Business

Why we want to replace BVN with NIN – Minister

Published

3 years ago

February 9, 2021

The Minister of Communications and Digital Economy, Dr Isa Pantami, has explained why the Federal Government wants to replace Bank Verification Numbers with the National Identity Numbers.

According to him, the BVN is a regulator’s policy, while NIN is a law.

“The strength of the law wherever you go is not the same with a policy of one institution,” he added.

Already, the minister told journalists after a facility tour and inspection of the ongoing NIN enrolment exercise in Abuja that he had made a presentation to the National Economic Sustainability Committee and drew the attention of the Central Bank of Nigeria’s Governor on the need to replace BVN with NIN.

Pantami noted that the BVN was only applicable to those who had bank accounts while NIN was for every citizen and legal residents in the country.

“The BVN is our secondary database, while NIN and the database is the primary one in the country that each and every institution should make reference to NIMC,” he said.

Pantami boasted that Nigeria was at the forefront in Africa in regard to data protection regulations, claiming that the level of security in the entire database was 99.9 per cent.

He said, “That is why we came up with the Nigeria Data Protection Regulation that we always enforce and this is applicable to the database at our disposal.

“We take care of it and make sure that security is excellent and we don’t allow anybody to compromise the content because it is a trust from our citizens given to us.”

Meanwhile, Pantami has called on the organised private sector to enhance collaboration with government, adding that the economy of Nigeria is dependent on how it faired.

Pantami said this in his address at National Directorate of Employment/Federal Government’s Special Public works programme commissioning where 11,000 unemployed youth in Gombe State were engaged with work tools.

He said an enabling environment was key to harvesting the gains associated with private sector, stressing that the current dispensation had provided friendly atmosphere for businesses to thrive.

The minister said, “The economy of Nigeria relies more on the private sector than the public sector.

“If you look at our GDP collectively, it is approximately around $450bn which is the highest in Africa. If you compute, you will discover that the entire stage of government particularly the federal level is approximately around 8.5 per cent, while that of the private sector is more than 91.5 per cent. Government cannot do without collaborating with the private sector.

“What government must do is to provide enabling environment for the private sector to thrive and this is what we have been doing every day to come up with policies for the private sector to thrive.

“This is what brought about tax holiday, visa on arrival in Nigeria, online registration of companies by CAC.”

Business

Finally, NERC unbundles TCN, creates new system operator

Published

17 hours 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.”

Business

Naira depreciates again, trades at N1,402/$

Published

2 days ago

May 3, 2024

Trends Admin

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

Naira depreciates again, trades at N1,402/$

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Appeal court takes over NURTW case as NIC withdraws

Published

3 days ago

May 1, 2024

Trends Admin

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.