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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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Naira Scarcity: CBN Blames Hoarders, Releases More Cash To DMBs


CBN's headquarters, Abuja 

Few Naira Notes


By Favour Ifeoluwa & Akinola Ajibade 


The Central Bank of Nigeria (CBN) says the current cash scarcity in Lagos, Abuja, Kaduna and other major cities  across the country was caused by hoarders. 

Its  Acting Director in charge of Corporate Communications, Mrs Hakama Didi, told reporters that some persons are hoarding the Naira due to  challenges experienced during the Naira redesign project.

According to her, the apex bank was not only monitoring the situation, but had released sufficient cash to its branches across the country for onward distribution to Deposit Money Banks (DMBs. 

She noted  that the currency in circulation had  increased from N1trilion in February 2023 to over N3.4 Trillion as of December 11, 2023. 

This, according to her, indicated that there was sufficient cash in circulation, except that the cash was in the hands of individuals who were apprehensive due to their previous experiences.

She empathized with Nigerians, over their previous and current experiences, but insisted that the CBN had adequate cash to meet the day-to-day transaction needs of Nigerians. She, therefore, appealed to Nigerians to be patient while the CBN does the needful to ensure the availability of cash, particularly during the yuletide and beyond.

While also urging Nigerians to continue to accept all Naira banknotes for their daily transactions, Sidi Ali reiterated the Bank’s earlier call to the public to embrace alternative modes of payment, e-channels, to reduce pressure on the use of

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