These are the authorized off takers for the sale and purchase of Nigerian Crude oil for 2017/2018. The contracts run for one calendar year, effective January 1 for consecutive 12 circles of crude oil allocation. All the contracts were for 32,000 barrels per day except Duke Oil Ltd, an oil trading arm of the NNPC, which shall be for 90,000 barrels per day.

The Indigenous Beneficiaries are:
1. Oando
2. Sahara Energy
3. MRS Oil and Gas
4. AA Rano
5. Bono,
6. Masters Energy
7. Eterna Oil and Gas
8. Cassiva Energy
9. Hyde Energy
10. Brittania U.
11. NorthWest Petroleum
12. Optima Energy
13. AMG Petroenergy,
14. Arkiren Oil and Gas Limited
15. Shoreline Limited
16. Entourage Oil,
17. Setana Energy
18. Prudent Energy.

The International beneficiaries are:
19. Trafigura
20. ENOC Trading,
21. BP Trading,
22. TOTAL Trading,
23. UCL Petroenergy,
24. Mocho,
25. Tevier Petroleum,
26. Heritage Oil,
27. Levene Energy,
28. Glencore
29. Latasco Supply and Trading.

The five foreign refineries are
30. Hindustan Refinery,
31. Varo Energy,
32. Sonara Refinery,
33. Bharat Petroleum
34. Cepsa

The NOCs are
35. India Oil Company,
36. China (Sinopec)
37. South Africa (Saccoil).

The NNPC trading arms are
38. Duke Energy
39. Carlson Hyson


Nigeria’s Renewables Market: Opportunities and Development for Solar PV

Since the deregulation of the electricity sector in 2005 through the Electric Power Sector Reform Act (EPSRA), Nigeria’s energy market has made attempts to diversify its oil dependent energy sector. However, it was the recent economic crisis that forced the Federal Government of Nigeria to review the sector more intensively and initiate steps towards opening opportunities in renewable sources, particularly solar.

The government has big ambitions documented in its “30:30:30 electricity vision” that aims to generate 30 GW of installed on-grid electricity capacity by 2030, of which 30% of total energy capacity is to be covered by renewables. The largest source and potential to meet its target lies with solar energy, spurring the Federal Government to initiate significant developments in regulatory and legal frameworks to improve investor confidence and private investment in the market. These ambitions have led to the realisation of 14 signed Power Purchase Agreements (PPAs) (listed below) in 2016 with local and international utility-scale developers that are expected to add 1,200 MW of solar capacity to the grid. Read more here:

6 Ways To Deal With Fear And Uncertainty In Retirement

FI 1.jpg
If you are like most people, you find comfort in a certain level of stability and routine. After all, during years of working and child-raising, routine is the name of the game. You get up, shower, dress, eat breakfast and off to work. Days flow into weeks, weeks flow into months, years and decades—before you recover from the whiplash of what-the-heck-just happened, retirement is staring you square in the face….. <a href="

CBN Pumps $9.96bn into FX Market in Six Months, Attains Stability

The Central Bank of Nigeria (CBN) has injected $9.964 billion into the interbank segment of the foreign exchange (forex) market since it commenced its aggressive interventions in February this year.
This has helped to ease pressure on Nigeria’s forex market, which prior to the action by the regulator had been pummelled by speculators.
According to figures compiled by THISDAY between February 21 and August 21, the CBN sold the greenback to authorised dealers in 44 sessions.
A breakdown of the dollar sales showed that $680 million was pumped into the market in February, $1.542 billion was sold in March, $1.616 billion in April, $2.102 billion in May, and $1.631 billion in June.
Also, while the central bank offered $1.639 billion to banks to sell to their customers in July, as of August 21, it had sold a total of $754 million.
The $2.102 billion sold by the central bank in May remains the highest in the six months under review.
In May, the central bank sold dollars in eight different sessions, in its bid to stabilise the market and discourage currency speculation.
The dollar sales have been targeted at retail invisibles for PTA, BTA, school fees and medical bills, wholesale forwards, SMEs, and Secondary Market Intervention Sales (SMIS).
A market analyst who spoke to THISDAY said the forays by the central bank in the past six months have helped in eliminating the pressure on the forex market, ensured exchange rate stability and eliminated currency speculators.
The aggressive interventions, notwithstanding, Nigeria’s external reserves also climbed by $2.271 billion to $31.599 billion as of August 18, compared to $29.328 billion when the new forex policy was unveiled.
Owing to this measure, the naira which fell to a historic low of N525/$ on the parallel market six months ago currently trades around N365 to the dollar.
At the official market, the naira closed last week at N305.80 to the dollar due to daily interventions by the CBN, while at the Investors and Exporters’ forex window, the naira appreciated on all trading days last week, rising 0.4 per cent to and close at N359.25 last Friday.
Chief Consultant, Biodun Adedipe Associates Limited, Dr. ‘Biodun Adedipe, recently said the CBN has enough ammunition to sustain the forex interventions.
Speaking yesterday at a forum organised by the Finance Correspondents Association of Nigeria (FICAN), he added that the required international benchmark was for external reserves to support at least six months of a country’s import bill, noting that Nigeria was doing great with reserves at the current level covering over 12 months of imports.
Adedipe, however, stressed the need for increased patronage of goods and services made in Nigeria in order to stimulate economic activities and attain sustainable growth.
He said in terms of production, Nigeria should emulate China and India, especially the latter which promotes ‘Made-in-India’ goods.
On consumption, the economist said Nigerian economic agents (governments, corporates and individuals) should patronise goods Made-in-Nigeria.
By adopting the economic policy, Adedipe held the view that trade would thrive on internal activities, while the country would engage in international trade to complement its earnings.
He noted that any country that does not produce a significant proportion of what it consumes would always be at the mercy of those countries that are producing the goods and services.
“The salvation of the Nigerian economy, beyond engendering recovery from the abating recession, is found in promoting aggressively the ‘Made-in-Nigeria’ campaign.
“In Nigeria, most of the things that catch our fancy, we actually don’t produce them. We therefore end up creating jobs offshore,” he added.
Also commenting recently on how far the CBN would go to sustain its market interventions, its governor, Mr. Godwin Emefiele said: “I have said it and I will repeat myself that the interventions will be more vigorous than ever to underscore the fact that we are determined to ensure that the Nigerian economy recovers by making sure that foreign exchange is made available to operators of the economy to conduct their businesses.”


