Connect with us

General

NERC Transfers Electricity Market Regulatory Power to Ogun

Published

on

NERC

By Adedapo Adesanya

The Nigerian Electricity Regulatory Commission (NERC) has announced the transfer of regulatory oversight of the electricity market in Ogun State to the state body, the Ogun State Electricity Regulatory Commission (OGERC), happening a few weeks after the agency transferred such powers to Lagos State government.

The move is in compliance with the amended constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended), signed by President Bola Tinubu.

Following this, the commission has now issued an order to transfer regulatory oversight of the electricity market in Ogun State to the local regulator.

Recall that with the Electricity Act 2023, NERC retains the role as a central regulator with regulatory oversight on the inter-state/international generation, transmission, supply, trading and system operations.

The act also mandates any state that intends to establish and regulate intrastate electricity markets to deliver a formal notification of its processes and requests NERC to transfer regulatory authority over electricity operations in the state to the state regulator.

Following in the footsteps of Lagos, the Ogun State government complied with the conditions precedent in the laws, duly notified NERC, and requested for the transfer of regulatory oversight of the intrastate electricity market in Ogun State.

The transfer order by NERC will direct Eko Electricity Distribution Company (EKEDP), Ikeja Electric PLC (IE) and Ibadan Electricity Distribution Company (IBEDC) to incorporate subsidiaries: EKEDP SubCo, IE SubCo and IBEDC SubCo respectively to assume responsibilities for intrastate supply and distribution of electricity in Ogun State from EKEDP, IE and IBEDC.

EKEDP, IE and IBEDC shall complete the incorporation of EKEDP SubCo, IE SubCo and IBEDC SubCo within 60 days from 24th December 2024.

The sub-companies shall apply for and obtain licences for the intrastate supply and distribution of electricity from OGERC, among other directives.

All transfers envisaged by this order shall be completed by June 23, 2025, according to a statement on Monday.

Business Post reports that more states will follow in due course.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Click to comment

Leave a Reply

General

Stanbic IBTC Insurance Passes Audit Certification

Published

on

Stanbic IBTC Insurance financial future

By Aduragbemi Omiyale

A leading life insurance service provider in Nigeria, Stanbic IBTC Insurance Limited, has passed a comprehensive audit, resulting in the issuance of an IQNET-recognised certificate.

This rigorous audit process assessed various operational aspects, financial practices, and adherence to regulatory standards, highlighting Stanbic IBTC Insurance’s dedication to exceeding industry best practices and fostering an environment of integrity and accountability.

The underwriting firm passed this audit after implementing and maintaining a Quality Management System by DQS Holding.

This system covers the scope of Life Insurance and fulfils the requirements of the following standard: ISO 9001:2015.

DQS Holding GmbH is the holding company of the worldwide DQS Group, a Frankfurt-based group that provides assessments and certifications of management systems and processes of any type.

This milestone marks a significant advancement for the company and reaffirms its commitment to maintaining the highest standards of compliance, transparency, and operational excellence in the insurance industry.

“We are thrilled to receive this certification, which recognises our commitment to upholding the highest standards of governance and accountability.

“This accomplishment reflects our exceptional team’s hard work and dedication and reinforces our promise to our clients and stakeholders,” the chief executive of Stanbic IBTC Insurance, Mr Akinjide Orimolade, said.

He further emphasised the importance of trust within the insurance industry, acknowledging that it is foundational to building long-lasting relationships with clients.

“In a sector where clients need to feel secured and valued, we understand that trust is crucial. Our team’s commitment to transparency and ethical practises has been paramount in establishing this trust,” Mr Orimolade added.

He reiterated that as part of its mission to provide quality insurance products and services, Stanbic IBTC Insurance Limited will continue to strive for excellence and uphold stringent industry standards.

The recent certification is an important milestone that further enhances the company’s profile as a leading insurer in the market. It reinforces our reputation for reliability and integrity while demonstrating our readiness to meet future challenges and opportunities in the insurance landscape.

