Business
AfCFTA: FG to regulate road transport system
The Federal Government plans to regulate road transportation and mass transit operations in the country.
Minister of State for Transportation, Senator Gbemisola Saraki, disclosed this on Monday in a meeting with a section of automotive manufacturers led by Ifeanyichukwu Agwu, the Chief Executive Officer of BKG Exhibitions Limited, and Chairman Organising Committee of Abuja International Motor Fair.
She said the decision became necessary in order to reposition Nigeria’s road transportation system ahead of the African Continental Free Trade Area.
The Nigerian road transportation and mass transit is largely an unregulated territory.
She lamented that of 76000 trucks registered at the port only 17 met the standard, stressing that Lomé and Cotonou were complaining that Nigerian vehicles are below standard.
Saraki, however, disclosed that arrangements were being put in place for the federal government to brainstorm with players in the automotive industry, including assemblers and manufacturers, to find a local solution that would move the industry forward.
According to the her, over 97% of passengers’ movements in Nigeria are done on the road, stressing the need for the government to ensure proper restructuring for better service delivery.
“This afternoon, I was in a meeting that the Vice President chaired and we are looking at how best to tackle the issue of road transportation,” she said.
“I am sure you will agree with me that right now, it is unregulated, anybody can put the vehicle on the road and call himself a transporter and they are going.
“Funds are not coming, taxes are not paid, there is no consumer satisfaction, there is no feedback, it’s completely disoriented right now.
“And with the fact that ACFTA is coming soon, in order for us to compete properly, we need to have a regulated road transportation system for commercial operators, which now comes to the manufacturers.
“With the ACFTA coming, this morning it came out that we have a lot of substandard vehicles on the roads.
“I know that Lome and Cotonou have complained that the vehicles in Nigeria are below standard. Of the 76000 trucks registered supposedly only 17 meet the standard,” she noted.
Earlier, Agwu described the nation’s auto industry as an orphan that is being overused even though it accounts for 15% of those working in the country.
The BKG boss lamented that the auto sector is under heavy stress which affects Nigerians in terms of cost of transportation, lack of safety in the movement of goods and services due to bad vehicles.
According to Agwu, policy inconsistency is one problem that has cost the auto sector a whole lot of money.
“Companies set up factories to assemble with billions of Naira and the next thing you see is they change the policy and said you can bring in whatever you want.
“Where does that work? And that is why serious companies actually do not come to Nigeria” he said.
Business
Finally, NERC unbundles TCN, creates new system operator
Finally, NERC unbundles TCN, creates new system operator
The Nigerian Electricity Regulatory Commission (NERC) has set up the Nigerian Independent System Operator of Nigeria Limited (NISO) as it unbundles the Transmission Company of Nigeria (TCN).
The transmission leg of the power sector has over the years been seen as weakest link with obsolete equipment.
The unbundling announcement is contained in an Order dated April 30, 2023 and jointly signed by NERC chairman, Sanusi Garba, and vice chairman, Musiliu Oseni.
By this order, the TCN is expected to transfer all market and system operation functions to the new company.
The commission had previously issued transmission service provider (TSP) and system operations (SO) licences to the TCN, in accordance with the Electric Power Sector Reform Act.
The Electricity Act 2023, which came into effect on June 9, provided clearer guidelines for the incorporation and licensing of the independent system operator (ISO), as well as the transfer of assets and liabilities of TCN’s portion of the ISO.
In the circular, the commission ordered the Bureau of Public Enterprises (BPE) to incorporate, unfailingly on May 31, a private company limited by shares under the Companies and Allied Matters Act (CAMA), 2020.
NERC said the company is expected “to carry out the market and system operation functions stipulated in the Electricity Act and the terms and conditions of the system operation licence issued to the TCN.
“The name of the company shall, subject to availability at Corporate Affairs Commission, be the Nigerian Independent System Operator of Nigeria Limited (“NISO”),” NERC said.
Citing the object clause of the NISO’s memorandum of association (MOU) as provided in the Electricity Act, NERC said the company would “hold and manage all assets and liabilities pertaining to market and system operation on behalf of market participants and consumer groups or such stakeholders as the Commission may specify.”
Business
Naira depreciates again, trades at N1,402/$
Naira depreciates again, trades at N1,402/$
The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71
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This represents a 0.84 per cent loss when compared to the previous trading date on Tuesday April 30, when it exchanged at 1,390.96 to a dollar.
However, the total daily turnover increased to 232.84 million dollars on Thursday, up from 225.36 million dollars recorded on Tuesday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between 1,445.00 and N1,299.42 against the dollar.
Naira depreciates again, trades at N1,402/$
Auto
Appeal court takes over NURTW case as NIC withdraws
Appeal court takes over NURTW case as NIC withdraws
The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.
The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.
Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.
The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.
The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.
Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.
With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.
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