The Nation Newspaper

Tag: bills

  • Residents protest ‘questionable bills’

    Residents of Mile 1 Diobu, in Port Harcourt, the Rivers State capital, yesterday stormed the Diobu Business District Office of the Power Holding Company of Nigeria (PHCN) to protest what they described as ‘questionable bills’.

    The protesters said PHCN denied them electricity but  forced them to pay outrageous bills or have their lines disconnected.

    They carried placards with inscriptions such as: “No electricity, no NEPA bill”; “Give us electricity and get your bills” and “No electricity, no election”.

    The protesters, who converged near Education Bus Stop on Ikwerre Road at about 9 am marched to Mile 1 Police Station, chanting solidarity songs.

    On sighting the protesters, PHCN employees shut the entrance.

    The protest caused traffic snarl on both sides of  Ikwerre Road.

    A man, who spoke on behalf of the group, urged them to be orderly.

    He said: “Everyday they come with huge bills before the month ends, and before you know it, they will start disconnecting your lines.

    “For the past two weeks, electricity has not lasted for two hours, yet they want us to pay NEPA bills.”

     

     

     

  • Outrageous electricity bills in Akwa Ibom

    The Senior Special Assistant to the Governor on Power, Dr. Victor Udo, has urged Electricity Consumer Committees in Akwa Ibom State to cooperate with industry stakeholders to sustain the improved power supply across the state.

    He spoke when the Chairmen of Electricity Consumers Committee (ECC) from communities across the 3 senatorial districts of the state met with him at his office.

    The ECC delegation acknowledged improvements in power supply across the State but they decried the outrageous bills being issued by the Port Harcourt Electricity Distribution Company (PHEDC).

    It was alleged that excessive electricity bills were issued to communities in Uyo, Eket and Ikot Ekpene senatorial districts on a monthly basis.They attributed this to estimated billing and appealed to the SSA on Power for urgent intervention.

    The SSA on Power said: “Power is being supplied to communities across the State because transformers have been installed in the various communities along with Low Tension and High Tension lines.

    “Since power is being supplied and consumed, an effective billing system needs to be implemented to pay for the energy consumed through proper metering.”

    He therefore urged the ECC to cooperate with the Business Managers of PHEDC to implement a more effective revenue collection process.

    Dr. Udo appealed to the ECC to discourage members of the community from tampering with power installationsin the communities. He said: “People should not endanger their lives by tampering with power infrastructure in the community.”

    The SSA invited the delegation to join the power sector stakeholders meeting held monthly in his office. He urged them to nominate 3 persons to represent each senatorial district at the meeting to work on billing and other power related issues across the state.

     

  • Delta community protest excessive bills, epileptic power supply

    UGHELLI community and its environs embarked on a mass protest along the East/West Road in Ughelli, Ughelli Local Government Area of Delta State against Benin Electricity Distribution Company BEDC in charge of Edo, Delta, Ekiti and Ondo States over excessive estimated bills, epileptic supply and unsual disconnection, calling on the Federal Government to revoke the company’s license.

    The protest, which lasted for hours with placards calling on the federal government to take over the Benin zone electricity company from the Benin Electricity Distribution Company lamented over what consumers are suffering in the hands of their suppliers, saying that they cannot be working and paying all they earn for electricity supply.

    One of the protesters, Mrs. Mary Akpofuare who spoke to journalists during the protest said that the Edo Electricity Distribution Company, BEDC, is not rendering any service that is commensurate to what they are collecting from their consumers in Ughelli community and its environs, saying that they have not seen where someone has a meter and still be paying estimated bills of between seven and eight thousand naira monthly.

  • Council chief signs 10 bills into bye-laws amid fanfare

    Council chief signs 10 bills into bye-laws amid fanfare

    The chairman of Ifako-ijaiye Local Government, Apostle Oloruntoba Oke, has signed 10 bills into bye-laws.

    The ceremony was witnessed by over 500 residents representing all the community development associations (CDAs).

