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Twists, Turns Of PHCN Privatisation

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Thousands of former staff
of the Power Holding Company of Nigeria (PHCN) recently, besieged the zonal office of the company along Moscow Road in Port Harcourt, in desperate move to prove their originality and get captured in the last biometric revalidation exercise.
Leader of a team of verification officers from the Bureau of Public Enterprises (BPE), told journalists that the exercise was designed to accommodate staff who were not captured in previous verification exercises and who were unable to get their terminal benefits which is an integral aspect of the privatisation of PHCN.
In the crowd were some pensioners in their seventies cladding their original documents much older than PHCN itself as they were employed by the National Electric Power Authority (NEPA) that transformed to PHCN. They came from different parts of the country to Port Harcourt for the exercise.
Mr Sunday Nnadi who said he came all the way from Arochukwu had spent three days yet, he did not see any hope of getting through. “All the officers do is asking me to fill one form after the other. It is becoming endless,” Nnadi said.
Another staff said, “I put in 35 years serving this company and the only way to thank or appreciate my efforts is to suffer me like this”, said an old ex-staff who simply gave his name as John.
“Imagine, some of us come from Ondo, Enugu, Edo, Lagos, Katsina, but we had been stranded here for the past three years with the government people turning us to beggers,” he continued.
A former executive member of the National Union of  Electricity Employees (NUEE), Rivers State branch, who also came for the exercise querried if the privatization of PHCN was made to bring sorrow to former staff of the firm.
According to him, the present verification is the sixth time workers were being subjected to the exercise, yet to no avail, as many of them were yet to receive their terminal package.
The former exco member of NUEE accused the new investors of sacking virtually all the NUEE executive members because of the unions insistence on members’ welfare.
“They targeted us even when a good number of us have enviable records of service and laid us off while re-engaging others. This is unfair,” he noted.
Responding to the allegation of inhuman treatment of staff and witch hunting of ex-unionists, the BPE team leader said the staff, especially those from Enugu zone, had  refused to cooperate and were unruly thereby making the exercise chaotic.
He also said that people were taking undue advantage of the verification to defraud the system.
“About 86,000 PIN numbers have been presented by PHCN workers who were less than 50,000 even when each was expected to present one PIN Number only.
He also said there were cases of different persons claiming to be next of kin of some dead staff and that it created confusion and delay.
“The problem is not from the team but from the workers themselves,” said the BPE official.
He further said fraudsters and imposters were desperately adding to the whole situation revealing that two impostors had been arrested.
He stated that the team was made up of representatives from NUEE, BPE, National Union of Pensioners, Pencom, State Security services, PHCN headquarters, Nigeria Electricity Liability Management Companies, Ministry of Power, Senior Staff Union. “The essence is to make it a one-stop shop as there are different bodies to handle various issues and claims,” he added.
He explained that the new investors were to buy PHCN without any liability and that many retirees were not paid by PHCN before the verification, so BPE is also compiling the authentic list as to enable government clear the payment and that such new challenges were not foreseen earlier.
Restating the Federal Government’s determination to clear all backlog of arrears, he said so far about N361 billion has been paid to ex-PHCN staff.
Another source of the challenges facing the team, according to the leader was the way things were being run in the company. “We have NEPA I and NEPA II. The NEPA II staff were employed by staff of PHCN to assist them in the field, at the end of the month they received about N5000, or N10,000 and we are also handling the complex situation.
He assured that at last, all will get fair treatment from the team and particularly noted that he was not aware of any witchhunting of any former staff as a result of his or her role in the union that championed staff welfare in the past.
The critical state of power had remained a major concern and both the government and a cross-section of Nigerians are of the opinion that if the power sector was fixed, it would impact on the socio-economic wellbeing of Nigerians irrespective of class, place or occupation.
