Recent developments in Nigeria’s energy sector worrisome – Group

A Civil Society Organisation, Centre for Public Accountability (CPA) has voiced concerns about recent developments in Nigeria’s energy sector, saying failure to address it may lead to the industry’s collapse.

The group stated that it was worrisome that certain individuals were deliberately coordinating hidden attacks to push some organisations in the sector out of business.

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A spokesperson for CPA, Mr. Ebenezer Oluwole, said it uncovered plans by one of the leading players in the industry to undermine the operations of Matrix Energy Group.

Oluwole, stated that the attack on Matrix was an indication of an ongoing effort to monopolise the country’s energy sector.
Oluwole stated: “The latest actions against Matrix Energy are not isolated incidents, but part of a series of desperate attempts to extend dominance over the energy market.

This pattern mirrors past behaviour in other industries, where these individuals have systematically dismantled competitors to secure monopolistic control.

“The consequences of such tactics are harmful to individual companies and detrimental to the broader market competition and consumer interests. Adding complexity to the situation is that a company also involved in the petroleum sector has been importing fuel from Malta, a similar source to Matrix Energy’s supply. This raises pertinent questions about the motives behind the attacks on Matrix Energy.

“It is imperative to question whether there is a strategic plan at play. Nigerians must know at this point that a scenario where an individual would dominate the downstream sector by eliminating competitors like Matrix Energy is being orchestrated.

“At this point, we hereby call upon relevant authorities to thoroughly investigate these allegations and the actions of those behind it. The integrity of Nigeria’s energy sector must be safeguarded against monopolistic practices that threaten to stifle competition and harm consumers.

“Transparency and fairness in business practices are critical to maintaining a healthy and competitive market environment. If left unchecked at this point, these individuals will end up destroying the entire oil sector for his gains that will affect the over 200 million Nigerians.

“It is unhealthy and a big security risk for an economy such as ours to depend solely on one individual for our energy needs. The individual can wake up one morning and decide to shut down, after successfully eliminating other oil traders that have served us for decades.”