Economy
NERC Set to Resolve Metering Issues in S’East – Official
The National Electricity Regulatory Commission (NERC) has assured electricity consumers in the South-East that it will soon resolve metering issues for better customer satisfaction.
NERC’s Commissioner for Consumer Affairs, Mrs Aisha Mahmoud, gave the assurance on Wednesday at a town hall meeting with electricity stakeholders in Owerri.
The meeting was organised by the commission in collaboration with the Enugu Electricity Distribution Company (EEDC).
Mahmoud said that the three-day meeting was convened to look into consumers’ complaints, with a view to addressing them.
She expressed dismay over persistent issues of metering, in spite of the privatisation of the power sector and the enactment of the Power Sector Reform Act.
She said that the commission was already sensitising Nigerians on the mandate of the commission.
Mahmoud also said that over the years, the commission had come up with several initiatives, such as the approval of the National Master Metering Scheme, to ensure that customers were metered for increased customer satisfaction.
“We are here to educate electricity consumers on their rights, to hear your complaints and iron out the issues.
“The fact that many customers still complain about the absence of meters is an indication of their dissatisfaction, hence the need to holistically address metering issues,” Mahmoud said.
The Chief Technical Officer of EEDC, Mr Vincent Ekwekwu, spoke on metering plans for Phase 1,
Ekwekwu said that the company had plans to deploy 710,000 meters in the zone, beginning from September 2023.
He said that the essence was to help check cases of over billing.
He also said that EEDC had concluded plans to execute 43 projects in various parts of Imo, including New Owerri, Egbu, Naze and Port Harcourt Road, amongst others.
He said that the objective was to improve power generation and reduce erratic power supply.
A customer, Mr Paulicap Anayochukwu, thanked the commission for convening the meeting.
Anayochukwu advised the regulatory agency to endeavour to make meters available to consumers as a matter of urgency.
This, he said, would help to checkmate the challenges associated with estimated billing. (NAN)
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)
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)
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)
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