In adherence to this, Federal Government under past administrations had taken steps to revive the sector but efforts were frustrated by many factors.
The past administration under President Olusegun Obasanjo, started early by appointing Bola Ige, who was suddenly killed and the death of Bola Ige affected Obasanjo effort until recently, the present administration under Dr Goodluck Jonathan approached the problem through privatization.
In a bid to achieve, a former Minister of Power, Prof Bart Nnaji, was disgraced our of office mainly because of the dogged fight by NUEE which accused Nnaji of attempting to buy off the sector with his cronies from inside and outside the country.
Though President Jonathan had no option than to sack Prof Nnaji. Sincerely, the exit of Nnaji had not removed the hitches mounting on the privatisation process of the national power company.
Just last week, power consumers in Azikiwe Street in Port Harcourt, gathered in their numbers at the Port Harcourt Electricity Distribution Company, Diobu Business Unit to lay a complaint over poor supply and arbitrary billing.
Though, the group could not meet the Diobu Business Unit Manager, but according to them, a senior staff in the manager’s office told them to go and pay their bill first before complaining stressing that was the new order.
Investigation has also shown that the newly re-engaged staff of PHCN in the new firm were working in fears and that the system has become different from what it used to be when they were with PHCN as government parastatal.
One of the staff said as their six months probation period is fast coming to an end, they do not know their fate.
Irrespective of your posting or level, it is mandatory now that you sign the attendance register daily on resumption between 7:30 and 8am and closing time at 5pm,” he said adding that “it does not matter whether you were in the field or office, you must first get to the office in the morning to sign and return to the office to sign off at closure.
Another lady at Rumuola Business unit narrated some experience. “My brother, the beat has changed and, like it or not, you must change your dancing step to ryme with the new rhythm or you are in trouble,” she said.
She said the reengaged staff work under fear and great uncertainty and most times she remains in office till evening and must not complain or ask for extra pay.
But Mr Clement Jacob, a business consultant faulted the approach of the new investors. “The maxim is that you must give the new workers new orientation to enable them work towards your new vision otherwise, you ought not to blame the workers.
Jacob is of the view that since the ex-PHCN staff were given the civil service orientation, there was need to re-orientate them through some short time training and seminars where the new investors should guide the staff along their new mission as to meet target and succeed at last.
He said it is unfair to subject the new staff to new strategy without preparing them for that.
“In business management, such procedure is unacceptable and it is unfair to punish them.”
The aim of the privatisation, according to Jacob, who runs Matrix Business consult in Port Harcourt, is to achieve improvement in power supply for Nigerians to enable the business environment become better.
He, however, stressed that the staff ought to work with happiness and clearly defined targets to enable the private investors make their profit, “but with the way they are going, I am afraid if they would not meet hitches,” he added.
But Prince Emmanuel Ogba, it is too early to assess the new investors. All must join hands with them to succeed because their success would reflect in improved services.
He remarked that if the new privatization strategy fails, it is not the failure of the private investors but that of Nigeria and called for understanding and collaboration of all in Nigeria even as he advised the power investors to be open to Nigeria.
Prince Ogba urged the new investors to integrate the masses in their operations because of the multidisciplinary nature of the sector and suggested a lot of awareness campaign from the investors at workers’ level and masses or consumers levels.
“It is natural that consumers will complain if the services are not encouraging so the new investors should be proactive and give their strategic staff modern training to meet the new challenges,” he continued.
But to Mrs Joyce Oriji, a cold room operator, “Nigeria is going no where without fixing power. We can fail in leadership but if we get the power sector right so many things would fall into good shape”, she said.
To arrest the problem of irrational and arbitrary billing, some power watchers expressed the view that card  system should be adopted as it is done in the telecommunication subsector.

