Connect with us

Business

EEDC: NERC transfers regulatory oversight to Enugu Electricity Commission

Published

on

NERC transfers regulatory oversight to Enugu Electricity Commission
Nigerian Electricity Regulatory Commission


The Nigerian Electricity Regulatory Commission has ordered the transfer of regulatory oversight of the electricity market in Enugu State to the Enugu State Electricity Regulatory Commission.

This was according to a statement on the commission’s website, on Monday.

The transfer, according to the commission, complied with the amended Constitution of the Federal Republic of Nigeria and the Electricity Act 2023.

The commission equally noted that in compliance with the Electricity Act which states that the Commission retains its role as a central regulator, with regulatory oversight on the inter-state/international generation, transmission, supply, trading and system operations, the order for transfer became necessary.

The statement reads, “In compliance with the amended Constitution of the Federal Republic of Nigeria and the Electricity Act 2023 (Amended), the Nigerian Electricity Regulatory Commission has issued an order to transfer regulatory oversight of the electricity market in Enugu State from the Commission to the Enugu State Electricity Regulatory Commission.

“With the EA, the Commission retains the role as a central regulator with regulatory oversight on the inter-state/international generation, transmission, supply, trading and system operations.

“The EA also mandates any state that intends to establish and regulate intrastate electricity markets to deliver a formal notification of its processes and requests NERC to transfer regulatory authority over electricity operations in the state to the State Regulator.”

It added that based on this, the Government of Enugu State complied with the conditions precedent in the laws by duly notifying NERC and requested for the transfer of regulatory oversight of the intrastate electricity market in Enugu State.

SEE ALSO:  Man escaping arrest jumps into Lagos Lagoon, drowns

It added, “NERC in the Order, made the following provisions: – Direct Enugu Electricity Distribution Company PLC to incorporate a subsidiary (EEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Enugu State from EEDC.

Advertisement

“EEDC shall complete the incorporation of EEDC SubCo within 60 days from 22 April 2024 and the sub company shall apply for and obtain a licence for the intrastate supply and distribution of electricity from EERC, among other directives.

“All transfers envisaged by this order shall be completed by 22 October 2024.”

Advertisements
Advertisement
Click to comment

Leave a Reply

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

Business

UBA @ 75: GMD Alawuba recounts milestone achievements, hails Elumelu

Published

on

…says UBA’ll continue to invest in innovative products



The United Bank for Africa, (UBA), has stated that it will continue to invest in innovative products and digital platforms that enhance customer experience and drive operational efficiency.

The Group Managing Director of UBA, Oliver Alawuba, who stated this at a World Press Conference to mark the bank’s 75th anniversary in Lagos, Nigeria on Monday, also said that the bank is committed to expanding its presence, seize growth opportunities, and deliver value to all stakeholders.

Alawuba hailed the Chairman of the global financial power house, Tony Elumelu, and other stakeholders for the success recorded by the bank in its 75 years of existence.

Alawuba stated that since its inception in 1949, UBA has evolved from a modest beginning in Lagos Island to a global financial institution with a presence in 20 African countries and 4 global financial nerve centres (New York, London, Paris and Dubai).

He pointed out that the bank boasts of over 25,000 Staff, over 35 million customers served through multiple channels – over 350,000 POS terminals, 2,000 ATM terminals, 1,000 Business Offices and 19.7 million Card Customers.

“Amidst economic challenges and market dynamics, UBA has demonstrated remarkable financial strength and resilience. Our splendid performance, especially within the last year, is a testament to our robust fundamentals and sound strategic decisions. As we navigate through the ever-changing landscape, we remain committed to creating value for our shareholders and capitalizing on emerging opportunities in the market.

“Innovation and digital transformation are at the heart of UBA’s strategy for future growth and competitiveness. We will continue to invest in innovative products, services, and digital platforms that enhance customer experience and drive operational efficiency. Our commitment to Corporate Social Responsibility is strong, with initiatives focused on education, healthcare, entrepreneurship, and environmental sustainability; thus, making a concrete impact on communities across Africa.

“Looking ahead, our vision is clear – to be the role model for African Businesses. UBA is one bank, uniting Africa while connecting Africans to the World and the World to Africa. Our primary focus is to be the payment bank for Capital flows, trade and investments between Africa and the rest of the world.

Advertisement

“We are committed to expanding our presence, seizing growth opportunities, and delivering value to all stakeholders. Collaboration and partnerships as exemplified by the $6bn SME funding agreement signed with the African Free Trade Area (AfCFTA) will be instrumental in achieving our strategic objectives. We are dedicated to deepening relationships with customers, employees, regulators, and other stakeholders for mutual benefit and long-term success,” he said.

