Oil & Energy
408 Retirees Of Defunct PHCN Get Entitlements
No fewer than 408 retirees of the defunct Power Holding Company of Nigeria (PHCN) have started receiving their entitlements.
The payment started after the active retirees or their next of kins have been computed and verified by the Office of the Accountant General of the Federation (OAGF).
The Director General of Bureau of Public Enterprises (BPE), Mr Alex Okoh, said the sum of N1, 053,402,476.03 had been released for the payment.
Okoh expressed delight that following the approval of the National Council on Privatisation (NCP), chaired by Vice President Yemi Osinbajo, the implementation is leading to the resolution of “this outstanding labour issue in the power sector privatisation”.
He said the current milestone in the resolution and settlement of the outstanding labour liabilities became possible after the Bureau intervened.
He said BPE constituted a Technical Working Group (TWG) comprising the OAGF, PENCOM, NELMCO, NUEE, SSAEAC and NUP which worked assiduously culminating in a meeting between the DG of BPE and the OAGF on August 1, 2018 to finalise the payment process.
It would be recalled that prior to now, the BPE, through the OAGF, had paid 47,041 out of the 47,913 active staff of the defunct PHCN in 35 batches and 2,962 out of the 4,423 retirement and death benefits to the beneficiaries in 14 batches.
This is in line with the mandate of the BPE to ensure that labour issues in privatisation are adequately addressed and resolved.
However, given the fact that not all the active staff and retirees/NOKs of the defunct PHCN were verified, the NCP at its meeting of April 16, 2015, directed the Bureau to continue with the process of verification and payment of outstanding cases until a final resolution was achieved.
Following the NCP directive and approval, the Bureau conducted the final verification for staff and retirees/NOKs of the defunct PHCN in six geo-political centres from October 3rd -14th, 2016, resulting in the 408 beneficiaries who are now being paid.
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Digital Technology Key To Nigeria’s Oil, Gas Future

Experts in the oil and gas industry have said that the adoption of digital technologies would tackle inefficiencies and drive sustainable growth in the energy sector.
With the theme of the symposium as ‘Transforming Energy: The Digital Evolution of Oil and Gas’, he gathering drew top industry players, media leaders, traditional rulers, students, and security officials for a wide-ranging dialogue on the future of Nigeria’s most vital industry.
Chairman of the Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya, highlighted the role of digital solutions across exploration, drilling, production, and other oil services.
Represented by the Vice Chairman, Obi Uzu, Ogunsanya noted that Nigeria’s oil production had risen to about 1.7 million barrels per day and was expected to reach two million barrels soon.
Ogunsanya emphasised that increased production would strengthen the naira and fund key infrastructure projects, such as railway networks connecting Lagos to northern, eastern, and southern Nigeria, without excessive borrowing.
He stressed the importance of using oil revenue to sustain national development rather than relying heavily on loans, which undermine financial independence.
Comparing Nigeria to Norway, Ogunsanya explained how the Nordic country had prudently saved and invested oil earnings into education, infrastructure, and long-term development, in contrast to the nation’s monthly revenue distribution system.
Chief Executive Officer (CEO) and Executive Secretary of the Major Energies Marketers Association of Nigeria (MEMAN), Clement Using, represented by the Secretary of the Association, Ms Ogechi Nkwoji, highlighted the urgent need for stakeholders and regulators in the sector to embrace digital technologies.
According to him, digital evolution can boost operational efficiency, reduce costs, enhance safety, and align with sustainability goals.
Isong pointed out that the downstream energy sector forms the backbone of Nigeria’s economy saying “When the downstream system functions well, commerce thrives, hospitals operate, and markets stay open. When it fails, chaos and hardship follow immediately,” he said.
He identified challenges such as price volatility, equipment failures, fuel losses, fraud, and environmental risks, linking them to aging infrastructure, poor record-keeping, and skill gaps.
According to Isong, the solution lies in integrated digital tools such as sensors, automation, analytics, and secure transaction systems to monitor refining, storage, distribution, and retail activities.
He highlighted key technologies including IoT forecourt automation for real-time pump activity and sales tracking, remote pricing and reconciliation systems at retail fuel stations, AI-powered pipeline leak detection, terminal automation for depot operations, digital tank gauging, and predictive maintenance.
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