Connect with us

Business

Improved electrification roadmap to begin end of year – BPE

Published

on

The Director-General, Bureau of Public Enterprises, Alex Okoh, said the execution of the technical and commercial plan on electrification roadmap by Siemens Group in the country will begin by the end of the year.

Recall that the Federal government had on July 22, signed the agreement with Siemens on the roadmap geared towards resolving lingering challenges in the power sector.

The implementation agreement with Siemens for the unveiling of a roadmap was signed by BPE on behalf of the federal government.

Okoh said at a workshop in Abuja on Tuesday that the implementation of the agreement is expected to help expand the capacity for future power needs in the country will commence by the end of the year.

He was represented by the director in charge of the Energy Department at the privatization agency, Yunana Malo.

The two-day workshop, titled “Meter Data Management Solution” was facilitated by the BPE to acquaint all parties in the sector with the implementation of the agreement as well as ensure the peculiarities of every party were addressed in the roadmap by Siemens.

The forum was attended by electricity distribution companies (DISCOS), Transmission Company of Nigeria (TCN) and Nigerian Electricity Regulatory Commission (NERC).

Speaking at the workshop, Sales Support Professional, Smart Metering, Siemens South Africa, Martin Kuhlmann, said the implementation of the roadmap was designed to eradicate estimated billing system.

Kuhlmann said the roadmap was also to encourage metering to consumers across the country, including government Ministries, Department and Agencies (MDA).

He expressed confidence that with the roadmap, some of the gaps currently existing in the power sector would be sufficiently addressed.

The roadmap is expected to help in resolving the challenges in the power sector with specific attention to priority projects.

The key areas featured in the workshop are the basic principles of meter data management, assessment of existing meters and the advantages of the solutions being proposed by Siemens.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Customs seizes N5 billion codeine, tramadol

Published

on

The strike force of the Controller General of Customs on Friday raided a warehouse in Lagos where cartons of codeine, tramadol, and other illegal drugs worth N5 billion were kept.

The warehouse, located along the Mile-Oshodi expressway, was raided after a trailer load of the hard drugs was intercepted at Maryland in Lagos.

Usman Yahaya, team leader of the Customs Strike Force Zone A, said the trailer was intercepted around 2 a.m. on August 13 by his operatives.

“Immediately it was brought to our notice, we carried a preliminary investigation that led to the discovery of a warehouse along Oshodi-Mile 2 road stocked dreaded tramadol, codeine and other unregistered pharmaceutical products without NAFDAC numbers”.

He said that after evacuating the warehouse of the hard drugs with street value of N5 billion, one suspect was arrested.

“The warehouse was immediately sealed with a detachment of well armed officers to guard the place”.

“The drugs estimated to be loaded in 21 trailers with street value of over five billion Naira are being evaluated for custody and subsequent judicial process/destruction.”

Three weeks ago, the agency in collaboration with the National Administration of Food Drug Administration and Control (NAFDAC) destroyed 48 by 40feet of controlled drugs worth N146billion at a destruction site in Ogun State.

“We therefore call on well meaning Nigerians to support the Nigerian Customs Service on this patriotic resolution”.

Continue Reading

Business

Inflation gets low in July – NBS

Published

on

The average change in the prices of foods and services reduced in July compared to June, the statistics bureau, NBS, has said.

According to the NBS, the Headline Inflation reduced to 11.08 per cent in July from 11.22 per cent in June.

The Food Inflation reduced from 13.56 per cent in June to 13.39 per cent in July while the Core Inflation reduced from 8.84 per cent in June to 8.80 per cent in July.

Details later…

Continue Reading

Business

CBN outlines new guidelines to banks

Published

on

The Central Bank of Nigeria (CBN) says it has released guidelines for the disbursement of lower denominations of the Naira through microfinance banks (MFBs) across the country.

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

Okorafor said this development was contained in a circular issued by the Director, Currency Operations Department of the bank, Mrs Patricia Eleje, in Abuja on Thursday.

He explained that the circular indicated that all microfinance banks must have a Composite Risk Rating (CRR) of above average in the most recent Risk Based Supervision (RBS) target examination before they were considered for the scheme.

He explained that the measure was to ensure that only MFBs with good corporate governance practices took part, NAN reports.

“Meanwhile, the participating MFBs must be willing to accept a mixture of new and other banknotes, and that the MFBs shall give 20 per cent of any withdrawal in lower denomination notes subject to a maximum of N50,000.

“Where beneficiaries withdraw more than once in a day, the circular said that disbursement will only apply to one transaction per day.

“Similarly, the MFBs are allowed to exchange notes subject to a maximum of N50,000 for customers with bank accounts and N10,000 for customers without bank accounts.

“In that situation, the banks must not exchange for same beneficiaries more than once a week,” he added.

According to him, MFBs are to maintain a register of amounts received from the CBN through their correspondent commercial banks.

Okorafor said the MFB must also maintain another register of the beneficiaries of the lower denomination notes as well as ensure that withdrawal teller slips contain breakdown of the denomination of the currency to customers with accounts.

“The circular also warned MFBs against hawking, hoarding or using of funds obtained under the intervention for any other purpose.

“It also instructed the banks to put in place effective control measures that will ensure that banknotes disbursed to customers with or without accounts are not sold.

“Furthermore, the circular directed the banks to render weekly and monthly disbursement return to CBN branches where the intervention would be monitored periodically, and appropriate sanctions applied to erring MFBs,” he said.

Continue Reading

Like Us OnFacebook

Trending