    Oke said the laws were enacted to improve the quality of life of the people.

    He said the bye-laws went through the processes including public hearing to get the input of stakeholders before they came into being.

    The laws were enacted to streamline the various activities within the council’s geographical location to conform with its aspiration of making it more responsive and effective to the greatest number of residents, Oke said.

    The Council Chief listed the bye-laws to include: The conversion of some roads within the council area to one way drive, and one regarding the one-side parking; the routes prohibition and control of motorcyclist activities; the environmental cleanliness and provision of dustbin refuse disposable bags.

    Others are: the pest control in regulated premises bye-law; tree planting/cutting, foodstuffs, regulated premises maintenance of sewage tanks and drums for commercial ventures, the environmental sanitation and waste management, house numbering in the local government area and the revalidation of street naming law.

    He said with the bye-laws, it has become an offence for any resident to flout any of its provisions, urging groups to obtain copies of the laws for their education and guidance as well as take cognisance of its provisions in their interactions with the local government.

    Oke said those roads designated as one-way would soon be appropriately marked to avoid crisis, adding that all the laws would take effect from next month.

    Giving insights into the byelaws, a councilor, David Olaniyi, said they addressed areas, such as safe motoring, environmental cleanliness promotion of the green culture, and the control of routes prohibitions for motorcycle operations.

    Earlier the council’s Majority Leader, Israel Olaniyi Fadare, said the laws were enacted in line with Sections 1&2 of the 1999 Constitution.

  • N159b e-frauds: ISSAN urges passage of cybercrime bills

    N159b e-frauds: ISSAN urges passage of cybercrime bills

    The Information Security Society of Africa, Nigeria (ISSAN) and major stakeholders in the banking industry have urged the National Assembly to expedite action on the passage of the cybercrime bills pending before it to curb the raft of electronic frauds.

    The group lamented that between 2000 and last year, a whopping N159billion was stolen from banks, arguing that if there is a law that deals with e-fraudsters, the situation may have been different.

    Its President, David Isiavwe, said the proliferation of e-payment channels, which has brought banking  closer to customers has further increased the challenge of cyber crime.

    He urged firms  to  explore a more comprehensive approach to protecting their customers, core networks and information technology (IT) infrastructure.

    Rising from a stakeholders meeting organised by the group in collaboration with Digital Encode Limited for Chief Internal Auditors (CIAs) and Chief Information Officers (CIOs) of lenders, participants blamed the non-passage of the bills into law for the inability of law enforcement agencies to curtail cybercrimes in the country.

    To push for its passage, ISSAN has set up a committee to act as industry’s pressure group to liaise with the National Assembly to ensure its quick passage into law.

    Members of the committee include the managing directors of Interswitch, and Nigeria Interbank Settlement System (NIBSS); representatives from the Bankers Committee; the Office of the National Security Adviser (ONSA) and the Central Bank of Nigeria (CBN). Other members include the president, ISSAN and the Chairman, Committee of Chief Internal Auditors of Banks in Nigeria (CCIABN)

    ISSAN urged the Committee of Internal Auditors of Banks (CIABs) to liaise with the  Committee of E-Banking Industry Heads (CeBIH) and engage Mastercard & Visa card on EMV cards frauds.

    The meeting, which had in attendance key industry players from Interswitch, NIBBS, the CBN, and a wide variety of Information Technology (IT) professionals, including the CIAs and CIOs of several banks also discussed incessant attacks by cybercriminals on banks, action plan for the protection of payment systems and the banking industry as a whole, the CBNs biometric project and its impact on banks and consumers alike, from a security perspective.

  • BPE to consumers: pay your bills

    BPE to consumers: pay your bills

    The Director-General of the Bureau of Public Enterprises (BPE), Mr. Benjamin Ezra Dikki, has urged electricity consumers to always settle their bills promptly to enable the new power companies provide efficient and constant power supply.

    Dikki spoke in Enugu when a team from the bureau visited the Enugu Electricity Distribution Company (EEDC) as part of its post-privatisation monitoring activities of the newly privatised PHCN successor companies.

