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NBET Pays N42bn to GenCos for November 2021 Power Supply

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By Joseph Amah, Abuja

The Nigerian Bulk Electricity Trading Plc on yesterday disclosed that it remitted N42 billion to power generation companies (GenCos) for electricity supplied to the national grid in November 2021.

The bulk trader in a statement in Abuja explained that the payments were a combination of market receipts and supplementary payments from Electricity Distribution Companies (DisCos) made to NBET.

NBET said it processed market payment of N42,486,673,723.75  to the power generators for the November 2021 Payment Cycle for grid distributed electricity.

It stated that these payments were made last week to GenCos for delivered electricity to the National grid during the period.

“DisCos and GenCos payments are based on the electricity market settlement”, it added.

NBET explained that “Market Settlement Statement are issued in arrears by the Market Operator (MO) following a period of 28 days after a cycle. The MO takes the readings of the various meters via the grid network to determine the quantum of electricity supplied to the grid by each generation companies into the national pool, which is then wheeled via the transmission network to the distribution companies and subsequently to the end-users.

“The settlement statement forms the basis of invoicing and processing of payments to the GenCos”.

NBET said it has continued to ensure “timely payments to generating companies for energy generated and distributed to end users via the grid despite the average market performance of DisCos”.

NBET Head of Corporate Communications, Ms. Henrietta Ighomrore, in the statement, added that the payments were made following its internal payment committee meetings and approval by management.

“NBET continues to fulfill its mandate in ensuring an efficient and effective transactions environment for the bulk purchase and resale of power in the Nigerian Electricity Supply Industry.

“For the 2021 payment cycle, NBET processed an average of N68 billion worth of electricity via the grid, making sure that GenCos received an average minimum settlement of 85 per cent of generation invoices”, she said.

According to her, for January – June 2021 settlement cycle, NBET ensured that all GenCos received payment of 90 – 99 per cent of generation invoices for grid distributed electricity through the NBET Payment Assurance Facility (PAF) and market receipts.

NBET named Eko Electricity Distribution Company (EKEDC) as the best performing DisCo with a rating of 93 per cent of its Minimum Remittance Order (MRO) for November, 2021 while Abuja Electricity Distribution Company (AEDC) and Kaduna Electricity Distribution Company (KEDCO) were named as the least performing companies with both remitting below 20 per cent of the MRO.

“The increase, timeliness and consistency in payments to the GENCOS has ensured stability of the national grid and sustained power generation across the country. It is evident that the quantum of power delivered to the grid has been on a steady increase as GenCos can leverage payments to third parties and ensure maintenance of their plants.

“With a new license, NBET is suitably positioned to lead the NESI towards a viable power exchange for the good of the sector”, Ms Ighomrore added.

BUSINESS

NNPC Posts N7.2trn Profit amid Revenue Decline

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The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) recorded N7.2 trillion Profit After Tax (PAT) in 2025, a 33 per cent increase from N5.4 trillion.

Group Chief Executive Officer, Bayo Ojulari, disclosed this on Tuesday in Abuja at a media briefing after the company’s AGM and second Earnings Call.

Revenue declined to N34.

5 trillion from N45.1 trillion in 2024.

Ojulari attributed the 24 per cent revenue decline to lower crude oil prices and reduced product volumes following market deregulation.

He said earnings per share rose to N35.

90 from N27.07, while return on equity improved by 200 basis points to 16 per cent.

The company’s declared dividend increased by 35 per cent to N5.8 trillion, while taxes, royalties and other government remittances rose 39 per cent to N22.3 trillion.

 “Stronger earnings in spite of this pressure demonstrate the resilience of NNPC Limited’s operations,” Ojulari said.

He said profit grew because NNPC had improved its operations and maintained discipline across its businesses.

Ojulari said crude oil and condensate production reached a five-year peak of 1.77 million barrels per day.

He added that gas supply reached a three-year high of 7.2 billion standard cubic feet per day.

“Stronger performance gives NNPC Limited more capacity to invest, contribute to public revenue and strengthen Nigeria’s energy security,” he said.

On infrastructure, Ojulari said the mainline of the Ajaokuta-Kaduna-Kano gas pipeline had been completed.

He said work was ongoing on tie-ins to delivery points, beginning with Abuja, followed by Ajaokuta and Kaduna.

According to him, the next milestone is to commence gas flow through the pipeline to industries and power plants.

Ojulari said the company completed the Obiafu-Obrikom-Oben (OB3) gas pipeline in 2026 after several years of challenges.

On the refineries, he said prospective partners under NNPC’s technical equity partnership model had conducted a three-month onsite review.

He said more than 34 engineers participated in the review, adding that NNPC was now concluding the report.

Ojulari said the company was targeting self-sustaining and profitable refineries, with a pathway expected to be defined soon.

He reaffirmed NNPC’s target of producing two million barrels of crude oil daily by 2027 and three million barrels by 2030.

He said gas production targets were 10 billion cubic feet per day by 2027 and 12 billion by 2030.

“NNPC plans to mobilise over 60 billion dollars of investment across the energy value chain,” he added.

Ojulari said more than 1,000 newly recruited professionals joined NNPC in 2025 under its Talent to Value programme.

He said the recruits completed a one-year internship and training programme before being deployed across the company. (NAN)

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BUSINESS

FCCPC Calls for Improved Capacity Building on Competition Reporting, Matters

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The Federal Competition and Consumer Protection Commission (FCCPC) says there is a need for sustained capacity building in competition reporting and issues.

The Executive Vice Chairman of FCCPC, Tunji Bello, said this in a statement made available to the News Agency of Nigeria (NAN) in Abuja on Sunday.

Bello described competition matters as a relatively new area in the country adding that it required specialised knowledge among journalists, regulators and other stakeholders.

He said that competition law and consumer protection regulations had made stakeholders’ education a priority for the commission.

Bello said that the FCCPC recently supported the training of judges through the National Judicial Institute (NJI) to deepen understanding of competition-related matters.

He noted that members of the judiciary also required exposure to the nuances of the emerging field.

“We recognised that because it is a new terrain, the judges themselves are not familiar with the nuances.

”So we brought in experts on competition,” he said.

Bello stressed that the media had a critical role in promoting public understanding of competition and consumer protection issues.

“If FCCPC is becoming more known to the public, it is as a result of the kind of publicity you have given us,” he said. (NAN)

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BUSINESS

Fire Guts Customs Western Marine Command Office in Lagos

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Fire gutted the Nigeria Customs Service (NCS) Western Marine Command office in Apapa, Lagos, on Monday, destroying property worth millions of Naira.

The fire, which reportedly started at about 10:23 a.m. from an electrical surge in the conference room, spread to other sections of the building.

Officers on duty made frantic efforts to contain the fire before officials of the Lagos State Fire and Rescue Service arrived at about 10:45 a.

m.

The Deputy Comptroller of Customs, Timothy Jonah, who just resumed at the Command, to take over the affairs from his predecessor, described the incident as unfortunate.

He said: “I just resumed duty to take over, only to witness this fire outbreak.

“Every challenge, though negative, is an opportunity to strengthen our operations.

“In the meantime, we will set up a committee to investigate the cause of the fire.”

He commended the swift response of the personnel on duty and their collaboration with the fire service, saying measures would be taken to strengthen safety protocols and prevent a recurrence. (NAN)

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