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Lawyer demands N200m in damages from AEDC for poor services

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Lawyer demands N200m in damages from AEDC for poor services - Naija News 247

By Taiye Agbaje

A legal practitioner, Musa Abdullahi, has dragged the Abuja Electricity Distribution Company (AEDC), demanding a N200 million compensation over allegations bordering on epileptic power supply.

Abdullahi, who filed the suit marked: NSHC/SD/27/2022, also prayed the court to give an order, in the alternative, directing a six-month bill-free period for the plaintiff as compensation for all the period of unjustified power interruption.

The News Agency of Nigeria (NAN) reports that the originating summon, dated and filed on March 4, was before Justice Mariya Ismail of a High Court of Niger State sitting in Suleja, Niger state.

NAN reports that Abdullahi is suing AEDC (defendant) on behalf of electricity consumers in Dawaki, Mata Akawu, Suleja Club, Maje, Kwamba, Bakasi, Gangare Kwata, Chaza, Emir Palace, Hassan Dallatu, Church Road, Rafin Sanyi, Paolosa and Kwankwashe; all of Suleja Local Government.

The lawyer urged the court to determine that whether having regards to the Nigerian Electricity Regulatory Commission (NERC)’s guidelines and the Provision of Electric Power Sector Reform Act, 2005, the plaintiff, being customers of the defendant, are entitled to electricity service and supply in a safe and reliable manner.

“Whether the plaintiff are entitled to enjoy stable electricity supply same in the way the residence of APC quarters and other places that enjoy 24 hours electricity supply within Suleja.

“Whether the plaintiff are duty bound or under any obligation to contribute money for the repair and maintenance of transformers being the property of AEDC PLC?

“Whether the defendant, having failed in its basic duty of adequate distribution and provision of electricity supply to the plaintiff without any reasonable justifications, the plaintiff are not entitled to damages and compensation in spite of the charges/rates being imposed by the defendant and paid by the plaintiff?

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“Whether the plaintiff is entitled to a notice of power interruption for long hours before such power interruption?

“Whether or not eight hours of power supply daily can be described as safe and reliable as contemplated by the provisions of the NERC guideline on customer relationship?”

Abdullahi, however, sought nine reliefs should the above questions were resolved in favour of the residents of the areas.

“A declaration in line with the NERC’s guideline and the provision of Electric Power Sector Reform Act, 2005 that the plaintiff(s), being customers of the defendants are entitled to electricity service and supply in a safe and reliable manner.

“A declaration that the plaintiff(s) are entitled to enjoy stable electricity supply same in the way and manner the residence of APC quarters enjoys stable power supply without any indiscriminate supply and provision of power to every part of Suleja.

“A declaration that the plaintiff (and the people being represented) are not duty bound to contribute money for the purchase, repairs and maintenance of the transformers being the property of defendant.

“A declaration that the defendant, having failed in their basic duty of provision of power supply in a safe and reliable manner, without any tangible justification, the plaintiff(s) are entitled to damages and compensation considering the fact that charges/rates under the guise of bills are imposed by the defendant on the plaintiff which the plaintiff do pay.

“An order of this honourable court directing the defendants to change and replace the transformers in the areas that require new ones and ensure supply of constant electricity on the inhabitants of the areas in accordance with NERC’s guidelines and the provisions of Electric Power Sector Reform Act, 2005.

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“An order of this honorable court compelling the defendant to provide a minimum of 18 hours power supply as agreed by the defendant with the executive governor of Niger State.

“An order directing the defendant to always notify the plaintiff of any prolong power outage exceeding 4 hours on any or on their entire social media platform be it daily newspapers or electronic media.

“An order directing the defendant to pay to the plaintiff general damages in the sum of two hundred million naira only (N200, 000, 000. 00k) for the wrongful, unjustifiable and unwarranted power interruption or refusal of the defendant to supply adequate electricity to the plaintiff which act of the defendants has caused untold hardship on the plaintiff,

“Or in the alternative, an order directing six months bill-free period for the plaintiff as compensation for all the period of unjustified power interruption.

“A declaration that the power shedding formula is discriminatory against the people of Dawaki, Mata Akawu, Suleja Club, Maje, Kwamba, Bakasi, Gangare Kwata, Chaza, Gwazunu, Emir Palace, Hassan Dallatu, Church Road, Rafin Sanyi, Paolosa, Kwankwashe; all of Suleja Local Government.”

In the affidavit in support deposed to by Abdullahi, also a resident of Suleja and a consumer of services provided by the AEDC, the lawyer said he had “always personally pleaded with many aggrieved youths to jettison the idea of protest to avoid break down of law and order as they are not happy with the service being provided by the defendant.”

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He said that the constant epileptic supply of electricity had forced many artisans, corporate bodies and inhabitants of the places to resort to the use of generating sets.

He said thousands of people who could not procure generating set had lost out in the operation of their businesses which had adversely affected their standard of living and gradually thrown them out of business.

He said that the generating sets also caused environmental hazard and serious health threat.

Abdullahi, however, averred that selected areas like APC Quarters, Kaduna Road and parts of PDP Quarters in Suleja received a continuous supply of electricity for almost the entire 24 hours of each day.

NAN reports that no date has been scheduled for hearing in the case as at the time of filing the report.(NAN)

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Business

Elon Musk Terminates $44bn Deal To Buy Twitter

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Elon Musk Naija News 247

The world the richest man and the Chief Executive Officer (CEO) of Tesla Inc, Elon Musk has terminated his $44 billion Twitter deal.

