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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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Glaxosmithkline Plans To Exit Nigeria Soon

The company's head office


By Favour & Akinola Ajibade


Nigerians are expected to join the thickly populated  labour market, if the plans of the GlaxoSmithKline Consumer Nigeria Plc (GSK) to close its operations in the country, is anything to go by.

The company, yesterday ( Thursday) told the  management of the Nigeria Exchange Limited (NGX) and the investing public of its intent to clise operations in the country.

The firm, conveyed this message  in a statement, issued and signed by its Secretary, Frederick Ichekwai. 

The planned closure is necessitated by the parent company, GSK Plc UK, strategic intent to cease commercialization of its prescription medicines and vaccines in Nigeria.

Besides,another of its partners, Haleon Group has separately informed the Board of its intent to terminate its distribution agreement in the coming months.

The statement added:“In our published Q2 results we disclosed that the GSK UK Group has informed GlaxoSmithKline Consumer Nigeria PLC of its strategic intent to cease commercialization of its prescription medicines and vaccines in Nigeria through the GSK local operating companies and transition to a third-party direct distribution model for its pharmaceutical products.”

The company promised to treat its employees fairly in compliance with all applicable legal and consultation requirements.

The statement said: “The Board is conscious that shareholders will have many questions; we have been working assiduously with our professional advisors to agree on the next steps and we will be shortly submitting to the Securities and Exchange Commission, a draft Scheme of Arrangement which may, if approved, see shareholders other than GSK UK, receive an accelerated cash distribution and return of capital.”

 

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