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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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Union Homes entangles in a web of crises

Union Homes office, Lagos 


By Akinola Ajibade


Union Homes embroils in deeper crisis over N2.5b compensation fund 
All appears not well with Union Homes as the company is facing allegations such as diversion of N2.5 billion paid it by the Lagos government in order to compensate victims of demolition exercise carried out in Abule Odo and Iyana Oba areas of state among other issues.
The government is believed to have paid  compensation for demolishing properties in those areas, years after all parties involved on the matter are unable to amicably resolved the matter.
Sources close to the mortgage financing and estate development firms, said that N2.5 billion was sometimes ago  diverted to Aso Savings, which is a parent body of Union Homes. 
Part of the allegations also include acquisition of Union Homes through shady deals ten years ago.
The sources further said that Aso Savings and Loans Limited was required to inject N5billion as a purchasing consideration fee into Union Homes within 90 days to consumate merger and acquisition arrangements before it can effectively take over and have access to the assets of  Union Homes. 
However, Aso Savings and Loans Limited, according to sources, has  failed to recapitalise Union Homes, as well as criminally converting its 
assets under the failed merger and acquisition programmes earlier signed  in order to improve the  growth of the organisation.
Added to this is the alledged payment of N1billion out of N2.5 billion to the officials of the Lagos state government, who facilitated the  compensation programme.
Efforts made to speak with the Managing Director of Union Homes proved abortive, as neither the text message  nor calls made to him were replied.

















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