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
Old naira notes
By Akinola Ajibade
Nigerian banks, yesterday Monday March 6th, 2023 began to re-dispense old N500 and N1000 notes to their customers for improved socio-economic activities.
The development, which is in tandem with Supreme Court judgement to extend the validity of the Central Bank of Nigeria (CBN) naira redesign policy to December this year, saw Deposit Money Banks(DMBs) receiving and issuing old notes to customers, with confidence.
In some of the branches within the metropolis, visited by the News Mirror, customers were in a relaxed moods, as they were paid a maximum of N20, 000 each, with the hope of increasing it subsequently.
Guaranty Trust Bank (GTB), First Bank, Access Bank, United Bank for Africa( UBA) and Sterling Bank, Lagos are some of the institutions, who
conducted transactions in apparent obedience to the judgement of the Supreme Court..
A Manager of Sterling Bank in Igbogbo, who does not want his names mentioned, advised customers to exercise patients as they are going to be paid a maximum of N20,000.
' We( banks) operate in line with the directives of the Federal Government, Supreme Court, CBN and other entities recognised by the constitution. Since we have gotten approval from the headquarters to open our doors for businesses today and which hopefully tomorrow and other days, I'm assuring all customers present here today, that their complaints would be attended to.
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