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Pantami inaugurates 44 members of NIMC, NIPOST, NITDA governing boards 

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…Charges them to drive the implementation of Digital economy policies

By Ogaga Ariemu

Minister of Communications and Digital Economy, Prof Isa Pantami has inaugurated 44 members of the Governing boards of National Identity Management  Commission (NIMC), Nigerian Postal Service (NIPOST) and National  Information  Technology Development Agency (NITDA).

Speaking during the inauguration ceremony in Abuja, Pantami urged the boards members to drive the implementation of Digital economy policies.

Pantami said the responsibility of newly inaugurated Governing Board members was to oversight and oversee the activities of the parastatals as well cascade the national policies developed by the supervising ministry.

“We have inaugurated 44 Governing Board members, 17 for NIMC with ex officials members including those appointed by Mr President and others.

“NITDA we have 19 including the Chairman and the Chief Executive Officer who serves as the secretary and members of the board and NIPOST have 8 members. we do hope you continue to display maturity,”he said.

“You should try  your best within the responsibilities that has been assigned to you by the various enabling Acts establishing this parastatals and other government policies and directives that may come up from time to time.

“More than 90 per cent of them appointed today  were reappointed as a result of our recommendation as well as due to their displayed of  maturity in the way and manner they interact with the parastatals.

“We must ensure that we respect constitutional authority in whatever we do. and the  Board have no power as regards to awarding contracts and Minister has no power when it comes to awarding contracts as an independent status.

“We are part of the board the management and we are not part of the the tenders board.

“To be fair to all of you. I am so much grateful in the way and manner you try to display maturity of yourself operate within the ambit of the laws and government policies and hope you improve in the second tenure,” Pantami said.

NIMC’s governing board 17 members are:
Prof. Usman A. El-Nafaty, Chairman- Presidency; Dr. Dahiru I. Inuwa, Presidency; Mr. Kole Jagun Presidency; DCM Efosa Osawe, MNSE, Federal Road Safety Commission (FRSC); Engr Chidi Nwafor,  Independent National Electoral Commission (INEC); Mr. Joseph Amakurugbonwo National Health Insurance Scheme (NHIS); Saidu Bashir Daura, Nigerian Immigration Service (NIS); Mr. Anyim Chinyere Nyerere National Pension Commission (PENCOM); Mr. Abdullahi Danmani, Department of State Security Service (SSS); Mr. Inuwa B. Jalingo, National Population Commission (NPoC); Mr. Musa Itopa Jimoh, Central Bank of Nigeria (CBN); Mr. Agweye Benedict Economic And Financial Crimes Commission (EFCC); CP Yari Lafiya, Nigerian Police Force (NPF); Gen. Samad Akesode Office of the National Security Adviser (ONSA); Mr. Abel Augustine Olutoyin Corporate Affairs Commission (CAC); Mr. Kola OkunolaFederal Inland Revenue Service (FIRS); including the Engr. Aliyu Abubakar Aziz Director General/CEO National Identity Management Commission (NIMC).

While the NITDA’s governing board 19 members are:

Dr Abubakar Saidu, Chairman; Hon. Olakunle Kazeem Salako Representing Geopolitical Zones; Dr Habibu Ahmed Imam, Representing Geopolitical Zones; Zainab Ibrahim Jalo, Representing Geopolitical Zones; Rt. Hon. Abdullahi Bello, Representing Geopolitical Zones; Princess Amarachi Uwanamodo Representing Geopolitical Zones; Mr Idowu Afe, Representing Federal Ministry of Science Technology and Innovation; Engr. A. A. Ladan, Representing Ministry of Communications and Digital Economy; Mr. Mohammed Sani Mahmud Representing Ministry of Education; Engr. Felix NyadoRepresenting Standards Organisation of Nigeria; Engr. Ayo Fanimokun Representing Nigerian Society of Engineers; Mal. Usman Y. Dutse Representing Association of Staff Union of Polytechnics; Prof. Charles O. Uwadia Representing Affiliate Bodies of CPN; Prof Adesina S. Sodiya Representing Affiliate Bodies of CPN; Dr. Muhammad Sirajo Aliyu Representing Affiliate Bodies of CPN; Mr. Muhammed M. Abubakar, Representing Affiliate Bodies of CPN; Dr Adesola Nassir Representing Association of Staff Union of Universities; Barr Francis Effanga Representing Geopolitical Zones and DG NITDA, Kashifu Inuwa Abdullahi as General Secretary.

