Keyamo Summons Aviation Heads Over Safety Concerns

Aviation Minister, Festus Keyamo, has urgently convened a meeting with top officials from regulatory bodies in the Nigerian aviation sector to tackle growing worries about safety within the industry. Keyamo outlined the meeting’s focus, highlighting the need for a thorough examination of recent events that have stirred public unease regarding aviation safety. Expressing a proactive stance, the minister emphasized the necessity of implementing strict measures to prevent similar incidents from happening in the future. In a statement shared on X, he stated, “In response to the safety apprehensions raised by the public in the aviation sector, I’ve called upon the heads of regulatory agencies to convene later today. Our aim is to scrutinize the incidents causing these concerns, ensuring preventive actions and applying necessary penalties for prior mishaps.” This initiative comes in the wake of multiple unsettling occurrences in the aviation industry over the past few weeks.

Abatement Notice: Lagos Government Seals Construction Site

The Lagos State Ministry of Environment and Water Resources took swift action following a public petition, closing off a construction site situated on Onasanya Street, off Ishaga Road.  Commissioner Tokunbo Wahab made this announcement in a statement shared on his official account on Saturday. In his statement, Wahab detailed the intervention, explaining,  “Operatives from the Monitoring Enforcement and Compliance Department of #LasgMOE, responding to a public petition, sealed a building under construction at Onasanya Street, off Ishaga Rd, after the owner failed to comply with abatement notices.” He added, “The owner of the sealed construction site had deposited building materials on the road and drains, causing disruption to the smooth flow of water in the area.” Additionally, Wahab noted, “During the operation, illegal structures encroaching on setbacks along Onasanya Street were also demolished by the operatives.”

SEC emphasizes strong regulation’s role in boosting banks’ growth

The Securities and Exchange Commission (SEC) has said the remarkable growth witnessed in the Nigerian banking industry over the past decade is partly attributable to the capital market and SEC’s comprehensive regulatory approach. Mr. Lamido Yuguda, Director General of SEC said this at the 2023 Chartered Institute of Bankers (CIBN) graduates’ induction and prize award recently in Lagos. He said, “The harmonious relationship between the capital market and the banking sector is further exemplified by our role in facilitating capital raising, mergers and acquisitions for banks.  “By streamlining the listing process and ensuring adherence to high standards of transparency and corporate governance, we enable banks to tap into the securities market as a means to secure funds from a diverse range of investors “This synergy between the banking industry and the capital market is illuminated by the fact that only 4 out of the 25 banks that emerged from the Central Bank’s 2004 recapitalization exercise did not access the capital market before compliance.” Yuguda charged the graduates on professionalism and adapting to changes in the financial world.  “Distinguished graduates, as you embark on your banking careers, remember the importance of integrity, good moral conduct, and adaptability. “The financial world is evolving rapidly due to technology and global changes. Embrace these shifts as unique and timely opportunities to contribute positively to the banking industry”, he said.  He said the theme, “Navigating the Pathways of Banking Excellence,” aptly encapsulates the journey that each of them embarks upon. “I extend my sincere gratitude to the Chartered Institute of Bankers of Nigeria for its determined commitment to nurturing industry-ready professionals. Your dedication resonates with our shared vision of fostering a resilient, well-regulated financial ecosystem that can withstand challenges and foster sustainable growth. “The most renowned professionals are celebrated today for building business empires and nurturing thoroughbred professionalism, achieving success through proper conduct, steadfast dedication, and a meticulous approach that allowed them to refine their long-term visions and goals. He said the CIBN’s vision aligns with the Commission’s quest for transparent and fair conduct in securities business by ensuring that operators in the capital market play according to the rules. “The Commission also recognizes individual and corporate players whose conducts not only ensure compliance but do more to make investment an interesting endeavour. “As regulators and professional bodies, we must ensure that our onboarding processes for new entrants are robust enough so that only fit and proper persons find their way into the very exciting careers in the financial market.  “Similar to what obtains in the money market, the Commission’s engagement spans a spectrum of activities, including registration, surveillance, proactive regulation, and robust enforcement mechanisms, all aimed at nurturing a fair and transparent market environment.  “Even though the CBN is unrelenting in ensuring full compliance by banks and other financial institutions through relevant departments, the professional bodies, especially the CIBN must leverage continuous assessment to ensure that bankers demonstrate probity and ethical conduct at all times.     “As the financial market continues to evolve with the increasing need to embrace financial technology, we must keep fine-tuning the regulatory frameworks that guide our continued operation in the market,” he said.   He said the culture of transparency mandated by the Investments and Securities Act empowers investors to make informed decisions. 

