All Posts in "Day: July 19, 2021"

Metering: NERC names 23 companies as importers, 58 as installers

By Favour Nnabugwu

 

 

The Nigeria Electricity Regulatory Commission, NERC, has named 23 companies as importers and 58 as installers

A total of 99 companies as metering service providers for the power sector.

The commission in a notice posted on its website said the companies have been certified with some companies whose licences had expired, renewed.

A breakdown showed that 15 companies including Turbo Energy, MOMAS Electricity Meter Manufacturing Company Limited, Mojec Meter Company Limited, MBH Power Limited were certified as meter manufacturers.

Another of 23 companies including Afro-Chinese Infrastructure Investment Limited, Erasko Energy Nigeria Ltd, Tripple Seventh Nigeria Ltd, Beacon Energy Development Services Ltd and Ar-Rahman Technical Services Nigeria Limited were cleared to import meters into the country.

Also, NERC listed three companies, Lafred Engineering Limited, Global Utilities Management Company Limited and Hafmani Nigeria Limited as certified vendors.

The commission listed 58 other companies as corporate installers.

NERC had recently disclosed that 1,092,399 customers have been provided with prepaid meters, under the Meter Asset Provider, MAP, scheme and the National Mass Metering Programme, NMMP.

The commission disclosed that 508,439 customers have been metered under the MAP scheme, adding that 583,960 meters had been distributed under the MAP scheme.

It stated that 5,855 customers who had paid for prepaid meters were yet to get their meters.

Also the Meters Asset Providers last month petitioned the Federal Government over some problems, including, fixed meter pricing, unavailability of foreign exchange and Customs clearing bottlenecks.

In a communiqué issued at the end of their meeting, June 17, 2021, MAPs, had stated: “An upward review of the current price of prepaid meter by NERC in view of rising inflation, continued upward movement of foreign exchange rates, associated increases in customs costs, increase in container freight costs, and the disruptions in the international supply chain, leading to a global increase in the prices of raw materials and components for the manufacture of prepaid meters.

“MAPs, however, note that there will be a corresponding downward review of meter prices when there is a downward movement in foreign exchange rates and other cost factors.

‘’The CBN should guarantee access to foreign exchange to Local Meter Manufacturers and Assemblers for the procurement of parts and accessories (Completely Knocked Down (CKD) or Semi Knocked Down (SKD) parts) including equipment for meter manufacturing/production as well as expansion of factory infrastructure.”

Patoma Admin by — July 19, 2021 in News 0
Air Peace deploys brand new E195-E2 into service

By Favour Nnabugwu

 

 

Air Peace has officially deployed its brand new Embraer 195-E2 airplanes for scheduled flight operations after taking delivery if three aircrafts.

The three ultramodern 124-seat capacity jets which were delivered in the first half of 2021, commenced entry into service on Monday, July 19, 2021, amidst fanfare and excitement.

The Spokesperson of the airline, Stanley Olisa, in a news release to journalists, stated that the airline is delighted to finally commission into service the brand new Embraer aircraft, adding that the acquisition of the aircraft is a testament to Air Peace’s commitment to giving the flying public world-class flights.

Olisa said: “Air Peace cares so much about the comfort of its customers and that explains why we keep investing in brand new aircraft to give the average passenger a memorable experience to look forward to on-board. This fleet expansion is also driven by our ambition to provide numerous connections for the flying public.

The first set of passengers who flew on the E195-E2 aircraft were thrilled with multiple bags of goodies and they expressed excitement over the unparalleled comfort they experienced on-board.

Air Peace has taken delivery of 3 E195-E2 aircraft this year from the 13 on firm order and has purchase rights for 17 of the same aircraft type. The airline had announced that it was expecting 5 more of these aircraft before the year runs out.

Patoma Admin by — July 19, 2021 in Aviation 0
Oando Plc enters into settlement with SEC

By admin

 

Oando Plc has entered into a settlement with the Securities and Exchange Commission in the overriding interest of the shareholders of the Company and the capital market.

This was contained in a Circular released by the SEC in Abuja Monday and signed by the Management of the Commission.

According to the Circular, the company has reached a settlement with the Commission on the following terms amongst others: Immediate withdrawal of all legal actions filed by the Company and all affected directors; Payment of all monetary penalties stipulated in the Commission’s letter of May 31, 2019; and an undertaking by the Company to implement corporate governance improvements.