NIPOST’s governing board 8 members are:
Barr. Maimuna Yaya Abubakar, Chairperson; Permanent Secretary, Federal Ministry of Communications and Digital Economy, Alternate Chairperson; Mrs Omobola Olusola-Dada, Member Representing Federal Ministry of Finance; Mr Sylvanus Esinwoke Member Representing Federal Ministry of Interior; Mallam Mainasara Sani Abubakar, Presidency; Mr. Agbabiaka Babatunde Samuel, Presidency; Barrister Bulus S. Yakubu, Presidency; including the Post Master General/CEO of NIPOST, Dr. Ismail Adebayo Adewusi.

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FG requires $10bn to revive power sector

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The Minister of Power, Mr Adebayo Adelabu says the Federal Government requires $10 billion investment yearly, to revive the power sector for the next 10 years.

Adelabu said this in Abuja on Monday, at a one day investigative hearing on halting the electricity tariff increase by the Nigerian Electricity Regulatory Commission (NERC) organised by the Senate Committee on Power.

“For this sector to be revived, the government needs to spend nothing less than 10 billion dollars annually in the next 10 years.

“This is because of the Infrastructure requirement for the stability of the sector, but the government cannot afford that.

“And so we must make this sector attractive to investors and to lenders.

“So for us to attract investors,and investment, we must make the sector attractive, and the only way it can be made attractive is that there must be commercial pricing,” he said.

Adelabu added, “If the value is still at N66 and the government is not paying subsidy ,the investors will not come.

“But now that we have increased the tariff for a Band, there is interest being shown by investors.”

The Minister said the major challenge in the sector was absence of liquidity, saying that the sector had been operating on a subsidised tariff regime, given the absence of a cost reflective tariff.

He said that the subsidy had not been funded over the years as huge liabilities were owed to the Generating Companies (GenCos) and the Gas Companies.

Adelabu said the inability of the government to pay the outstanding N2.9 trillion subsidy was due to limited resources, hence the need to evolve measures to sustain the sector.

He appealed to the lawmakers to support the process of paying the debt owed operators across the value chain of generation, transmission and distribution.

“The increase is based on supply, saying that any customer that does not receive 20 hours power supply will not be made to pay the new tariff,” he said.

He said the government was committed to ensuring sustainable reform in the sector, saying that there was a need to clear the outstanding debt owed to GenCos and Gas companies.

To improve power supply, he said the government was investing in hydro electric power, adding that construction of 700 mega watt power in Zungeru had commenced, while Kashimbila Hydroelectric power plant of 40 megawatt was awaiting evacuation to improve generation.

The Minister said there was also an ongoing investment of 26 small hydro power dams to boost electricity production across the country.

However, members of the committee in their separate remarks decried the experiences of Nigerians on electricity supply over the years, despite the unbundling of the sector.

Sen. Lola Ashiru, the Vice-Chairman of the committee said Nigerians were paying for inefficiency of power sector operators.

Ashiru said there was a lot of inefficiency across the value chain of generation, transmission and distribution..

He said poor Nigerians must be protected, adding that there was a need to consider a reversal of the tariff increase.

Sen. Solomon Larlong said there was no consultation before the increase, adding that issues of palliative should have been discussed and provided before the tariff increase.

The Chairman of the Committee, Sen. Enyinnaya Abaribe, said what Nigerians wanted was a solution to the issues and ways to ensure liquidity in the sector.

He also decried the non appearance of a company “ZIGLAKS” over the failed agreement to provide prepaid meters for Nigerians.

He alleged that the company had received N32 billion in 20 years to meter Nigerian electricity consumers.

Sen. Adamu Alero said due consultation was not made before the tariff increase.

He said the public was not at peace with the increase, saying that the increase was over 200 per cent, hence the need for a reversal of the tariff increase.

