Economy
PENGASSAN Calls for Privatisation of Nigeria’s National Grid
By Adedapo Adesanya
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has charged the federal government to unbundle the country’s electricity national grid, to encourage private sector investments in the sector and improve power supply in the country.
This call was made by the National President of PENGASSAN, Mr Festus Osifo, who maintained that power supply remains a critical issue plaguing the country, as reliable and consistent electricity is the lifeline of any growing economy.
Mr Osifo, speaking at the National Executive Council meeting of the association in Port Harcourt recently, listed the key challenges in the sector to include inadequate power generation capacity, dilapidated and weak power infrastructure, as well as lack of investment in the power sector.
According to him, Nigeria’s current electricity generation was insufficient to meet the growing demands of the population and the nation’s industries, thus leading to frequent power outages and load shedding, disrupting the lives of ordinary citizens and impeding economic growth.
To tackle these challenges and improve power supply in Nigeria, PENGASSAN proffered several solutions, including increasing power generation capacity, rehabilitating and upgrading infrastructure, unbundling the national grid, encouraging private sector involvement and promoting energy efficiency.
“The government should focus on diversifying the energy mix by investing in renewable energy sources such as solar, wind, and hydroelectric power. This will reduce our dependency on fossil fuels and ensure a more stable and sustainable power supply.
“Significant investments must be made towards upgrading and modernizing our power transmission and distribution lines. This includes replacing old equipment, improving maintenance practices, and building new infrastructure to meet the demands of a growing population.
“Unbundling of the national grid. The national grid must be unbundled to smaller units scattered across different states of the federation. The government should create a conducive environment for private sector investments in the power sector,” adding, “This can be achieved through the formulation of favourable policies, providing incentives, and ensuring transparency and accountability in the industry.”
“Promoting energy efficiency and conservation: It is crucial to educate citizens and industries about energy-saving practices and incentivize the use of energy-efficient appliances. This will help reduce the overall energy demand and alleviate some pressure on the power grid.”
PENGASSAN also called for a national rebirth and reorientation, the need to tackle insecurity and rising cases of poverty in the country as well as the need for true democracy and credible elections in the country.
To tackle poverty in the country, the PENGASSAN boss said the government must prioritize inclusive economic policies that promote job creation, particularly in sectors with high potential for growth such as agriculture, manufacturing, and technology.
Mr Osifo regretted that despite being blessed with abundant natural resources, Nigeria’s economy has not translated into widespread prosperity for its citizens, noting that corruption, opaque governance, and inadequate access to education and healthcare exacerbate the cycle of poverty.
“To address these challenges, we must invest in education and healthcare, ensuring their availability and affordability to all citizens. This includes improving the quality of education by providing proper infrastructure, qualified teachers, and relevant curricula. It also entails strengthening healthcare systems and increasing the availability of essential services and medications.
“Additionally, corruption and opaque governance contribute significantly to the increase in poverty. Corruption diverts resources from essential public services and undermines trust in government, leading to a lack of implementation of effective policy frameworks and programs to mitigate poverty.
“To combat corruption and improve governance, it is imperative to establish transparent and accountable institutions. Strengthening anti-corruption agencies, enforcing strict penalties for corrupt practices, and promoting a culture of transparency.
“By investing in infrastructure, providing access to finance, and supporting entrepreneurship, we can generate employment opportunities and empower individuals and communities.”
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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