Connect with us

Uncategorized

NBET Appoints Stanbic IBTC to Handle Settlements

Published

on

Kindly share this post

Nigerian Bulk Electricity Trading Plc (NBET) has appointed Stanbic IBTC as the payment management services provider, or payment agent, to the Bulk Trader.

According to officials, the process took over six months of rigorous selection process that was managed by KPMG.

As payment agent, the bank will be responsible for efficient and effective payment processing between NBET and the generation companies in line with underlying power purchase agreements (PPAs).

At a contract signing between both parties in Abuja, Rumundaka Wonodi, managing director of NBET, noted: “ Stanbic IBTC will be responsible for efficient and effective payment processing between NBET and the GENCOs in line with underlying power purchase agreements.

Wonodi noted: “ In addition to effective payments on behalf of the Bulk Trader, Stanbic IBTC will support NBET’s treasury department with liquidity manage the and planning. Stanbic IBTC’s proposed platform for the services will secure easy access to the platform for NBET’s counter parties to view invoices, spool historical data and payments confirmations.”

He added: “We are very satisfied with the outcome of the process handled by KPMG that resulted in the selection of Stanbic IBTC as NBET’s payment agent. This appointment is in line with our strategy of employing the best service providers to complement out in-house competence especially our treasury functions, thereby keeping the Bulk Trader a lean and efficient institution.”

He stressed that “a payment agent for the transitional electricity market. Today’s event is the completion of almost a year process facilitated by KPMG, where our board  approved that we should go and procure, through a competitive process, a payment agent, primarily a financial institution that would undertake payment on behalf of Bulk Trader, and also support our treasury process.

“Through that process, Stanbic IBTC emerged the winner. Today, we are kind of finalizing that arrangement, and going forward, they will be providing is those services. It is important that we went out through this procurement platform, and it is important we have a payment agent that would support the Bilk Trader.

“One of the issues we would have in the Transitional Electricity Market (TEM), is that before the TEM, and even before this area, payment was structured in such a way that was not very familiar with market participants.”

NBET is a federal government owned company organization established as part of the power sector road map towards the full implementation of the Electricity Power Sector Reform Act. NBET enters into power purchase agreements with generation companies and resells power to distribution companies through the vesting contracts.

To fulfill this, according to Wonodi, the organization has been positioned as a credit worthy counterpart for current and future generation projects. NBET’s current capitalization is currently in excess of N128 billion.

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Comments

Uncategorized

NCC Arrests Man for Hacking into DSTV System

Published

on

Kindly share this post

Nigeria Copyright Commission (NCC), has arrested one Mr Aliu Olalekan, for allegedly hacking into DSTV system and watching the channels free without subscription.

NCC Arrests Man for Hacking into DSTV System

Mr Matthew Ojo, NCC Director in the Lagos Directorate Office said this while speaking with newsmen in Lagos, on Tuesday.

He said that the suspect used to watch DSTV channels free without subscription on his Android phone via an app which he downloaded on google play store.

“This suspect distributed the know-how to his telegram followers and on his blog with the aim of gaining more followers and viewership on his blog and makes more money through google ad-sense.

“The operation was based on surveillance which had earlier been carried out by the Multi-choice team and verified by a copyright inspector, ” he said.

He added that the arrest was made in collaboration with a team of copyright inspectors led by the Head of Enforcement Department, Mr Charles Amudipe.

Others included; a team from Multichoice Nigeria led by Mr Umar Ibrahim and policemen from Lagos Command Headquarters, Ikeja.

Ojo said that the joint team conducted an anti-piracy operation at the premises of the culprit in Amukoko, Lagos.

According to him, the suspect was contacted on phone by a member of the operation team on the disguise of patronising him. “The suspect came out to meet the caller and in the process of discussion, he was apprehended.

“The suspect took the team to his resident. The squad paraded his one-room apartment and recovered his laptop and phones used in perpetrating the ungodly act. “He was arrested and brought to the copyright commission office for further investigation, ” he said.

Ojo said that, on getting to the commission’s office, the statement of the suspect was taken and the inventory of items seized from him taken. He said that investigation on the matter was still ongoing and if found guilty the suspect will be charged to court.

