Oil & Energy

CBN Stops Dollar Sales To NNPC

Published

6 years ago

March 24, 2020

Central Bank of Nigeria (CBN), has stopped local and international oil companies from selling dollars to the Nigerian National Petroleum Corporation (NNPC).
The apex bank said the move is in line with the its determination to improve foreign exchange supply to the economy as the impact of the Coronavirus (COVID-19) pandemic bites harder on the economy. The country’s foreign exchange earnings have been depleted.
CBN Governor Godwin Emefiele said the new dollar remittance policy will boost local dollar collections.
Breaking the news during an emergency meeting with bank chief executive officers in Lagos at the weekend, Emefiele spoke of the urgent need to improve dollar supply to the apex bank, which has vowed to meet all dollar obligations to correspondent banks from importers.
CBN’s commitment to naira stability is accompanied with new policies and bottlenecks meant to reduce dollar spending and meet critical obligations, including those to correspondent banks on Letters of Credit and other trade obligations.
The dollar is expected to be sold to the CBN at N377 to the dollar; same rate banks are to auction dollars to the regulator.
The CBN will also be granting naira and forex funding to key local pharmaceutical companies for procurement of raw materials and equipment required to increase local drug production in the country.
They are Emzor, Fidson, GSK, May & Baker, Unique Pharma, Swiss Pharma, Neimeth, Sagar, Orange Drugs, Dana Pharma, among others, hence the need to effectively harness Nigeria’s dollar earnings in the interest of the economy.
Emefiele explained that the primary focus of the bank at this time is preserving confidence, financial stability and support for the economy.
He said: “We are committed to improving forex supply to the CBN, by directing all oil companies -international, and domestic, whether you are in the service industry, or producing, upstream, mid-stream, downstream, or related companies, to sell their foreign exchange to the CBN and no longer to NNPC, for purposes of funding even import of petroleum products, and also new policy on price modulation.”
The CBN had on Friday officially devalued the naira to N380 to a dollar. The devaluation came after over three years of push from financial market managers, the World Bank and International Monetary Fund for the local currency to be devalued.
Aside devaluing the naira, the CBN also adopted a unified exchange rate, and pushed the official rate of the naira to N376 to dollar for International Money Transfer Operators rate to banks; N377 to dollar for banks’ dollar sale to CBN and pegged CBN’s dollar sales to banks at N378 and limited dollar sales to Bureaux de Change (BDCs) to $20,000 per week.
Emefiele also advised Nigerians to begin prioritising their import needs, and focus more on sourcing raw materials and inputs locally.
Emefiele said: “In deed, there is no choice than to source raw materials locally. From the information available to us, the various lockdowns in different parts of the world, all counties are locking their borders, and making it difficult for even raw materials and inputs to leave their borders.
“So, it means we have no other choice than to look inwards, especially now we can say that those inputs and raw materials can be sourced locally.”
The CBN, in February, introduced new domiciliary account rules in which it directed that customers can deposit dollar into their domiciliary accounts but are not allowed to transfer it to another party.
Also, only electronic fund transfers into domiciliary accounts can be transferred from such accounts to third parties while cash deposits into such accounts can only be withdrawn in cash.

Oil & Energy

Aiyedatiwa Signs New Electricity Bill

Published

2 days ago

August 17, 2026

The Tide

Ondo State Governor, Lucky Aiyedatiwa has signed the State Electric Power Sector (Amendment) Law, 2026, aimed at strengthening regulation and attracting investment into electricity generation, transmission and distribution across the state.

The new legislation, passed by the State House of Assembly, amends Ondo State Electric Power Sector Law, 2020, and aligns the state’s electricity framework with recent constitutional and statutory developments, particularly the Electricity Act, 2023.

A statement issued by the Chief Press Secretary to the Governor, Prince Ebenezer Adeniyan, said a major provision of the law was the establishment of State Electricity Regulatory Commission (SERC), an independent body responsible for regulating electricity activities and standards in Ondo State.

It added that the commission would oversee tariffs, open access, franchises, third-party investments, mini-grids and renewable energy development, while also issuing licences and permits for electricity generation, transmission and distribution facilities.

“The law also provides for the establishment of the State Independent System Operator (SISO) and State Market Operator (SMO) to facilitate the effective operation and development of the state’s electricity market.