    In a statement yesterday in Abuja, BPE’s Head of Public Communications, Mr. Chigbo Anichebe, said Dikki was represented by the Acting Director of the National Facilities and Agricultural Resources (NF&AR), Dr. Vincent Akpotaire.

  • PFAs invest N2.7tr in FGN bonds, bills

    PFAs invest N2.7tr in FGN bonds, bills

    About N2.7 trillion out of the N4.21 trillion pensions fund assets has been invested in FGN Securities as at March 31, 2014 by Pension Fund Administrators (PFAs), representing 63.39 per cent investment of the fund, The Nation has learnt.

    The PFAs also invested N602 billion in shares on the Nigerian Stock Exchange in the period under review. This represents a 14.3 per cent investment of the fund.

    The volume of traded shares in March was a little lower compared to the N619 billion traded as at February 28, 2014 out of the N4.12 trillion pension fund assets recorded in the month.

    This was revealed in a document obtained by The Nation from the National Pension Commission (PenCom) titled: ‘Summary of Pension Fund Assets as at March 31, 2014’.

    A breakdown of the report showed that a volume of Domestic Ordinary Shares of N548.7 billion was traded in March while Foreign Ordinary Shares of N53 billion was also traded.

    Similarly, N195.2 billion and N79.9 billion was invested in State Government Securities and Corporate debt securities respectively while N1.7 billion was invested in Supra-National bonds.

    A total of N228.4 billion was invested in the Real Estate Properties while N9.3 billion was invested in the Private Equity Fund.

    The report further showed that N335.2 billion was invested in the Local Money Market Securities, N286 billion in Foreign Money Market Securities and N22 billion in Open/Close End Funds.

    The Commission had N46.2 billion in cash and other assets during the period under review.

    The Acting Director-General, PenCom, Mrs. Chinelo Anohu-Amazu, while speaking on Regulation on Investment of Pension Fund Assets said Pension Fund Custodians (PFCs) shall only take written instructions from licensed PFAs with respect to the PFAs investment and management of pension fund assets held in the custody of the Pension Fund Custodian (PFCs) on behalf of the Contributors.

    She said the PFCs, in discharging their contractual functions to PFAs, shall not contract out the custody of pension fund assets to third parties, except for allowable investments made outside Nigeria.

    Furthermore, she said that the PFC shall obtain prior approval from the Commission before engaging a global Custodian for such allowable foreign investments.

    She said: “The PFAs, in discharging their contractual functions to Contributors under the new Contributory Scheme shall not contract out the investment or management of pension fund assets to third parties, except for open or close end or hybrid funds and specialist investment funds allowed by the regulation.

    “The PFAs shall maintain RSA ‘Active’ and ‘Retiree’ Funds, as provided to govern the investment of pension fund assets until effective implementation of the Multi-Fund Structure. In addition to the requirements of other guidelines issued by the Commission on corporate governance, ethics and business practices, each PFA shall establish an Investment Strategy Committee as well as a Risk Management Committee, in compliance with Section 66 of the Pension Reform Act, 2004 (“the Act” or “PRA 2004”).

    “The Investment Strategy Committee, in addition to other functions specified in the Act, shall formulate internal investment strategies to enable compliance with this Regulation, taking into cognizance the macro-economic environment as well as the investment objectives and risk profile of the PFA Funds.”

    The PenCom boss said the internal investment strategies shall be approved by the PFA at a board meeting at least once yearly or as frequently as changes occur in the macro-economic environment that may affect pension fund assets.

  • Total Treasury Bills sales hit N750b

    Total Treasury Bills sales hit N750b

    Treasury bills (T-Bills) subscribers committed a total of N750.98 billion to the instrument as at the second quarter which ended in September, a report by the Central Bank of Nigeria (CBN) has said. It said bills of various maturities, ranging from 55 to 227 days, were used for liquidity management.