Part of the terms also requires the submission by the Company of quarterly reports on its compliance with the terms of the Settlement Agreement; the Investments and Securities Act, 2007; the SEC Rules and Regulations; the National Code of Corporate Governance and the SEC Guidelines to the Code of Corporate Governance.

According to the SEC, “Pursuant to the powers conferred on the Securities and Exchange Commission (the Commission) by the Investments and Securities Act 2007, and the Rules and Regulations made pursuant thereto, the Commission on Thursday, July 15, 2021, entered into a Settlement with Oando Plc (the Company). 

“The Commission in its letter to the Company dated May 31, 2019, gave certain directives and imposed sanctions on the Company, following investigations conducted pursuant to two petitions filed with the Commission in 2017.

“The Company and some of its affected directors had challenged the said directives in a series of suits commenced at the Federal High Court. However, the Company subsequently approached the Commission for a settlement of the matter, and both parties have now agreed to settle in consideration of the impact that a further prolonged period of litigation would have on the Company’s shareholders and the value of their investments as well as remedial measures to be put in place by the Company in enhancing its corporate governance practices and strengthening its internal control environment

The Commission further reiterates its commitment to ensuring the fairness, transparency and integrity of the capital market, while upholding its mandate to protect investors.

Patoma Admin by — July 19, 2021 in Banking & Finance 0
Zimbabwe enforces anti money laundering, combat finance of terrorism guidelines on insurers

By admin

 

 

THE Insurance and Pensions Commission is stepping up efforts to ensure that local players are compliant with anti-money laundering and combatting the financing of terrorism (AML/CFT) reporting obligations.

The insurance sector is typically vulnerable to white-collar crimes due to high levels of financial flows.

The local pensions and insurance industry is heavily invested in the Zimbabwe Stock Exchange (ZSE), on money and property markets, and is also expected to be a big player on the Victoria Falls Stock Exchange (VFEX), which can be dangerously exposed if linked to white-collar crimes

The drive comes as the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Second Round Mutual Evaluation Report for Zimbabwe identified low AML/CFT awareness among non-bank financial institutions as major deficiency for the pensions and insurance industry.

IPEC Commissioner Dr Grace Muradzikwa, said they have already set up a dedicated unit in this regard, indicating that one of its key functions is to provide industry with the relevant information on AMT/CFT issues.

“As the regulator, we are now equipped to fully assume our role of supervising reporting entities to ensure compliance with AML/CFT reporting obligations. As such, we have established an AML/CFT unit, which will be headed by a manager.

“We are currently in the process of staffing the unit. For the industry, the starting point is for you to be aware of your obligations on AML/CFT, as well as the understanding of Money Laundering and Terrorism Financing risks that you face,” she told a recent engagement with industry players.
“Therefore, understanding risk is the cornerstone for an effective AML/CFT programme.”

Zimbabwe’s AML/CFT legal framework consists mainly of the following pieces of legislation: the Money Laundering and Proceeds of Crime Act [Chapter 9:24]; Bank Use Promotion Act [Chapter 24:24]; Suppression of Foreign and International Terrorism Act [Chapter 11:21]; Statutory Instrument 76 of 2014: Suppression of Foreign and International Terrorism (Application of UNSCR 1267 of 1999 and UNSCR 1373 of 2001) Regulations, 2014; and Statutory Instrument 56 of 2019: Suppression of Foreign and International Terrorism.

Because of the role and structure of insurance and pensions business, players in the sector typically operate by moving funds from parties with excess capital to parties needing funds.

All things being equal, this financial intermediation works to create efficient markets and lower the cost of conducting business. But it also makes the sector a target for money laundering.

According to IPEC director for insurance and microinsurance, Sibongile Siwela, “from a regulatory point of view, institutions are expected to have in place an AML/CFT compliance programme that is supported by policies, procedures and controls; compliance function and AML/CFT compliance officer at appropriate level; staff training programmes; and independent audit.”

In 2020, the regulator concluded a Sectoral Risk Assessment, which has helped to inform the current risk-based approach to Anti-Money Laundering and Combatting of Financing of Terrorism supervision.
Money laundering has over the years become a potent threat to economies across the globe due to the rising volumes and sophistication of white-collar crimes.

Patoma Admin by — July 19, 2021 in Insurance 0