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NERC fines 8 DisCos over N628 million for overbilling customers

by Folarin Kehinde
written by Folarin Kehinde

THE Nigerian Electricity Regulatory Commission (NERC) said it has placed over N628 million fine on eight electricity distribution companies (DisCos) for failing to comply with monthly energy caps for unmetered customers between July and September 2024.

The apex regulator disclosed this in a statement on Thursday, April 10.

It said the affected DisCos include Abuja, Eko, Enugu, Ikeja, Jos, Kaduna, Kano, and Yola and were required to issue credit adjustments to affected customers by May 15, 2025.

The NERC said it acted under section 34(1)(d) of the Electricity Act 2023 which underscores its unwavering commitment to regulatory compliance and consumer protection within the Nigerian Electricity Supply Industry.

“The public may recall that in 2020, the Commission issued the Order on capping of Estimated Bills and subsequently issued monthly energy caps which aimed to align the estimated bills for unmetered customers with the measured consumption of metered customers on the same supply feeder. A review of Discos’ billing of unmetered customers for July-September 2024 revealed non-compliance with the monthly energy caps issued by the Commission.

“The non-compliant DisCos have been sanctioned to pay fines amounting to N628,031,583.94, which is equivalent to 5% of the naira value of the gross overbilling for the period under review. The Commission has also mandated the DisCos to issue commensurate credit adjustments to all customers affected by the overbilling by 15th May 2025 – the end of the April 2025 billing cycle,” NERC explained.

The ICIR reported in January this year that NERC revealed approximately 53.85 per cent of registered electricity customers across Nigeria remain unmetered.

It said 6,156,726, representing 46.15 per cent of 13,339,635 registered electricity customers, had been metered as of September 30, 2024, meaning that 7,182,909, representing 53.85 per cent, were unmetered electricity customers across the country.

In February 2024, The ICIR also reported that following the non-compliance of the 11 DisCos to cap estimated billing for unmetered customers in the country, NERC slammed N10.51 billion fines on them.

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Business

FG Signs $328M Agreement to boost Nigeria’s electricity supply

by Folarin Kehinde
written by Folarin Kehinde

The Federal Government of Nigeria (FGN) Power Company has announced the signing of a major Engineering, Procurement, Construction and Financing (EPC&F) contract with China Machinery Engineering Company (CMEC) group worth US$328,818,916.99 to boost power supply across Nigeria.

Minister of Power, Chief Adebayo Adelabu while speaking in Abuja on Wednesday at the signing ceremony stated that the project will ensure the rehabilitation and extensive construction of 330 kV and 132 kV transmission lines under Phase 1 of the Presidential Power Initiative (PPI) while preventing stranded capacity in the grid.

Adebayo explained that the project
with a load capacity of 7,140
megawatts will act as the arteries that carry the increased power generated through Nigeria’s midstream transmission projects directly to the homes, businesses, and industries adding that the project is deliberately designed to seamlessly complement the ongoing midstream transmission enhancements.

“By focusing on upgrading and expanding our transmission network, we are directly addressing a key bottleneck in the power sector value chain. This will translate to a significant improvement in electricity reliability and accessibility for millions of Nigerians fostering economic growth, creating jobs, and enhancing the quality of life for our citizens.”.

Meanwhile, Adelabu noted that the government is aware of the current power supply challenges but is working tirelessly to address them hence the contract signing but emphasized that Nigerians should join hands in protecting the nation’s critical assets while they continue working towards providing affordable and reliable power supply to Nigerians.

“This project, I also want to reiterate that it will involve a lot of installation of expensive wire lines, expensive substations that are seen as national, critical national assets, we urge Nigerians to join hands in protecting this because it’s going to be executed with taxpayers’ money. Even if it is through finance, the repayment of the financing will be from
taxpayers’ money.

“If we destroy our transmission or distribution assets, we are destroying our own personal assets. So this asset must be guarded and protected generously for us to have unaltered and undisturbed regular power supply to our people.”. he added.

