Some experts in the power sector have urged the Federal Government to as a matter of urgency review privatisation of the power sector.

The experts, who spoke in Abuja yesterday, said privatisation of the power sector was a good idea, but however, added that it was not working.

They added that a comprehensive auditing and review of the sector would form part of efforts to address the challenges in the industry.

Privatisation of the sector in November 2013 was an initiative of the Federal Government to transfer ownership and management of power assets to private entities.

The move was to improve efficiency, attract more investments, and enhance overall electricity supply.

Eleven Electricity Distribution Companies (DisCos) and six Generation Companies (GenCos) were formed after the sector was privatised.

However, the transmission arm of the sector was retained by the Federal Government.

The National President, Association for Public Policy Analysis (APPA), Princewill Okorie, said that the government should carry out a national audit of the privatisation.

According to him, there should be a national committee to audit the privatisation and to also review it.

Okorie said that the auditing should be carried out on investments made in infrastructure and the revenue collected from electricity consumers since privatisation began in 2013.

“The auditing should also entail investments by consumers, local government councils, state government, Federal Government and the international community.

“Government should carry out a thorough auditing of the privatisation process including investments in infrastructure and how much has been extorted from electricity consumers from inception to date.

Look at how much consumers have paid as tariff from inception till date and how much the investors have invested in the power sector,” he said.

Okorie said that based on the auditing of the sector, discussion on reversing the privatisation policy would be considered.

According to him, when the privatisation of the sector took off, the conditions or criteria that are to be met by investors have not been met.

“It was not even done on a sincere note and the data used was not correct.`

‘How can you privatise without adequate investment and it was done in a way to make the citizens become cash cow.

“Now, the citizens are the ones that are being exploited. What they call privatisation in my opinion is extortion from citizens,” he said.

Okorie said that the audit of the privatisation process would precede the reversal.

Uket  Obonga, the National Secretary, Nigeria Electricity Consumers Advocacy Network (NECAN), also called for a review of the privatisation.

Obonga said that when the issue of privatisation came on board, Nigerians were happy that investors were coming to invest in the sector.

He said that privatisation was supposed to bring massive improvement and more infrastructure into the power sector but nothing seems to have improved.

“So where do we go from here? What are we really doing?. The privatisation that was well conceived has not really worked.

“So let there be a deliberate review of the entire privatisation, ‘’ he said.

Obonga also urged the government to set up a technical forensic audit team to audit the power sector infrastructure.

According to him, Generation Companies (GenCos) have invested so much and their capacity has scaled up to about 14,000 megawatts.

“Government should ensure that any Electricity Distribution Company (DisCo) that does not have certain amount of money to invest in infrastructure should not be allowed to continue to operate,” he said (NAN)

By Joel Oladele, Abuja

Amid the ongoing political crisis rocking Rivers State, the House of Assembly has accused Governor Siminalayi Fubara of deliberately stalling the 2025 budget process, igniting fears over the state’s financial future.

With accusations flying and public morale at stake, lawmakers are urging citizens to pressure the governor into following due process rather than playing the victim in this escalating political feud.

The Martin Amaewhule-led House, which is loyal to the former governor and the Minister of the Federal Capital Territory, Nyesom Wike, made the accusation yesterday, through its Chairman, House Committee on Information and spokesperson, Dr Enemi George, in Port Harcourt, the state capital yesterday.

The Lawmakers asserted that the governor’s inaction is frustrating the implementation of the Supreme Court ruling mandating him to re-present the 2025 Appropriation Bill for legislative approval.

George urged the public to pressure the governor to follow due process in presenting the 2025 Appropriation Bill, rather than attempting to gain public sympathy by portraying lawmakers as obstacles.

He challenged the governor to produce an acknowledged copy of the letter he claimed to have sent to the House.

He said, “Last week, we were told that on his way to Ogoni for a programme, the governor made a stopover at the gate of the House of Assembly Quarters to grant an interview to the press.

“In that interview, he claimed that he had sent a letter to the House of Assembly indicating his intention to visit and present the appropriation bill, a claim we found rather astonishing as no such letter was received by the House of Assembly.

“His aides later alleged that they forwarded a letter through Whatsapp to some members of the House, which was also awkward, unprofessional and embarrassing.”

George added, “As I speak, the social media space is awash with stories about a purported letter from the governor to the House of Assembly expressing his intention to visit the house to present the appropriation bill for the year 2025.

“Nothing can be farther from the truth. We want to state categorically that there is no such letter before the House of Assembly nor any of its staff.

“We challenge the governor and his aides to produce an acknowledgement copy of such a letter or any evidence that such a letter was sent or received by the House of Assembly. It is absolutely untrue and unfortunate. The general public must as a matter of importance ignore such claims.

“It is now very obvious that if at all there was such a letter, the intended recipient was not the legislature, but the public, and the clear intention was to play to the gallery, whip up public sentiment, demonize the House of Assembly and set the public against us. This is demeaning, denigrating and perilously unfortunate.”

