NERC approves electricity tariff hike for DisCos; UK recognises Nigeria’s classification of IPOB as a terrorist organisation | 5 Things That Should Matter Today

  • UK recognises Nigeria’s classification of IPOB as a terrorist organisation
  • NERC approves electricity tariff hike for DisCos
  • It is “becoming a drug trafficking transit and consumption hub” | CBN asks banks to avoid illicit transactions in Benin Republic
  • SSANU, NASU commend Ngige’s efforts at resolving reasons for strike
  • 73.8m bank accounts not linked to BVN – report

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss:

UK recognises Nigeria’s classification of IPOB as a terrorist organisation

The United Kingdom has reviewed its treatment of members of the Indigenous People of Biafra (IPOB), recognising Nigeria’s classification of the group as a terrorist organisation. The UK government has excluded members of the group from seeking refuge in England.

“IPOB is proscribed as a terrorist group by the Nigerian government, and members of the group and its paramilitary wing – the Eastern Security Network (created in December 2020) – have reportedly committed human rights violations in Nigeria,” UK Visas and Immigration (UKVI) said in its policy notes.

It added that “MASSOB has been banned, but is not a proscribed terrorist group in Nigeria. It too has reportedly been involved in violent clashes with the authorities”.

NERC approves electricity tariff hike for DisCos

Electricity tariff hike

The Nigerian Electricity Regulatory Commission (NERC) has given Port Harcourt Electricity Distribution Company (PHEDC); Jos Electricity Distribution Company (JEDC); Kano Electricity Distribution Company (KEDC); Kaduna Electricity Distribution Company (KEDC); Ikeja Electricity Distribution Company (IKEDC) and Ibadan Electricity Distribution Company (IBEDC) approval to increase their tariff rates.

NERC said some of the indices considered for the tariff increase include gas price, inflation, exchange rate, US inflation rate, and available generation capacity. It added that these indices shall be reviewed every six months to update the tariffs with changes in the indices as applicable in line with the multi-year tariff order (MYTO).

The document said that for A-Non MD customers who paid N56.16/kWh in January 2022 will now (February to December 2022) pay N60.67/kWh).

Also, B Non-MD customers who paid N56.64/kWh in January 2022 will now pay N59.64/kWh.

It added that E-MD2 customers who paid N50.72/kWh in January 2022 will now (From February 2022) pay N54.22/kWh.

It is “becoming a drug trafficking transit and consumption hub” | CBN asks banks to avoid illicit transactions in Benin Republic

The Central Bank of Nigeria (CBN) has cautioned banks over transactions with customers and businesses linked to the Benin Republic to avoid being used as a conduit for money laundering and illicit drug deals.

The apex bank said this in a circular dated April 11 and signed by Asuquo Evelyn, director of the banking supervision department.

“We write to bring to your attention an intelligence report availed to the Central Bank of Nigeria (CBN) which indicated that the Benin Republic is increasingly becoming a drug trafficking transit and consumption hub in West Africa,” the circular reads.

“In order to ensure that Nigerian banks are not used as conduits for laundering such illicit funds, it has become imperative to intensify the know-your-customer (KYC) and customer due diligence (CDD) measures in your bank as required by regulation.

“Consequently, you are required to implement additional measures on customers and business relationships linked to the Benin Republic. You are also required to re-classify related customers and transactions as high risk and conduct enhanced due diligence (ED) procedures accordingly.”

SSANU, NASU commend Ngige’s efforts at resolving reasons for strike

The Joint Action Committee (JAC), comprising the Senior Staff Association of Nigerian Universities (SSANU), and the Non-Academic Staff Union of Educational Institutions (NASU), yesterday commended the efforts of the Minister of Labour and Employment, Senator Chris Ngige toward resolving their indefinite strikes.

According to the General Secretary of NASU, Comrade Peters Adeyemi, “Part of the efforts you have made consistently has started yielding results. We are now seeing the permanent secretary of education here. We can recall very vividly that your Excellency has done so much to get our Employers to attend meetings, which have started achieving the desired result. Today, I am particularly happy that the new permanent secretary has come to apologise.

“Honestly, I think the apology is not the problem for us. Our problem is that the Ministry (of Education) should do what is exactly expected of them. They should assist the Ministry of Labour which is saddled with the responsibility of restoring order in our system. And if they do their own part, I am very convinced that the problem will be resolved.

“Honestly, the Federal Ministry of Labour under this Minister has been doing very well. We need the other agencies of government to also do their own part of the bargain to have peace and tranquillity in our system.”

73.8 million bank accounts not linked to BVN – report

Bank accounts not linked to Bank Verification Number (BVN) have reached 73.8 million, data from the Nigeria Interbank Settlement System (NIBSS) has shown.

Of the 128.4 million bank accounts in the country, 54.52 million accounts are linked to BVN as of May 1, this year, according to data from NIBSS.

The NIBSS data fell short of the 100 million BVN-linked account target set by the Central Bank of Nigeria (CBN) for deposit money banks by year-end 2025.

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