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Power Distributors Must Automate Their Systems, Says NERC

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electricity
  • Power Distributors Must Automate Their Systems, Says NERC

The Nigerian Electricity Regulatory Commission has directed that power distribution companies are to fully automate their commercial system operations in the sector.

NERC said such automation would enable the commission to effectively monitor all the funds collected from power users on behalf of the industry by the Discos, as well as enhance the customer services rendered by the electricity distributors.

NERC Chairman/Chief Executive Officer, Prof. James Momoh, disclosed this in Abuja while speaking on the sidelines of the inauguration of the Integrated Commercial Management Systems project unveiled by Abuja Electricity Distribution Company.

Momoh said, “We (NERC) are pushing for automation in the sector and we are doing exactly what you’ve seen here in AEDC. We are even closing the loop with what you have seen so that we will be monitoring all the automated information that is given, in terms of money collected from customers, we’ll be aware of it; in terms of faults or diagnosis of challenges that they have treated, we will be in the loop.

“The loop is going to be closed, for an open loop system is where NERC is not present. But NERC is very present because we have recommended this over time. We now know it is being done and is doable and we are going to demand it as a matter of requirement from Discos going forward.”

He added, “There are specifications that we are going to put in place, such as Discos must handle their customers properly, quickly and on time and also resolve issues very fast. This is our time to take advantage of automation in the sector.”

On the InCMS unveiled by the AEDC, the NERC chairman stated that the initiative would improve the quality of service in the sector.

Momoh said, ‘This is a new thing in town and it is the opportunity for us to automate how to handle complaints and provide solutions in time. We are happy as a regulator to see this and I’m sure that very soon all the other 10 Discos will join in making sure an automated system is available that will be able to provide information in terms of metering problems and help overcome excess charges.

“This initiative will increase the quality of service, reduce losses and will bring down the cost of service in terms of the power that you use. It will also provide us with the opportunity for efficient energy usage. I commend Abuja Disco for this initiative.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Brands

itel Partners Amatem and Drug-Aid Distributes Relief Materials In Fight Against Malaria

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itel Malaria Day

To commemorate this year’s World Malaria Day, itel recently partnered with Amatem Softgel, an anti-malaria drug in Nigeria, and Drug-Aid Africa, a non-governmental organisation (NGO) that provides medical drug supplies and support to low-income patients in Nigeria and across Africa.

A statement by itel explained that in tandem with the theme of this year’s World Malaria Day, ‘Zero Malaria Starts with Me’, the three brands joined the global fight against malaria by donating treated mosquito nets, free medical tests, mosquito repellent cream and free anti-malaria drugs to over 1,500 households in Isale-Akoka Community, Bariga, Lagos state.

It explained that malaria is a prevalent disease in sub-Saharan Africa, and was responsible for thousands of deaths yearly, adding that as socially responsible organisations, itel, Amatem Softgel, and Drug-Aid Africa, “believe that they have a quota to contribute in ensuring a relatively healthier society.”

The Marketing Manager for West Africa and Nigeria, itel, Oke Umurhohwo, expressed commitment in bridging the gap in low-income communities through its ‘Love Always On CSR initiative.’

He added that the brand was partnering with Amatem Softgel and Drug Aid Africa to provide these communities, “with an even greater fighting chance against malaria is a part of our commitment to them.”

The General Manager, Elbe Pharma, Shivakumar, said: “Malaria is a life-threatening disease, but it is preventable and curable. We at Elbe continue to find a better way to combat this disease, support the vulnerable ones especially the young children. Hence, the introduction of this innovative anti-malaria brand AMATEM SOFTGEL and this CSR partnership.”

The Programme Officer, Drug-Aid Africa, Oluseyi Sanyaolu, said malaria has been ravaging the vulnerable in the society for years, saying, “it is the reasons why Drug-Aid Africa is dedicated to supporting those in indigent communities with medicines and medical supplies. Together, we can end this menace.”

