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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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'Seplat Wins Sustainability Reporting Award '


By Favour Ifeoluwa & Akinola Ajibade

 Seplat Energy Plc has emerged winner of Sustainability Reporting Award at the maiden edition,  organised by the Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Ltd (NGX RegCo).

The company, with listing in the Nigerian and London Stock Exchanges ( NSE & LSE)  won the award during a  ceremony in Lagos.

The event aimed at recognising the top 30 most capitalised companies listed on the Nigerian Exchange Ltd (NGX) for the 2022 financial reporting year..

Speaking at the event,  ICAN's President,  Dr. Innocent Okwuosa, lauded NGX RegCo for ensuring better disclosures and reporting among listed companies.

Okwuosa noted that corporate reporting over time had evolved, as there was a shift from a primary focus on financial reporting to the increasing request to incorporate social and environmental disclosures. 

He said  that the organisation had evolved and had been differently propagated, including but not limited to environmental, social, and governance (ESG) disclosures and late sustainability disclosures.


The ICAN boss explained that good corporate reporting must reflect the best elements of corporate governance, financial reporting, and sustainability reporting, adding that the maiden edition of the award is limited to 30 companies listed on the NGX for ease of administration but will be extended to all the listed companies in the future.

Also, the  CEO of NGX RegCo, Mr. Olufemi Shobanjo, said that transparency is one of the key drivers of any economy, stressing that it ensures full disclosure of information by entities and that such information is easily accessible to members of the public to make informed decisions.

The award was received by the CFO-Designate, Seplat Energy Plc, Mrs. Eleanor Adaralegbe, and the Director, External Affairs & Social Performance, Mrs. Chioma Afe.

Recall that Seplat in 2021 unveiled a new corporate strategy based upon two ambitions, to Build a sustainable business and Deliver energy transition. Clearly each of these has sustainability at its heart, and each is made up of three pillars in which Seplat Energy defines its business strategy in terms of specific initiatives that promote sustainability across our business activities. “Now, for Seplat Energy, sustainability is embedded at all levels and across all operations”, Adaralegbe said whilst commending ICAN and NGX RegCo for the recognition and sustained display of professionalism.


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