General
New Electricity Act Will Trigger Development in Nigeria—NERC
By Adedapo Adesanya
The Nigerian Electricity Regulatory Commission (NERC) has said the recently assented Electricity Act 2023 by President Bola Tinubu is a significant development for the country’s electricity needs.
The commission, in a public notice, said granting legislative autonomy to the federating states on matters relating to the generation, transmission, and distribution of electricity in their respective jurisdictions shows a sign of positive things to come.
It noted that it would be engaging in a stakeholders’ workshop in July to clarify grievances or counterarguments.
It stated that the landmark legislations mark a pivotal shift in the structure of the power sector and present the potential of bringing about positive developments needed for powering Nigeria’s economy to greater heights.
It noted that the model had been successfully implemented in other jurisdictions, including India, Australia, Canada, and the United States of America (USA), where federal and state electricity regulations and markets are clearly delineated.
The commission said it recognises the importance of learning from the experiences and lessons of these jurisdictions to navigate the potential challenges and maximise the benefits of the evolving power sector landscape.
“There is a need to provide further clarity and delineation of roles and responsibilities between the federal and state regulatory jurisdictions. The clarification shall assist in avoiding conflicts, overlaps, and regulatory uncertainty that may hinder the smooth functioning of the power sector with a consequential adverse impact on investors’ confidence.
“In establishing a clear framework and defining the scope of authority for each level of governance, the commission aims to work with all stakeholders to create an environment that promotes efficient and effective sector governance, thus benefiting investors and consumers,” it stated.
NERC maintained that an orderly transition process was required to minimise disruption and shock to market participants and consumers.
“In this regard, stability and clarity are vital for the confidence of existing players and the encouragement of new investors in the evolving market. The commission recognises the importance of working with all state governments on an orderly transition having regard to legacy reform issues and the novation of existing contractual commitments.
“In pursuit of bringing to effect the laudable provisions of the electricity industry laws and to facilitate a smooth transition, the commission has scheduled a stakeholders workshop to hold in July, with key stakeholders including market participants, state government representatives, and other key interested parties.
“The workshop shall serve as a platform for open dialogue and collaboration, enabling participants to discuss and commence the development of a robust roadmap for a successful implementation of multi-tier electricity markets,” it added.
President Tinubu, on June 10, assented to the electricity bill, which authorises states, companies, and individuals to generate, transmit and distribute electricity.
The new electricity law repealed the Electric Power Sector Reform Act (EPSRA) signed by President Olusegun Obasanjo in 2005.
The new Act signed by Mr Tinubu consolidates all legislation dealing with the electricity supply industry to provide an omnibus framework to guide the post-privatisation phase and encourage private sector investments in the industry.
By Modupe Gbadeyanka
A hotline number, 0800 123 5264, for Nigerians to report any MRS Oil Nigeria Plc filling stations selling Premium Motor Spirit (PMS), commonly known as petrol, above the approved pump price of N739 per litre, has been released by Dangote Petroleum Refinery.
The private refiner said the number was now active nationwide, enabling consumers to promptly report violations and help maintain fair pricing across over 2,000 MRS stations.
This measure follows the refinery’s recent commencement of nationwide PMS sales at N739 per litre—a strategic intervention aimed at stabilising fuel prices and easing the financial burden on Nigerians during the festive season.
“We encourage Nigerians to avoid purchasing PMS at inflated prices when locally refined fuel is available at N739 per litre.
“Report any MRS station selling above this price by calling our hotline. Together, we can ensure that the benefits of this price reduction reach every consumer,” the company stated in a statement.
The organisation stressed its mission to deliver affordable, high-quality fuel while safeguarding national economic interests, reaffirming its commitment to steady supply, backed by a guaranteed daily output of 50 million litres, and warned against attempts to create artificial scarcity or manipulate supply.
Regulatory authorities have been urged to remain vigilant and take decisive action against unpatriotic practices.
By refining locally at scale, Dangote Refinery is reducing Nigeria’s dependence on imports, conserving foreign exchange, stabilising the Naira, and strengthening energy security. This initiative represents a significant milestone in the country’s journey toward sustainable energy solutions and economic recovery.
The refinery also issued a stern warning against attempts by unscrupulous operators to create artificial scarcity in response to the price reduction, calling on government agencies to act decisively.
“Any attempt to create artificial scarcity or manipulate supply to frustrate recent price reductions is unpatriotic and unacceptable. We urge regulatory authorities to remain vigilant and take firm action against such practices, especially during this critical festive period,” the statement added.
Consumers were advised to resist purchasing fuel at inflated prices when cheaper, high-quality alternatives are readily available.
By Bon Peters
The Airport Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA) at Omagwa Rivers State has praised the Customs Area Controller for Customs Area 1 Command, Comptroller Salamatu Atuluku.
At the end-of-the-year party attended by stakeholders, including the leader of the association’s chapter, Mr Charles Onyema, said the customs officer has done well in stakeholder engagement and trade facilitation.
At the event held last Friday, he said his association has been enjoying a very cordial relationship with other organisation in the ecosystem.
“You can see what is happening today, everybody is working together and our operations here are seamless,” he noted.
He stated that apart from creating a very robust business environment for his members and other stakeholders to operate, he has taken a decision to build and commission a befitting ANLCA Secretariat which would be completed soon and be commissioned by the ANLCA national president, Mr Emenike Nwokeoji.
The ANLCA chapter chief said since “Comptroller Salamatu Atuluku assumed office at Customs Area 1, Port Harcourt Command, it has been a different ball game, facilitating trade and increasing Revenue generation.”
“I remember I told her she was a mother during her maiden visit to the airport.
“You know when you have a woman in charge of an affair, food will not lack, compassion will not lack and motherly love will not lack.
“She is very wonderful in stakeholder engagement, revenue generation and trade facilitation,” Mr Onyema enthused.
Projecting into the future, Mr. Onyema said the year 2026 would be better for his members, adding that he has advised them on financial discipline which he said would help them during the trying period.
By Adedapo Adesanya
The federal government has declared Thursday, December 25, and Friday, December 26, 2025, as public holidays to mark Christmas and Boxing Day respectively.
The government also declared Thursday, January 1, 2026, for the New Year celebration.
The declaration was contained in a statement issued on Monday by the Permanent Secretary of the Ministry of Interior, Mrs Magdalene Ajani, on behalf of the Minister of Interior, Mr Olubunmi Tunji-Ojo.
According to the statement, the Minister urged Nigerians to reflect on the values of love, peace, humility and sacrifice associated with the birth of Jesus Christ.
Mr Tunji-Ojo also called on citizens, irrespective of faith or ethnicity, to use the festive season to pray for peace, improved security and national progress.
He further advised Nigerians to remain law-abiding and security-conscious during the celebrations, while wishing them a Merry Christmas and a prosperous New Year.
Business Post reports that on these public holidays – the foreign exchange market, the Nigerian Exchange (NGX), as well as the NASD Over-the-Counter (OTC) Securities Exchange will not open to trade.
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