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Electricity Consumers Groan As DICOSs Delay Tariff Hike Reversal

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istockphoto 906865346 1024x1024 1 Electricity Consumers Groan As DICOSs Delay Tariff Hike Reversal

Against the backdrop of the suspension by the Federal Government of the recent electricity tariff hike, electricity consumers lamented on Wednesday the delay by the distribution companies in reverting to the old rates.
The Federal Government had, in a meeting with the Nigeria Labour Congress and the Trade Union Congress held on Sunday night till Monday morning, agreed to suspend the recent tariff hike approved by the Nigerian Electricity Regulatory Commission for two weeks.
The parties agreed to set up a technical committee comprising ministries, departments and agencies of government, NLC and TUC.
It would work for two weeks, effective September 28, to examine the justifications for the new policy ‘in view of the need for the validation of the basis for the new cost-reflective tariff as a result of the conflicting information from the fields which appeared different from the data presented to justify the new policy by NERC; metering deployment, challenges, timeline for massive rollout’.
NERC disclosed on Tuesday that it had issued an order to the Discos suspending the recent review in tariffs for 14 days, effective September 28, in line with the Federal Government’s agreement with labour unions.
It said during the suspension, all tariffs shall be computed on the rates applicable as of August 31.
But a number of consumers, who commented on NERC’s announcement of the tariff hike suspension, complained that they still bought electricity at the old tariffs on Tuesday and Wednesday.
A Twitter user, Eleojo Emmanuel, said, “Hi @IkejaElectric, I bought units at 9am today (Sept. 30, 2020). I paid N5,000 and got 94.4 units. When do I get the balance of my units per this @NERCNG order?”
Another Twitter user, Prince Sola Olaniyi, said, “For a test on the update, I recharged N500 this morning, but I get hiked tariff.”
A copy of the receipt he posted showed that he got 7.46 kilowatts per hour, translating to N67 per KWh, from Ibadan Electricity Distribution Company.
Another consumer, Oyinkro Omukoro, said he bought electricity units worth N10,000 from Port Harcourt Electricity Distribution Company on Tuesday but got 169.80 units as against the over 320 units he would have got if the tariff hike was reversed.
Another Twitter user, with the handle @vller, in a message to Abuja Electricity Distribution Company, said, “Hello, AEDC, I bought power this morning 30/09/20 via @buypowerng but noticed that the unit received was half what I should get considering @NERCNG had already put a halt in tariff hike as at 29/09/20.
“Kindly give to me the exact unit that I should get based on the previous tariff.”
In its reply, Abuja Disco said it had received directives for a two-week suspension of the service reflective tariff from NERC.
It said, “This order will apply to tariff rates for electricity purchased from September 28 to October 11. However, our team is still working to adjust the rates accordingly.
“Customers who have vended on or after the said date, should please send in their details via direct message and we will escalate to the appropriate unit for resolution as soon as possible.”
Kaduna Electricity Distribution Company, in a notice posted on its Twitter page on Wednesday, said it had fully complied with NERC’s directive on tariff hike suspension.
“Prepaid customers who purchase electricity tokens from today will therefore see the value of the old tariff reflected in their tokens while post-paid customers will also see the old tariff reflected on their next bill,” its Head, Corporate Communication, Mr Abdulazeez Abdullahi, said.
The President, Electricity Consumers Association of Nigeria, Chijioke James, in a telephone interview with our correspondent on Wednesday, described the tariff hike as ill-timed.
He said, “The Discos have no option than to comply with the directive of the regulator. The two-week suspension is neither here nor there.
“The timing for the increase is not right at all. So, we are just asking that the status quo ante be maintained until a couple of issues are resolved and extensive consultation made with the consumers and all critical stakeholders.”
The Discos had early in September announced what they called ‘new service reflective tariff’, which took effect from September 1, with the tariffs being charged residential consumers receiving a minimum of 12 hours of power supply rising by over 70 per cent.

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MTN Nigeria Appoints Karl Toriola As CEO

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images 2020 10 26T125948.431 MTN Nigeria Appoints Karl Toriola As CEO

MTN Nigeria is pleased to inform The Nigerian Stock Exchange (The Exchange), the investing public and other stakeholders of the appointment of Mr. Karl Toriola as the CEO designate. His appointment is effective 1st March 2021, providing enough time for an orderly handover.
Mr. Toriola is currently the Vice President: West and Central Africa (WECA), excluding Nigeria and Ghana, a position he assumed in 2016. During that period, he has overseen the steady progress of the operating companies in the region, notably the turnaround of MTN Ivory Coast and MTN Cameroon.
Karl Toriola increased his stake in the telecoms provider via the purchase 920,000 ordinary shares, as disclosed on the Nigeria Stock Exchange platform.
A break down of the aggregate information showed Toriola acquired 920,000 ordinary shares at N118 per share on June 25, 2020, in Lagos, Nigeria.
Accordingly, the total purchase stood at 920,000 shares valued at N108,560,000.
Brief Profile
During his tenure, the WECA markets have made significant commercial and strategic strides. These include the improvement of market shares within the region and the development of mobile financial services.
Since joining the Group in 2006, Mr. Toriola has also held a number of senior operational roles including Chief Technical Officer of MTN Nigeria, CEO of MTN Cameroon and MTN Group Operations Executive. Mr. Toriola has at various times in his career in MTN Group, had oversight responsibility of 16 of the Group subsidiaries and serves on various MTN boards, including MTN Nigeria.
Mr. Toriola obtained a Bachelor of Science in Electronic and Electrical Engineering from the University of Ife, a Master of Science degree in Communication Systems from the University of Wales, and attended the General Management Program at Harvard Business School. In addition, he has attended several executive development courses at various institutions including Wharton Business School, Institute of Management Development and London Business School.

