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Electricity Consumers Lodged 390,889 Complaints in Nine Months –NERC

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Electricity - Investors King
  • Electricity Consumers Lodged 390,889 Complaints in Nine Months –NERC

Electricity distribution companies in the country received a total of 391,066 complaints from consumers in the first nine months of last year, the Nigerian Electricity Regulatory Commission has said.

Customer complaints, which stood at 128,791 in the third quarter, rose to 153,227 in the second quarter from 108,871 in the first quarter, according to the regulator.

NERC, in its report for the third quarter of 2018 released on Tuesday, said the 11 Discos nationwide received 128,791 complaints and resolved 97,343 in the quarter.

It said, “Although this represents an improvement in the third quarter, Benin Disco still had the worst performance in resolving customers’ complaints. Whereas other Discos resolved up to 75 per cent of their customer complaints in the period under review, Benin Disco resolved only 47.3 per cent of the customers’ complaints received.

“Eko and Yola reached a commendable record of 98 per cent resolution during the period under review. The commission continued to investigate the reasons for poor customer complaints resolution by all Discos recording a resolution rate of less than 75 per cent.”

The regulator said a review of customer complaints statistics indicated that metering, estimated billing and service interruption still remained the most significant areas of concerns for customers.

It said metering and billing dominated the customer complaints, accounting for 68,749 (53 per cent) of the total complaints in the third quarter.

“In an effort to ensure improved customer service, the commission has continued to monitor and audit the complaint handling and resolution process by Discos. Besides, the commission, on a continuous basis, monitors the operation of its Forum Offices set up to adjudicate on consumers’ complaints not adequately resolved to the customers’ satisfaction by the responsible Discos,” NERC added.

According to the report, as of the end of the third quarter of 2018, the commission had 25 operational Forum Offices in 24 states and Abuja.

It said the Forum Offices received a total of 1,959 complaints in the third quarter from customers who were dissatisfied with Discos’ attempt at resolving their lodged complaints.

“These exclude 1,413 complaints carried forward from the second quarter of 2018. Of the complaints lodged at Forum Offices, 43 per cent were resolved with or without hearings, showing an increase from the 37 per cent recorded in the preceding quarter. Nonetheless, the commission has directed all its respective Forum Offices to resolve all outstanding complaints without further delay,” the regulator added.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Nigeria’s Paper Import Bill Hits $3 Billion Annually, Reveals FAE Limited MD

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Funlayo Okeowo, the Managing Director of FAE Limited, a prominent paper manufacturing firm, has disclosed that Nigeria’s annual expenditure on paper imports stands at $3 billion.

Okeowo made this revelation during a recent press conference held in Lagos to commemorate the company’s 50th anniversary.

Addressing reporters, Okeowo explained the crucial role of manufacturing in driving economic growth and underscored the challenges faced by the sector, particularly concerning operational costs.

She highlighted that a significant portion of manufacturers’ profits, up to 80%, is being consumed by diesel expenses, making it increasingly difficult for businesses to remain profitable.

Expressing concern over the financial strain faced by manufacturers, Okeowo called upon the government to take decisive action to alleviate the burdens faced by the industry.

She emphasized the need for policies and interventions aimed at reducing operational costs and fostering a conducive environment for manufacturing growth.

In addition to addressing the pressing issues surrounding manufacturing, Okeowo also unveiled plans for the establishment of ‘World Envelopes Day,’ an initiative aimed at raising awareness about the significance of envelopes in various aspects of human communication and expression.

The initiative, set to be celebrated annually on April 16th, reflects FAE Limited’s commitment to promoting the cultural and practical importance of envelopes in society.

As part of the company’s anniversary celebrations, FAE Limited will host a special roundtable event featuring key stakeholders from diverse sectors to discuss the past, present, and future of the paper manufacturing industry in Nigeria.

This event is expected to provide valuable insights and recommendations for driving

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Economist Intelligence Unit Warns Indigenous Oil Companies of Investment Gap

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Oil

The Economist Intelligence Unit (EIU) has issued a cautionary note to indigenous oil companies eyeing the acquisition of assets from divesting international oil companies, warning them of potential investment challenges.

In its latest Country Report on Nigeria, the EIU underscored that local companies may not match the financial prowess of multinational firms, historically significant players in Nigeria’s oil industry.

Citing concerns over Nigeria’s business environment, characterized by corruption, insecurity, and infrastructure deficits, the EIU projected a possible net withdrawal of foreign direct investment (FDI) in 2024, following a similar trend observed in the previous year.

The report pointed to multinational corporations scaling back or exiting Nigeria altogether, exacerbating the economic landscape’s challenges.

Foreign oil companies, including Shell, ExxonMobil, Equinor, and TotalEnergies, have announced plans to divest their onshore oil assets, signaling a shift toward offshore operations.

This trend aligns with the broader industry shift and poses significant implications for indigenous players.

While government officials like the Minister of State for Petroleum, Heineken Lokpobiri, view these divestments as opportunities for local capacity development, concerns remain over indigenous firms’ ability to fill the investment void left by departing multinationals.

The EIU emphasized the positive potential for local participation in the sector’s indigenization, but cautioned that indigenous companies might struggle to match outgoing multinationals’ investment capabilities.

This warning underscores the imperative for strategic planning and support mechanisms to ensure indigenous firms can navigate the evolving landscape and contribute meaningfully to Nigeria’s oil industry sustainability.

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Heirs Technology Appoints Obong Idiong as Chief Executive Officer (CEO)

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Obong-Idiong

Heirs Technology, the latest subsidiary of investment powerhouse Heirs Holdings, has announced the appointment of Obong Idiong as its Chief Executive Officer (CEO).

This move marks a significant step in the company’s mission to spearhead Africa’s digital transformation through innovative and locally tailored solutions.

Idiong, who previously served as the Managing Director/CEO at Africa Prudential Plc, brings a wealth of experience and a visionary approach to his new role.

During his tenure at Africa Prudential Plc, he led the digital transformation of its registrar services, positioning the company as a technology-driven organization.

His track record of success and expertise in the technology sector make him well-suited to lead Heirs Technology into a new era of growth and innovation.

In his statement following the appointment, Idiong expressed pride in bringing Heirs Holdings’ core values and business approach to the tech sector.

He highlighted the company’s commitment to excellence, execution, and enterprise, aiming to bridge the gap in the technology ecosystem by delivering local relevance to a global market and offering cutting-edge solutions to enhance competitiveness.

Also, Dr. Fumbi Chima has been appointed as the Chair of Heirs Technology. With her extensive experience in technology leadership roles across global organizations, including Adidas, Fox Network Group, and Walmart, Chima brings a wealth of knowledge and insights to her new role.

She expressed enthusiasm for the opportunity to unlock Africa’s potential through Heirs Technology, confident that the company will make a meaningful impact on the continent’s digital landscape.

Heirs Technology’s strategic appointments underscore its commitment to driving Africa’s digital agenda forward and positioning the continent as a leader in technology innovation and entrepreneurship.

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