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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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CBN Revokes 4,173 Licences of BDC Operators

CBN's headquarters in Abuja


By Favour Ifeoluwa & Akinola Ajibade


The Central Bank of Nigeria (CBN) says it has revoked 4,173 licences of Bureaux De Change Operators in the country.

The apex bank blamed the development on the refusal of the affected operators to observe the necessary regulatory provisions.

The bank, in a statement issued yesterday, (Friday) by its Acting Director, Corporate Communications,Sidi Ali Hakama, said the move is part of efforts to restore confidence in the nation’s foreign exchange market.

It noted that the list of affected BDC operators is available on the its website,adding that it is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria. 

The bank added that compliance with the new requirements will be mandatory for all stakeholders in the sector. 

It stated that the action is in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines).

According to the bank,these include payment of all necessary fees, including licence renewal, within the stipulated period in line with Guidelines, rendition of returns in line with the Guidelines, and compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.

 

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