SEE ALSO:  Customers not enjoying 20 hours Electricity will not pay New Tariff – Adelabu

The GMD took out time to appreciate all the past and present Leadership of UBA, and well its customers, which he posited, contributed immensely to the success story of the bank.

Alawuba, particularly appreciated the Group Chairman, Tony Elumelu, whom he said his visionary push in 2005 and tutelage over the years, helped brought the bank to where it is today.

He said: “It is with great pleasure and a profound sense of pride that we gather here today to commemorate a momentous occasion – the 75th anniversary of United Bank for Africa Plc.

“As a matter of record UBA commenced operations in 1949 on Kakawa Street, Lagos Island as the British and French Bank.

“First and foremost, I would like to acknowledge and appreciate all our former Chairmen of Group and Subsidiary Boards, Board Members, Group and Subsidiary MD/CEOs, and staff in various capacities over the years.

“As we honour our past leaders, we also commend our present and look forward to future leaders who will continue to raise the bar of banking in Africa and globally.

“To this end, please join me in celebrating our current Group Chairman, Board Members, Executive Management and staff across all our subsidiaries.

Advertisement

“Without your sacrifices, contributions, support, and guidance over the years, we would not be where we are today.

“We appreciate and honour you because you built and nurtured the platform on which we are standing today.

“Our Group Chairman (Mr. Tony Elumelu, CFR) truly deserves special recognition and mention.

“Without his visionary push in 2005 and tutelage over the years, I doubt whether we would be where we are today.

“For these and more, we say a ‘BIG AND RESOUNDING THANK YOU’ to him.

“This milestone is not just a celebration of longevity, but a testament to resilience, innovation, and unwavering commitment to excellence that have defined UBA’s journey over the decades.”

Alawuba said it was important to acknowledge that UBA means different things to different people.

SEE ALSO:  Gunmen in military uniforms responsible for Benue killings  -Miyetti Allah 

He said of the 75th anniversary: “As we reflect on the significance of this epoch-making event, it is important to acknowledge that UBA means different things to different people.

Advertisement

“For some, UBA is a trusted financial partner; for others, UBA is a beacon of stability and reliability, a development partner in various local communities as well as a catalyst for African development.”

Listing the mileage recorded by the bank in its 75 years, Alawuba said: “Since its inception in 1949, UBA has evolved from a modest beginning in Lagos Island to a global financial institution with a presence in 20 African countries and four global financial nerve centres (New York, London, Paris and Dubai).”

He said at present, the bank has over 25,000 staff, more than 35 million customers it serves through multiple channels, over 350,000 Point of Sale terminals, 2,000 Automated Teller Machines terminals, 1,000 Business Offices and 19.7 million card customers.

According to the GMD, the bank has recorded several firsts in the last 75 years.

He said: “The past 75 years have been marked by stability and excellence, pillars upon which UBA’s legacy stands tall.

“We take pride in being:

“1. The first Nigerian Bank to offer an IPO: UBA was the first Nigerian bank to offer an Initial Public Offering (IPO) in 1970.

“2. The first Nigerian Bank to be Listed on the NSE: UBA was the first Nigerian bank to be listed on the Nigerian Stock Exchange (NSE).

Advertisement

“3. The first Nigerian Bank in the USA and London: UBA was the first Nigerian bank to open a branch in the USA and London.

“4. The first Nigerian Bank to install ATMs: UBA was the first bank in Nigeria to install Automated Teller Machines (ATMs).

“5. The first Nigerian Bank to open a campus branch at the University of Lagos

“6. The first Nigerian Bank to open a subsidiary in Africa (Ghana in 2005)

“7. The first Nigerian Bank to appoint a Female Board Chairperson in Nigeria

“8. The first Nigerian Bank to introduce Mobile Banking: UBA was a pioneer in introducing mobile banking in Nigeria.

“9. The first Nigerian Bank to launch a Multi-lingual Chatbot: UBA introduced Leo, the first multi-lingual chatbot in Nigeria.

SEE ALSO:  Gunmen dressed in military camouflage kill 5, rape women in C’River community

“10. The first Nigerian Bank to launch the most successful Prepaid Cards across Africa.

Advertisement

“There are so many other firsts of the UBA Group that time would not permit me to list.

“Amidst economic challenges and market dynamics, UBA has demonstrated remarkable financial strength and resilience.

“Our splendid performance, especially within the last year, is a testament to our robust fundamentals and sound strategic decisions.

“As we navigate through the ever-changing landscape, we remain committed to creating value for our shareholders and capitalising on emerging opportunities in the market.

“Innovation and digital transformation are at the heart of UBA’s strategy for future growth and competitiveness.