“The Minister of Power, Works and Housing, Babatunde Fashola, on Monday; 14th August 2017 at the 18th power sector stakeholders meeting, declared among other that there has been an improvement in the generation of power, and attributed the development to the increase in gas to power due to relative peace in the Niger Delta region and the increase in rainfall, adding that over 6,000 megawatts of electricity was available but the Discos could not take it because of their aging assets, limit to credit facilities and foreign exchange.

According to Him, “From August 10, 2017, our peak availability of power which can be put on the grid was 6,863MW, while the transmission capacity has risen to 6,700MW. Unfortunately, we cannot put all of that power on the grid because the Discos cannot take it all.”

From above excerpt, if the DISCO cannot accept the power so generated from fossil source, then what happens to the REGULATION OF THE FEED-IN-TARIFF RENEWABLE ENERGY SOURCED ELECTRICITY signed on 8th December 2015, by Chairman of Nigeria Electricity Regulatory Commission (NERC)?  Is the target being met? Is the Commission monitoring compliance and meting out appropriate penalties as enshrined in the Regulation framework, being that the Regulation amongst other things is to encourage greater private sector participation in power generation from renewable energy technologies, by providing investment security and market stability for investors; boost power supply in Nigeria; etc.?


The table (1) below shows the Bench Mark Capacities for Qualifying Technology, Target Grid-Connected Renewable Generation Capacity by the year 2018 and Allocation of Renewable Energy Capacity by Buyers up to 2018

    Solar Small Hydro Biomass Wind Total
Abuja MW 17.3 17.3 8.6 14.4 57.6
Benin MW 9.0 13.5 15.8 6.8 45.1
Enugu MW 9.0 13.5 15.8 6.8 45.1
Ibadan MW 13.0 19.5 22.8 9.8 65.1
Jos MW 8.3 8.3 4.1 6.9 27.6
Kaduna MW 12.0 12.0 6.0 10.0 40.0
Kano MW 12.0 12.0 6.0 10.0 40.0
Eko MW 11.0 16.5 19.3 8.3 55.1
Ikeja MW 15.0 22.0 26.3 11.3 74.6
Port Harcourt MW 6.5 9.8 11.4 4.9 32.6
Yola MW 5.3 5.3 2.6 4.4 17.6
Total (Disco) MW 118.3 150.0 138.5 93.3 500.1
NBET MW 75.0 187.5 125.0 112.5 500.0
System Total MW 193.3 337.5 263.5 205.8 1,000.1
Minimum Capacity MW 1.0 1.0 1.0 1.0 4.0
Maximum Capacity MW 5.0 10.0 10.0 10.0 35.0
Target Grid-connected  by 2018   380.0 370.0 150.0 100.0 1,000.0

According to 5(f) of the Regulation, “The NBET or its successor shall as a matter of priority, purchase 50% of the renewable energy electricity capacity limit established by this regulation, while the Distribution licensees shall take up the remaining 50% of the capacity”

Also, 21(a) states that “(a) It is the responsibility of the various distribution companies enumerated in Schedule 1, 2 and 4 and the Nigerian Electricity Bulk trading company to meet their assigned targets.”

Penalty for Non Compliance or partial non-compliance for the first six months is $15/MWh Naira equivalent or difference between cost of renewable energy and of average cost of the non-renewable sourced electricity whichever is lower.  Following period for non-compliance or partial compliance is $30/MWh Naira equivalent or difference partial between cost of renewable energy and average cost of the non-renewable sourced electricity whichever is lower.



Goldman Sachs Warns Investors Not to Ignore Bitcoin any Longer

Goldman Sachs has done a complete 180 turn as far as Bitcoin and cryptocurrency are concerned. That is not entirely surprising, as Bitcoin shouldn’t be ignored by anyone. However, the institution is now actively telling their investors not to dismiss Bitcoin any longer. Given the recent price surge, that outcome isn’t surprising by any means. It will be interesting to see if their words have any major impact, though. Read more….