Oil & Energy
Banks To Offset N25bn PHCN Debt
In a more to enhance gas
availability and improve power supply, the Central Bank of Nigeria (CBN) is collaborating with other Money Deposit Banks to offset the N25 billion debt which Power Holding Company of Nigeria (PHCN) owed gas companies.
The Managing Director, Ecobank Nigeria, Jubril Aku, made this known to newsmen, Thursday, at the Bankers Committee meeting held in Lagos.
The Ecobank MD, who explained that the banks would recover the fund from the Multi Year Tariff Order (MYTO) deduction, stated that the banks resolved to do so as to increase gas supply and boost power suppy.
Aku also said that the Bankers Committee is willing to support an initiative with the government where a special purpose vehicle (SPV) will be set up to provide loans to clear that debt and overtime, the loan would be recovered through MYTO tariff deduction.
The Ecobank boss noted that the essence of the power transformation is to achieve efficiency and ability to improve power supply which had been hindered by gas shortage.
He regretted that many of the operators have not raised their production capacity because of shortage of Gas. “One of the solution is gas pricing. There is an incentive now for the gas companies to produce gas. For the owners of the generating plants, there is also an incentive for them to improve generation”, he said.
Aku revealed that the gas companies have always insisted that the debt be paid, otherwise they would not produce and will began to accumulate new debts.
He said, the Minister of Petroleum, and the CBN governor met and announced the increase in the price of gas because they want gas to be commercially available to enable the gas company to produce more.
The price of gas was move from $1.50 to $2.50 plus a transportation of $0.8. Today at a price of $3.3 there are enough incentives for gas companies to produce gas.
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Oil & Energy
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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