“We will continue to invest in innovative products, services, and digital platforms that enhance customer experience and drive operational efficiency.

“Our commitment to Corporate Social Responsibility is strong, with initiatives focused on education, healthcare, entrepreneurship, and environmental sustainability, thus making a concrete impact on communities across Africa.”

On the plan of the bank for the future, Alawuba said: “Looking ahead, our vision is clear – to be the role model for African Businesses.

Advertisement

“UBA is one bank uniting Africa while connecting Africans to the World and the World to Africa.

“Our primary focus is to be the payment bank for Capital flows, trade and investments between Africa and the rest of the world.

“We are committed to expanding our presence, seizing growth opportunities, and delivering value to all stakeholders. Collaboration and partnerships as exemplified by the $6 billion SME funding agreement signed with the African Free Trade Area will be instrumental in achieving our strategic objectives.

“We are dedicated to deepening relationships with customers, employees, regulators, and other stakeholders for mutual benefit and long-term success.

“As I round off, I would like to reiterate UBA’s commitment to Customer First Philosophy, which is our primary business strategy.

“The customer is our employer and the sole reason why we come to work.

“Our three key pillars of service (People, Process and Technology) are all geared towards the delivery of excellent customer experience, which is our promise.

“As we embark on the next phase of our journey, I urge all stakeholders to continue their support and collaboration.

Advertisement

“Together, we will write the next chapter of success for United Bank for Africa Plc.”

Advertisements
Continue Reading

Business

Naira now worst performing currency in the world – Report

Published

on

Naira now worst performing currency in the world – Report


Nigeria’s naira has experienced a reversal in its recent gains, emerging as the world’s worst-performing currency over the last month, according to a new Bloomberg report.

The Friday report emphasised that this development places increased pressure on the Central Bank of Nigeria to continue raising interest rates.

The naira has depreciated to 1,466.31 against the dollar, marking its weakest level since March 20.

This decline is attributed to the local scarcity of the US currency, with only $84 million available on Thursday, half of the previous day’s supply.

CBN governor, Yemi Cardoso, had previously hailed the naira as the best-performing currency globally as of April 2024.

The naira faced challenges in March, plummeting to as low as N1,600/$1 on the official market and N1800/$1 on the parallel market.

Cardoso attributed this achievement to a series of foreign exchange market reforms and positive sentiment from leading international investment institutions.

Speaking with Bloomberg, the Chief Economist for Africa and the Middle East at Standard Chartered, Razia Khan, estimates that $1.3 billion in naira futures will mature at the end of this month, potentially dampening market sentiment.

Advertisement

“The belief is that this will create more demand for dollars.

“When the currency appreciated very fast, there had been a bout of profit-taking by offshore investors, and this meant that the dollar-naira exchange rate backed up again.

“This is completely in line with the functioning market,” she said

The report further highlights that the decline in the naira’s performance is expected to intensify pressure on the CBN to implement another rate hike after its upcoming policy meeting on May 21.

SEE ALSO:  Customers not enjoying 20 hours Electricity will not pay New Tariff – Adelabu

In February and March, the Central Bank increased rates by a total of 600 basis points. This move aided the naira in rebounding from its low of 1,627 naira on March 8 to 1,072 in mid-April, as investors sought out higher-yielding local assets.

Naira weakness was also seen on the unofficial market, where it slipped 0.9% to 1,468 naira a dollar on Friday owing to increased demand from individuals and small businesses, said Abubakar Muhammed, chief executive of Forward Marketing Bureau de Change Ltd., which tracks the data in the commercial capital, Lagos.

The weakness of the naira was also evident in the unofficial market, where it depreciated by 0.9% to 1,468 naira against the dollar on Friday.

According to the report, the chief executive of Forward Marketing Bureau de Change Ltd., Abubakar Muhammed, which monitors data in Lagos, attributed this decline to heightened demand from individuals and small businesses.

Advertisement

Two other African countries rank among the four worst-performing currencies in the last month.

The Zambian kwacha hit a record low of 27.3969 per dollar on Friday. Meanwhile, Ghana’s cedi weakened to 13.99 against the dollar on the same day, marking its lowest level since 2022. Both countries are currently undergoing debt restructuring processes.

“For Ghana and Zambia, the delays with reaching a debt restructuring agreement with private creditors is likely weighing on capital flows,” chief investment officer for UK-based Emerging Markets Investment Management Ltd., Ayodele Salami, told Bloomberg.

“Both countries are unlikely to attract fresh capital inflows until the ongoing debt restructuring negotiations are concluded,” Salami said.

SEE ALSO:  Nigeria not ‘mature’ for State Police, IGP insists 

Salami added that the naira, along with other African currencies, is facing pressure due to increased domestic demand for dollars, particularly to cover the costs of importing raw materials and commodities, including oil.

