Skip to main content

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
Post a Comment

Group kicks against plans to sell Ajaokuta for growth

Ajaokuta Steel Company Limited


Favour Ajibade


Concessioning of Ajaokuta Steel Company Limited to another party or institution would jeopardize plans to revive the firm and further return it to optimal performance, a group has said.

The group is made up of Non- Governmental Organisation (NGO) led by its National Coordinator, Mohammed  Bougel Attach and African Citizens Development Foundation ( ACDF). 

While the former is led by its National Coordinator, Mohammed Bougel Attach, the latter has Otunba Dele Ajayi-Smith as member.

In a statement signed by the duo and made available to News Mirror, the group is not in support to offer the multi-billion dollars Steel company to any other organization, adding that the idea is running contrarily to its objectives.

The group further said that its giving support to local investors to turn around the fortunes of the company and therefore must not be conceded to other institutions.

The coalition’s position was sequel to mixed reactions trailing the recent pronouncements by the Federal Government of Nigeria, to privatize the steel company.

This is coming on the heel of a protracted legal tussle that was put to rest recently.In particular, we view the recent comment by the Honourable Minister, Arc. Olamilekan Adegbite, where he informed Nigerians of the ongoing privatization process involving a review of select firms bidding as investors in the company, as positive and in the right direction,the statement added.

Though details about the procurement of the firms and consultants for the processes are not made public yet, the group expresses optimism that government will follow due process by applying the direct sourcing or selective bidding processes.

“As civil society group monitoring the developments around the steel plant, we wish to reinstate our earlier support to the government on the ongoing privatization efforts, which in our opinion is to encourage local investors in the affairs of the company for effective and efficient management and productivity.

“As a point to note, one of the recommendations of the November 25, 2021 National Conference on Ajaokuta Steel Complex and President Muhammadu Buhari Industrialization Agenda, was for the government to stop the concessioning agreement and consider the privatization of the ASCL and the National Iron Ore Mining Company, NIOMCO, by encouraging local investors.

“The conference however frowned at any attempt to reconsider the issue of concessioning the two companies or to allow foreign investors, as the above two factors have been the bane of setbacks recorded over the last 30 years by the two establishments

“The CSO coalition used the opportunity once again to commend the federal government over the settlement of debt owed to a foreign firm that has now set ASCL and NIOMCO on a positive new course”

According to him, the policy was in line with Sections 19, Subsections A and B of the CBN Act 2007.

Comments

Post a Comment

Popular posts from this blog

HAPPY 70 TO ELDER ADE ADEDAMOLA OGIDAN

PLATINUM BIRTHDAY ANNIVERSARY OF ELDER ADE ADEDAMOLA OGIDAN, A FOREMOST JOURNALIST & EDITOR By Favour Ifeoluwa & Akinola Ajibade Like a new born child, beaming with smiles for coming out of his mother's womb in order to live a fulfiled life, the celebrator,Ade Ogidan fits perfectly well into this category. Simply known as AAO, a shorten form of Ade Adedamola Ogidan, the thorough based journalist is without doubt, a  well grounded newsman.. With Bachelor of Science ( BSC) Degree in   Sociology and Anthropology( 1976 ) from University of Nigeria, Nsukka,  Ogidan has cut his teeth well in Journalism. Prior to this, he  taught in Osogbo Grammar School and worked at the Nigerian Communication respectively  after his youth service, a development, which no doubt prepared  him well for journalism profession and other future engagements. Pragmatic, resilient and outspoken, where it matters, Ogidan ensured  that his tenure as the first Chairman of Pineapple Estate, Ikorod
1 comment
Read more

NNPC Completes Mechanical Rehabilitation of Port Harcourt Refinery Plant

By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company (NNPC) Limited, says that it has mechanically completed the rehabilitation of Area 5 Plant of the Port Harcourt Refining Company (PHRC). The nation's oil company began rehabilitation of the refinery two years ago, while at the same time, promised to complete its by 31st December 2023. The Group Chief Executive Officer, NNPC Ltd., Mr. Mele Kyari, said as of December 15th, 2023, 84.4% of Area 5 Plant, a key component of the Refinery, and 77.4% of the entire rehabilitation project have been completed. “In our quest to ensure that this refinery is re-streamed to continue to deliver value to Nigerians, we made a promise that we will reach a mechanical completion of phase one of the rehabilitation project by the end of December and get the other plants running in 2024. Today, we have kept those commitments,” Kyari stated. The GCEO commended NNPC's staff and the EPCIC contractors for doing a g
Post a Comment
Read more

Fed Govt Commences New VAT Sept 1

By Favour & Akinola Ajibade Buoyed by the resolve to deepen the country's revenue base and further and further speed up implementation of capital projects in Nigeria, the  Federal Government will in the next six days, precisely September 1, this year, starts collecting the  new Value Added Tax( VAT).  The government is achieving  this goal through the Federal Inland Revenue Service(FIRS).  FIRS, in a statement,  said subject to the Finance Act 2023, VAT withheld or collected, VAT on items excluded from building, the new Tertiary Education Tax rate of 3 per cent and Investment Allowances and Convertible Currencies will become effective September 1, 2023. Certain amended provisions of the Finance Act 2023 were enacted on 28th May, 2023 with the effective date of 1st May 2023. However, the effective date was changed to 1st September 2023. Some of the amended Sections are 14 (3) which deals on VAT Withheld or Collected. The VAT Act was amended to the effect that persons
Post a Comment
Read more