Electricity Discos demand cost-reflective tariff

The Electricity Distribution Companies in the country under the aegis of Association of Nigerian Electricity Distributors (ANED) have debunked the rumour that Discos are planning to increase electricity tariff, stating that what they are demanding is ‘Cost Reflective Tariff’.

The NERC recently sent a notice of intention to review tariff to Electricity Distribution Companies in the country and this has led to several consultations on tariff review between Electricity Distribution Companies and their customers. Since the consultation started, Nigerians are in limbo over a possible increase in tariff.

While speaking exclusively with TOTALNEWS247, the Director of Advocacy and Research for ANED Mr. Sunday Oduntan said that there is no Disco in the country that is making profit not or not running at a loss, adding that asking for subsidy from the government would have being the best thing for them in the sector, but they know the current situation in the country.

He also said that if the N32b outstanding debts the federal and state governments owe them are paid, the money would be able to reimburse the sector.

“What we are now asking for is cost reflective tariff, not an increase in tariff. We need tariff that will reflect the cost of production.  People have to pay their bills. When people pay their bills, things will begin to get better for us. Even now that electricity supply have improved, it is surprising that our collections losses have also increased, simply because there is an increase in non-payment. What we are selling out to our customers is not cost reflective, Oduntan said.

Similarly, the Deputy Managing Director of Ibadan Electricity Distribution Company (IBEDC) Engr. John Ayodele has also said that a cost reflective tariff of electricity is key to the success of the privatisation of the Power sector, adding that efficient power pricing has been a challenge in the Power sector.

Ayodele said that the power sector is characterized by Substantive up-front fixed cost, plethora of variable costs such as peak and off-peak seasons and users (commercial or residential) and geographic area (urban or rural).

He further stated that, “electricity tariff in Nigeria is currently below production costs when discounted for losses, theft and unwilling to pay customers. Industry can barely generate enough revenue to cover operating cost, with little or nothing for capital projects. Discos have no cash flow to source funds in the international market as commercial loans cannot be used for power projects.”

He said that while the power sector regulator must set affordable tariffs, the present tariff is unattractive to investment in Nigeria, noting that challenge in setting tariffs lies in the fact that the bulk of residential customers are very sensitive to price changes

Zenith Bank sacks over 1,200 employees

Today is a sad day for some employees of Zenith Bank PLC, one of Nigeria’s leading new generation banks, who were served notices terminating their appointments and services.


We are unable to ascertain the actual figure of those affected, with initial report claiming no fewer than 1,200 were involved from all the bank’s branches, while a source close to the bank said that about 240 people, including eight General Managers and 40 Assistant General Managers, were affected.


What is, however, clear is that the action swept away most of top management staff in a deliberate attempt by the bank to drastically cut down on its top heavy management structure.


“One thing that is clear is that Zenith Bank is not under any threat,” the source, who spoke with our reporter on condition of anonymity. “With the current crisis in the banking industry in the country, it is incumbent on any bank that wants to growth to bend backwards to re-strategize and restructure its operations to expand and grow.


“The number might not be as high as is being speculated. But, the decision is not by accident. It is a deliberate one, because the time is ripe for the bank to restructure the management and reposition its operations for greater efficiency and profitability both for shareholders and investors. The decision was inevitable that it had to happen.


“If one looks at Zenith Bank, it was becoming top heavy, with many of the managers earning so much that could have been enough to support the business growth plans. With the action now, there is no doubt that a lot of money would be saved for the bank.”


The source, however denied speculations about the mode of serving notification of sack on the affected staff, saying it was not true that they were informed through text messages.


“A formal meeting was held with the affected staff since Monday this week, where details of their disengagement benefits were discussed and agreement reached,” the source explained.


Zenith Bank says it’s overall vision is to emerge a reputable international financial services network recognized for innovation, superior customer service and performance, while creating premium value for all stakeholders.

With the latest development, the bank joins the growing list of banks in the financial sector of the economy to embark on the restructuring of its staff as a strategy to repositioning for growth.


Recently, Access Bank, which acquired former Intercontinental Bank in the wake of the bank consolidation policy, dispensed with the services of over 1,600 of its workers across the nation, while Mainstreet Bank, one of the three nationalised banks is reported to have equally sent more than 400 of its workers away for a similar reason. (Premium Times)

PSG see €130 MILLION Ronaldo as Ibrahimovic successor

PSG are watching Cristiano Ronaldo's situation at Real Madrid.

Le Parisien says PSG are actively seeking a successor for Zlatan Ibrahimovic, who will leave Paris when his deal expires in June.

PSG want another 'flagship signing' to replace Ibra and Ronaldo is on the agenda.

They would be willing to go as high as €130 million to take Ronaldo from Madrid in 2016.

