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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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'Taxes from energy companies w'll deal with inflation,' says Shell





By Akinola Ajibade


The Chief Executive Officer,Royal Dutch Shell, Mr Ben Van Beurden, says taxes from energy companies are huge enough to deal with spiralling inflationary rates in the world.

He  urged authorities to take from the rich to assist the poor, in order to stem the growing rates of inflation across the world.

According to him, the need for the government's intervention one way or the other is necessary, as the cost of gas skyrotted in the United Kingdom and across Europe.

Beurden, who spoke  at the Energy Intelligence Forum in London on October. 4, was quoted by Bloomberg as saying: “A government intervention that somehow results in protecting the poorest, that probably may then mean that governments need to tax people in this room to pay for it.”

Executives from the energy sector’s largest companies, including from oil and gas majors Saudi Aramco, ExxonMobil, and Chevron, among others, are in attendance at the two-day conference, which concludes on Oct. 6. A Shell spokesperson told Reuters van Beurden’s statement on taxation referred to companies, not individuals.

At the UN general assembly last month, UN secretary general António Guterres urged developed countries to tax the windfall profits of oil and gas companies, and use the money to combat loss and damage caused by the climate crisis as well as to assist people struggling with rising food and energy prices.

A similar message was shared by the United Nations Conference on Trade and Development (UNCTAD), which criticized central banks’ rapid increases in interest rates as pushing the global economy to the edge of recession. UNCTAD encouraged policymakers to use other tools to control inflation, such as windfall taxes, price controls, and antitrust measures.


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