Finance & Markets articles

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Benin, Niger Pay N48.84bn to Nigeria for Power

Benin, Niger Pay N48.84bn to Nigeria for Power

The Republics of Benin and Niger have paid a total of $159,773,116.61 (N48.84bn at the official exchange rate of N305.7 to a dollar) as electricity charges to the Nigeria Bulk Electricity Trading Plc, the Federal Government has said. It also stated that both countries had a combined balance of $92,315,986.20 (N28.22bn) to pay to the

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Operators Must Account for Every Loss in Electricity Market.

The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has stated that culpable operators in the country’s power sector must be held responsible for recorded losses incurred by the market. Fashola has also asked the Nigerian Electricity Regulatory Commission (NERC) to proactively enforce sanctions against any of the operators or stakeholders found guilty of

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Electricity Firms’ Debts Rose To N107bn In 2016

The 11 electricity Distribution Companies’ (DisCos) debts for services provided by six electricity market participants amounted to N107 billion by December 31, 2016. A financial record of the market obtained  showed that part of the debt was an outstanding payment of N45.3bn for services rendered between February and December 2015 while the balance of N61.9bn

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Power Firms Urge CBN to Sustain Forex Interventions

Power firms have urged the Central Bank of Nigeria to sustain its foreign exchange intervention in the financial market. According to them, the current dollar intervention by the apex bank has helped operators in virtually all the value chain in the power sector, adding that sustaining the development will further enhance the performance of power

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DisCos to FG: Save Us From Forex Black Marketers

The Association of Nigerian electricity distributors (ANED) Director of Research and Advocacy, Bar. Sunday Oduntan Wednesday called on the Federal Government to save the DisCos from the hands of black marketers of foreign exchange (forex). He urged the government to direct the Central Bank of Nigeria (CBN) to give priority to the power sector operators in order to save them from purchasing dollars

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FG to Adopt Centralised Electricity Bills Payment System

Following its disagreement with electricity distribution companies (Discos) over the accumulated electricity bills owed by its agencies, the federal government said it would henceforth adopt a new payment mechanism for the settlement of the monthly electricity bills of its Ministries, Departments and Agencies (MDAs). This was contained in a report presented by the Special Assistant

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