Managing Director/Chief Executive Officer, FGN Power Company, Kenny Anuwe on his part stated that the signing signifies a critical and concrete step towards
addressing the power infrastructure challenges of Nigeria adding that the expansion and upgrade of Nigeria’s transmission infrastructure are crucial for effectively wielding the incremental power that is generated from the work that Siemens Energy does.

Anuwe noted that having recognized that a robust and reliable transmission network is the backbone of a stable power
sector, he stressed that the partnership with CMEC is a strategic move to strengthen that backbone and to
ensure that the investments being made in generation can translate into tangible benefits for the Nigerian populace.

“We are particularly delighted to partner with CMEC on this transformative project.
The global reputation for engineering excellence, project execution capabilities, and commitment to quality are well established both in Nigeria and elsewhere. We are confident that this expertise will be invaluable in delivering this crucial infrastructure efficiently at the highest standards.”.

“Today, we are forging a power alliance to meet Nigeria’s growing energy and infrastructure needs.This contract is not just a procedural step. It is a reaffirmation of our commitment to transparency, accountability, and delivering on the promises made to Nigerians. We are
determined to ensure that this project is executed diligently, efficiently, and with the utmostattention to quality and timelines.”. he added.

Responding, Vice-President, CMEC, Li Xiaoyu expressed optimism about the contract and the timely execution of the project for the benefits of Nigerians.

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Business

Fidelity Bank Distributes Food Packs to FCT Communities

by Folarin Kehinde
written by Folarin Kehinde

As part of its Corporate Social Responsibility (CSR) initiatives, leading financial institution, Fidelity Bank Plc, recently donated food packs to Federal Capital Territory (FCT) Abuja residents.

Themed, the Fidelity Food Bank initiative, the outreach saw the bank’s officials distribute the food items to seven communities in the Mabushi district of the FCT.

Speaking at the distribution event, the Executive Director, North, Fidelity Bank Plc, Mr. Sufiyanu Garba, emphasized the bank’s commitment to community development and its alignment with Sustainable Development Goal 2, which seeks to eradicate hunger.

“This initiative stems from our deep-seated responsibility to support underserved communities and contribute to the fight against hunger in Nigeria,” said Mr. Garba. “At Fidelity Bank, we firmly believe that by addressing the root causes of poverty and hunger, we can make a meaningful impact on the lives of those in need. While we may not be able to solve all societal challenges, our contributions are making a difference, as evidenced by the positive feedback we continue to receive.”

He further reiterated the bank’s commitment to empowering communities, stating, “We recognize the importance of fostering growth and prosperity within the communities where we operate. By investing in their well-being, we contribute to the creation of a more sustainable and equitable society.”

The Fidelity Food Bank is one of the key pillars of the bank’s CSR strategy, focusing on health and social welfare. As a nationwide project, the initiative seeks to provide food relief to underserved communities across Nigeria, with a particular focus on supporting women and children.

Expressing appreciation for the initiative, the District Head of Mabushi Community, Mr. Hassan Danagna, commended Fidelity Bank for its generosity and its impact on the community.

“Fidelity Bank’s support to our community is unprecedented, and we are deeply grateful for this initiative, which provides relief to vulnerable households and less privileged families,” said Mr. Danagna. “Given the current economic challenges, this support is timely, particularly as we approach the holy month of Ramadan.”

One of the beneficiaries, Mr. Mukhtar Mohamed, also expressed his gratitude to the bank, acknowledging the significant impact of food distribution.

Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

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Business

Crude Oil Price Crash May Push Petrol Below N400/Litre – Refiners

by Folarin Kehinde
written by Folarin Kehinde

Crude Oil Refinery Owners Association of Nigeria has said that the price of Premium Motor Spirit (petrol) can drop below N400 per litre with the current crash in crude oil prices.

CORAN argued that there is no reason petrol should not be sold at NN350 per litre if crude prices eventually fall to $50 per barrel.

However, CORAN said petrol prices will continue to rise despite the crash in crude prices and the reduction in its landing cost.