 

L-R: Chairman, General Electric, Mr Jeffrey Immelt, Minister of Trade and Investment, Mr Olusegun Aganga and Vice President Namadi Sambo, during a meeting with officials of general electric in Abuja last Friday. Photo: NAN

L-R: Chairman, General Electric, Mr Jeffrey Immelt, Minister of Trade and Investment, Mr Olusegun Aganga and Vice President Namadi Sambo, during a meeting with officials of general electric in Abuja last Friday.
Photo: NAN

Chris Oluoh

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NCDMB Unveils $100m Equity Investment Scheme, Says Nigerian Content Hits 61% In 2025 ………As Board Plans Technology Challenge, Research and Development Fair In 2026

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The Nigerian Content Development and Monitoring Board (NCDMB), has unveiled a $100 million Equity Investment Scheme among a raft of fresh initiatives to bolster indigenous capacity and participation in the oil and gas industry.
Executive Secretary of the Board, Engr. Felix Omatsola Ogbe, disclosed this while delivering his keynote address at the opening of the 14th Practical Nigerian Content Forum, held in Yenagoa, Bayelsa State.
Ogbe said the $100 million Equity Investment Scheme would provide equity financing to high-growth indigenous energy service companies, while diversifying the income base of the Nigerian Content Development Fund (NCDF).
In furtherance of the scheme, a memorandum of understanding (MOU) was signed at the event between Engr. Ogbe and the Managing Director of the Bank of Industry, Dr. Olasupo Olusi toward the management of the scheme, which is a new product of the Nigerian Content Intervention Fund (NCI Fund).
The NCDMB Scribe also announced that 61 per cent Nigerian Content level has already been attained in the oil and gas sector by the third quarter of 2025 from projects being monitored by the Board.
Ogbe further expressed the board’s readiness to onboard a new set of Project 100 Companies after the successful implementation of approved interventions relating to the first set of Project 100 Companies, launched in 2019, for which an exit plan is slated for April 2026.
The ‘Project 100 Companies’, TheTide learnt, is an initiative of the Ministry of Petroleum Resources and the NCDMB under which 100 indigenous companies in the oil and gas industry were nurtured and empowered to higher levels of competitiveness through capacity building and access to market opportunities.
The NCDMB helmsman also said the Board has concluded plans to launch its NCDMB Technology Challenge in the first quarter of 2026 and to hold a Research and Development Fair in the second quarter of 2026.
In addition to its ongoing initiatives, the board further stated that a review of its seven current guidelines would be undertaken between the first and second quarter of 2026.
“The Board has completed the framework for issuance of NCDF Compliance Certificate, an instrument to confirm that a company in the oil and gas industry has complied with the one per cent remittance obligations.
“The Certificate will become effective on Ist January 2026 and would be required to obtain key permits and approvals from the Board”, Ogbe said.
In his address, the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, said the theme of the PNC Forum, “Securing Investments, Strengthening Local Content, and Scaling Energy Production,” captures Nigeria’s national priorities that guide interventions by the Board and his Ministry.
He insisted that investment remains the lifeblood of the energy sector, and that the Board and the Ministry were committed to providing stable policies, transparent processes, and market-driven incentives, to attract long-term capital,  assuring that the ministry would continue to strengthen local capacity across fabrication, engineering, technology services, manufacturing of components, and research and development.
On his part, the Minster of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, noted with satisfaction that a decade-long stagnation in the oil and gas industry was overcame with the enactment of the long-delayed Petroleum Industry Act (PIA), 2021, and Presidential Directives issued by the Administration of President Bola Ahmed Tinubu in March 2024.
He said Nigeria has regained investor-confidence as signalled by the recent surge in FIDs and the increase of oil rigs from 14 to over 60, with 40 currently in active service.
“Our investment climate now is globally competitive, our fiscal terms are globally competitive. Our policies must be seen to be consistent at all times. The Federal Government is prepared to support Nigerian Content and the oil and gas industry, but then, things have to be done responsibly., he said.
In a goodwill message, the Managing Director, BOI, Dr. Olasupo Olusi, said that the collaboration between the NCDMB and BOI marked a significant expansion of a longstanding relationship, while assuring that through the $100 million NCIF Equity Investment Fund, the Bank of Industry would deploy equity and quasi-equity capital to support high-potential Nigerian companies to complement traditional debt financing and strengthening access to the long-term risk capital required for scale, competitiveness, and value creation.
“With a single obligor limit of $5 million, the Fund is designed to catalyze multiple high-impact investments while maintaining strong governance and prudent risk management”, the BOI Managing Director said.
On her part, the Special Adviser to the President on Energy, Mrs. Olu A. Verheijen, commended the NCDMB for sustaining the PNC Forum, which she said, accelerates change, drives competitiveness, and pushes the industry toward global standards.
She urged stakeholders to remain intentional and not incidental about in-country value addition, as they chart the path toward building a resilient, competitive industrial base in Nigeria.
By;  Ariwera Ibibo-Howells, Yenagoa
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Power Supply Boost: FG Begins Payment Of N185bn Gas Debt

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In the bid to revitalise the gas industry and stabilise power generation, President Bola Ahmed Tinubu has authorised the settlement of N185 billion in long-standing debts owed to natural gas producers.

The N185 billion legacy government obligations to gas producers for past supplies had strained cash flow and hindered operations, discouraged further exploration and production, and reduced gas supply for power generation, thereby worsening Nigeria’s power shortages and unreliable electricity supply.

The payment, to be executed through a royalty-offset arrangement, is expected to restore confidence among domestic and international gas suppliers who have long expressed concern about persistent indebtedness in the sector.

Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said the move, endorsed by the National Economic Council (NEC) headed by Vice President, Kashim Shettima, marked one of the most significant interventions in Nigeria’s energy sector in recent years.
In a statement issued by the his Spokesman, Louis Ibrahim, Ekpo described the approval as a “decisive step towards revitalising Nigeria’s gas sector and strengthening its power-generation capacity in a sustainable manner,”
While noting that the intervention aligned with the ‘Decade of Gas’ initiative, which aims to unlock more than 12 billion cubic feet per day (bcf/d) of gas supply by 2030, Ekpo said clearing the arrears would deliver wide-ranging benefits, beginning with restoring investor confidence in the sector.

