News
Imo State to Gain Local Regulatory Control Over Electricity Market
▪️Jameson Alaribe
The Nigerian Electricity Regulatory Commission (NERC) has announced the transfer of oversight of the electricity market in Imo State to the Imo State Electricity Regulatory Commission (ISERC). This move is in accordance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the provisions of the newly amended Electricity Act 2023 (EA 2023).
NERC has historically held the central role in regulating Nigeria’s electricity market, covering inter-state and international generation, transmission, supply, trading, and system operations. However, the amended EA 2023 stipulates that states intending to regulate their intrastate electricity markets must formally notify NERC and request the transfer of regulatory authority to their state regulatory bodies.
Following this directive, the Government of Imo State fulfilled the required legal conditions and formally requested NERC to transfer regulatory oversight of its intrastate electricity market. “The Imo State Government has systematically adhered to the stipulations in the amended EA 2023 for this transfer,” noted a spokesperson from NERC.
The official order from NERC outlines several key actions and timelines for this transition. A significant provision directs the Enugu Electricity Distribution Company (EEDC) to establish a subsidiary, known as EEDC SubCo, specifically to manage the intrastate supply and distribution of electricity within Imo State.
“EEDC has been instructed to complete the incorporation of EEDC SubCo within a strict 60-day timeframe, commencing from June 27, 2024,” said a senior official from NERC. Furthermore, this new subsidiary must secure the necessary licenses from ISERC to operate legally within the state.
Additionally, all activities related to the transfer of oversight and the establishment of EEDC SubCo must be completed by December 31, 2024. This timeline ensures a smooth and structured transition, allowing ISERC to fully assume its regulatory role without disrupting the electricity supply in Imo State.
Industry experts believe that this devolution of regulatory power will enable more localized and efficient management of electricity resources in Imo State. “With ISERC now at the helm, we anticipate a more responsive and tailored approach to addressing the electricity needs and challenges within the state,” commented Engr. Gordian Eze, an energy policy analyst.
The transfer of regulatory authority marks a pivotal moment in Nigeria’s energy sector, showcasing the evolving landscape of electricity governance and the increasing push towards state-level management and accountability. Gmtnewsng
News
NNPP Defection to APC in Kano: 650 Members Cite Tinubu’s Leadership as Reason
NNPP Defection to APC – In a major political realignment, 650 members of the NNPP defected to the APC in Kano State, praising President Bola Tinubu’s leadership and the party’s commitment to fairness and inclusiveness.
October 31, 2025
The NNPP Defection to APC in Kano State has seen no fewer than 650 members of the New Nigeria Peoples Party (NNPP) joining the All Progressives Congress (APC) across Gobirawa Ward in Dala Local Government Area and parts of Fagge and Ungoggo LGAs.
The defectors, who came in groups under different leadership structures, were formally received by the Managing Director of the Hadejia-Jama’are River Basin Development Authority, Rabiu Bichi.
Bichi welcomed the new members, describing the NNPP Defection to APC as a clear sign of confidence in President Bola Tinubu’s leadership and the APC’s commitment to fairness, inclusiveness, and democratic dividends.
He highlighted the achievements of the Renewed Hope Agenda, including the students’ loan scheme, agricultural reforms, and youth and women empowerment initiatives, as key drivers of the NNPP Defection to APC movement.
Bichi added that his agency is working with the Bank of Agriculture to provide soft loans to farmers to boost food security and support rural livelihoods. He assured the defectors of equal rights and privileges with existing APC members, reaffirming the party’s dedication to fairness, equity, and national development.
Speaking on behalf of the defectors, Alhaji Ahmad Gobirawa said the NNPP Defection to APC was motivated by the visible progress made under President Tinubu’s administration in less than two years in office.
He stated that the move would further strengthen the APC’s support base in Kano and across northern Nigeria.
The event, which drew party stalwarts, community leaders, and youth groups, was hailed as a major political milestone for the APC in Kano, underscoring its renewed grassroots mobilization efforts across the state.
Political observers described the NNPP Defection to APC as a significant boost for the ruling party ahead of future elections, reflecting growing confidence in President Tinubu’s leadership and the APC’s governance record. Visit http://gmtnewsng.com for more news.
News
NGX Group Declares N1 Interim Dividend to Reward Shareholders
The Nigerian Exchange Group (NGX Group) has announced a N1 interim dividend per share following the approval of its Q3 2025 unaudited financial results, reaffirming its commitment to shareholder value and growth.
October 31, 2025
The NGX Group Interim Dividend has been declared by the Nigerian Exchange Group Plc (NGX Group), rewarding shareholders with N1.00 per ordinary share of 50 kobo each.