CORAN feared that unless the Federal Government continues the naira-for-crude deal, the price of petrol will be on the rise even if the price of crude oil falls to $50 per barrel.

The PUNCH reports that oil prices plunged last week to $65 per barrel as the United States import tariffs and an unexpected OPEC+ supply hike erased $10 per barrel from global benchmarks.

The price had appreciated earlier when US President Donald Trump imposed tariffs on any country that buys crude from Venezuela.

However, oil prices turned the corner as of Friday, with Brent falling to $65, the first time since 2021.

According to oilprice.com, the combined effect of Trump’s import tariffs, OPEC+’s inopportune decision to speed up the unwinding of production cuts, and China’s retaliatory actions wiped off $10 per barrel from global oil prices, “with ICE Brent falling below $65 per barrel for the first time since August 2021.”

The US West Texas Intermediate crude futures lost $4.96, or 7.4 per cent to end at $61.99.

China’s retaliatory tariffs on US goods were said to have escalated a trade war that has led investors to price in a higher probability of recession.

China, the world’s top oil importer, announced it will impose additional tariffs of 34 per cent on all US goods from April 10.

According to Reuters, nations around the world have readied retaliation after Trump raised tariffs to their highest in more than a century.

Aside from the tariffs, another factor that further pressured oil prices was the Organisation of the Petroleum Exporting Countries and Allies’ decision to advance plans for output increases.

The group now aims to return 411,000 barrels per day to the market in May, up from the previously planned 135,000 bpd.

In a bulletin released by the Major Energies Marketers Association of Nigeria, it was disclosed that the landing cost of petrol has dropped from N885 the week before to N865 as of Saturday.

However, despite the landing cost reduction, the ex-depot price of petrol rose from N860 to N900 per litre in Lagos, signalling the failure of the Nigerian market to react positively to the market forces.

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Business

AI, Key to Nigeria’s Next Fintech Evolution – ‘DeRemi Atanda

by Folarin Kehinde
written by Folarin Kehinde

Nigeria’s fintech sector has thrived on bold ambition and relentless execution, but as it enters its next phase, strategic intelligence is crucial. According to ‘DeRemi Atanda, Managing Director of Remita, artificial intelligence will play a pivotal role in unlocking new opportunities and shaping the future of the industry.

Atanda in its latest remita report explained that embracing AI strategically will not only enhance operational effectiveness, but also expand access to financial services, ensuring a more inclusive and resilient digital economy.

“Nigeria’s AI market is projected to reach USD $434.4 million by 2026, growing at a staggering 44.2% compound annual growth rate (CAGR), organisations must therefore position themselves to harness its transformative potential.

“For Nigerian fintechs with a long-term vision, the urgency to act has never been greater. The sector stands at a critical juncture where embracing AI is no longer optional but essential for sustainable growth, innovation, and competitive advantage.”.

“The leaders of tomorrow will be those who understand how to leverage the capabilities that new technologies like AI bring to the fore. The question is no longer whether to adopt AI, but how to do so in a way that delivers maximally”.

“AI should be a force multiplier – not just an isolated feature set” noted Uchenna Okpagu, Chief AI Officer, Remita. “Fintech firms that embed AI into their operational DNA, to transform security, scalability, and business intelligence, will be the ones to drive the next decade of financial transformation.”

In the same vein, deploying AI is not just about having the latest technology and keeping up with trends, it requires carefully structured implementation, risk assessment, and a commitment to responsible innovation.

“Our commitment to AI innovation is not just about business transformation, it is about strengthening Nigeria’s position as Africa’s fintech powerhouse,” Atanda stated. “Apart from the general insights shared, this report provides some insight into how we have leveraged AI over the years and reinforces our position as a thought leader in AI and fintech innovation.

With the right partnerships, policies, and execution, we can all create a Nigeria and indeed Africa where AI-driven financial services are accessible, efficient, and built to last.”

