UNIVERSAL Energy Resources Ltd said it has commenced crude oil production from its Stubb Creek Field in Akwa Ibom State. The development followed the approval to embark on delivery of oil through the ExxonMobil’s Qua Iboe Terminal, which came on stream in early February 2015.

Addis Ababa — The Ethiopian Electric Power (EEP) said that electric power coverage in Ethiopia has now reached 55 per cent from only 17 per cent 24 years back. EEP External Public Relations Director, Miskir Negash, said that the coverage rose significantly during the past years owing to the due attention given by the ruling party- The Ethiopian People’s Revolutionary Democratic Front (EPRDF).

There are many power sector projects that are being executed by the Niger Delta Power Holding Company, NDPHC. Over the years, the public had been told to expect improvements in the power supply available on the national grid and these improvements were to come from NDPHC projects. The NDPHC has as its owners the Federal Government, FGN, the State Governments, and the Local Governments. The NDPHC projects are collectively described as the National Integrated Power Projects, NIPP.

MIXDD reactions have followed the advice given by Governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, to the President-elect, Gen. Muhammadu Buhari, over the sale of about 30 per cent out of the 55 percent stakes held by the Federal Government in Nigeria’s Joint Venture, JV operations with international oil companies, IOCs, to enable the new government raise funds for developmental purposes.

Sterling Bank exposures to energy firms in a two year period between 2013 and 2014 stood at also N253.33 billion. The development comes as Conoil Plc, one of the beneficiaries of the loans struggles to pay off about N19.5billion borrowed from the bank during the period, thereby reinforcing the Central Bank of Nigeria, CBN’s fears over the huge debts owed Nigerians banks.