News headlines

NERC issues 21 new power licences: The Nigerian Electricity Regulatory Company (NERC) yesterday issued licences to 20 new power generation firms, a distribution company and the Nigerian Bulk Electricity Trading Company (Bulk trader) as part of the federal government’s (FG’s) efforts to improve power generation in the country. According to the NERC the FG expects to generate an estimated 6,105MW of electricity within the next three years from the ventures of the licencees. (Source: Businessday)

Senators divided over subsidy removal: Senators yesterday failed to reach a consensus over plans by President Goodluck Jonathan to remove subsidies from petroleum products in January 2012. The division came to the fore during the consideration of the 2012-2015 Medium Term Fiscal Framework (MTFF) sent to the National Assembly by President Jonathan. The Senate also plans to extend the 2011 budget to March 2012. (Source: Vanguard)

House of Representatives wants Union Bank's recapitalisation halted: The House of Representatives on Tuesday requested that the Securities and Exchange Commission (SEC) withhold further approvals on the recapitalisation of Union Bank pending the outcome of a legislative investigation into the entire transaction. The decision followed a meeting between the Committee, SEC and some parties to the acquisition. (Source: Thisday, Guardian)

OPL 245 - FG approves Shell, Etete US$1.3bn deal: The FG has approved the complete transfer of ownership of oil prospecting lease (OPL) 245 belonging to former minister of petroleum resources, Dan Etete, to the Shell Petroleum Development Company Nigeria (SPDC) and its partner, Nigerian Agip Oil Company (NAOC). Malabu Oil and Gas, a company founded by Etete, secured OPL 245 under the indigenisation programme and Shell was to be appointed a minority partner. The block which holds about 9.2bn barrels of crude oil, had been a subject of protracted legal battle between Shell and Malabu.  (Source: Thisday)