Minister to sanction NRC MD over poor maintenance of Idu Train Station facilities

Following complaints by passengers of non-functional toilet facilities in some of the train stations, the Minister of Transport, Senator Saidu Ahmed Alkali has vowed to sanction the Managing Director of the Nigerian Railway Corporation (NRC) Fidet Okhiria. In an unscheduled visit to the Idu Train Terminal in Abuja at the weekend, the minister was greeted with a series of complaints by passengers at the station. The complaints ranged from non-functioning of toilet facilities in some of the coaches, non-payment of allowances, and unkempt condition of the coaches.   Alkali said, “Seeing is believing, as I have seen by myself. I inspected the coaches and some of the toilet facilities are not working. “I received a complaint from the security escorts that in the last five months their allowances were not paid and I am happy that the MD of NRC is appearing before the ministry on Tuesday to brief. “I am now well informed that the lifts and escalators aren’t working, which makes it very difficult for the elderly and the disabled persons to use the train for traveling. Therefore, he would explain why the disciplinary action wouldn’t be taken against him”. According to the minister, the essence of the visit was achieved. “So, from the experience when the visit is scheduled, they will be able to put some of the things in place because they know you are coming to see it” He assured that in the next 48 hours, the escalators and the lift will be working. “I am also going to ensure that the outstanding allowances of the escorts are paid on Monday.  “I am going to liaise with the Ministry of Defense so that we’re going to ensure that we’ve maintained unmanned area vehicles so that it’d give them protection from the air. “The coaches are unkempt. The seats aren’t clean. So, we need to ensure that all these things are put in place,” he stressed

Don’t connect unmetered customers, NERC tells DisCos

*Says only 5.3m electricity consumers metered The Nigerian Electricity Regulatory Commission (NERC) has cautioned Electricity Distribution Companies (DisCos) to refrain from connecting new customers who have not been allocated meters. According to the information which was disclosed in a statement via its X (Twitter) handle, the commission cited the 2023 Electricity Act which “mandates it to ensure DisCos provide quality service to customers. The Commission also emphasised that all new electricity connections must be done strictly based on metering before connection. “All new electricity connections must be done strictly based on metering before connection. “That is, no new customer should be connected by a DisCos without a meter first being installed at the premises.” The commission has for some time, battled numerous complaints about estimated billing as well as default in supplying meters by DisCos from customers. The commission has for some time, battled numerous complaints about estimated billing as well as default in supplying meters by DisCos from customers. According to NERC’s customer enumeration data, as of March 2023, 7 million customers were unmetered. Data from the Commission further revealed that about 3 million meters were outdated and due for replacement. The regulators’ first quarter 2023 report showed that there were 12.3 million registered customers, and just 43.3% (5.3 million) of them were metered. The remaining 56.69% of customers, about 7 million, are unmetered and are served via estimated billing which is a major issue for the Commission. To resolve the crisis surrounding the meter issues, NERC came up with an idea – Credited Advance Payment for Metering Implementation – CAPMI. CAPMI was created to solve the slow pace of customer metering by the DisCos, as well as resolve the complaints received from customers dissatisfied with the current estimated billing practices. With CAPMI, customers were allowed to pay the cost of the meter into a dedicated account jointly managed by the DisCos and the meter Vendors/Installers. The allocated meters would be installed within 45 days by a NERC accredited Vendor/Installer once the payment was confirmed.