeria.
This seen as major milestone recorded by the Nigeria’s oil and gas industry for Shell’s deep-water subsidiary in Nigeria.
This feat is coming barely two months after the oil giant started oil production from the first well at the Bonga North West deep-water development off the Nigerian coast.
A legal luminary, Gbolahan Gbadamosi has declared that it is unlawful for the National Lottery Regulatory Commission (NLRC) to compel companies engaging in consumer sales promotions (CSPs) to pay levies.
He is of the opinion that NLRC is not operating within the confines of the law establishing it and has no power to close down any business premises for failure to pay the levies the Commission imposed on them.