According to him, settling the debts is crucial to rebuilding trust between the government and gas producers, many of whom have withheld or slowed new investments due to uncertainty over payments.

Ekpo explained that improved financial stability would help revive upstream activity by accelerating exploration and production, ultimately boosting Nigeria’s gas output adding that Increased gas supply would also boost power generation and ease the long-standing electricity shortages that continue to hinder businesses across the country.

The minister noted that these gains were expected to stimulate broader economic growth, as reliable energy underpins industrialisation, job creation and competitiveness.

In his intervention, Coordinating Director of the Decade of Gas Secretariat, Ed Ubong, said the approved plan to clear gas-to-power debts sends a powerful signal of commitment from the President to address structural weaknesses across the value chain.

“This decision underlines the federal government’s determination to clear legacy liabilities and give gas producers the confidence that supplies to power generation will be honoured. It could unlock stalled projects, revive investor interest and rebuild momentum behind Nigeria’s transition to a gas-driven economy,” Ubong said.

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The AI Revolution Reshaping the Global Mining Industry

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The global mining industry is undergoing a rapid digital transformation, driven by the dual pressures of the energy transition and increasingly complex extraction environments. A new market report projects the global Artificial Intelligence (AI) in mining market will nearly quadruple in value over the next seven years, reaching $9.93 billion by 2032.
This surge in adoption comes as miners face a “perfect storm” of challenges: declining ore grades, labor shortages, and an insatiable global appetite for the critical minerals required to power electric vehicles (EVs) and renewable energy grids.
According to data released this week, the market for AI in mining is valued at approximately $2.6 billion in 2025 and is expected to expand at a Compound Annual Growth Rate (CAGR) of 21.1 percent through 2032.
While the mining sector has historically been viewed as slow to modernize, the need for efficiency is forcing a change. The integration of autonomous haulage systems, predictive maintenance analytics, and “digital twins”—virtual replicas of physical mine sites—is shifting from pilot projects to standard operational necessity.
The “Operations & Process Optimization” segment is currently the dominant application, expected to account for more than 35 percent of the market in 2025. This technology allows companies to squeeze higher yields out of lower-quality rock, a capability that is becoming essential as easily accessible high-grade deposits are depleted worldwide.
The driving force behind this investment is the global scramble for critical minerals. The report highlights that the metal mining segment held the largest market share in 2024, directly correlated to the demand for lithium, copper, cobalt, and nickel—the backbone of the green energy economy.
“Metal mining operations involve highly complex processes—from ore body modeling and exploration to drilling, blasting, grinding, and material movement,” the report notes.
“AI supports these functions through predictive analytics… enabling cost reduction and higher yield recovery.”
For Western nations, this technological pivot also holds geopolitical weight. With China currently dominating the processing of rare earth elements, Western mining majors are under pressure to ramp up domestic production and efficiency to secure supply chains for battery manufacturing and clean energy infrastructure.
Beyond productivity, the industry is leveraging AI to address its most persistent operational risk: safety. The “Safety, Security & Environmental” segment is projected to record the highest growth rate during the forecast period.
Mining remains one of the world’s most hazardous heavy industries. Companies are increasingly deploying AI-powered video analytics and real-time worker tracking to prevent accidents involving heavy machinery and to monitor for gas leaks or ventilation failures in underground operations.
Furthermore, stricter Environmental, Social, and Governance (ESG) criteria from investors are pushing miners to adopt AI for environmental compliance. New tools allow operators to monitor tailings dams for stability, track emissions in real-time, and optimize water usage, ensuring that the intensifying race for minerals does not come at the cost of environmental stewardship.
Geographically, the Asia Pacific region commanded the largest share of the AI in mining market in 2024 and is expected to maintain the highest growth rate.
This dominance is underpinned by massive production volumes in China and Australia. Major industry players in the region, including BHP and Rio Tinto, have been early adopters of autonomous technologies. In Western Australia, for example, autonomous haulage trucks and drill rigs are already commonplace, moving millions of tons of iron ore with minimal human intervention.
China’s adoption is further accelerated by government support for “smart mining” initiatives aimed at modernizing its vast coal and mineral sectors to reduce fatalities and improve environmental performance.
As the world moves toward 2032, the “mine of the future” will likely bear little resemblance to the labor-intensive operations of the past. With generative AI now entering the sector to assist in complex mine planning and exploration, the industry is pivoting toward a model where data is as valuable as the ore itself. For energy markets, this efficiency is not just a bonus; it is a prerequisite for meeting the material demands of a decarbonized world.
By: Charles Kennedy
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