“Under the amended law, compulsory metering is required for both grid-connected and off-grid electricity consumers. Electricity sellers are mandated to provide appropriate meters, while consumers will maintain direct service and payment relationships with their respective electricity providers.

“The legislation also provides legal protection for electricity infrastructure financed by communities, associations and private individuals. Transformers, distribution lines and other facilities connected to the public distribution network are protected against arbitrary interference,” the statement said.

It stated further that the law creates the offence of “Electricity Infrastructure Expansion Sabotage” for anyone who deliberately prevents certified electricity infrastructure from being connected to the grid.

According to the statement, first conviction attracts a N2 million fine, as well as an additional N25,000 for every day the refusal continues after written notice from the regulatory authority.

Oil & Energy

NLNG Commissions Research And Innovation Centre In RSU

Published

2 days ago

August 17, 2026

The Tide

The Nigeria Liquified Natural Gas (NLNG) has launched the Research and Innovation Centre for Computer and Electrical Engineering (RICCEE), in the Rivers State University, a major research and development initiative jointly promoted by Nigeria LNG Limited (NLNG) and the Nigerian Content Development and Monitoring Board (NCDMB).

The project, valued at US$6.2 million, is being implemented under NLNG’s Human Capacity Development (HCD) Plan and forms part of the NCDMB Human Capital Development Institutional Strengthening Programme.

The centre is designed to strengthen the university’s capacity for advanced, industry-relevant research, specialised training, technology development and practical problem-solving in computer, electrical and electronics engineering.

The initiative is expected to promote industry-focused research and develop innovative solutions to operational challenges confronting Nigeria’s energy and industrial sectors.

The facility would be developed on approximately 9,336 square metres of land within Rivers State University and will comprise a three-storey building of more than 9,000 square metres, containing 18 specialised laboratories.

The laboratories would include facilities for Electronics and Signal Processing, Robotics and Embedded Systems, Software Engineering and Digital Forensics and Cybersecurity as well as provide offices, storage areas and technical administration spaces to support research, teaching and equipment management.

The building would incorporate sustainability features, including solar energy provisions, energy-efficient lighting and environmentally responsible systems designed to reduce operating costs and support reliable research activities.

A US$1.2 million Professorial Chair would also be established as part of the initiative to support advanced research, academic leadership, and industry collaboration.

Speaking at the groundbreaking ceremony, last Thursday, the Managing Director and Chief Executive Officer of NLNG, Adeleye Falade, who was represented by Dr Sophia Horsfall, General Manager, External Relations and Sustainable Development of NLNG, described the new engineering facility as more than infrastructure, noting that it would serve as a hub for equipping students, lecturers and researchers with the tools required for practical learning, applied research and innovation in computer, electrical and electronics engineering.

Represented by the General Manager, External Relations and Sustainable Development, NLNG, Sophia Horsfall, Falade stated that the centre would strengthen collaboration between academia and industry and ensure that research outcomes from Rivers State University directly address operational and societal challenges facing Nigeria.

He explained that the project is aimed at improving the capacity of institutions of learning through upgraded infrastructure, modern research facilities, technical equipment and industry-aligned training programmes that extend human capital development beyond the classroom.

According to him, the centre would help bridge the gap between academic knowledge and practical industry requirements by enabling researchers and professionals to collaborate on innovations with commercial and developmental relevance.

Falade emphasised that while infrastructure is important, people remain the greatest investment, noting that education delivers the highest return by building confidence, competence and capacity for national development.

He further announced that NLNG’s Research and Development Implementation Consultancy would be based at the centre upon completion adding that the consultancy would support the development of a robust research and development framework in line with the Nigerian Oil and Gas Industry Content Development Act, 2010 and facilitate commercially viable, industry-relevant research in partnership with selected tertiary institutions.

Falade commended the Nigerian Content Development and Monitoring Board (NCDMB) for its leadership in bringing industry and academia together and reaffirmed NLNG’s commitment to sustainable human capital development and indigenous technological advancement.

On his part, the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, who was represented by the Director, Capacity Building Directorate, Engr. Abayomi Bamidele, described the groundbreaking ceremony as a significant milestone in the implementation of the Board’s Human Capital Development objectives.

Ogbe confirmed that NCDMB is fully aligned with NLNG in the implementation of the RICCEE project and would work closely with all stakeholders to ensure its successful execution and completion, commending the NLNG for its commitment to the project.

