News
Power supply: FG targets 10 million meters installation in five years
By Kayode Sanni-Arewa
In a bid to meet the Presidential Metering Initiative, the Federal government said it has targeted a minimum acquisition and installation of two million meters annually within the next five years.
The Minister of Power, Mr Adebayo Adelabu, disclosed this during a facility tour of Metering Solutions Manufacturing Services in Onna Local Government Area of Akwa Ibom State on Friday.
Adelabu, who identified metering as one of the infrastructure deficits militating against steady electricity in the country, lamented that Nigeria’s metering gap is over seven million which is about 47 per cent metre penetration.
He said that President Bola Tinubu-led administration is committed to bridging the metering gap in the country through the Presidential Metering Initiative.
He said, “The major deficit is metering penetration, which today is less than 50 per cent of total customers in electricity consumers.
“We have 13 million registered electricity consumers whose meters have not been installed today. So, we have about seven million meter gap, that is about 47 per cent meter penetration. That is the major issue in the sector, if you do not metre customers, you cannot bill them and if you do not bill you cannot collect.
“So, it’s affecting the sector and there are losses and the collecting end of the losses is metering and we believe it is a major hiccup in the power sector.
“A lot of Nigerians pay on the estimated bill, this is not only unfair, but it is also unjust, it is evil because in the estimated bill, there is no transparency; there is no sincerity.”
He noted that “Nigerians are complaining and the metering is an avenue for Distribution Companies to make for their lost revenue. And we have made a lot of numbers of DisCos to make a lot of refunds to customers.
“So, we are saying that the best way to go is to reduce this meter gap. President Bola Tinubu under his Renewed Hope Agenda vows to do anything that will impact positively the life of the people.
“And we have a target of a minimum of acquisition and installation of two million metres annually over the next five years. That is the minimum target we are given. That is 10 million metres and we are already taking steps to achieve this in terms of funding, and recovery strategy.”
Speaking while giving a brief presentation of the company, the General Manager, Metering Solutions Manufacturing Services, Mr Tolulope Ogunkolade, said that the company which was established and commissioned in 2017 has made significant progress.
He said, “We have undergone equipment upgrades across all the segments of the factory since 2022. We are consistently going to produce and maintain 99.9 per cent quality assurance
“We also planned to bring up robots because to produce 2.3 million meters in 12 months comes with a lot of manpower requirements, but by the time we integrate robots into our operations, it will definitely give us that mileage to accomplish the target within 12 months period.”
News
Just in: Plateau Govt Approves N70k Minimum Wage for Civil Servants
By Kayode Sanni-Arewa
In line with discussions reached after consultation with relevant stakeholders, the Plateau State Government has approved immediate implementation of the N70, 000 minimum wage for the workforce in Plateau State.
The cheering news is contained in a Press Statement signed by the Head of Civil Service in the State, Stephen Pam Gadong.
Full text of the statement reads in part:
Following the Agreement of the Committee on Consequential Adjustment on Salaries on 13th, November, 2024, the Executive Governor of Plateau State, His Excellency Barr. Caleb Mutfwang, has approved the immediate implementation of the N70,000 minimum wage for workers in the state.
The Implementation is a demonstration of the Governor’s commitment to prioritizing the wellbeing of the workforce in acknowledgement of their invaluableble role in driving the State’s developmental goals.
As the new wage policy is administered, Civil Servants are encouraged to embrace this gesture by recommitting to their duties with renewed dedication and zeal in order to foster a culture of productivity and excellence in service in the State.
News
Before final liquidation, NDIC set to auction Heritage bank properties
In a bid to ensure timely declaration of liquidation dividends to uninsured depositors of the failed Heritage Bank (In-Liquidation), the Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of auctioning the landed properties and chattels of the defunct bank.
According to the Corporation, this exercise is in line with its statutory powers as the Liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023, noting that; “This is another follow-up action sequel to the disposal of physical assets and chattels belonging to the defunct bank at its leased locations nationwide”.
This was contained in a statement signed by the Director, Communication and Public Affairs Department, Bashir A.
Therefore, the auction of the landed assets shall be by competitive bidding in sealed bids scheduled to take place at the six (6) selected locations of the Corporation across the country, for the affected 36 branches of the failed bank beginning from Wednesday 4th December 2024.
“Buyers who wish to participate in the auction are expected to follow laid down guidelines purposely aimed at ensuring transparency, fair competition, equity, and accountability to enable recovery of commensurate values from the exercise. This is critical for the payment of liquidation dividends to eligible claimants.
The Corporation shall give preference to financial institutions who are willing to buy at the highest auctioned value to allow for the continuation of provision of banking services to the Nigerian public at the designated locations”, adding; “This is desirable towards bolstering financial inclusion as envisaged by the financial system regulatory authorities.
“However, Corporate bodies and Private individuals willing to compete are equally eligible to compete in the process without prejudice, the auction shall be open and competitive to all bidders.
Furthermore, bidders will be allowed to inspect the properties and chattels across all locations one week before the date of disposal.”
Importantly too, the statement said; “All interested parties are to make available 10% bid security of the value of their sealed bids to be dropped in the bid box provided at the specific centre out of the six locations of the Corporation as contained in the published advertisements.
“All interested bidders are advised to submit their bids only at the designated NDIC offices covering their choices amongst Abuja, Lagos, Bauchi, Kano, Enugu, and Port Harcourt.”
Meanwhile, the Corporation has vowed that there would be no hiding place for debtors of the defunct Heritage Bank whose financial obligation portfolio is in the region of over N700 billion.
News
Naira slumps in parallel market
The Naira experienced a slight depreciation yesterday, slipping to N1,740 per dollar in the parallel market compared to its previous rate of N1,735 per dollar on Tuesday.
According to data from FMDQ, the indicative exchange rate for the Nigerian Autonomous Foreign Exchange Market (NAFEM) strengthened, rising to N1,645.4 per dollar from Tuesday’s rate of N1,689.88 per dollar. This marks an appreciation of N44.48 for the Naira.
The market also saw a significant increase in dollar trading activity, with turnover climbing by 122.5 percent to reach $236.84 million, up from $106.44 million the previous day.
As a result, the gap between the parallel market and the NAFEM exchange rate widened, now standing at N94.6 per dollar, up from N45.12 per dollar recorded on Tuesday.
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