George further said the governor frustrated all the House’s efforts to work with him to resolve the lingering crisis immediately after the Supreme Court judgment, particularly on the aspect of presenting the Appropriation Bill in the interest of the state.

George stated, “Recall after the recent Supreme court judgment on the budget of our state, it became absolutely necessary for the Governor of Rivers State, His Excellency, Sir Siminalayi Joseph Fubara, to present the appropriation bill to the legislature for consideration and passage.

“Also recall that immediately after the judgment, this house wrote to the governor, calling on him to immediately present the budget for speedy consideration.

“It was our hope that by the 15th of March, 2025, we would have concluded the process of passing the appropriation bill into law, so as to give us enough time to approach the Federal Government to release funds meant for our state which have been seized by the judgement of the Supreme Court.

“This we did in the interest of our dear state and in pursuit of peace, recognising that no government can function optimally without a harmonious co-existence between the executive and the legislature.”

According to George, House staff members who attempted to deliver the letter to the Government House were assaulted and turned away.

The lawmakers then resorted to using a courier service, but the governor still did not respond.

He added, “The governor did not heed to our call, nor did he demonstrate any intention to.

“Recall again that the judgment of the Supreme Court invalidated the appointment of most of the commissioners of the state. To bridge this gap and avoid a vacuum, this house immediately wrote to the Governor to submit the list of commissioners for immediate screening.

“Our letter was again rejected at the government house and we once again resorted to delivering the mail through a courier service. Rather than heed our call, the governor instructed them to go to court against us, which they have now done.

“The governor went further to instruct all ministries, agencies and departments of government not to receive any correspondence from the Rivers State House of Assembly nor communicate with us in any manner”.

George said the governor must be reminded that the House of Assembly is not an appendage of the executive and its members are not his slaves, bondservants and serfs.

“We are an independent arm of government in line with the principles of horizontal separation of powers as expressed in Section 4, Section 5, and Section 6 of the Constitution of the Federal Republic of Nigeria, 1999 as amended.

He said the Assembly was the worst hit in the ongoing crisis, lamenting that the lawmakers had suffered untold hardship insisting that the governor must be stopped from extending such punishment to Rivers people.

George said, “This Assembly has borne the brunt of this crisis. We have endured immense hardship. We have been battered almost beyond our carrying capacity. We have been punished unduly and unfairly for trying to perform our constitutional duties.

“Our governor must not extend this punishment to Rivers people. No, please no. We must not allow it.

“We have seen hell: Our hallowed chamber was burnt down by the governor. The House of Assembly Complex was brought down by the Governor, totally demolished alongside our personal effect and belongings.

“Our Speaker’s residence was brutally attacked. Our residential quarters was brutally invaded by the governor.”

He warned that the governor’s actions could negatively impact the livelihoods of Rivers people.

By David Torough, Abuja

As the price war in the downstream oil sector continues leading to recurring reductions in the price of petrol, oil marketers have resorted to slashing the volume of their fuel purchase amid mounting losses from the price drop.

It would be recalled that the price war, primarily between Dangote Petroleum Refinery and the Nigerian National Petroleum Corporation Limited, began in November 2024 when Africa’s largest private refinery lowered the price of petrol from N990 to N970 per litre.

Dangote further reduced it to N899 per litre, citing the need to provide relief for Nigerians during the holiday season.

Days after Dangote’s move, NNPCL also slashed its ex-depot price of the product from N1,040 to N899 per litre, according to the Petroleum Products Retail Outlets Owners Association of Nigeria.

On February 1, 2025, Dangote Refinery again reduced the petrol price to N890 per litre before further lowering it to N825 per litre on February 27, setting the stage for continued pricing competition with NNPCL.

In a statement by its Group Chief Branding and Communications Officer, Anthony Chiejina, the refinery said the price adjustment was a direct response to the positive outlook within the global energy and gas markets and the recent reduction in international crude oil prices.

However, on March 3, 2025, some NNPCL retail outlets reported that the oil firm had also adjusted its petrol pump price to N860 per litre, reflecting the intense price war among fuel merchants.

According to stakeholders in the downstream sector, the frequent price reductions, signaling the ongoing price war between Dangote Refinery and NNPCL, have been beneficial to Nigerians.

However, energy experts argue that the continuous decline in PMS prices has been causing significant losses for oil marketers and importers, who lose an average of N2.5bn daily and N75bn monthly.

Amid mounting losses, oil marketers under PETROAN have called for a regulation mandating that fuel prices be adjusted only every six months, but it remains uncertain whether the regulatory body will approve the demand.

The National Vice President of IPMAN, Hammed Fashola, said that while the price war has benefited Nigerians, the unpredictability of fuel price reductions is forcing oil marketers to cut their purchases, leading to significant daily losses.

“The ongoing price reduction is affecting oil marketers negatively because we are losing money. For instance, if I buy products at N900 per litre today and the price drops by evening, you can see the problem, especially if the product is meant to last a month. That is the challenge marketers are facing now.

