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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

Why Presidency suspends CBN's Gov, Emeifiele



By Favour & Akinola Ajibade


Godwin Emefiele, the Governor of Nigeria’s Central Bank was suspended because he could not present the audited accounts of the bank from 2019 up to date, InsideBusinessNG investigation has revealed.

An audited account is a financial record that have been checked by a chartered accountant as being a true and correct record of the financial operations and position of an organisation .

Emefiele’s suspension which sources within the Aso Villa, Nigeria’s seat of government, the intelligence community, and the apex bank said is a raging fire, is currently making many in both the private and the public sectors uncomfortable, and may also affect the new CBN Acting-Governor, Folasodun Shonubi whom they alleged, does not merit the position.

They alleged Shonubi is at the center of the recent Stamp Duty scandal that rocked the apex bank. The new Acting-Governor is also alleged to be involved in the jumbo insurances of the CBN which premiums were allegedly inflated by billions of Naira during Emefiele’s tenure.

They also alleged that Shonubi favoured some insurance brokerage firms that are involved in the cover for the apex bank’s risks. These are minuses for Shonubi according to people that are familiar with the issues.

Findings by InsideBusinessNG showed that in the first week of this new administration and during the heat of the subsidy removal, President Bola Tinubu had asked Emefiele for a comprehensive report of his administration from 2016 to 2023.


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