This was confirmed by Reuters on Friday, quoting the elite as saying that the social media company had failed to provide information about fake accounts on the platform.

In a filing, Musk’s lawyers said Twitter had refused to respond positively to a series of requests for information on fake or spam accounts on the microblogging platform, which is fundamental to the company’s business performance.

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Twitter in April 2022 confirmed it had accepted the $44 billion bid by the billionaire entrepreneur.

Shares of Twitter were down 7% in extended trading. Musk was said to have earlier offered $54.20 per share in April.

On the micro-blogging platform, Twitter’s chairman, Bret Taylor, said that the board planned to pursue legal action to enforce the merger agreement.

“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr Musk,” Taylor wrote.

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However, Musk’s lawyers mentioned in a filing that “Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr Musk relied when entering into the Merger Agreement.”

Due to the emerging development on Friday, Musk would be required to pay a $1 billion breakup fee if he does not complete the transaction.

Naija News 247 understands that Musk’s latest decision will likely result in a long protracted legal tussle with the 16-year-old San Francisco-based company.

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Business

Forex trading sessions in Nigeria time explained

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Forex trading sessions in Nigeria time

Naija News

Forex trading sessions in Nigeria time

For five days a week, the currency market is open 24 hours a day. This indicates that every currency pair can be traded throughout the weekdays, except on weekends, unless otherwise specified.

However, certain hours of the day may be better for traders than others.

When forex trading, there is always a market, however, there are periods when the market is choppy and others when it’s calm.

In addition, different currency pairs show varied levels of activity at different times of the day because of the overall demography of the market players who are online at the time.

The forex market experiences varied levels of volatility at different times of the day for different currency pairs. This is also true for trading times in Nigeria, and in this article we consider the best Forex trading sessions in Nigeria time.

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Understanding Forex trading sessions

Many institutional and individual forex traders benefit from a 24-hour forex market since it provides liquidity and the ability to trade at any time. When it comes to currency trading, each individual trader has a limited amount of time to check their positions.

The Asian, European, and North American sessions, which are also known as the Tokyo, London, and New York sessions, are traditionally divided into three peak activity periods.

These three cities’ names are sometimes used interchangeably since they symbolize the most important financial hubs in each of their respective areas.

Most banks and corporations in the respective regions do their day-to-day transactions during this time, and there is also a higher concentration of online speculators.

The Asia session

The Asian markets are the first to react when liquidity returns to the forex (or FX) market at the beginning of the week. The Tokyo capital markets, which are unofficially representative of activity in this region, are open from midnight to 6 a.m. every day GMT.

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The European session

At this point, Asian trading hours come to an end and the European session takes over. This FX time zone has a lot of big financial markets in it, making it quite busy. The European session’s parameters have been set in London until now.

The North American session

By the time the North American session begins, the Asian markets will have been closed for several hours, but for European traders, the day is only halfway through. There is a lot of action in the United States, as well as Canada, Mexico, and South America, during this session. 

The best time to trade in Nigeria

For Nigerian traders, the best time to trade most currency pairs in summers is from 13:00 to 17:00 WAT, while in winters it is considered to be from 14:00 to 18:00 WAT. 

  Nigeria’s 2022 economic outlook: Matters arising

During this time, most African countries, including Nigeria, are open for business. The London and New York trade sessions are both active at this moment. For all currency pairs including European, American, and African currencies, spreads are at their lowest at these times. 

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Business

Bread producers threaten strike over hike in production cost

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Bread price hike

Naija News

The producers of bread claimed that the rise in the cost of bakery supplies had made their operation unprofitable.

Bread producers and caterers have threatened to embark on a nationwide strike over the unprecedented increase in prices of bakery materials.

They also accused the Federal Government of turning a blind eye to the development.

This was contained in a communiqué issued by the Association of Master Bakers and Caterers of Nigeria on Friday, June 24, 2022.

The body noted that the high cost of flour, sugar and other materials used in the bakery business has pushed many bakers to the brink.

The communiqué, which was issued after the National Executive Council meeting of the association in Abuja, stated that the bakers would withdraw services from July 13, 2022.

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The bakers also revealed that attempts to get the government’s intervention in the matter had proven abortive, as there had been no favourable response from the concerned ministries, departments and agencies of government.

The communiqué, signed by the association’s executives, and led by its National President, Mansur Umar, stated that the council reviewed the “neglect of the Federal Government in addressing the challenges facing our sector as captured in our letters acknowledged by the Federal Ministry of Industry, Trade and Investment, Federal Ministry of Finance, Central Bank of Nigeria and unproductive intervention of the Secretary to the Government of the Federation.

“Increase in prices of bakery materials especially flour and sugar having reached unprecedented levels, for example, flour is now between N25,000 and N27,500, so also other ingredients.

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“The National Wheat Cultivation Committee already constituted is yet to be inaugurated after over one year. NAFDAC, SON, and NESREA have turned the bakers into money-making machines by charging our members’ outrageous levies even at this very challenging moment.

“Consequently, the NEC in session resolved that all zones, state, Local Governments and units of our association should commence full mobilisation of our members nationwide to embark on withdrawal of services starting from Wednesday, July 13, 2022, for an initial period of two weeks.”

They, however, informed their members to wait for further directives on the matter.

  Nigeria’s 2022 economic outlook: Matters arising

The, however, noted that its “members should await further directives.”

The hike in bakery materials had led to the recent increase in the cost of bread and other items derived from flour.

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