Business

Just in: Buni’s men take over APC national secretariat

Published

2 years ago

March 15, 2022

Loyalists of the embattled Chairman of the Caretaker/Extraordinary Convention Planning Committee, Governor Mai Mala Buni, have resurfaced at the national secretariat of the party, Abuja, taking control of the affairs there.

Senator John James Akpanudoedehe, Secretary of the committee, who normally presided over the party’s affairs whenever Buni was unavailable, reportedly resumed duty at the APC office on Tuesday.

Governor Sani Bello of Niger State had taken charge of the party, with Governor Nasir El-Rufai of Kaduna saying Buni would never return as the party chairman.

However, the Independent National Electoral Commission (INEC) failed to acknowledge the leadership of Bello.

But Akpanudoedehe resumed at the APC national secretariat on Tuesday afternoon.

Sources at the secretariat also said Buni who travelled abroad for medical attention was being expected to resume work.

In a statement issued on Tuesday by Senator Akpanudoedehe on resumption, the Secretary said the party remained united and strong.

He said, “The Caretaker/Extraordinary Convention Planning Committee (CECPC) of the APC under the Chairmanship of His Excellency, Governor Mai Mala Buni of Yobe State, makes this press release to clarify the events of last week and reassure the membership and stakeholders of the party, as well as the Nigerian people in general, that the Governing Party is crisis-free, strong and remains united in giving the country the transformative leadership and good governance which she promised them.

“The CECPC therefore informs the press and the general public as follows: that the CECPC was appointed, and has always done her best, to steer the affairs of the APC in line with the mandate invested in her at inauguration by the National Executive Council (NEC) of the All Progressives Congress.

“That on the 28th day of February, 2022 the CECPC Chairman took a long-delayed trip abroad on health grounds, leaving behind written authorisation for other members of the CECPC to continue work in his absence, particularly the day-to-day management of the APC.

“That in his absence, sundry activities earlier scheduled for action appeared to develop fresh urgency in order to satisfy the Timetable for the 2023 General Elections released by the Independent National Electoral Commission (INEC), thus galvanizing some within the CECPC to act in their best understanding of both the situation and the leadership dynamics in the Committee/Party.

“That all such actions were clearly identified at all times as happening in an acting or proxy capacity, and under the auspices of the substantive Chairman, His Excellency, Governor Mai Mala Buni, contrary to widespread speculations that the Chairman, Secretary or some other officials of the CECPC have been removed from Office or otherwise replaced.

“That the CECPC is intact and functional as originally constituted. That delivering a seamlessly successful National Convention for the APC on March 26, 2022 is top on priority for the CECPC and we shall continue to execute such assignments as are legal pending the return of the Chairman who is on his way back to the country and shall resume Office on arrival with the full support of all members and other stakeholders.

“We are grateful to INEC for her firm guidance in the entire circumstances. Meanwhile, the party has engaged a team of senior lawyers to address a purported court order halting the planned APC National Convention.

“We hereby call on the judiciary to give the matter the needed and expedient attention in our bid to vacate the purported court order and allow the conduct of a transparent and rancour-free National Convention deserving of our great party, APC.”

Business

Forex: FG to delist naira from P2P platforms

Published

6 hours ago

May 6, 2024

Trends Admin

Forex: FG to delist naira from P2P platforms

The Federal Government is set to delist the naira from all Peer-to-Peer platforms to reduce the manipulation of the local currency value in the foreign exchange market.

Director General of the Securities and Exchange Commission, Emomotimi Agama, made this known on Monday at a virtual conference with blockchain stakeholders.

The goal of this resolution is to combat manipulation of the value of the local currency in the foreign exchange market.

In past months, the nation’s regulatory bodies have started looking into and closely examining cryptocurrency exchanges.

This is part of a number of regulations to be rolled out in the coming days.

He said, “That is one of the things that must be done to save this space. The delisting of the naira from the P2P platforms to avoid the level of manipulation that is currently happening.

“I want your cooperation in dealing with this as we roll out regulations in the coming days.”

The SEC DG decried how some market players were manipulating the value of the naira.

This, he said, was why the commission was “seeking collaboration and help in making sure that the crypto environment is respected globally”.

Business

Ikeja Electric cuts tariff for Band A customers

Published

12 hours ago

May 6, 2024

Trends Admin

Ikeja Electric cuts tariff for Band A customers

The Ikeja Electricity Distribution Company has announced a reduction in the tariff for customers under Band A classification from N225 per kilowatt-hour to N206.80kw/h

This is coming about a month after the Nigerian Electricity Regulatory Commission (NERC) approved an increase in electricity tariff for customers under the Band A category to N225 per kwh — from N66.

The commission has clarified that customers under Band A receive between 20 and 24 hours of electricity supply daily.

Ikeja Electric said in a circular on Monday the cut in the new tariff rate would take effect from May 6, 2024.

Business

Finally, NERC unbundles TCN, creates new system operator

Published

3 days ago

May 4, 2024

Trends Admin

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.”