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FG- Imo: :Regulatory Oversight of The State Electricity Market Is Now Underr ISERC

By Favour Ifeoluwa & Akinola Ajibade  The Federal Government yesterday( Monday) announced the transfer of Regulatory Oversight of the Electricity Market in Imo State to the state electricity regulatory commission, otherwise known as (ISERC). In a statement issued by the Nigerian Electricity Regulatory Common( NERC), the development is in compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended), reiterating that all transfers envisaged by this order shall be completed by 31 December 2024. According to the Commission,the transfer Order’s provisions include: “Direct Enugu Electricity Distribution Company (EEDC) to incorporate a subsidiary (EEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Imo State from EEDC, and that EEDC shall complete the incorporation of EEDC SubCo within 60 days from 27th June 2024. The subcompany shall apply for and obtain licence for the in
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Court orders arbitration in Akinyanmi, Lekoil Cayman suit By Akinola Ajibade



The New Jersey court hearing the application challenging the hostile ouster of Lekan Akinyanmi as the Chief Executive Officer of Lekoil Cayman Limited, on June 14, 2022, has ordered a stay of all proceedings in the matter pending the arbitration the court has ordered.

Akinyanmi, Chief Executive Officer of Lekoil Nigeria Limited, filed an action in the Superior Court of New Jersey on September 24, 2021, with case number MER-L-001733-21, claiming breach of contract in the termination of his employment contract through a process fraught with irregularities and for which he insists Lekoil Cayman Limited is owing him.

In response to the suit, Lekoil Cayman Limited challenged the jurisdiction of the New Jersey court to adjudicate the matter and prayed the court to grant arbitration.

In the event that the arbitrator decides that Lekoil Cayman waives its right to arbitration, then it is expected that the parties will return to the New Jersey court for a decision on the matter of its jurisdiction, as well as the original suit brought by Lekan Akinyanmi against Lekoil Cayman.

A statement said:”This is in contrast with the blatantly misleading release by Lekoil Limited (“Lekoil Cayman”) via the Regulatory News Service of the London Stock Exchange (RNS 86980) on June 14, 2022, claiming to have won the case.In the light of this deliberate misrepresentation, Lekoil Nigeria Limited has advised the Board of Lekoil Cayman to endeavour to stick to the facts and truth in future releases”

 

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