Business
BPE Advises Power Sector Stakeholders On Reform Act
The Bureau of Public Enterprises (BPE) has called on stakeholders in the power sector to adhere strictly to all sections of the Electric Power Sector Reform (EPSR) Act to move the sector forward.
The Acting Director General of BPE, Dr Vincent Akpotaire, made the call in Abuja on Monday.
He made the call when he led BPE staff and members of the House of Representatives Committee on oversight visit to Jos Electricity Distribution Company (JED).
Akpotaire said that the sector was facing crisis because stakeholders complied with sections of the Act that suited their purpose and disregarded the other aspects of the Act.
He said that power generation was at its lowest ebb in the country today; not because of the privatisation of the generation companies as was being erroneously canvassed in certain quarters.
He said, rather, the crisis in the sector was caused by socio-economic issues which the National Assembly should address urgently.
Akpotaire said that gas pricing was a major issue in the electricity distribution chain.
He said that most of the generating plants in the country were gas fired and the price of gas was indexed on the US dollar while collection was in naira.
According to him, the situation has created a gap in liquidity due to the current price of the dollar to the naira.
“The bureau including the Nigeria Electricity Regulatory Commission (NERC) and the National Assembly has the capacity to change the scenario,’’he said.
Responding, the Managing Director of JED, Tukur Modibbo, expressed optimism that things would improve in the sector.
He explained that constant interaction with relevant stakeholders in the sector would provide a better understanding of issues.
Modibbo said that the interaction with the lawmakers would also guide their decisions in charting a way out of the current crisis that had bedevilled the sector.
He commended the BPE for the positive role it was playing to ensure a turnaround in the sector.
He, however, appealed for a review of the gas pricing in dollar as it was at present affecting the DISCOs inability to meet their obligations.
Also, the Chairman, House Committee on Privatisation, Yerima Ahmed, commended the JEDC for its achievements so far.
Represented by Olatunde Kolawole, he said that the House of Representatives was not unaware of the challenges the DISCOs across the country were facing.
Ahmed said that the objective of the power privatisation was for efficient and effective power delivery to consumers.
He said that the objective was one of the key performance indices of the DISCOs in the performance agreement entered into with the Federal Government.
The committee also visited the Jos Steel Rolling Mill (JSRM) now Zuma Steel West Africa.
The team frowned at the inability of the new investors to produce the short-term, medium-term and long-term plan to turn the enterprise around.
Some members of the host community who were present expressed displeasure at the turn of events since the company’s takeover.
They said that the premises had become a hideout for criminals in the area.
Business
NCDMB Hails Tinubu’s Oil Sector Executive Orders
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has commended President Bola Ahmed Tinubu over the announcement of three Presidential executive orders.
The orders, he said, are aimed at providing incentives in the Nigerian oil and gas industry, encourage new investments in the sector, reduce contracting costs and timelines, as well as promote cost efficiency in local content requirements.
According to a statement from the NCDMB’s Directorate of Corporate Communications and Zonal Coordination, the Executive Orders are the “Oil and Gas Companies (Tax Incentives, Exemption, Remission, ETC) Order 2024”, “Presidential Directive on Local Content Compliance Requirements, 2024 (EO 41)”, and the “Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines, 2024 (EO 42)”.
Speaking at the Nigerian Content Tower, headquarters of the NCDMB in Yenagoa, Bayelsa State, the Executive Secretary stated that the policy directives had reinforced the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and codified the Service Level Agreements (SLA), which the NCDMB first introduced in May 2017, to fast-track approvals for the Nigeria LNG Limited Train 7 project, before expanding it to the entire industry after signing a Memorandum of Understanding (MoU) with the Nigerian National Petroleum Company Limited (NNPC Ltd), and five international oil-producing companies in September 2023.
Ogbe clarified that the Presidential Executive Orders did not whittle down the powers of the NCDMB or abrogate the schedule of the NOGICD Act.
He said, rather, the Executive Order 41 mandates the Board to ensure the patronage of local companies with domiciled proven capacities and capabilities to achieve cost competitiveness and project delivery within schedule.
He also noted that Executive Order 42 re-emphasized NCDMB’s obligation to fast-track approval processes as required by the SLA and section 23 of the NOGICD Act, which mandates the Board to review projects’ documentation within 10 days and advise the concerned operating company.
