Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Energy

NNPC states why it wants to acquire FG’s power plants under the NIPP

Kyari said that the NNPC plans to engage in activities that would generate funds.

Chike Olisah by Chike Olisah
March 7, 2022
in Energy
NNPC denies tampering with federation account to achieve first profit
Share on FacebookShare on TwitterShare on Linkedin

The Nigerian National Petroleum Company (NNPC) Limited, has provided reason for its interest in the acquisition of power plants owned by the federal government under its Nigerian Integrated Power Project (NIPP).

The state-owned oil company said that it has the requisite expertise and experience to participate actively in Nigeria’s power sector, adding that as an enabler, the NNPC is determined to boost power generation and supply in Nigerian homes.

According to a statement issued on Monday by the Head, Public Communications, Bureau for Public Enterprises (BPE), Ibeh Chidi, this was made known by the Group Managing Director of NNPC, Malam Mele Kyari, when he visited BPE in Abuja.

RelatedPosts

Oil marketers threaten massive fuel scarcity by next week, deny FG’s N74 billion payment claim

Shell pauses Nigerian onshore divestment pending outcome of court case

What the Group Managing Director of NNPC is saying

Kyari said that the NNPC plans to engage in activities that would generate funds, especially the power sector, as it is ready to collaborate with the BPE after the audit of some of its assets for sale and divestment of those assets.

The NNPC boss in his statement said, “As an oil company and enabler organisation, NNPCL is determined to boost power generation and supply to Nigerian homes.

“This can be achieved through increased investment hence it had signed a contract with China Machinery Engineering Company (CME) and General Electric, (GE) to provide 50 Mega Watts of electricity to Maiduguri.’’

According to him, the management of NNPCL is determined to run the organisation efficiently and profitably for the benefit of the shareholders.

“Hence, it plans to engage in activities that would generate funds, and for the power sector, NNPCL is a partner of choice.’’

Kyari said that the planned audit would be carried out by renowned and reputable audit firms.

Speaking earlier, the Director-General of BPE, Mr Alex Okoh, said that NNPCL had indicated interest in the acquisition of some Nigeria Integrated Power Plants (NIPPs). Adding that there would be a level playing ground to compete with other bidders.

What you should know

  • The Nigerian National Integrated Power Project (NIPP) was conceived in 2004 when Olusegun Obasanjo was the President of the Federal Government of Nigeria.
  • It was formed to address the issues of insufficient electric power generation and excessive gas flaring from oil exploration in the Niger Delta region, with 7 power plants designed in gas-producing states as part of the project.
  • Together, the projects generated contracts worth $414,000,000 for the supply of turbines and electricity generation equipment to General Electric.

Related

Tags: Nigerian National Petroleum CompanyNNPC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • PremiumTrust Bank has opened a new branch in Effurun, Delta State
    • Look no Further Than GreenWaveX
    • FUGAZ investors gain N25 billion combined during the week

    Follow us on social media:

    Recent News

    PremiumTrust Bank has opened a new branch in Effurun, Delta State

    PremiumTrust Bank has opened a new branch in Effurun, Delta State

    July 2, 2022
    Look no Further Than GreenWaveX

    Look no Further Than GreenWaveX

    July 2, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com