Business
FG gives condition to lift ban on Twitter
The Federal Government has given a condition that can lead to lifting its indefinite suspension of Twitter in Nigeria.
Minister of Foreign Affairs, Geoffrey Onyeama, said at a meeting with some envoys that Twitter’s operations in Nigeria would be restored only if the platform could be used “responsibly”.
He however said there was no definite timeline for that, stressing, “The condition would be responsible use of the social media and that really has to be it.”
“We are not saying that Twitter is threatening the country or any such thing; why we have taken this measure is to stop them to be used as platforms for destabilisation and facilitation of criminality or encouragement of criminalities,” he also said.
Those at the meeting held in Abuja on Monday were the envoys of the US, UK, Canada and the European Union, all of whom had condemned the “indefinite” suspension of Twitter in Nigeria.
Despite the government’s claim that Twitter is being used to undermine the existence of Nigeria, some have argued the suspension might be connected to the company’s decision to delete President Muhammadu Buhari tweet recently.
In a joint statement issued on Saturday, the envoys had said, “We strongly support the fundamental human right of free expression and access to information as a pillar of democracy in Nigeria as around the world and these rights apply online as well as offline. Banning systems of expression is not the answer.”
This prompted the FG to invite them to the meeting.
After the parley held behind closed doors, Oneyema said both parties had successful discussions on the issue.
The minister said the government took the comments of the envoys “very seriously”, hence the decision to discuss the matter with them in the “usual friendly way.”
He, however, insisted that the Buhari administration had to keep an eye on its “main objective and legacy” which, according to him, is the security of lives and property.
He said Nigeria would not sit back and watch social media being used to “destabilise” the country.
“We want to use social media for good. Differences of opinion is not a problem; everybody will not think alike,” Onyeama said.
He added, “But lives matter; Nigerian lives matter and we have to do everything we can to preserve Nigerian lives. And when we feel our goals are threatened, actions need to be taken.”
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.”
Forex: FG to delist naira from P2P platforms
Ikeja Electric cuts tariff for Band A customers
Canadian mayor praises Lagos under Tinubu at event honouring Peter Obi
-
Sports2 days agoRonaldo’s hat-trick leads Al Nassr to 6-0 victory over Al Wehda
-
International1 day agoGaza: Thousands rally for hostage deal as ceasefire talks continue
-
News3 days agoDon’t host US, French military bases in Nigeria, northern leaders warn Tinubu
-
Entertainment1 day agoNollywood veteran Shan George weeps as fraudster clears ₦3.6m from her account (VIDEO)
-
metro1 day agoDSS seals Plateau clinic over patient’s death
-
Business3 days agoFinally, NERC unbundles TCN, creates new system operator
-
Politics1 day agoPDP: Sule Lamido blames court for mass resignation from party
-
News2 days agoUpdated: NNPC blames fuel scarcity on panic buying, hoarding, marketers disagree