Business
Don’t buy meter, transformer, wires, NERC tells electricity consumers
• Insists consumers must sign agreement for refund
Nigerian Electricity Regulatory Commission (NERC), yesterday, in Abuja, said it remains the responsibility of electricity distribution companies to provide meters, transformers, poles, wires and other things needed for electricity supply to consumers.
NERC’s Commissioner-in-charge of Consumers Affairs, Aisha Mahmud, speaking during a three-day NERC/Abuja Electricity Distribution Company (AEDC) Customer Complaint Resolution Meeting, said a lot of consumers in Nigeria are not aware of their right.
“It is not the responsibility of the consumers to buy meters, poles or any assets for the DisCos (distribution companies) because we have already provided for that in the tariff of the utilities.
“But under any circumstances that you have to purchase these items and you cannot wait for the DisCos to make that investment, we have made provision for that under our ‘investment regulation’,” Mahmud said.
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She noted that the commission will continue to educate consumers on their responsibilities and obligations, adding that there’s a regulation, and based on that, if a consumer has to purchase a transformer, it has to be done through an agreement.
She said: “The agreement should contain a dispute resolution clause and all other items that are expected of a standard agreement. What we expect from the DisCos is to use their Internally Generated Revenue to buy those assets or rather use shareholders’ investment or borrow from banks to purchase the assets.”
According to her, it’s NERC’s responsibility to educate customers on their rights and obligations and all they are supposed to know about the electricity market.
Managing Director of AEDC, Adeoye Fadeyibi, said the company will do everything possible to meet the demands of consumers.
Represented by the Head, Regulatory and Government Relation of the AEDC, Olajumoke Delonia, Fadeyibi said the idea of the forum was to address customers’ complaints and commended NERC for the initiative.
Guardian
Business
Naira recovers against dollar, euro, pound closes below N1,600/$1 at official market
Naira recovers against dollar, euro, pound closes below N1,600/$1 at official market
The official market observed a modest increase in the value of the Naira against the dollar, concluding at N1,597.24 to $1, marking a 0.34% enhancement from the prior closing figure of N1,602.75 to $1 from the preceding week’s end.
This recent closing figure of N1,597.24 to the dollar signifies the first instance of a rate ending beneath the N1,600/$1 mark since March 5th, 2024.
Additionally, data from NAFEM disclosed a slight rise of 2.20% in forex dealings, reaching $140.45 million as opposed to the $137.43 million noted earlier.
On Monday, within the Investors and Exporters (I&E) window, the naira saw mixed results against major global currencies.
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The I&E FX window recorded a high of N1640/$1 and a low of N1,400.00, indicating a fluctuation of N240/$1.
In the parallel market, the naira appreciated by 0.78% against the US dollar, trading at N1,608 compared to the previous figure of N1,614 per dollar.
Against the pound sterling, the naira modestly gained by 0.74%, ending at N2,030/£1 from the earlier rate of N2,045/£1.
It also made gains against the euro by 0.58%, closing at N1,725/€1 up from last week’s Friday rate of N1,735/€1.
The country’s foreign reserves saw a slight increase of $2.71 million as of March 14, 2024, amounting to $34.416 billion—a 0.008% rise from the previous day’s reserves of $34.413 billion.
Nigeria’s foreign reserves have been on an upward trajectory for 20 days (approximately 3 weeks), starting from February 13, 2024.
Naira recovers against dollar, euro, pound closes below N1,600/$1 at official market
Railway
Vandals destroy rail track in Kaduna community
Vandals destroy rail track in Kaduna community
Vandals have destroyed a rail track at Chidunu village in the Chikun Local Government Area of Kaduna State.
The hoodlums taking advantage of high rate of insecurity in the area stormed the village and reportedly loaded their three trucks with track materials forcefully removed from the rail.
Public Relations Officer for the Northern District of the Nigeria Railway Corporation, Alhaji Abdullahi, in a statement on Monday, said two of the truck were stopped and impounded by security agents.
However, a Canter truck driver absconded with a portion of the stolen materials.
Some of the vandals were also apprehended by security operatives around the community.
Abdullahi highlighted the logistical challenges with the urgency to act before nightfall and the volatile nature of the area.
“It was difficult to arrange for logistics to evacuate track rails and sleepers before it got dark,” he said, emphasizing the collaborative efforts with local vigilantes and hunters to bolster surveillance along the affected railway stretch.
“We received a report on Sunday that the vandals were arrested during their illicit operation with two long trucks loaded with rail track materials,” Abdullahi said.
He added that the case has been handed over to the Nigeria Security and Civil Defence Corps (NSCDC) for further investigation.
“The case is at present with the NSCDC, O.C. Anti-Vandal for further investigation,” Abdullahi stated.
Business
Panic as CBN set to fire more directors
Panic as CBN set to fire more directors
About 12 more directors of the Central Bank of Nigeria are said to have been listed for sacking in a reorganization move by the Governor of the apex bank, Olayemi Cardoso.
This is coming after seven directors were fired last Friday.
Two of the seven terminated directors are currently facing a case with the Economic and Financial Crimes Commission (EFCC) due to their implication in the Jim Obaze report.
Obaze was appointed as Special Investigator by President Bola Ahmed Tinubu to scrutinise the activities of the CBN under the watch of its former Governor Godwin Emefiele.
While the two directors are said to have accepted their fate, the other five are planning to take a legal action against the bank for alleged unlawful termination of their appointments.
The termination letters sent to the seven directors cited “reorganizational and human capital restructuring” as reasons for their dismissal.
The letters stated that they were relieved of their jobs with effect from Friday March 15, 2024.
They were directed to hand over all bank properties in their care to their department’s administrator immediately.
The Nation reported that 12 more directors are set to be dismissed.
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