“To that end, we are dedicated to investing in our people, processes, and technology to ensure we remain at the forefront of the insurance industry. We will continue to listen to our clients’ feedback, seek innovative solutions to their needs, and adapt our services accordingly. Our goal is to meet and exceed the expectations of those who trust us,” Mr Orimolade noted.

Continue Reading

General

Dominion City Shares Food Items, Money to Widows, Others

Published

on

Dominion City David Ogbueli

By Modupe Gbadeyanka

Some food items and cash worth N100,000 have been to about 500 widows and others each by a Lagos-based religious organisation, Dominion City.

The donation was made by the church during a programme themed Smile at Christmas: a Special Widows and Single Mothers’ Outreach.

Dominion City said this and other initiatives were parts of its efforts to support vulnerable individuals, uplifting communities, and fostering economic empowerment.

In November, it also empowered about 100 widows with diverse skills through one of its empowerment schemes known as Kingdomnomics, where the 10 best-performing women were provided grants of N100, 000 each to start the business they trained in.

Only recently, in December, the Christmas Outreach Program was embarked upon across the 32 satellite zones from the Lagos headquarter church with provisions of foodstuffs and clothes to over 2500 individuals on the Lekki-Epe axis in Lagos.

Every September in the past six years, the church has continued to leverage support for out-of-school children and some students through its Back-to-School Program where almost 500 children usually get education materials and a select number get scholarships.

The beneficiaries have expressed profound gratitude to the leadership of Dominion City Church for its kindness and generosity, with many describing the initiative as a divine intervention in their lives.

“There is a need to help people whom N100,000 can help them escape their current predicaments during this period of Christmas.

“Helping others to feed and survive is what the church is all about. Not living in affluence and a wasteful life while others are suffering,” the president of the church, Pastor David Ogbueli, stated.

Beyond giving out free cash, he emphasized the need for job creation that enables people to render services for wealth creation. According to him, for lots of things we are praying about, the answers are in the church.

He further encouraged some of the wealthy members to give lift to the youths by selecting about 10 individuals to mentor for one year while supporting others financially to become entrepreneurs.

Also, the resident pastor of the Lagos headquarters church, Pastor Shola Olapade, who is following in the footsteps of the president of the ministry, explained further and disclosed that the church is positioned to create leaders who will transform society.

Continue Reading

General

2027: Peter Obi Denies PDP, LP, NNPP Merger

Published

on

Peter Obi press conference

By Adedapo Adesanya

The presidential candidate of the Labour Party (LP) in the 2023 general elections, Mr Peter Obi, has denied any merger talks of the party with the Peoples Democratic Party (PDP), the New Nigeria Peoples Party (NNPP) or any other party.

Mr Obi made this statement during a press conference in Abuja on Thursday morning, where he addressed the state of the nation.

The former Governor of Anambra emphasised that no agreement has been reached with any party as of now, calling on all Nigerians to unite ahead of the 2027 elections to defeat the ruling All Progressives Congress (APC).

The politician also used the event to speak to the current hardships facing the nation, calling on President Bola Tinubu to feel the pulse of the country across different spheres including education, public infrastructure, and health.

He challenged the president to use local hospitals and visit educational institutions in the country to ascertain the level of development in the nation’s educational and healthcare sectors.

He also tackled the incumbent administration on its skyrocketing cost of governance and heavy reliance on debt to support its operations.

Mr Obi said borrowings must be tied to projects that would bring development to the country as against the current template of borrowing for consumption.

He alleged that government officials willfully mismanaged public funds in 2024 through incessant foreign trips.

Mr Obi condemned the endemic poverty that has led to stampedes for palliatives in parts of the country, as the new minimum wage has not solved the hunger crisis in the land.

He also called the security situation in the country unfortunate, saying Nigerians die needlessly due to banditry, terrorism, and kidnapping.

On the controversial tax reform bills, Mr Obi emphasised that it was important that the issues raised by critics be addressed.

He advised that tax should be a function of production, and if the majority of Nigerians live in poverty, the government must first make Nigeria a productive nation before taxing the people.

Continue Reading

Trending