She however noted that with a legacy of pioneering payment innovations, Remita has been at the forefront of Nigeria’s most transformative payment solutions, setting the benchmark for secure and seamless payment transactions.

As fintech enters the AI-driven era, Remita is once again leading the charge with the launch of its report – Unlocking the Power of AI in Nigeria’s Fintech Sector.

Meanwhile, the report serves as an industry blueprint providing actionable insight for AI adoption in financial services, and equipping fintechs with practical steps to harness AI for business growth, operational resilience, and sustainable innovation.

Conceived as a critical resource for fintech leaders, the report provides industry players with insights to future-proof their operations and stay ahead of evolving global trends.

Nigeria’s fintech sector is expanding rapidly, commanding 52% of Africa’s total fintech funding and housing five of the continent’s nine unicorns as at 2024. According to industry data, the sector has played a significant role in doubling financial inclusion rates from 32% in 2012 to 64% in 2024 – a 100% increase in financial inclusion within a decade.

This momentum is underscored by Nigeria’s surging digital transaction volume, which grew by 16.7% between 2023 and 2024, reaching over 11.2 billion transactions valued at $713 billion (₦1.07 quadrillion) in 2024 alone. AI is setting the stage for more multi-dimensional growth in the fintech sector, propelling the industry to new heights.

As a pioneer in payments and digital finance, Remita is not just adopting AI, it is shaping the standards for AI integration in fintech. This strategy is part of the company’s vision to remain at the forefront of fintech innovation, driving forward-thinking solutions that empower businesses, governments, and individuals.

The future of fintech will be defined by those who build with intention, execute with precision, and adapt to the realities of an AI-driven world, concludes the report.

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Central Bank
Business

Introducing N5000, N10,000 denomination fake – CBN

by Folarin Kehinde
written by Folarin Kehinde

The Central Bank of Nigeria, CBN, has denied introducing new N5,000 and N10,000 notes.

CBN described the reports as false.

There has been widespread reports that the CBN had unveiled the high-denomination bank notes to enhance cash transactions.

The report said the apex bank was set to introduce the new notes to reduce cash-handling costs and improve liquidity management.

Some of the reports attributed the introduction of the new notes to a supposed Deputy Governor, Dr Ibrahim Tahir Jr.

It was reported that the new notes would be released from May 1, 2025.

However, posting the reports on its X page, the CBN wrote: “This content is NOT from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng.”

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JP Morgan
Business

JP Morgan To Establish Bank Branch in Nigeria

by Nelson Ugwuagbo
written by Nelson Ugwuagbo

American banking giant JP Morgan is set to convert its Lagos representative office into a full-fledged business branch as part of its broader strategy to expand operations across Africa.

According to a report by African Intelligence on March 31, the U.S. bank plans to apply for a merchant banking license from the Central Bank of Nigeria (CBN) in the coming months.

At the time of filing this report, JP Morgan had not responded to TheCable‘s inquiry regarding the transformation.

The New York-based financial institution, led in Nigeria by Dayo Olagunju, JP Morgan’s head of West Africa, aims to expand its service offerings beyond advisory and asset management to include dollar-denominated loans for large corporations.

In January, a JP Morgan delegation, led by Olagunju, visited Nigeria and held discussions with Wale Edun, the Minister of Finance. The finance ministry stated that the visit was part of an exploratory mission involving international institutional investors seeking insights into Nigeria’s economic landscape.

JP Morgan’s CEO, Jamie Dimon, previously expressed his intention to strengthen the bank’s footprint in Africa, telling Reuters in October 2024 that the institution plans to expand into additional countries every few years.

JP Morgan, which has been active in Nigeria since the 1980s, also operates offices in Abidjan, Côte d’Ivoire, and Nairobi, Kenya, as part of its African expansion strategy. The bank has played a key role in supporting African nations with Eurobond issuances, including Nigeria’s 2024 fundraising in the international market.

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Dangote
Business

BREAKING: Dangote Refinery announces suspension of petrol sale in naira

by Folarin Kehinde
written by Folarin Kehinde

Dangote Petroleum Refinery has announced suspension of sale of petroleum products in naira.

