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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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Naira redesigning project splits Ministry and CBN

Above: Ministry of Finance headquarters: Below: CBN's building in Abuja


By Akinola Ajibade

Controversy over the plans to redesign the naira notes has pitched the Minister of Finance, Budget and National Planning, Mrs Zanaib Ahmed and Governor, Central Bank of Nigeria ( CBN) , Mr Godwin Emefiele against one another.

CBN has fixed November 15th, this year for the issuance of new N100, N200, N500 and N1000 notes as replacement for the old ones. Subsequently, the apex banking regulatory body is planning to spend N3trillion to mop up the old notes from circulation.

The issue has resulted in allegations and counter allegations between the two Federal Government- owned institutions, with CBN saying that it has  followed the law and due process on the matter.

The bank's reaction came on the heels of claims by the Minister of Finance, Budget and National Planning, Zainab Ahmad, that her ministry was not carried along by the Central Bank of Nigeria (CBN), in the ongoing process of redesigning three series of the Naira.

Speaking on CBN, its spokesman, Mr. Osita Nwanisobi, expressed surprise at the minister’s claim,adding that the apex bank remains a very thorough institution that follows due process in its policy actions.

He said the management of the CBN, in line with provisions of section 2(b), section 18(a), and section 19(a)(b) of the CBN Act 2007, had duly sought and obtained the approval of President Muhammadu Buhari in writing to redesign, produce, release and circulate new series of N200, N500, and N1,000 banknotes.

He implored Nigerians to support the currency redesign project in the overall interest of the country

He reiterated that some persons were hoarding significant sums of banknotes outside the vaults of commercial banks,stressing that the trend should not be encouraged by anyone who means well for the country.

He noted that currency management in the country had faced several escalating challenges which threatened the integrity of the currency, the CBN, and the country, adding that every top-rate Central Bank was committed to safeguarding the integrity of the local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy.

Still on the redesign project, Nwanisobi explained that the CBN had even tarried for too long considering that it had to wait 20 years to carry out a redesign, whereas the standard practice globally was for central banks to redesign, produce and circulate new local legal tender every five to eight years.

Assuring Nigerians that the currency redesign exercise was purely a central banking exercise and not targeted at any group, the CBN spokesman expressed optimism that the effort will, among other goals, deepen Nigeria’s push to entrench a cashless economy in the face of increased minting of the eNaira.

This, he said, is in addition to helping to curb the incidents of terrorism and kidnapping due to access of persons to the large volume of money outside the banking system used as a source of funds for ransom payments.

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