 


Kindly share this post
Continue Reading

Uncategorized

NCC, Digital Encode Support NITRA Innovative Tech Forum On Post-COVID-19 Strategies

Published

on

Kindly share this post

The Nigerian Communications Commission (NCC), Nigeria’s telecommunications regulator and Digital Encode, Cybersecurity and Compliance advisory company, have indicated interest to partner with the Nigeria Information Technology Reporters Association (NITRA), the national umbrella body of ICT reporters, as it organizes a forum that will x-ray the industry’s future plans for ICT growth post pandemic era.

 

The event, slated to hold on October 15, 2020, will seek to discuss the needs for a fortified ICT sector after the COVID-19 era, and the level of preparedness of ICT stakeholders to embrace the challenge of being pivotal to the stability and growth of all other sectors.

 

A statement from NITRA National Secretariat in Lagos indicates that due to the pandemic and need to observe the COVID-19 protocol on social distancing, the event will be held via a Webinar.

 

This year’s theme, “Multi-stakeholder Approach To National Recovery Post-Pandemic”, is in line with the annual event’s generic theme, ‘NITRA Innovative Tech Forum’, a contribution by NITRA to the development of Information and Communication Technologies (ICTs) innovations and policies in Nigeria.

 

Prof. Umar Danbatta, executive vice chairman, NCC is expected to deliver the keynote speech at the event and will throw more light on Federal Government’s plans, programmes and policies on post-pandemic strategies using ICT.

 

Dr. Adewale Obadare and Dr. Seyi Akindeinde, founders of Digital Encode, while accepting to support the event expressed their readiness to offer their expertise in Cybersecurity for organisations to prepare against cyber- attacks with the new normal.

 

They will also highlight areas that are high risks that need fortification in terms of cybersecurity.

 

Speaking on the event, Mr. Chike Onwuegbuchi, national chairman, NITRA, noted that as the COVID-19 pandemic continues to leave its negative trails across the globe, economic reboot for countries will not only depend on how well they readapt to the new normal, but also more on their recovery plans.

 

According to him: “While the federal government has consistently expressed its willingness to set all policies in place to engender growth, and accelerated implementation of these policies, private sector firms have also shown great hunger for the task ahead in post-COVID-19 era.

 

However, the question that needs to be answered is whether all stakeholders are ready for the required task ahead.”

 

The event will also offer participating companies opportunities to publicize some of their individual efforts at contributing to reacting a soft landing or lifeline for SMEs and other ancillary companies as the pandemic threatens their survival.

 

Digital Encode is a multi-award winning and leading consulting and integration firm that specializes in the design, management, and security of business-critical networks, telecommunications environments and other Information Technology (IT) infrastructures.

 


Kindly share this post
Continue Reading

Uncategorized

NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution

Published

on

Kindly share this post

Nigerian Communication Commission (NCC) has warned telecom consumers to desist from using illegal GSM boosters.

NCC Threatens Illegal Users of GSM Boosters with Arrest, Prosecution

The commission also said that anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.

GSM boosters are devices that transmit and receive telecommunications signals and can therefore interfere with other radio frequency equipment.

Ikechukwu Adinde, director, public affairs, NCC, said in a notice published on NCC website, that only licensed network operators are allowed to use GSM boosters.

The booster, also known as amplifier or repeater is made up of three main elements – exterior antenna, amplifier, and interior antenna.

They form a wireless system to boost cellular reception

“Members of the public should note that, willful interference with any wireless telegraphy is an offence under Section 16 of the Telegraphy Act, 2004,”it said

The agency said it will not condone any flagrant breach of this law.

It has also enforced measures to prosecute offenders.

Accordingly, monitoring mechanisms have been put in place and anyone caught using a GSM booster without obtaining approval of a duly licensed network operator will face arrest and prosecution.

“Any member of the public with useful information regarding the illegal use of GSM Boosters should contact the Commission on 09-4617000/7351 or send an email to [email protected],” the notice said.

“Individuals desirous of using GSM Boosters should note that they can only do so in conjunction with licensed network operators,” it added.

 

 


Kindly share this post
Continue Reading
Advertisement

Social

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

Trending