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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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'Depositors, others cautiously handle old notes'


By Akinola Ajibade


Nigerians, especially depositors and traders  were still sceptical about the validity of N500 and N1,000 notes that were reissued into public domain by commercial banks, days afterSupreme Court’s ruling that both the new and old naira notes should be used until December 31, 2023, when they would cease to be legal tender.

In areas such as Ketu, Ojota, Oshodi, Ilupeju and others visited yesterday, by News Mirror, many Nigerians still want to get assurance from the Governor, Central Bank of Nigeria( CBN) Mr Godwin Emiefele that the apex bank has complied with the Supreme Court'judgement, while others are asking President Muhammad Buhari to give orders first before they spend the old naira notes.

Findings showed that some of the Point of Sale  (POS) operators are not to go to banks for fear of being paid old notes at the counter or Automated Teller Machines ( ATMs).

Their fears were justified, as traders in the above visited areas in Lagos, strongly  resisted the use of the old notes when presented to them.

Some, even asked their customers, especially those they are familiar with to transfer the money to them either through their children’s accounts or those of their neighbours.

Of note, is the fact that many food vendors in Ikorodu were rejecting the old naira notes, saying that they may find it difficult to spend them.

One of them said: " Since naira swap issue started weeks ago, it has been pretty difficult to live normally in the country. Of great concern is the fact  that one cannot really accused any institution of causing the problem. While CBN is saying 'A', the Federal Government is saying'B' while commercial banks say 'C'. 

While this lasted,  some commercial banks are still issuing old notes to their customers either through their ATMs or across-the counters.

Stakeholders said that the development may take some weeks before it is sorted out by CBN and the government respectively.

 



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