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Chinese products top Nigeria’s imported goods list – NBS

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images 2020 10 26T095501.555 Chinese products top Nigeria’s imported goods list – NBS

A total of 31 .41 per cent of goods imported into Nigeria are from China , according to the National Bureau of Statistics .
The NBS stated in its report on ‘ Foreign trade in goods statistics ’ for second quarter of 2020 , that Spain topped the list of Nigeria’ s exported goods .
Part of the report read, “ Nigeria ’s imports, by country of origin, shows goods were imported mainly from China ( N 1 . 26 tn or 31 .41 per cent ) , United States ( N 428 .9 bn or 10 .66 per cent ) , India ( N 322 . 3 bn or 8 . 01 per cent ) , and the Netherlands ( N 202 . 9 bn or 5 .04 per cent ) respectively.
“ The value of exports in Q 2 , 2020 stood at N 2 .22 tn , a decrease of 45 . 64 per cent compared to Q 1 , 2020 and 51 .73 per cent compared to Q2 , 2019 .
“ The year to date export amounted to N 6. 3 tn , representing a 31 per cent decline compared to 2019 .
“ Exports by section revealed that mineral products accounted for the largest portion of exports , amounting to N 1 .87 tn or 84 . 35 per cent , mainly due to the crude oil component .”
This section , it noted, was followed by vehicles aircraft and parts ( N 221 . 2 bn or 9 .96 per cent ) and others .
Analysis of export by region revealed that Nigeria exported most products to Europe ( N 976 .5 bn or 44 per cent ) , followed by Asia ( N 734 .1 bn or 33 .08 per cent ) , Africa ( N 401 .4 bn or 18 . 1 per cent ) , America ( N 105 . 8bn or 4 .8 per cent ) and Oceania ( N 1 .7 bn or 0 .08 per cent ) .
Within Africa , goods worth N 149 . 3 bn were exported to ECOWAS member states.
All regions recorded declines in the value of exported goods during the quarter , although China and Japan each recorded increased export activity .
The NBS stated, “ Exports by country of destination showed that Nigeria exported goods to Spain valued at ( N 310 .8 bn or 14 per cent ) , Netherlands ( N 243 .7 bn or 10 . 98 per cent ) , China ( N 220 .4 bn or 9. 9 per cent ) , India ( N 195 .6 bn or 8 . 8 per cent ) and South Africa ( N 172 .2 or 7 . 7 per cent ) .
During the quarter , total trade in agricultural goods stood at N 493 .7 bn , of which exported agricultural goods accounted for N 78 .1 bn .
Analysis by economic region showed that most agricultural goods were exported to Asia, Europe and America valued at N 43 .6 bn , N 26 .4 bn and N 6. 6 bn .
The key driver of agricultural products exports were superior quality raw cocoa beans , sesamum seeds, cashew nuts , good fermented cocoa beans and more .
The main consumers of superior quality cocoa were The Netherlands ( N 9 .3 bn ) , Indonesia ( N 3 . 7 bn ) and United States ( N 2 . 4 bn ) .
Other agricultural exports were Sesamum seeds exported to Japan ( N 6 bn ) and to China ( N 2 . 3bn ) .
Also, cashew nuts worth N 12 bn were exported to Vietnam.
In terms of imports, durum wheat worth N 41 bn was imported from United States , Russia ( N 28 .8 bn ) and Latvia ( N 24 .5 bn ) .
The value of manufactured goods trade in Q2 , 2020 stood at N 3. 04 tn .
Out of this , the export component accounted for N 254 .2 bn .
The products that drove up manufactured export were light vessels , fire floats , floating cranes exported to Spain in the value worth N 129bn .

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ASSBIFFI harps on decent work post-COVID-19

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images 2020 10 26T092355.452 ASSBIFFI harps on decent work post-COVID-19

Organised labour has tasked the Federal Government at ensuring decent work and protection of workers at workplaces, as part of COVID-19 pandemic recovery efforts.

President of the Association of Senior Staff of Banks, Insurance and other Financial Institutions (ASSBIFI), Olasanoye Oyinkansola, in her address during the celebration of the 2020 World Day for Decent Work, organised by the union in Lagos, said decent work for all workers must be the foundation for recovery plans.

She also noted that financing the Sustainable Development Goals (SDGs) remains the best framework for resilience.

According to her, towards attaining the New Social Contract for Recovery and Resilience in line with the dictates of post-COVID-19 workplace, employers in the financial sector are compelled to adopt new rules to remain relevant in their place of work.

“These rules include alternate work days arrangement to comply with physical distance protocol, remote work, virtual meetings, seminars and conferences via webinar, Zoom and Telegram, among others,” she said.

Olasanoye stated that, to enhance recovery, Nigeria must build a social contract involving workers, employers and government on how best to withstand the aftermath of the pandemic using the contract as a foundation.

“Towards this end, ASSBIFI opines for the generation and sustainable employment opportunities, sustained fundamental principles and right to work, occupational safety and social protection, among others,” she said.

In the same vein, the Trade Union Congress (TUC) has called on the Federal Government, as part of post-COVID-19 plans, to carry out some bold reforms as well as robust fiscal and monetary policy actions to reduce the number of Nigerians who may be pushed into poverty and acts of criminality.

The president of the TUC, Quadri Olaleye, said: “Nigeria is a mono-economy, hence, the collapse of international oil prices has been monumental. It has destabilized the macroeconomic balances thereby further increasing the number of Nigerians living in poverty.”

Olaleye also called on employers to give attention to human resource as one of the critical ways to bring back economic growth and build a new global economy.

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