    According to the report, the total T-Bills subscription stood at N1.5 trillion, compared with N2.7 trillion and N4.2 trillion allotted and subscribed to in the preceding quarter.

    It said the bid rates ranged from 11.50 to 14 per cent, while the stop rates ranged from 12 to 13.20 per cent, compared with 11.500 to 13.299 per cent in the preceding quarter. Matured bills worth N1.5 trillion were repaid during the period, resulting in a net injection of N778.40 billion.

    It also said the total volume of currency in circulation within the economy rose by 3.4 per cent to N1.47 trillion at the end of third quarter, the Central Bank of Nigeria (CBN) has said.

    In a report obtained by The Nation the apex bank said the increase is in contrast to the decline of 5.5 and 1.1 per cent at the end of the preceding quarter and corresponding period of 2012, respectively.

    It said the development, relative to the preceding quarter was attributed, largely, to the 3.5 per cent increase in currency outside the banks.

    It explained that the value of Commercial Paper (CP) held by the banks rose by 94.1 per cent to N29.1 billion by September, compared with N15 billion at the end of the preceding quarter.

    The development was due to the increase in holding of CP by the banks during the review period adding that the CP constituted 0.44 per cent of the total value of money market assets outstanding, compared with 0.23 per cent at the end of the preceding quarter.

    “The value of BAs held by DMBs increased by 53.2 per cent to N24.5 billion at the end of the review quarter, compared with the increase of 58.1 per cent at the end of the preceding quarter. The development reflected increase in investments in BAs by the banks. Consequently, BAs accounted for 0.37 per cent of the total value of money market assets outstanding at the end of the review quarter, computed with 0.24 per cent at the end of the preceding quarter,” it said.

    According to the report, the primary market segment, treasury bills of 91-, 182- and 364-day tenors, amounting to N739.37 billion, N1.8 trillion and N739.37 billion, were offered, subscribed to and allotted, in the third quarter of the year, compared with the respective sums of N1 trillion , N1.7 trillion and N1 trillion in the preceding quarter.

     

     

  • Senate passes anti- terrorism, money laundering Bills

    Senate passes anti- terrorism, money laundering Bills

    The Senate on Wednesday passed the Terrorism Act amendment Bill and Money laundering Act 2011 amendment Bill.

    The passage of the Terrorism Act amendment Bill followed the consideration and adoption of the report of the Joint Committee on Drugs, Narcotics, Financial Crimes, anti-corruption and Legal Matters which scrutinized the Bill.

    The report of the same joint committee on Money Laundering Act amendment was also considered and adopted.

    Highlight of the Terrorism Act amendment Bill is that anybody convicted of terrorism risks life jail.

     

  • Aregbesola signs 10 bills into law

    Aregbesola signs 10 bills into law

    Osun State Governor Rauf Aregbesola has signed 10 bills passed by the House of Assembly into law.

    The Commissioner for Regional Integration and Special Duties, Basiru Ajibola, spoke in Osogbo, the state capital, when he addressed the Assembly on his ministry’s implementation of this year’s budget.

    He listed the bills as: a Law for the Establishment of the Osun State Agency for the Control of AIDS (SACA) and other Matters 2012; Local Government Administration (Amendment) Law 2012; a Law to Repeal the Public Procurement Law 2012.

    Others are: State of Osun Bonds, Notes and other Securities Issuance Law 2012; State of Osun Legitimacy (Repeal) Law 2012; State of Osun Centre for Black Culture and International Understanding (Amendment) Law 2012; State of Osun Security Trust fund Law 2012; State of Osun Debt Management Office (Establishment) Law 2012; State of Osun Fiscal Responsibility Law 2012; and State of Osun (Omoluabi) Conservation Fund Law 2012.

    The commissioner said the establishment of family courts and the Citizens Mediation Panel would serve as government’s alternative to conflict resolution among the residents.

    Ajibola said some other bills have been passed by the State Executive Council (Exco) but were awaiting the governor’s signature and letter to the Assembly.

    He added that some others were being processed.