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Amid poor electricity supply, NERC gives fresh tariff increase notice

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The Nigerian Electricity Regulatory Commission is not backing down on its resolve for an upward review of electricity tariff even as poor supply persists.

The commission gave a notice of minor review of the Multi Year Tariff Order (MYTO) in a statement on Wednesday titled, “Notice of Compliance in Respect of the Biannual Review of the Revenue Requirements of Licensees”.

The new notice is coming two weeks after NERC unveiled the new rates for electricity tariff which it effected on February 1, 2022.

Latest supply showed  20 power plants as of Wednesday were generating 3,378 Megawatts despite the fact that the tariff increase was predicated on improved supply.

NERC in the notice signed by its Chairman, Sanusi Garba, posted on its official website explained that the review will not necessarily lead to tariff increase.

It stated, “Pursuant to the provisions of the Electric Power Sector Reform Act (EPSRA), the Nigerian Electricity Regulatory Commission adopted the Multi- Year Tariff Order (MYTO) Methodology in setting out the basis and procedures for determination of licensees revenue requirements and review of electricity tariffs in Nigeria.

The methodology provides for Minor Reviews (every 6 months), Major Reviews (every 5 years) and Extraordinary Reviews in instances where industry parameters have changed significantly from those used in the operating tariffs to such an extent that a review is required urgently to maintain the viability of the electricity industry.

“We wish to clarify that such reviews do not automatically translate to an increase in tariffs. Indeed where the impact of improved efficiency in operating parameters for individual licensees exceeds the impact of changes in macroeconomic parameters, end-user tariff may be reduced as exhibited in some tariff classes under MYTO 2022.

“In compliance with EPSRA and other relevant industry rules, this notice is issued to inform the general public and industry stakeholders of the Commission’s intention to commence the processes for the July 2022 Minor Review of MYTO 2022 to consider changes in relevant macroeconomic indices, generation capacity and CAPEX required for evacuation and distribution of the available generation capacity in compliance with extant rules.”

 

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As Mercedes cuts dealerships, Nigerian traders may be axed

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There is uncertainty over the fate of some Mercedes-Benz dealers in Nigeria operating through Weststar Associates Limited (the authorized distributor of Mercedes Benz in the country) as there are speculations that they may be sacked.

This follows international reports that Mercedes-Benz plans to reduce its dealerships by 10% worldwide, and up to 20% in the home market, Germany, by 2025, as it targets direct sales.

The prolific car manufacturer plan to hit 25 per cent online sales by 2025 as well as secure 80 per cent of European sales through its new direct sales model by 2025.

“We want to have more proximity to the customer and therefore have better control over pricing,” Mercedes chief financial officer Harald Wilhelm recently said.

“That’s why we are moving from the current dealer role.”

Weststar Associates Limited dealers in Nigeria who may be among those that may be affected by this new policy of Mercedes Benz include Skymit, Sunny Motors, Barbedos Cars, Mercedes Benz Centre and Tetralog.

However, when an official of Weststar Associates Limited was contacted by Transport Day, he promised to get back with an official position of the company concerning the matter, but Transport Day was yet to get the feedback as at the time of filling this report.

Mercedes-Benz currently has approximately 6,500 Mercedes and Smart sales and service outlets worldwide, and roughly 1,000 dealerships in Germany.

According to Bettina Fetzer, Vice president of communications and marketing, cuts to its global dealership will take place by 2025 while cuts in the German market will take place by 2028.

Founded in 2007, Weststar Associates Limited came into being after the official exit of Mercedes Benz representative office in Nigeria, following the disinvestment of the German company from Anambra Motor Manufacturing Company (ANAMMCO), Enugu.

Source: Transport Day

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Latest seven-seater Range Rover SV unveiled for Nigerian market

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Coscharis Motors has rolled out the all-new Range Rover SV, a seven-seater, for the Nigerian market.
The unveiling of the luxury sport utility vehicle, courtesy of Coscharis Motors, was done at the company’s office at Awoyaya, Lekki-Epe Expressway, Lagos.
General Manager, Marketing/Corporate Communications, Coscharis Group, Abiona Babarinde, said the Range Rover SV is one of the most desirable models ever created by Land Rover.
The vehicle is said to have a distinctive design detail resulting in a form that speaks to modernity and the pinnacle of progressive luxury.
Giving specific special features of the new Range Rover, Marketing Manager, Jaguar Land Rover, Cletus Aregbesola, says the vehicle is well defined by aesthetic grace, sophistication and refinement.
According to him, Range Rover would not have anticipated designing a Range Rover with seven seats four years ago but that milestone has been successfully achieved with the new Range Rover.


Having seven seats, the marketing manager said, had not affected both the driver’s legroom and rear legroom.
He said, “It has a choice of Standard or Long Wheelbase body designs provides elevated luxury for five or seven adults, all delivered while retaining the unmistakeable Range Rover profile and Command Driving position.
“Range Rover’s imposing face communicates a character of unparalleled. And, for the first time on Range Rover, 23” wheels enhance the vehicle’s presence and supreme stature, contrasted by its reductive, modern detail”, he added.
Jaguar Land Rover Service Manager, Masimba Joseph Gwetsuro, speaks on the driving dynamics, saying the vehicle is provided with new 530PS (390kW) 4.4-litre V8 that produces maximum torque of 750Nm.


Gwetsuro says that it takes the Range Rover from 0-100km/h (0-60mph) in 4,6 (4,4) seconds.
The new 530PS (390kW) 4.4-litre V8 produces maximum torque of 750Nm.
He says, “With Dynamic Launch engaged, he declared that the vehicle has cleaner, more efficient mild hybrid technology available with a range of diesel and petrol engines.
“Range Rover features a modern and sophisticated interior, underpinned by its impeccable reductive nature, tactile materials and an intuitive approach to relevant technology. No detail has been overlooked. Nothing is for show.”
He says the new Range Rover is now available in all Coscharis showrooms across the country with prices ranging between N70 million and N200 million.

 

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SERAP sues Buhari over alleged missing N11tn electricity fund

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President Muhammadu Buhari has been dragged to court by the Socio-Economic Rights and Accountability Project (SERAP) for allegedly failing probe N11tn electricity fund said to missing.

The money, according to SERAP, was meant to provide regular electricity supply for the country since 1999, and it is suspected to have “been stolen, mismanaged or diverted into private pockets.”

In the suit number FHC/L/CS/1119/2022 filed last week at the Federal High Court, Lagos, SERAP sought for “an order of mandamus to direct and compel President Buhari to investigate how over N11 trillion meant to provide regular electricity supply has been allegedly squandered by governments since 1999.”

This is coming after it was reported that Nigeria’s electricity grid has collapsed at least three times within five months, and 130 times in seven years, plunging many households across the country into darkness.

 

 

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