Business

PHED Gets N6.58bn CBN’s Intervention Fund

Published

12 years ago

February 16, 2015

The Port Harcourt
Electricity Distribution Company (PHED) was among the four power distribution companies (DISCOs) in the country that benefitted from the Central Bank of Nigeria’s (CBN) Electricity Stabilization Facility, last week in Abuja.
PHED got the fund, having met the conditions precedent for the intervention fund. The company received the sum of N6.58 billion out of a total of N39.5 billion released last week to four DISCOs and six GENCOs.
The other three DISCOs were Eko, Enugu and Kano while the GENCOs were Jebba, Kainji, Shiroro, Delta Egbin, Geregu.
The companies are expected to pay back the loan within a 10-year time frame and at 10 per cent interest per annum.
Central Bank Governor, Godwin Emefiele, reminded the management of the benefitting companies that the funds were not grant and enjoined them to enhance their operations, impact on the overall economy and meet up with the repayment under set conditions.
“This facility is meant to catalyse power sector, therefore we expect you to deploy for the procurement of your equipment and metering to enhance our generation and distribution capacity aimed at ensuring power sufficiency which should ultimately impact on the economy”, he said.
On his own part, the Chairman, Nigerian Electricity Regulatory Commission (NERC) warned that any of the benefactors who mismanaged or diverted the funds outside what they were intended for, would face appropriate sanction.
He reminded them that the facility was set to address shortfalls in power sector revenues caused by needed adjustment in the electricity tariff and legacy gas debt.
“It should be very clear; this is not the government rewarding PDP members or friends of government but full bonafide market-based operation.
“Nobody is going to carry any loose cup for anybody. If a DISCO or GENCO does not perform, it would be penalized”, said the NERC boss.
He expressed hope that the facility would ease the cash crunch in the sector particularly as it concerns generation and distribution bottlenecks.
It would be recalled that CBN had earlier released the first tranche of N18.261 billion to two DISCOs and three GENCOs. A total of over N50 billion has so far been released.
It is hoped that the fund would go a long way in helping PHED actualize her promise of improved electricity supply in the four states of Rivers, Akwa Ibom, Bayelsa and Cross River under its operational base.

Chris Oluoh

Business

FG Approves 4 New Channel Management Firms For Seaports

Published

3 days ago

October 26, 2026

The Tide

The Federal Executive Council (FEC) has approved four new channel management companies for seaports across the country in a move aimed at improving vessel navigation and port operations.

Speaking at the recently concluded Annual General Meeting of the Nigerian Association of Master Mariners (NAMM), former General Manager, Marine and Operations, Capt. Ebubeogu Ihenacho, disclosed that there would be changes in the ownership of the Lagos Channel Management Company Limited and the Bonny Channel Management Company.

According to Ihenacho, the four channels serving Nigeria’s major port clusters will have different channel management companies as approved by the FEC.

He said a new company had been approved to manage the Lagos port channel, with a change of name, while the Calabar Channel would be managed by the Calabar Channel Management Company.

He added that Bonny Channel Management Company had also undergone a change of ownership.

On the Warri Channel, Ihenacho said the Federal Government had approved China Harbour Engineering Company (CHEC) and two other companies to form a consortium to manage the Escravos Channel.

He said: “For Warri, it was approved for China Harbour Engineering Company, CHEC, and two other companies, who would now form a consortium.

That consortium will now form a Special Purpose Vehicle (SPV) with the Nigerian Ports Authority to manage the Escravos Channel.”

Recall that the management of the NPA had declined to renew the concessions of the Lagos Channel Management Company Limited and the Bonny Channel Management Company, opting instead for six-month extensions of the existing arrangements.

By; Enoch Epelle

Business

RIRS Warns Against Unauthorised Tax Collection

Published

3 days ago

October 26, 2026

The Tide

The Rivers State Internal Revenue Service (RIRS) has warned motorists, transport operators and business owners against paying taxes, levies or charges to Unauthorised persons and organisations, insisting that only the Service and its duly appointed agents are legally empowered to collect taxes on behalf of the state government.

The Service gave the warning in a public notice dated October 21, 2026, signed by its Executive Chairman, Sir Israel O. Egbunefu, FCTI, in which it clarified that the Rivers State Ministry of Transport was not authorised by the state government to collect road tax or any other tax, levy or charge from motorists and transport operators.

RIRS also specifically disowned Explore Strategic Alliance Ltd, located at No. 7 Rumuodaolu Market Road, Port Harcourt, declaring the company had not been appointed or authorised by either the state government or the Service to collect Motor Vehicle Transport (MOT) tickets or any other tax on its behalf.

The revenue agency consequently cautioned members of the public against making payments to the company or any of its staff, stressing that anyone who ignored the warning would do so at their own risk.

It reaffirmed that only the legally authorised agency responsible for tax collection in Rivers State and the appointed agents that would carry out such duties in accordance with the law.

The Service urged taxpayers to demand official identification from anyone claiming to be its tax agent and verify the person’s credentials directly with RIRS before making payments.

It further warned that individuals or groups found impersonating tax consultants, agents or their representatives to collect Unauthorised taxes would be arrested and prosecuted in accordance with the law.

RIRS also called on members of the public to report suspicious persons and activities relating to Unauthorised tax collection to the Service for appropriate action.

The agency advised taxpayers seeking clarification or assistance to visit any of its offices or contact it through its official email address, info@riversbirs.gov.ng.

The Service reiterated its commitment to protecting taxpayers, promoting voluntary compliance and safeguarding the integrity of tax administration in Rivers State.

By: King Onunwor

Business

Bayelsa consumers Groan Over Inflation As Traders Remain Helpless Over Low Patronage

Published

3 days ago

October 26, 2026

The Tide

Consumers and traders at the Swali ultramodern market in Yenagoa, capital of Bayelsa State have continued to groan over high prices of commodities and poor Patronage due to cost-push inflation.

The Tide reports that in the past weeks prices of goods and services in Yenagoa metropolis has experienced increase.

Notable services like transportation have also increased lately due to increase in the pump price of fuel that has recently further exacerbated inflation in the prices of staple foods like rice, beans, garri and others.

Speaking with The Tide on a market survey, a trader, Mrs Tovie Barakabo said a bag of bean which sold between N120,000-N130, 000 now goes for N140,000-N145,000.

Mrs Barakabo also hinted that the only commodities whose price has not gone up was price of millet which sells N60,000, while big bag of garri now sells for N30,000.

The Tide further gathered from other inside Source that 25 litres of Kings cooking oil currently sells N75,000 as against the former price of N57,000.

Other commodities such as delicious vegetable oil now goes for N68,000, Pure vegetable oil currently goes for N66, 000, while spaghetti is now N18,800 per bag.

The market survey also discovered that Sonnia tomato mix sells N75,609, while a big and small basket of fresh tomatoes are sold for N30,000 and N6,500 respectively.

A disappointed custom, Mrs Juliet Domo who fielded questions from The Tide expressed her worries over the inflation, calling on government to take decisive stands against inflation.

By: Ariwera Ibibo-Howells, Yenagoa