Business
FOCPEN Seeks Direct Energy Purchase From GenCo
The Forum for Commissioners of Power and Energy in Nigeria (FOCPEN) which are representatives of state governments have sought the signing of interim Power Purchase Agreements (PPAs) for SubCos to buy energy directly from electricity Generation Companies (GenCos).
It is an indication that the state governments are seeking the application of the eligible customer regulation of 2017 that makes it possible for customers to purchase energy directly from the GenCos.
In this case, the states are requesting for agreements to bypass the DisCos in the value chain.
According to a press statement the forum issued from Abuja, “Such regulation may include a mandate for NBET to enter into direct or interim Power Purchase Agreements (PPAs) with SubCos.”
The forum also called on the Minister of Power, Chief Adebayo Adelabu to intervene and ask the Nigerian Electricity Regulatory Commission (NERC) and Enugu Electricity Distribution Company (EEDC) to restore electricity to the people of the state.
The EEDC had reduced energy allocation to the state owing to the decision of the Main Power Electricity Distribution Ltd to reduce band A tariff from N209/kWh to N160/kWh.
According to Main Power, EEDC has said implementing the adjusted tariff would cause a monthly loss of N1 billion. The EEDC has therefore reduced energy supply to the people of the state.
Responding to the situation, the FOCPEN stressed that “FOCPEN calls upon the Minister of Power, Chief Bayo Adelabu, to immediately intervene and prevail upon NERC and EEDC to reverse the power cuts and restore electricity to the people of Enugu State.”
The forum insisted that as the chief policy maker for the sector, the Minister must take decisive action to stop the lawlessness by DisCos who can arbitrarily and without consequence deprive citizens of electricity.
The forum also said NERC must develop appropriate regulations that would allow SubCos enter into bilateral contracts with GenCos to procure wholesale power from the national grid.
The forum said the current arrangement, where SubCos receive power through their HoldCos is an anti-competitive practice that limits their operational autonomy within SEMs and creates a potential for abuse, as evidenced by the current crisis.
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Fresh explosions have hit oil and gas pipelines in Odau Community, in Abua/Odual Local Government Area of Rivers State, triggering a major security and environmental crisis that has forced residents to abandon their homes.
The first incident occurred along the Kolo Creek – Rumuekpe crude oil pipelines, operated by Renaissance Africa Energy Company Limited.
This was followed by a gas pipeline explosion on the Ogboinbiri – Obirikom Gas Pipeline, operated by Oando Plc, in the same week.
In a statement by the Abua/Odual Council Chairman, Hon. Owolobi Michael Ofori said the blasts, suspected to be the handiwork of militants, have unleashed persistent gas leakage in the area, raising fears of fire outbreaks and toxic exposure as residents of Odau have largely deserted the community due to the dangerous situation.
According to him, some residents of the area have been hospitalised after inhaling the leaking gas, adding that the impact has spread to neighbouring communities, including Obedum, Emirikpoko, and Anyu in Abua/Odual LGA, as well as Oruma and Ibelebiri in Bayelsa State.
Hon. Ofori expressed deep concern over the plight of the affected residents and urged the operating companies to act swiftly.
The Council expressed its deepest sympathy to all affected persons and communities and remained gravely concerned about the safety, health, and welfare of residents whose lives and livelihoods have been disrupted by these incidents.
“We call on Renaissance Africa Energy Company Limited and Oando Plc to immediately deploy all necessary technical and emergency response resources to contain the fires, halt the gas leakage, secure the affected pipeline corridors, and mitigate further environmental and public health risks.” the Council Chairman Said.
The chairman also appealed to the two oil firms to provide immediate humanitarian assistance and relief materials to the displaced residents while work continues to restore normalcy.
The Council Chairman said he is working closely with security agencies and emergency responders to monitor the situation and coordinate necessary interventions.
The Council Boss advised Residents of the Local Government Area to remain calm, cooperate with authorities, and adhere strictly to safety directives.
Ofori further called on the National Emergency Management Agency (NEMA), the National Oil Spill Detection and Response Agency (NOSDRA), the Rivers State Government, and other relevant bodies to intervene urgently to prevent loss of lives and environmental damage.
Hon. Ofori assured that the council remains committed to the protection and welfare of its people and will continue to engage all stakeholders to resolve the crisis.
Enoch Epelle
Fidelity Bank Plc has reaffirmed its commitment to youth empowerment, financial inclusion and entrepreneurship through a strategic partnership with the Youth Economic Intervention and De-radicalization Programme (YEIDEP), a Federal Government-backed initiative aimed at equipping young Nigerians with the skills, support and opportunities needed to build sustainable livelihoods.
Under the partnership, the bank will support the enrolment of students and young people into the YEIDEP programme, which is designed to tackle youth unemployment, promote enterprise development and expand economic participation among Nigeria’s growing youth population.
The next phase of the initiative is scheduled to end today at Nnamdi Azikiwe University, Awka, where the enrolment exercise for students and youths across the South-East that started since July 1st would be concluded at the university’s Convocation Arena.
The exercise is expected to reach more than 60,000 regular undergraduate students.
Speaking on the partnership, Fidelity Bank’s Divisional Head, Product Development, Osita Ede, said youth empowerment remains central to the bank’s vision of building a more inclusive and prosperous society.
He noted that Nigeria’s youths represent the country’s greatest asset and stressed that providing them with the right skills, opportunities and financial support is critical to unlocking their potential and driving national development.
According to Ede, the bank continues to provide young Nigerians with tools for success through its digital banking platforms, financial literacy initiatives, youth-focused products and strategic partnerships.
He added that Fidelity Bank recognises that limited access to funding, mentorship and business development support remains a major challenge for many aspiring entrepreneurs, and is committed to creating pathways that will help them overcome these barriers.
The bank said its support for YEIDEP aligns with its longstanding commitment to empowering Micro, Small and Medium Enterprises (MSMEs), which it described as key drivers of economic growth and job creation in Nigeria.
Interested students and youths have been encouraged to open Fidelity Bank accounts and register for the programme through the bank’s dedicated online portal.
Nkpemenyie Mcdominic, Lagos
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