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DISCOs have failed in electricity supply — FG

NERC fines Ibadan DISCO N50m over misuse of loan

THE Nigerian Electricity Regulatory Commission, NERC, has slammed the Ibadan Electricity Distribution Company, IEDC with a fine of N50 million for alleged giving out of loan worth N6 billion from the N11.367 billion it received from the Nigeria Electricity Market Stabilisation Fund, NEMSF, granted by the Central Bank of Nigeria, CBN, to its core investor group.

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Oil Sales: India dumps Nigeria for US

There are indications that Nigeria’s crude oil biggest buyer, India has started looking up to the United States for the product. According to Platts, “Indian Oil Corporation (IOC) issued a tender for one Suezmax or VLCC cargo of US crude loading in December, along with one Suezmax or VLCC of West African crude.

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