This was announced in a notice sent to petroleum marketers, on Wednesday afternoon.

In the notice obtained by Daily Trust, the company said the decision is temporary, explaining why it took the decision.

“We wish to inform you that, Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in Naira. This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars.”

“To date, our sales of petroleum products in Naira have exceeded the value of Naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency. Our attention has also been drawn to reports on the internet claiming that we are stopping loading due to an incident of ticketing fraud. This is malicious falsehood. Our systems are robust and we have had no fraud issues.

“We remain committed to serving the Nigerian market efficiently and sustainably. As soon as we receive an allocation of Naira-denominated crude cargoes from NNPC, we will promptly resume petroleum product sales in Naira. We appreciate your understanding and cooperation during this period.”

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Business

BREAKING: House of Representatives approves Tinubu’s tax reform bills

by Folarin Kehinde
written by Folarin Kehinde

The House of Representatives has approved the four tax reform Bills earlier transmitted by President Bola Ahmed Tinubu, as it considered and adopted report by its special committee on the proposals on Thursday March 13, 2025.

They include a Bill for an Act to provide for the Assessment, Collection of, and Accounting for Revenue Accruing to the Federation, Federal, States and Local Governments; Prescribe the Powers and Functions of Tax Authorities, and for Related Matters, and a Bill for an Act to Repeal the Federal Inland Revenue Service (Establishment) Act, No.13, 2007 and Enact the Nigeria Revenue Service (Establishment) Bill to Establish Nigeria Revenue Service, charged with Powers of Assessment,
Collection of, and Accounting for Revenue Accruable to the Government of the Federation and for Related Matters.

The others are a Bill for an Act to Establish Joint Revenue Board, the Tax Appeal Tribunal and the Office of the Tax Ombud, for the Harmonisation, Coordination and Settlement of Disputes arising from Revenue Administration in Nigeria and for Related Matters, and a Bill for an Act to Repeal Certain Acts on Taxation and Consolidate the Legal Frameworks Relating to Taxation and Enact the Nigeria Tax Act to Provide For Taxation of Income, Transactions and Instruments.

Pressing the report for consideration, Chairman of the Finance Committee, James Faleke, said due diligence had been done as issues of public concerns have been addressed.

Details loading…

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European Bank
Business

Nigeria Joins European Bank As 77th Shareholder

by Nelson Ugwuagbo
written by Nelson Ugwuagbo

Nigeria has officially become a member of the European Bank for Reconstruction and Development (EBRD), increasing the total number of the bank’s shareholders to 77. The shareholders include 75 national members, along with the European Union and the European Investment Bank.

Nigeria submitted its application to join the EBRD in April 2024, which was approved by the bank’s Board of Governors in May 2024. The membership follows a decision at the EBRD’s 2023 Annual Meeting in Samarkand, where an amendment to the Agreement Establishing the EBRD was adopted. This amendment allows for the bank’s gradual expansion into sub-Saharan Africa and Iraq, pending ratification by the majority of shareholders.

An EBRD statement noted that once the amendment takes effect, Nigeria could transition to recipient country status, granting it access to the bank’s financial resources and policy support to drive sustainable development.

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the membership as a step towards economic growth. “Nigeria’s membership of the EBRD strengthens our drive for private sector-led growth, sustainable infrastructure, and a greener economy. This partnership aligns with our economic reform agenda and commitment to creating jobs through investment and innovation,” he said.

EBRD President Odile Renaud-Basso welcomed Nigeria’s inclusion, emphasizing the bank’s commitment to supporting economic development in the country. “I am very happy to welcome Nigeria, the most populous country in Africa, as a shareholder of the bank. This is a landmark moment for the EBRD as we look forward to launching our activities in sub-Saharan Africa this year. With such large economic potential in the country, our objective will be to leverage our expertise in developing the private sector and conducting policy dialogue to support sustainable economic growth in Nigeria,” she stated.

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