Ibrahimovic, despite his short stay in France, has become an icon for PSG and the club recognises the need to find a player with the same ability to transcend the sport to continue their momentum.

PSG are watching Cristiano Ronaldo's situation at Real Madrid.
Le Parisien says PSG are actively seeking a successor for Zlatan Ibrahimovic, who will leave Paris when his deal expires in June.
PSG want another 'flagship signing' to replace Ibra and Ronaldo is on the agenda.
They would be willing to go as high as €130 million to take Ronaldo from Madrid in 2016.
Ibrahimovic, despite his short stay in France, has become an icon for PSG and the club recognises the need to find a player with the same ability to transcend the sport to continue their momentum.
- See more at: http://www.tribalfootball.com/articles/psg-see-130-million-ronaldo-as-ibrahimovic-successor-4093980#sthash.GW006hH4.dpuf

Man charged with stabbing neighbour for allegedly playing loud music

A 33-year-old unemployed, John Ena, charged with stabbing his neighbour with a bottle on her head for playing loud music, was on Wednesday arraigned in Lagos. Ena, a resident of No. 13, Palace Road, Alagbado, Lagos, is being tried for breach of the peace and assault at an Ikeja Magistrates’ Court in Lagos.

The Prosecutor, Sgt. Kehinde Olatunde, told the court that the accused committed the offences on Aug. 2, at his residence.

He said that the accused unlawfully assaulted his neighbour, one Miss Elizabeth Okpaku, by stabbing her with a bottle on her head.

“The accused stabbed the complainant with a bottle on her head for playing loud music.’’ Olatunde said that the accused unlawfully entered the apartment of the complainant to stab and damage her property. “The accused forcefully entered the complainant’s room and ordered her to reduce the volume of her DVD player, claiming that it was too loud and was disturbing him in his room.

“The complainant refused to comply, saying that the volume was not loud, so the accused forcefully stopped the music by throwing the DVD player outside and also damaged her generator set. “He also descended on her by beating and stabbing her with a bottle.’’

The offences, Olatunde said, contravened Sections 166 and 171 of the Criminal Law of Lagos State, 2011. Section 171 prescribes a three-year jail term as penalty for convicted offenders. The accused pleaded innocence of the offences and was granted bail in the sum of N50, 000 with one surety in like sum. The Magistrate, Mr Aka Bashorun, adjourned the case to Sept. 21, for mention.

A 33-year-old unemployed, John Ena, charged with stabbing his neighbour with a bottle on her head for playing loud music, was on Wednesday arraigned in Lagos. Ena, a resident of No. 13, Palace Road, Alagbado, Lagos, is being tried for breach of the peace and assault at an Ikeja Magistrates’ Court in Lagos.

The Prosecutor, Sgt. Kehinde Olatunde, told the court that the accused committed the offences on Aug. 2, at his residence.
He said that the accused unlawfully assaulted his neighbour, one Miss Elizabeth Okpaku, by stabbing her with a bottle on her head.

“The accused stabbed the complainant with a bottle on her head for playing loud music.’’ Olatunde said that the accused unlawfully entered the apartment of the complainant to stab and damage her property. “The accused forcefully entered the complainant’s room and ordered her to reduce the volume of her DVD player, claiming that it was too loud and was disturbing him in his room.

“The complainant refused to comply, saying that the volume was not loud, so the accused forcefully stopped the music by throwing the DVD player outside and also damaged her generator set. “He also descended on her by beating and stabbing her with a bottle.’’

The offences, Olatunde said, contravened Sections 166 and 171 of the Criminal Law of Lagos State, 2011. Section 171 prescribes a three-year jail term as penalty for convicted offenders. The accused pleaded innocence of the offences and was granted bail in the sum of N50, 000 with one surety in like sum. The Magistrate, Mr Aka Bashorun, adjourned the case to Sept. 21, for mention.
- See more at: http://www.vanguardngr.com/2015/09/man-charged-with-stabbing-neighbour-for-allegedly-playing-loud-music/#sthash.NRSQMaiS.dpuf

P-Square escapes death in auto crash

Peter and Paul Okoye of the popular pop duo, Psquare, on Sunday, escaped death by whiskers in a ghastly auto-crash along the Lagos-Ibadan Expressway.

The Sensational R&B duo, suffered a crash in their ox-blood coloured Range Rover Sport Jeep on their way back from a concert staged in Ibadan, the Oyo state capital.

Peter who took to Instagram, narrated that an oncoming lorry bashed their as they were returning from a show alongside their assistant manager and lead drummer, Papi J Ameh.

Peter said, “Fans pls help us thank God. Myself @rudeboypsquare @papiijameh and our assistant manager @wandoskie had an accident early hours of today on our way back from a show in Ibadan. Along Lagos-Ibadan Express Road. A Lorry hit and dragged us for over 12 seconds. But Our Lord and Our God is always faithful and quick to show Mercy. Thank God we survived.”