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Tribunal stops MultiChoice from increasing DStv, Gotv subscription rates

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A Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja, on Monday, restrained Multi-Choice Nigeria Limited from increasing its tariffs and cost of products and services scheduled to begin on May 1.

The three-member tribunal, presided over by Saratu Shafii, gave the interim order following an ex-parte motion moved by Ejiro Awaritoma, counsel for the applicant, Festus Onifade.

The tribunal, in a ruling, restrained Multi-Choice from going ahead with an impending price increase scheduled to take effect from May 1, pending the hearing and determination of the motion on notice filed before it.

“The 1st defendant is hereby restrained from taking any step(s) that may negatively affect the rights of the claimant and other consumers in respect of the suit pending the hearing and determination of the motion on notice,” Shafii declared.

She, therefore, directed all parties in the suit to appear before tribunal on Ma 7 at 10am for the hearing and determination of the motion on notice.

Onifade, in the suit marked: CCPT/OP/2/2024, had dragged Multi-Choice Nigeria Ltd and Federal Competition and Consumer Protection Commission (FCCPC) before the tribunal.

In the suit filed on April 29, Onifade, also a legal practitioner, sought two orders.

These include, “an order of interim injunction of this honourable tribunal restraining the 1st defendant whether by themselves, her privies, assigns by whatsoever name called from going ahead with impending price increase scheduled to take effect from 1st May, 2024, pending the hearing and determination of the motion on notice.

“An order restraining the 1st defendant from taking any step(s) that may negatively affect the rights of the claimant and other consumers in respect of the suit pending the hearing and determination of the Motion on Notice.”

Other members of the tribunal include Thomas Okosun and Dr. Umar Duhu.

Recall that the company had, on April 1, 2022, hike the prices of all its packages.

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DMO sells treasury bills worth N2.669trn in March — Report

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The Debt Management Office (DMO) sold Treasury Bills (T.bills) valued at N2.669 trillion across its auctions in March 2024.

This was contained in the FMDQ Markets Monthly Report for March seen by newsmen.

The amount represents a 3.07 percent (N79.54 billion) month-on-month (MoM) increase in the value of T-bills sold across auctions in February 2024 (N2.589 trillion).

Similarly, the DMO sold FGN Bonds worth N608.86 billion (inclusive of N133.20 billion non-competitive bids) via the issuance of a new three-year as well as the re-opening of a seven-year (7Y) and 10-year FGN bonds in March 2024.

The report noted that the total sale represents a 35.30 percent oversubscription of the amount offered and a 59.27 percent (N886.05 billion) MoM decrease on the amount sold in February 2024 (N1.494 trillion) across the 7Y and 10Y FGN bond maturities.

In March 2024, the CBN sold open market operations (OMO) bills worth N1,056 trillion at auction in the primary market.

According to the report, there were no new listings of non-sovereign bonds on the FMDQ Exchange in March 2024.

“However, Corporate bonds worth N15.00 billion matured and were redeemed resulting in a 0.68 percent (N15.00 billion) MoM decrease in the value of Non-Sovereign Bonds outstanding to N2.194 trillion in March 2024,” it said.

The report stated that the total value of commercial papers (CPs) quoted on the FMDQ Exchange in March 2024 was N112.62 billion, representing a MoM increase of 123.76 percent (N62.29 billion) from the value of CPs quoted in February 2024.

“Quoted CPs were issued by institutions from various sectors including Financial Services (10), Manufacturing (4), Retail (2), Health & Pharmaceuticals (1), Agriculture (1), Technology (1), and Chemical Supply & Oil Field Service (1). However, N39.26 billion CPs matured and were redeemed resulting in a 9.28 percent (N73.36 billion) MoM increase in the total outstanding value to N864.11 billion in March 2024,” it said.

…Secondary market turnover

According to the report, secondary market turnover on FMDQ Exchange in March 2024 was N48.87 trillion, representing a MoM and YoY increase of 21.22 percent (N8.55 trillion) and 100.67 percent (24.51 trillion) from February 2024 and March 2023 figures, respectively.

Foreign exchange (FX) and money market (MM) transactions dominated secondary market activity, jointly accounting for 75.36 percent of the total secondary market turnover in March 2024.

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