Energy
Verheijen Clarifies Position On 65% Electricity Tariff Hike

Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, has refuted media reports suggesting an imminent 65 percent increase in electricity tariffs, stating that her comments were misrepresented.
Verheijen’s remarks, initially reported on January 30, were widely interpreted as advocating for a 66 percent rise in power prices to align with the actual cost of electricity supply.
However, in a statement released on Monday, she clarified that her comments were taken out of context.
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“It has become necessary to clarify media reports suggesting an imminent 65 percent increase in electricity tariffs,” Verheijen said.
“This is a misrepresentation of what I actually said in a recent press interview. I highlighted the fact that, following the increase in Band A tariffs in 2024, current tariffs now cover approximately 65 percent of the actual cost of supplying electricity, with the Federal Government continuing to subsidize the difference.”
She emphasized that while the government remains committed to fairer pricing in the long term, the immediate priority is to increase electricity supply, reduce outages, and protect vulnerable Nigerians.
Verheijen also outlined the Federal Government’s ongoing initiatives to improve the electricity sector:
Presidential Metering Initiative (PMI)
The Presidential Metering Initiative (PMI) aims to deploy 7 million prepaid meters nationwide this year.
According to her, the initiative is expected to end estimated billing, ensuring transparency in electricity charges and boost revenue collection, attracting the investment required to strengthen Nigeria’s power infrastructure.
Targeted Electricity Subsidies
The government currently spends over ₦200 billion per month on electricity subsidies. However, a significant portion of this support benefits the wealthiest 25 percent of Nigerians rather than low-income households.
To address this, the government is developing a targeted subsidy system to ensure the most vulnerable Nigerians receive the most support.
Settlement of Legacy Power Debt
A key challenge in the sector has been accumulated debts owed to power generation companies, which have hindered investments and service improvements.
The government is working to clear these debts, allowing power companies to reinvest in infrastructure and enhance electricity supply.
Reducing Costs for Alternative Power Generation
Recognizing the economic impact of high energy costs, the government has introduced fiscal incentives, including VAT and Customs Duty Waivers, to lower the cost of alternative power sources like Compressed Natural Gas (CNG) and Liquified Petroleum Gas (LPG).
Verheijen assured Nigerians that the Federal Government remains committed to addressing power sector challenges while ensuring that electricity remains affordable and accessible.
“Every policy is designed with the Nigerian people in mind—eliminating unfair estimated billing, ensuring that subsidies benefit the right people, and creating the conditions for stable, affordable electricity,” she said.
She added that these ongoing reforms are aimed at delivering better service, expanded access to electricity, and greater economic prosperity for all Nigerians.
Energy
SNEPCo, Former MD Aiboni Win Energy Times’ Awards

The Shell Nigeria Exploration and Production Company (SNEPCo) has been named Major Oil Company of the Year for last year by a Nigerian publication, Energy Times.
Biztellers reports that this is in recognition of the company’s contributions to deep-water oil and gas development and the industry generally.
Energy Times also awarded the title of Amazon of Nigeria’s Oil Sector for 2024 to Elohor Aiboni, a former Managing Director of SNEPCo now on international assignment in Brunei.
The awards were presented to SNEPCo’s Senior Operations Manager, Bolanle Odunayo-Ojo, who represented the Managing Director, Ronald Adams at a ceremony attended by key stakeholders in the oil and gas sector.
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“We are honored to receive the recognitions for the company and our former Managing Director as they underscore our dedication to excellence in the upstream sector,” Bolanle stated. “The modest achievements are result from teamwork and support by our partners, particularly the Nigerian National Petroleum Company Limited and regulatory agencies. The awards encourage us to continue to work together to power progress and innovation in Nigeria’s energy landscape.”
The SNEPCo has been a pioneer in Nigeria’s deep-water oil and gas production since it began production from Bonga in 2005, Nigeria’s first deep-water well. Gas from Bonga is also piped to Nigeria Liquefied Natural Gas Company Limited at Bonny Island. SNEPCo’s operations have led to significant discoveries, including Bonga Southwest in 2001 and Bonga Northwest, which began production on August 5, 2014.
In its award, the Board of Directors of Energy Times pointed to the continuing success of Bonga, notably production of the 1 billionth barrel of oil in February 2023 and the recent Final Investment Decision on the $5 billion Bonga North project.
The award on Aiboni’s highlights a career that has seen her serve in various business and leadership roles within and outside Nigeria. She was appointed Managing Director of SNEPCo in 2021 and led initiatives that deepened operational efficiency, local content development and social investment projects across the six geopolitical zones in the country.
Energy
Shell Commends Oloibiri Lecture Series As Platform For Change

