Connect with us

Economy

DISCOs Suspension: Association assures speedy resolution

Published

on

The Association of Nigerian Electricity Distribution (ANED) says it is working with stakeholders in the power sector to address issues that led to the suspension of some of its members.

Mr Sunday Oduntan, Executive Director, Research and Advocacy, ANED -umbrella body of electricity Distribution Companies (DisCos)-disclosed this in an interview with the Nigeria News Agency in Abuja on Tuesday.

Oduntan said the association had taken practical steps to address the issues that led to the disconnection of some facilities of its members by Transmission Company of Nigeria (TCN).

“We will continue to work with all stakeholders in the industry. Our members will also continue to do their best to meet our obligations to the market.

“However, we want people to realise that electricity is a utility which has to be paid for.

“People must know that we have to pay to the transmission companies just as we also enjoin our customers to also pay to us,’’ he said.

Oduntan explained that the disconnection of the DisCos was a direct effect of liquidity crisis in the Nigeria power sector.

“The liquidity crisis that we have, has brought about a very huge short fall in the market.

“This is making it impossible or difficult for market participants to meet their obligations.

“In the case of DisCos, we are under-selling our products because we are buying at a higher price than the price we are selling to electricity consumers.

“So it has become difficult for us to pay our creditor. That is what is going on,’’ he said..

NAN reports that in the last few weeks, suspension and disconnection orders had been issued against, Kano, Port-Harcourt, Enugu, Eko and Ikeja DisCos .

The suspension order followed default of the “Market Conditions/Market Participation Agreements’’ by the DisCos.

TCN has, however, lifted the suspension on Enugu, Eko and Ikeja DiScos after they complied with the agreement while Port-Harcourt Disco is still on suspension.

COA/ROT

Edited by Rotimi Ijikanmi

Economy

CBN injects $297.92 into secondary market

Published

on

The Central Bank of Nigeria (CBN), has injected  297.92 million dollars into the retail Secondary Market Intervention Sales (SMIS).

The bank’s Director, Corporate Communications Department, Mr Isaac Okorafor made this known in a statement in Abuja on Friday.

Okarafor disclosed that CBN also injected CNY21.2million in the spot and short-tenured forwards segment of the inter-bank foreign market.

According to him, the United States dollars-denominated transactions are to meet requests in the agricultural and raw materials sectors, while those in Chinese Yuan are for Renminbi-denominated Letters of Credit.

The director reiterated that the bank’s management was satisfied with the continued stability in the foreign exchange market.

He assured that the CBN remained committed to meeting  foreign exchange needs of all sectors of the economy.

Meanwhile, N358 was exchanged to a dollar, while CNY1 exchanged at N46 at the Bureau De Change (BDC) segment of the foreign exchange market on Friday.

Continue Reading

Economy

No electricity tariff increase has been approved yet —— NERC

Published

on

The Nigerian Electricity Regulatory Commission (NERC), says no tariff increase has been approved by the commission yet.

In a statement, Mr Usman Arabi, NERC’s General Manager, Public Affairs, however,  in a statement on Friday in Abuja said it was still consulting with stakeholders.

He said that the commission  wished to notify the public that no tariff increase had been approved by the commission contrary to the impression in some quarters.

“However, the commission in the discharge of its statutory responsibilities enshrined under the  Electric Power Sector Reform (EPSR) Act, shall continue to undertake periodic reviews of electricity tariffs in accordance with prevailing tariff methodology.

`In all instances of such reviews and rule-making, the commission shall widely consult stakeholders and final decision shall be  taken with  due regard of all contributions,” he said. .

Arabi said that the commission wished to provide guidance that the minor review implemented by the commission was a retrospective adjustment of the tariff regime released in 2015

He said that this was to account for changes in macroeconomic indices for 2016, 2017 and 2018, “thus providing certainty about revenue shortfall that may have arisen due to the differential between tariffs approved by the regulator and actual end-user tariffs,” he said

 

Continue Reading

Economy

NSE: Market indices upbeat, up by 0.62%

Published

on

Trading on the Nigerian Stock Exchange (NSE), for the third consecutive days, maintained a bullish trend to close the week upbeat.

The Nigeria News Agency reports that the crucial market indices on Friday appreciated further with a growth of 0.62 per cent.

Specifically, the market capitalisation of listed equities inched N33 billion or 0.62 per cent to N13.524 trillion from N13.441 trillion achieved on Thursday.

Also, the All-Share Index rose by 170.51 points or 0.62 per cent to close at 27, 800.17 points against 27,629.66 posted on Thursday.

An analysis of the price movement table shows that Nestle led the gainers’ table, growing by N10 to close at N1, 230 per share.

Unilever followed with a gain of N2.45 to close at N29.45, Guaranty Trust Bank gained 90k to close at N27.90 per share.

Forte Oil improved by 66k to close at N16, while C & I Leasing also added 60k to close N7.30 per share.

Conversely, Dangote Cement Industry recorded the highest loss to lead the losers’ table, declining by 50k to close at N166.50 per share.

Continental Reinsurance trailed with a loss of 10k to close at N1.50, while Dangote Sugar Refinery was down by 10k to close at N1.30 per share.

Triple Gee lost 7k to close at 63k, while Unity Bank declined by 6k to close at 63k per share.

Similarly, the volume of shares traded closed higher with a total of 1.24 billion shares valued at N3.29 billion in 3,644 deals.

This was in contrast with 272.60 million shares worth N4.49 billion exchanged in 3,425 deals on Thursday.

Sovereign Trust Insurance Plc was the most active stock, trading 900.02 million shares valued at N216 million.

FBN Holding followed with an account of 80.12 million shares worth N401.08 million, while Courtville traded 55.07 million shares valued at N12.11 million.

Access Bank sold 36.42 million shares worth N236.89 million, while Transcorp exchanged 34.56 million shares valued at N36.94 million.

JNC/GOK

Edited by Olagoke Olatoye

Continue Reading

Economy

Multiple subscriptions: SEC regularises over 3.4bn shares

Published

on

Continue Reading

Economy

FMDQ’s transition to full exchange will create competition – SEC

Published

on

Continue Reading

© 2019 NNN NEWS NIGERIA. All Rights Reserved.