He explained that the project forms part of NCDMB’s Institutional Strengthening Programme, which seeks to establish enduring partnerships with institutions of higher learning by providing infrastructure that enhances teaching, research, innovation and practical skills development.

He challenged the centre to become a vibrant hub of discovery, creativity, enterprise and technological advancement, where students would be inspired to innovate, researchers would develop solutions to real-world challenges and industry would find reliable partners for research and development.

He also commended NLNG for its commitment to the project and praised the Governing Council, Vice-Chancellor and management of Rivers State University for their dedication to academic ex.

In his address, the Vice-Chancellor of Rivers State University, Prof. Isaac Zeb-Obipi, described the occasion as a historic milestone for the institution and reaffirmed the university’s vision of becoming a leading institution focused on solving practical societal problems through research, innovation and human capacity development.

Prof. Zeb-Obipi stated that the RICCEE project aligns with the university’s 2026–2030 Strategic Development Plan, which prioritises the improvement of academic programmes and the strengthening of research collaboration, innovation and entrepreneurship.

Oil & Energy

Reps Demand Urgent Action On Bille Gas Seepage, Odidi Oil Spill

Published

2 days ago

August 17, 2026

The Tide

The House of Representatives Committee on South-South Development Commission has demanded urgent and concrete measures to resolve the prolonged gas seepage in Bille Community, Rivers State, and the oil spill affecting Odidi Federated Community in Delta State.

Chairman of the Committee, Hon. Julius Gbabojor Pondi, made the demand during an urgent Stakeholders’ Engagement on the Bille gas seepage and a Legislative Hearing on the Odidi oil spill, in Abuja, last week.

Pondi said the two incidents had exposed host communities in the oil-producing region to prolonged environmental hazards while responses from relevant authorities had yet to produce satisfactory and timely resolutions.

The Committee’s intervention comes amid growing concerns over environmental degradation in the Niger Delta, where communities dependent largely on fishing, farming and other natural-resource-based livelihoods continue to contend with the consequences of oil and gas activities.

Pondi said the Committee’s concern over the Bille incident was heightened following its engagement with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the National Oil Spill Detection and Response Agency (NOSDRA) on July 30, 2026.

He said the Committee was deeply concerned that the gas seepage had persisted for approximately nine months without a clear end in sight.

“The implications are serious. Beyond the potential risks to health, safety and the environment, the incident has imposed severe economic hardship on the people of Bille,” Pondi said.

He noted that Bille, a predominantly fishing community, had suffered consequences affecting livelihoods, food security, household income, education and the general well-being of families.

“It is unacceptable for an incident of this magnitude to persist for so long without a clear, time-bound and effective resolution strategy,” he stated.

According to Pondi, the engagement was intended to establish the facts surrounding the incident, assess the response so far, identify obstacles and agree on practical, measurable and time-bound actions.

He said the Committee expected comprehensive briefings from the operating company, NUPRC, NOSDRA and other relevant agencies on the cause, extent and current status of the seepage, while representatives of Bille Community would be given an opportunity to present their concerns and the relief and interventions required.

“Most importantly, we want to move from prolonged discussion to concrete action and lasting resolution,” he said.

Giving an account of the agency’s technical findings, a Director of NOSDRA, Dr Yusuf Rigasa, said investigations had established what he described as “multi-point subsurface gas bubbling” at several locations in Bille.

He stated that gas bubbling had been detected around the premises of the Government Primary and Secondary School, as well as in waterways and certain mangrove areas.

According to him, NOSDRA conducted an air-quality assessment on December 6, 2025, across 19 stations and recorded elevated levels of hydrogen sulphide, methane, volatile organic compounds and carbon dioxide.

Rigasa explained that hydrogen sulphide has a characteristic rotten-egg smell, while methane is highly flammable and potentially explosive.

The concentrations recorded, he said, exceeded applicable regulatory thresholds.

Rigasa stated that the agency’s reference laboratory also analysed samples collected on December 16, 2025, and found elevated levels of total petroleum hydrocarbons in groundwater, surface water and sediment samples adding that

findings indicated that soil, surface water and groundwater in parts of Bille had been affected by pollution.

What we can confirm for the House is that the air, the groundwater, the surface water and the sediment in the swampy areas in that village, they are all polluted,” he said.

The NOSDRA official, however, said the agency had not established that the gas was from a hydrocarbon source.