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Business

South Africa’s Largest Fund Administrator Goes Live with Temenos

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Temenos Multifonds Global Accounting Platform - Investors King

Temenos Multifonds Global Accounting platform enables Curo Fund Services to deliver seamless back office service; Curo is a third-party administrator for 3,000 funds with assets under management in excess of $150 billion; Agility and scalability of Temenos platform supports Curo’s large multi-client fund base and rapid pace of product evolution in the investment industry.

Temenos (SIX: TEMN), the banking software company, today announced that Curo Fund Services, South Africa’s largest third-party administrator, has gone live with Temenos Multifonds Global Accounting platform, completing the first phase migration of funds from its five legacy systems to a single instance of Temenos’ award-winning funds administration platform.

The move to Temenos’ platform has transformed Curo’s operating model by simplifying its architecture and enabling more automated exception-based processing to increase efficiencies, reduce costs and open up new opportunities for growth.

Curo provides investment operations and fund accounting services to life companies, asset managers and multi-managers. It employs 300 people and services 3,000 funds with assets under administration of more than $150 billion. Its clients include Sanlam and Old Mutual, South Africa’s largest asset managers.

With Temenos’ platform, Curo is able to deliver a seamless back office service with a higher degree of automation and straight through processing. This reduces risk and cost by reducing human processing and enables Curo to deliver a best-in class service to clients with automated information flows between the administrator and asset managers.

Having successfully completed a first phase migration of funds, Curo expects to transition all 3,000 funds to the Temenos platform during 2021.

Temenos’ platform has proved it can easily scale to meet the needs of Curo’s large multi-client fund base. It has also demonstrated it supports requirements specific to the South African market, including complex life and pension portfolio structures and reporting; market specific requirements for asset classes such as bonds and swaps; and South Africa tax reporting and regulatory reporting.

Curo is now looking ahead at international opportunities. Operating its business on Temenos Multifonds Global Accounting gives Curo the agility to expand geographically and support its local clients that operate in international markets.

Barri Maggott, Chief Executive Officer, Curo Fund Services, commented: “We are delighted to complete the first migration of funds to the Temenos platform. Temenos’ single, scalable platform delivers cost-efficiency benefits and provides the agility and flexibility we need to deliver a best-in-class service to our clients. With Temenos technology, we can more efficiently support our clients’ key asset servicing, position keeping, valuation and accounting functions. We can also support their rapid pace of product evolution to bring timely, creative investment offerings to their markets. In the fast-paced investment industry this gives Curo and our clients a competitive edge.”

Oded Weiss, Managing Director, Temenos, said: “We are delighted the largest fund administrator in South Africa is now live on the Temenos platform. Temenos is trusted by leading fund administrators and asset management firms around the world to administer, service and value assets for their global client base. Curo is building a world-class fund administration service and we are proud to support them as they continue to innovate and expand their offering on our platform.”

Temenos was awarded the highest ‘best in class’ status in Aite’s Matrix Evaluation of Investment and Fund Accounting Systems report. Temenos Multifonds Global Accounting also gained the highest status in five portfolio management and accounting solution categories by Adox Research.

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Appointments

Ardova Appoints Mr. Oladeinde Nelson-Cole as Company Secretary/General Counsel

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Olumide Adeosun Ardova - Investors King

Ardova Plc, an indigenous energy group, headquartered in Lagos, Nigeria, with extended operations in Ghana, has confirmed the appointment of Mr. Oladeinde Nelson-Cole as Company Secretary/General Counsel with effect from 1 April 2021.

This was disclosed in a letter signed by Olumide Adeosun, Chief Executive Officer, Ardova Plc.

Mr. Nelson-Cole is a lawyer with over 14 years of experience spanning Company Secretarial, Corporate Compliance and General Legal Practice. He is a graduate of the Lagos State University.

Prior to joining Ardova Plc, Mr. Nelson-Cole was a Senior Associate in the law firm of RouQ and Co.

As the Company Secretary/General Counsel, Mr. Nelson-Cole will continue to guide the Board of the Company in ensuring strict compliance with regulatory and statutory requirements.

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