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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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NCDMB Backs Implementation of Local Content in Insurance Sector

Wabote 


By Favour & Akinola Ajibade


The Executive Secretary, Nigerian Content Development and Monitoring Board(NCDMB), will lead discussion at the 2023 edition of the 
 National Conference on Building Local Content Synergy organised  by STANMEG in Lagos.
Billed to hold on  Thursday, July 20th at the Sheraton Hotels, Ikeja, Lagos, the event will witness the convergence of key stakeholders and regulatory agencies in the Nigerian Oil and Gas/ Insurance  Sector, who would  brainstorm on the benefits and challenges in the industry, as well as providing measures on how to implement the Nigerian Oil and Gas Industry Content Development ( NOGICD) Act, particularly sections 49 and 50, which deal with insurance and oil and gas activities.
Coming with the theme and sub-theme standing as Building Local Content Synergy Between the Oil and Gas and the Insurance Sectors respectively, the conference comes with various discussions and panels.  
One of the key discussants expected to do justice to  the topic is Mr Wabote, the  Executive Secretary, NCDMB. 
Recall that NCDMB and the NAICOM leadership headed by the duo of Commissioner for Insurance and NCDMB's Secretary, Messrs Sunday Thomas and Wabote  signed insurance services guideline recently in Yenogoa. This obliges  the oil and gas industry to patronize the local insurance sector. 



The Executive Secretary of the NCDMB, at the ceremony stated that the provisions of sections 49 and 50 of the NOGICD Act require all operators engaged in any form of activity or project in the Oil and Gas industry to insure all insurable risks related to its oil and gas business with an insurance company, through an insurance broker registered in Nigeria.

He stressed further that the Act provides that where an operator seeks to place an insurable risk offshore, a written approval of NAICOM must first be sought and obtained and that NAICOM before the issuance of the approval must ascertain that local capacity has been fully exhausted.

He also reiterated that the Insurance guideline will strengthen the Board’s local content drive and ensure that a greater portion of the spend in the Insurance industry as it relates to oil and gas activities in Nigeria is retained in-country.

It is based on this that STANMEG Communications, Publishers of Oriental News Nigeria Online, along with its partners has taken up the initiative to create a national platform that will bring operators in the two sectors together to broaden discussion and conversation around the key sections of the Act, identify challenges, opportunities and build stronger synergy to promote local content in the insurance sector.

According to the conference organizers, partners have designed a theme that centers on the possible outcome of the implementation of the Act as it concerns the insurance industry.







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