“Not buying large volumes of PMS is the only way to play it safe because when you buy in bulk, the price may drop again, which is exactly what is happening now. For all marketers, that is the reality we are dealing with.

“We just need to be careful when making purchases. We must equip ourselves with adequate information by understanding global market trends before buying. And we will only purchase products we are confident can be sold within a week.

“Of course. Any reasonable person would do that to minimise losses. Our people have already started. It is just a precautionary measure. How long this will last depends on the situation. If the price stabilises, everyone will relax and return to normal business. But if it remains unstable, there will always be the fear that prices could drop at any time. So, everyone would rather be cautious. It is about avoiding excessive losses. However, this practice might not last long, as it is only a short-term measure,” he said.

In yet another price change, the landing cost of PMS on Tuesday dropped to N774.82 per litre, making it cheaper than Dangote Refinery’s ex-depot price of N825 per litre.

The Major Energies Marketers Association of Nigeria revealed this in its latest Competency Centre daily energy data released during the week, noting that the estimated import parity into tanks had reduced by N152.56 or 16.5 percent from the N927.48 per litre recorded on February 21, 2025.

This drop follows a decline in Brent crude prices, which fell to $70 per barrel, while U.S. WTI crude dropped to $66.70 as of Wednesday, March 12, 2025, compared to around $76 and $69 per barrel, respectively, in February.

Marketers suggested that the continued drop in global oil prices could push the pump price of PMS to around N800 per litre. They added that the latest reduction in fuel import landing costs would further intensify the price war between Dangote Refinery, NNPC and fuel importers.

However, speaking recently, Fashola noted that prices could fall even further to as low as N500 per litre if crude oil drops to around $40 per barrel and the naira strengthens to below N1,000 per dollar.

He said, “On Tuesday, the landing cost of imported fuel was N774.82 per litre, cheaper than what Dangote was selling. But Dangote responded by lowering its price to N815 per litre. So, I believe this price war is beneficial for Nigeria. That is the beauty of deregulation. It fosters competition. As more players enter the market, we expect further price reductions.”

In its latest foreign trade report, the Nigerian Bureau of Statistics disclosed that the country’s petrol imports surged by 105 percent in 2024, reaching a staggering N15.42tn.

According to energy experts, the rise in fuel imports has raised concerns about the viability of local refineries and the impact of the ongoing price war between NNPC and Dangote Refinery.

IPMAN Denies Opposing Fuel Price Slash by Dangote, NNPCL

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has refuted claims that it opposed the recent reduction in Premium Motor Spirit (petrol) prices by Dangote Refinery and the Nigerian National Petroleum Corporation Limited.

A former presidential aide Reno Omokri, in a post on his verified X (formerly Twitter) handle on Saturday night, alleged that IPMAN was protesting against the Federal Government due to the affordability of Dangote and NNPCL fuel.

Omokri claimed that rather than Nigerians protesting against high fuel prices, oil marketers were instead resisting the price cut.

He wrote, “For the first time in Nigeria’s history, IPMAN, the Independent Petroleum Marketers of Nigeria, are protesting against the Nigerian government because NNPCL and Dangote Refinery’s fuel is so cheap that their imported fuel is causing them to lose money.

“Instead of Nigerians protesting high prices, marketers are now railing against low costs. From N1050 to N815. Tinubu did it! In just one month, fuel prices have gone down three times.”

However, IPMAN has dismissed Omokri’s claims, insisting that it never opposed the recent fuel price reduction, which resulted from the full deregulation of the downstream sector.

IPMAN’s National Vice President, Hammed Fashola, in a statement made available to PUNCH online on Sunday, maintained that the report referenced by Omokri could not have originated from the association, as independent marketers have long championed the call for full deregulation of the oil and gas sector.

He explained, “Let me first educate the public about these two organizations, IPMAN and PETROAN. IPMAN is an association of independent petroleum marketers in Nigeria. We have been in existence for years and have maintained a long-standing relationship with the government, NNPCL, and Dangote.

“The said publication is not from IPMAN, and it cannot be from IPMAN because we have always advocated for total deregulation of the downstream sector. We understand the concept of deregulation, along with its benefits and consequences.

“We (IPMAN) are never against the reduction of petroleum product prices in the country, as it brings relief to citizens. Moreover, as marketers, lower prices mean reduced working capital for us as well.”

Fashola further explained that fuel prices in the country are primarily influenced by two factors—the exchange rate and crude oil prices—neither of which are controlled by refiners or importers, especially in a fully deregulated market.

He added, “A fixed timeframe or prior notice for price changes, as previously suggested, is impractical in this era of total deregulation due to competition among market players—everyone wants a share of the market.

“IPMAN, as a body, fully supports the government, NNPCL, and Dangote in this phase of total deregulation and subsidy removal. We stand by the federal government’s reform agenda under President Asiwaju Bola Ahmed Tinubu,” Fashola said.