Economy
FG Orders NERC, Discos to Allow Consumers Buy Prepaid Meters
By Modupe Gbadeyanka
Nigerian Electricity Regulatory Commission (NERC) has been directed by the Federal Government to restore the regulation that earlier gave electricity consumers to purchase prepaid meters approved by the relevant parties.
At the recent third edition of the National Council on Power, the council suggested to the FG to order NERC to reinstate regulations permitting willing customers to purchase meters from approved meter vendors as approved by the distribution companies and the Nigeria Electricity Management Services Agency with a framework to reimburse such customers in cash, or energy.
The council was presided over by the Minister of Power, Works and Housing, Mr Babatunde Fashola, and supported by the Minister of State for Power, Works and Housing, Mr Suleiman Hassan and was attended by council members from 27 states of the federation.
At the end of the meeting, the Federal Ministry of Power, Works and Housing, on Thursday said the FG agreed with the council on the reinstatement of the Credited Advance Payment for Metering Implementation (CAPMI) introduced by NERC in 2013, but stopped in 2016.
Recall that in September last year, NERC directed the 11 electricity distribution companies operating in the country to formally wind down the alternative meter financing scheme on or before November 1, 2016.
CAPMI allowed electricity consumers to self-finance meter acquisition and installation, where Discos fail to make a provision for it.
“Council considered issues, observations and recommendations made by the working/technical committees as contained in the reports laid before it, and took key decisions as well as gave directives for implementation with time lines as outlined below.
“NERC to reinstate regulations permitting willing customers to purchase meters from approved meter vendors as approved by the distribution companies and the Nigeria Electricity Management Services Agency with a framework to reimburse such customers in cash, or energy.
“NERC to issue a regulation that enables third-party meter providers to install and manage customers’ meters, provided that such third parties are certified by NEMSA and approved by the Discos based on available metering standards.
“NERC is to provide a framework for compensating the investment made by meter service providers in cash or shares in the Discos,” a part of the communiqué issued by the government yesterday in Abuja stressed.
It was also agreed that NERC should commence an aggressive multi-platform public awareness programme that would reach as many customers as possible and explain all policies and regulations and obligations related to metering.
It further directed NERC to enforce on the Discos the policy directive that any unmetered customer was obligated to pay only the last undisputed bill, adding that if the customer remained unmetered, the last undisputed bill should be discounted by 15 percent in each subsequent year that the customer remained unmetered provided that the failure to meter the customer was the fault of the Disco.
The council noted that in areas where distribution infrastructure was non-existent, NERC should franchise the opportunity to provide services to interested investors, including states and local governments through regulations such as the mini-grid regulations.
“In areas where customers are dissatisfied with the services they are currently enjoying, NERC regulations should give customers the option of contracting better services from service providers and generation companies through policies like the eligible customers regulation and mini-grids using varieties of generation technologies; obtaining better services by compelling Discos to appoint retail agents; and obtaining better services by compelling the Discos to relinquish their franchise to capable investors/service providers,” the communiqué further said.
Additional information from Punch
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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