Nigeria risks economic decline –Buhari

President Muhammadu Buhari on Tuesday warned that with the fall in oil prices, Nigeria risked economic decline, if it failed to manage its resources prudently.

Buhari gave the warning during a meeting with members of the Institute of Chartered Accountants of Nigeria at the Presidential Villa, Abuja.

According to a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, Buhari urged accountants to take their audit reports seriously.

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He urged them to support his administration’s efforts to restore probity, prudence and transparency.

Buhari said with declining prices of oil exports, Nigeria must begin to properly manage its available resources or face developmental stagnation and decline.

The President stated that accountants should help the government “to go back to the days of real accountability in the management of public funds.

“The annual audits of government ministries, agencies and departments, which your members undertake must be taken more seriously. People must be made to properly account for whatever government funds are entrusted to their supervision.

“Let your audit reports on our MDAs be thoroughly, professionally and dispassionately done to ensure greater probity in the management of our national resources.”

The ICAN President, Olufemi Deru, in his speech, hailed the renaissance of the nation’s value system and the reinvigoration of the war against corruption by Buhari.

He stated, “The values you hold dear – those of integrity, transparency and accountability – are the foundation of the accountancy profession.

“It is therefore heartening and commendable that you are engaging our members and their firms in the anti-corruption crusade.”

After the meeting, the Ogun State Governor, Senator Ibukunle Amosun, and his Lagos State counterpart, Mr. Akinwunmi Ambode, spoke with journalists.

Amosun said to fight corruption, there was a need for accountants to collaborate with government in planning, budgeting and management.

He noted that accountants were being involved in the investigations being conducted by anti-corruption agencies.

On his part, Ambode said that Buhari had succeeded in bringing integrity and credibility into public office and commended the President’s 100 days in office.

When asked whether he was probing Fashola, he said, “I have said it is continuity with improvement.”

Commending Buhari, Ambode said that the President had shown strong leadership.

He stated, “What President Muhammadu Buhari has come up with in the last 100 days is about credibility and integrity for those of us who are in public office. Buhari has come up with moral leadership in the last 100 days and that is what is needed to fight corruption in the country.

“Nobody is judging anyone. What we have seen since May 29 is about strong leadership that has shown direction to all Nigerians. The mantra of such leadership that is being reflected by the President is what we are seeing in other states.”

According to him, everybody is beginning to feel that the law must be obeyed.

He noted that all revenue agencies had started paying to a single account, which had made everyone to be accountable.

Deru, who also spoke with journalists, said, “Accountability is our business and we uphold the tenets of transparency and we must be transparent in what we do. We also have the whistle-blowing fund so that anybody who misbehaves and they want to penalise our member, we have N50m set aside to fight such course.”

Power supply drops by 1,047MW

Power supply to households and businesses in the country has fallen below the 4,000 megawatts mark as 1,047.3MW was lost in seven days, data obtained from the Presidential Task Force on Power showed on Tuesday.

Last week, electricity from the national grid hit a record high of 4,810.7MW, which was achieved at 8:45pm on August 25.

The Transmission Company of Nigeria had then said the new peak followed the record set the previous day, August 24, when 4,748MW was wheeled by its network.

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But electricity generation stood at 3,843.16MW on Monday, August 31, while 3,763.40MW was sent out, according to the PTFP.

On Sunday, August 30, generation was 4,117.73MW, while 4,029.83MW was sent out, data from the 

Federal Ministry of Power showed.

The dip in power generation and supply followed the shutdown of both the Trans Niger Pipeline and Nembe Creek Trunkline late last week.

Shell Petroleum Development Company had last Thursday declared force majeure on the export of Bonny Light crude oil, one of Nigeria’s main export grades, effective August 27, 2015, following the shutdown of both the TNP and the NCTL.

The Manager, Corporate Media Relations of the SPDC, Mr. Precious Okolobo, had said a leak was reported on the TNP at Oloma in Rivers State, while the NCTL was shut down for the removal of crude theft points, adding that the SPDC was working to repair and reopen the two lines as quickly as possible.

The Trans Niger Pipeline transports about 180,000 barrels of crude oil per day to the Bonny Export Terminal and is part of the gas liquids evacuation infrastructure critical for continued domestic power generation at the Afam VI power plant and liquefied gas exports, Shell said in a statement on its website.

Afam VI power plant has a generation capacity of 624 MW.

The Permanent Secretary, Ministry of Power, Ambassador Godknows Igali, on Monday said electricity had been stable in the country lately because there was no case of gas pipeline vandalism.

He recalled that vandalism was the bane of electricity supply during the last administration.

He said things improved with the decision of the current administration to engage the communities through which the pipelines pass.

This, he said, led to increased gas supplies and improved power supply nationwide currently at 4,600MW.