Shell Nigeria Exploration and Production Company Ltd (SNEPCo,) one of the sponsors of the Oloibiri Lecture Series and Energy Forum (OLEF) has commended it as a platform for driving change in Nigeria’s energy sector through the discussions that centre on business performance, cost discipline and process simplification.
“This event is special to the Shell brand, not only because of the nostalgia of Oloibiri but the quality of discourse it has enabled in our sector over the years,” SNEPCO Managing Director Ronald Adams said in a goodwill speech delivered by General Manager, Wells and Geosciences Operations Joe Mordi. He said: “We are grateful to the Society of Petroleum Engineers and our host the Petroleum Technology Development Fund (PTDF) for another successful outing.”
Organised by the Society of Petroleum Engineers (SPE) Nigeria Council, the Oloibiri Lecture Series and Energy Forum began in 1991, in commemoration of the country’s first commercial oil discovery by Shell at Oloibiri, Bayelsa State, in 1956. Ronald said recent developments in the Upstream and Downstream sectors of the energy industry, including the $5-billion final investment decision by Shell in the Bonga North Deepwater project echoed the sentiments around the first oil discovery.
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He noted that, “These strides come with a commitment to excellence required of us – for stakeholders, colleagues, our country and indeed, future generations. The theme for this year ‘Driving energy sustainability through technology, policy and supply chain excellence’ reflects this commitment. The future is bright, and we have the opportunity to co-create it.”
Energy
NLNG Improves Nigeria’s Domestic LPG Supply Efficiency

In line with its continuous improvement culture, the Nigeria LNG Limited (NLNG) will be working closely with its stakeholders to improve operational efficiency in its domestic Liquefied Petroleum Gas (DLPG) supply in Nigeria.
According to a statement from its General Manager, External Relations and Sustainable Development, Sophia Horsfall, this was highlighted at an engagement session with stakeholders in Lagos.
It was gathered that the NLNG plans to enhance engagement and improve operational efficiency of its LPG supply through digitalisation of some of its processes which include a new platform designed to streamline regulatory processes, optimise risk management, and enhance the buyer experience. The platform will feature IT-supported relationship management, automated issue resolution, centralised real-time payments, and improved case management systems, ensuring a seamless supply process despite market shifts and external pressures.
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Manager, Commercial Contract Management, NLNG, Tolulope Longe, reiterated that the planned improvements will enable and consolidate NLNG’s resolve to delivering 100% of its LPG supply to the Nigerian market.
She said a strategic roadmap was in play to ensure the achievement of NLNG’s longstanding goals of LPG being accessible and available in the country, aligning with its vision of being a globally competitive energy company, improving lives sustainably. She also harped on the significance of these improvement initiatives and the Company’s push for LPG utilisation as a clean energy source alternative to kerosene and other fossil fuels
Longe noted that the Company remained focused on growth and sustainability of the LPG market by continuously enhancing its supply processes in collaboration with offtakers. She stressed NLNG’s commitment to collaborating with stakeholders to maintain pricing stability and long-term market viability. While acknowledging industry concerns, she noted the importance of operational efficiency in meeting market demands.
NLNG aims to strengthen stakeholder engagement and improve market efficiency in the LPG sector through enhanced customer interactions, minimised schedule disruptions, timely confirmations and deliveries, and prioritisation of customers with demonstrable capacity. As it adapts to market realities, NLNG remains committed to driving sustainability and delivering lasting value to Nigerians.