Business
NDDC in N6.25bn fresh palliative scandal
The Niger Delta Development Commission (NDDC) is embroiled in a fresh scandal over N6.25bn purportedly spent as COVID-19 palliatives.
This came to the fore on Thursday when the Senate Committee on Ethics, Privileges and Public Petitions was told the amount was embezzled by the sacked Interim Management Committee led by Prof. Daniel Pondei.
Chairman of the agency’s COVID-19 Palliative Distribution Committee, Ambassador Sobomabo Jackrich, said no amount was spent as palliatives.
He stated this in a petition addressed to the Chairman of the Senate Committee on Ethics, Privileges and Public Petitions Committee, Senator Ayo Akinyelure.
Ambassador Jackrich alleged that the money was misappropriated as his committee “was totally sidelined and the IMC hijacked the process because of their secret plots just because I, as the chairman, demanded for transparency in the entire process.”
The petition read in part, “As Chairman of the COVID-19 Palliatives Distribution Committee of the NDDC, I testify that N6.25billion approved by Mr President for Palliatives for the entire Niger Delta Region through the NDDC, cannot be accounted for and is allegedly embezzled by the then Prof Daniel Pondei-led IMC.
“My committee was totally sidelined and the IMC hijacked the process because of their secret plots just because I, as the Chairman, demanded for transparency in the entire process.
“The then IMC conspired among themselves and distributed strange substance in the name of Palliatives in form of spoilt food items to a few communities in the region.
“To cover up for the fraud, they tried without success to bribe me with few bags of rice and beans just to induce me to play along with them.”
Senator Akinyelure vowed that the Senate would get to the root of the alleged financial sleaze and asked the NDDC to appear before his committee on February 22 to defend itself.
He said, “This is the third time the leadership of the commission failed to honour invitation on the alleged N6.25 billion COVID-19 palliative scam.
“But unfortunately for them, as a committee of the Senate, we shall thoroughly investigate it whether they like it or not, since petition on the fraud even came from a ranking officer from the commission.
“Even as a senator from one of the affected states, I, along with 26 others, did not see any palliatives distributed by the NDDC last year.
“Since government is a continuum, the new management of the commission must appear before the committee unfailingly on the 22nd of this month.”
Business
Forex: FG to delist naira from P2P platforms
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
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
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.”
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