Economy
DisCos to Face Sanctions Over Wrongful Electricity Disconnection — NERC
The Nigerian Electricity Regulatory Commission (NERC) says it is proposing to impose fines on Electricity Distribution Companies (DisCos) for wrongfully disconnecting customers from power supply.
This information was made available on NERC website titled “Consultation Paper on Review of Customer Protection Regulations in The Nigerian Electricity Supply Industry (NESI)” signed by its Chairman, Mr Sanusi Garba.
The paper proposed that any DisCo which disconnects a customer’s supply in violation of this regulation, commits an offence and is liable upon conviction to pay the customer a penalty.
The penalties as specified in the regulation are residential N1,000, commercial N1,500 and industrial N2,000.
“A DisCo which disconnects a customer supply in violation of these regulators, shall compensate the customer on equivalent of 100 per cent daily energy Cap for everyday the wrongful disconnection lasts.
“This shall be determined based on the previous month bill or consumption,
“ In the event of a property left unoccupied for a period of time following the exit of the occupant, a new occupant of a premises should contact the DisCo on their first day of moving into the premises.
“Which the DisCos should take into consideration for billing such customers, ‘’it said.
The commission however, noted that, where a new occupant fails to inform the DisCo of the commencement date, it shall be deemed to be a continuation of the old occupant regime.
NERC said that the new occupant shall take responsibility for the payment of any outstanding bills.
It said “The paper proposed that when a DisCo has overcharged a customer, it should advice the customer in writing within five days of becoming aware of the error.
“And should repay the amount by crediting the exact amount of the overcharge to the customers’ next bill.
“On the other hand, NERC has proposed that, in the case of undercharge from incorrect billing, the DisCos may establish the undercharge and recover the amount for not less than three months.
“On replacement of faulty or obsolete meter, NERC said that a meter shall be considered faulty and not in compliance with the Distribution Metering Code, if it is determined that any part on that metering system does not comply with the code.”
The commission said if a metering system fault occurred, the Disco should provide urgent metering service to repair or replace the metering system, as soon as possible.
The NERC also proposed that customers requiring connection to their residences or premises shall be responsible to pay the approved connection charges required by the DisCos as approved by the commission.
“While the distribution licensee shall be responsible for the connection to the customer’s metering point.
“The distribution licensee shall, within 48 hours of the provision of the requisite materials in the right quantity and quality by the customer, effect connection of supply Io the customer’s residence or premises,” NERC said.
It said that in “pursuant to section 80 of the Act establishing NERC, the commission developed some customer protection regulations to protect the interest of the consumers and provide safeguards for customers from being abused by the operators.”
According to NERC, in view of the sector’s development and changes to policy, regulatory and operational landscapes, over a decade, since the time when the regulations were issued the commission is desirous of reviewing the regulations.
It said this was to align them with the current market realities to ensure that the interests of customers were adequately protected.
“This consultation paper seeks for stakeholders’ comments on the proposed amendments to the following customer protection regulatory instruments”
”This consultation paper seeks for stakeholders’ comments on the proposed amendments to the following customer protection regulatory instruments, “it said. (NAN)
Economy
Investors Gain N183bn on NGX
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
Economy
Yuan Weakens to 7.1870 Against Dollar
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)Economy
Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)