The announcement follows the approval of the company’s unaudited financial statements for the third quarter ended September 30, 2025. According to a statement released on Thursday, the decision was ratified at the meeting of the company’s Board of Directors.
The NGX Group Interim Dividend will be paid to shareholders whose names appear in the Register of Members as at the close of business on Friday, November 7, 2025, while electronic payments will be processed on Tuesday, November 18, 2025.
The Group described the declaration as another milestone in its consistent dividend payment history, emphasizing its commitment to investor confidence and value creation.
According to the statement, the NGX Group Interim Dividend reflects the Board’s confidence in the company’s profitability, resilience, and long-term growth prospects.
Commenting on the dividend declaration, the Chairman of NGX Group, Dr. Umaru Kwairanga, stated:
“The declaration of this interim dividend reaffirms the Board’s confidence in NGX Group’s solid fundamentals and long-term growth outlook. We have maintained a consistent dividend track record that reflects our unwavering commitment to shareholder value. This payment recognizes our investors’ trust and underscores our focus on delivering sustainable returns through disciplined execution and strategic growth.”
Also speaking, the Group Managing Director of NGX Group, Temi Popoola, noted that the NGX Group Interim Dividend reflects strong financial discipline and prudent capital management.
“Our commitment to shareholders is at the heart of every strategic decision we make. This dividend demonstrates our financial strength, consistent profitability, and prudent capital allocation. As we advance our growth agenda, we will continue to unlock opportunities across our ecosystem, reinforcing NGX Group’s position as a trusted driver of capital market prosperity in Africa.”
The NGX Group Interim Dividend highlights the organization’s dedication to transparent governance, financial stability, and sustainable value creation for its investors. Visit http://gmtnewsng.com for more news.
News
Chief of Army Staff Maj.-Gen. Waidi Shaibu Vows to Crush Terrorism and Insecurity
Chief of Army Staff, Maj.-Gen. Waidi Shaibu, has pledged to confront terrorism, strengthen national security, and enhance professionalism within the Nigerian Army after assuming office as the 25th Army Chief.
Date: October 30, 2025
The new Chief of Army Staff (COAS), Maj.-Gen. Waidi Shaibu, has vowed to confront terrorism and other security threats across the country head-on.
Shaibu made the declaration on Thursday in Abuja shortly after assuming command as the 25th Chief of Army Staff from his predecessor, Lt.-Gen. Olufemi Oluyede, who has been appointed the new Chief of Defence Staff.
The Chief of Army Staff pledged to make the Nigerian Army more agile, professional, and combat-ready to restore lasting peace and stability nationwide.
He acknowledged that the country was passing through challenging times but assured that under his leadership, the Chief of Army Staff’s office would respond decisively and effectively to all emerging threats.
“We are aware of the developing situations in parts of our dear country that have caused hardship, fear, and displacement among law-abiding citizens. These situations are unacceptable and will receive my urgent attention. I will carefully review ongoing operations and adopt strategies to mitigate and ultimately defeat the threats. I assure Mr. President and Nigerians that we shall not disappoint the nation,” Shaibu said.
Maj.-Gen. Shaibu also promised to build on the achievements recorded under Lt.-Gen. Oluyede, noting that the outgoing Chief of Army Staff had made remarkable progress in equipment procurement, infrastructure, and troops’ welfare.
He pledged to deepen the “soldier-first” philosophy introduced by his predecessor while promoting professionalism, discipline, and stronger synergy with other security agencies.
Earlier, the outgoing Chief of Army Staff, Lt.-Gen. Oluyede, expressed appreciation to President Bola Tinubu for the opportunity to serve, stating that the Army under his leadership made significant strides in both operations and administration.
Oluyede commended officers and soldiers for their loyalty, discipline, and courage, urging them to extend the same support and commitment to the new Chief of Army Staff.
“As I move to my next appointment, I urge you to give even greater loyalty and commitment to Maj.-Gen. Shaibu, who is a thoroughbred officer with exceptional experience,” Oluyede said.
He reaffirmed his confidence in the Nigerian Army’s capacity to safeguard the nation’s territorial integrity, stressing that the goal of a secure and united Nigeria remains a collective responsibility.
In his remarks, the Chief of Policy and Plans (Army), Maj.-Gen. Abdulsalami Ibrahim, lauded the outgoing Chief of Army Staff for prioritizing troops’ welfare and professionalism, noting that his tenure would remain a model of empathy and effective leadership. Visit http://gmtnewsng.com for more news.
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