The Board’s helmsman assured that the NCDMB would comply with the terms of the Presidential Executive Orders, insisting that the Board had always been pragmatic with its implementation of the NOGICD Act, and mindful of the cost competitiveness of projects and schedules.
He also stated that the objectives of the Executive Orders and the SLAs were directed to shorten the oil industry’s contracting cycle to six months or less, engender speedy development of new projects, contribute to increased oil production, and improve the national economy.
The Executive Secretary expressed delight that President Tinubu had put his stamp of authority on the noble objectives of the SLAs, and commended him for acknowledging the giant strides recorded in Nigerian Content development.
Particularly, he noted the impressive capacities built by local oil and gas service companies in key areas of the industry and the substantial benefits that had accrued to the Nigerian economy and her citizens through local content implementation.
The NCDMB boss assured that the agency would continue to serve as a business enabler and maintain the recognition conferred by the Presidential Enabling Business Environment Council (PEBEC), which awarded the Board the most efficient agency amongst all Federal Government’s MDAs in 2022, and the PLATINUM rating by the Bureau for Public Service Reforms in recognition of the self-imposed reforms of the Board’s processes.
Ariwera Ibibo-Howells, Yenagoa
Business
Nigeria Opens Land, Air Borders With Niger Republic
President Bola Tinubu has directed the opening of Nigeria’s land and air borders with the Republic of Niger.
He also directed the lifting of other sanctions against the country with immediate effect.
A statement signed by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale, said “President Tinubu has also approved the lifting of financial and economic sanctions against the Republic of Guinea”.
The statement is titled “Nigeria opens land and air borders with Republic of Niger, lifts other sanctions”.
The President’s directive has come just days after the ECOWAS Authority of Heads of State and Government lifted economic and travel sanctions on Niger, Mali, and Guinea at its extraordinary summit on February 24, 2024, in Abuja.
ECOWAS leaders had agreed to lift economic sanctions against the Republic of Niger, Mali, Burkina Faso, and Guinea.
Consequently, the President directed that sanctions imposed on the Republic of Niger be lifted immediately alongside others.
The sanctions are: “Closure of land and air borders between Nigeria and Niger Republic, as well as ECOWAS no-fly zone on all commercial flights to and from Niger Republic.
“Suspension of all commercial and financial transactions between Nigeria and Niger, as well as a freeze of all service transactions, including utility services and electricity to the Niger Republic.
“Freeze of assets of the Republic of Niger in ECOWAS Central Banks and freeze of assets of the Republic of Niger, state enterprises, and parastatals in commercial banks.
“Suspension of Niger from all financial assistance and transactions with all financial institutions, particularly EBID and BOAD.
“Travel bans on government officials and their family members”, the statement read.
Business
FG Targets Standards For Electric, CNG Vehicles
The National Automotive Design and Development Council (NADDC) has announced plans to validate its National Occupational Standards for the conversion and maintenance of electric vehicles and Compressed Natural Gas (CNG)vehicles.
The Director-General of NADDC, Joseph Osanipin, disclosed this during the validation workshop exercise for the draft of the national standards for auto gas vehicles in Nasarawa recently.
He stated that the primary objective of the workshop was to develop a blueprint for skills development and standardised operational procedures in the conversion, calibration, and maintenance of those new automotive energy sources, aligning with the government’s renewed hope agenda.
Osanipin noted that upon approval of the draft by the National Assembly, it would facilitate job creation and reduce greenhouse gas emissions, as ongoing plans include the establishment of more CNG gas stations in Abuja.
He said, “If we achieve what the Federal Government wants us to achieve with autogas, it will reduce the dependency on PMS and diesel and mitigate environmental concerns. It will also create more jobs and wealth for the nation”.
According to Osanipin, the essence of the workshop was to ensure that the input of all relevant stakeholders was captured in the making of this national document.
“This is in line with international best practices. It is expected that the document will come out of this effort at international standards and help to drive the auto sector to global standards”, he added.
He emphasised the significance of the Nigerian Automotive Industry Development Plan 2023 – 2033, relaunched by the Federal Government in 2023, aimed at revitalising the automotive industry and fostering sustainable growth through technological and skills development.
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