Advertisements
Continue Reading

Business

Holy Ghost Bus Terminal: Jubilation as Enugu govt pays compensation to business owners, provides alternative locations

Published

on



Enugu State Government has commenced payment of compensations to property and business owners to be relocated from the Holy Ghost axis of the Coal City where the government has proposed to develop a world-class Transport Interchange (Enugu Central Station).

This followed the town-hall meeting convened by the State Government through the Ministry of Transport with the property and business owners at the Nigerian Railway Corporation’s land over 8 months ago, which activated a series of negotiations and discussions on the proposed development of a world-class Transport Interchange alongside other innovative facilities at the Holy Ghost axis.

Proposed Holy Ghost Bus Terminal:

Fulfilling its promise, which marked a significant milestone, the state government has commenced the payments of considerable compensations to the affected persons.

Some of the jubilant beneficiaries, who confirmed payments on Monday, said the state government had, in addition to monetary compensations, also provided temporary locations for them to carry on their businesses pending the completion of the project.

This initiative, according to the beneficiaries, underscores the government’s commitment to transform and remodel the transportation sector, decongest traffic in the state capital and make it one of the leading transportation systems in Africa that would also allow them the right to carry on their businesses in the facilities.

“I just received confirmation from my bank notifying me about the clearance of a huge sum of money from the Enugu State Government. At first, I thought it was the usual scam from internet fraudsters until I visited the bank.”

“We have already relocated to the temporary site provided for us by the state government after we were notified by the railway corporation authority that the state government had taken the land in the overriding public interest.”

SEE ALSO:  My enemies have been defeated, they now sleep with eyes open, says Fubara

“I want to thank Governor Peter Mbah for the compensation. I didn’t believe that the government would even do anything,” a transport owner who simply identified himself as Mr. Udoka Aku said.

Another business owner, Chief Ignatius Okpara, who said the Railway Property Management had leased some portion of its land to him for business, told our correspondent that the Enugu State Government engaged them sometime in October 2023 on its plan to construct a modern transport interchange on the land as part of its urban regeneration strategy to eliminate the traffic jams and hardships motorists face in the area as well as to address the longstanding security issues and criminal activities in that axis.

Advertisement

“At first, some of us were sad; however, during our discussions with the railway management and the state governor on the options available to us and the fact that compensations would be paid; we accepted it in good faith. This was followed by another letter from Railway Property Management Company Ltd, sometime this year, which came as a notice of recovery of railway land on Market Road.”

“I had no option but to start relocating because the project is good and will benefit everyone. Besides, all of us who had property there were even given the right of first refusal after the completion of the terminal. To God be the glory, my bank reached out to me about some money that the state government was crediting to my account. I want to appreciate the governor for not abandoning us,” he stressed.

SEE ALSO:  Air Peace to commence Abuja-London flights — Keyamo

A visit to the area unveiled a concerning reality: the Railway Road and its surroundings, housing big transport companies, are now being used as hideouts for criminals and kidnappers. This alarming development calls for urgent intervention from the government.

Some of the business owners who spoke to our correspondents said they received notice of recovery from the government over 7 months ago. Despite this, they have continued operating their businesses as they perceived that the government was unprepared to take action.

“Yes, we were invited by Governor Peter Mbah for discussion. We were about 29 in number, including Onitsha South Transport Company, Anaocha South Mass Transit, Chisco Transport Company, Farm Associates Limited, Dozzy Oil Limited, A.C. Decanal Limited, Harco Oil, Nigerian Red Cross, Pilgrimage Sisters (Osisatech), Okeyson Transport Limited, MDS Logistics, FCMB, Ecobank and others, and we had fruitful discussions as the state government gave us the right of first refusal and other compensations. I’m still here because I feel I will easily switch to my new place any time the government comes.”

One of the transport managers who spoke to our correspondent said that the Chairman of Chisco Transport Ltd, Dr. Chidi Anyaegbu, who represented affected transport owners in the area, had lauded the state government for the initiative when he visited the government for further discussion on the interchange project, saying the Transport Infrastructure Project would enhance efficiency and profitability for transporters if it’s completed on time.

A middle-aged wholesale trader, Mr. Ekene Mojekwu, selling assorted wares, shared his perspective on the situation. He acknowledged the risk of remaining on the premises, noting that the evacuation notice had already expired.

SEE ALSO:  Customers not enjoying 20 hours Electricity will not pay New Tariff – Adelabu

Despite this, he emphasized his willingness to comply whenever the government initiates the demolition on the site.

Advertisement
Advertisements
Continue Reading

Trending