The Nigerian Electricity Regulatory Commission (NERC) has taken a decisive step in its ongoing enforcement drive by announcing plans to withhold part of the operational expenditure (opex) funds allocated to electricity distribution companies that fail to comply with approved refund processes for customers who paid for meters under earlier schemes. The Commission said the action has become necessary following repeated delays and inconsistencies by some DisCos in reimbursing customers who funded their own meters under previous frameworks, especially the Meter Asset Provider (MAP) regulation. According to NERC, the refunds are a mandatory obligation since customers who paid out of pocket…
Author: Temitope Nlewemchi
The Bank of Industry (BoI) and the Nigerian Content Development and Monitoring Board (NCDMB) have formalised a partnership to establish a $100 million content development fund aimed at boosting local participation in Nigeria’s oil and gas sector. The agreement reflects ongoing efforts to deepen indigenous involvement in the industry, promote value addition, and provide financing solutions to Nigerian businesses operating within the energy value chain. Under the arrangement, BoI will provide the financial infrastructure and credit management expertise, while NCDMB will leverage its regulatory oversight and industry knowledge to ensure that the fund supports projects aligned with national local content…
The Central Bank of Nigeria (CBN) has mandated all deposit money banks to ensure that customers who fall victim to Authorized Push Payment (APP) fraud receive full refunds within 48 hours of reporting the incident. The directive underscores the apex bank’s determination to protect consumers and curb the rising incidence of APP scams, which have increasingly affected individuals and businesses across the country. APP fraud, commonly associated with scams in which individuals are tricked into authorizing payments to fraudsters, has become a major source of concern in Nigeria’s banking sector. In recent months, the cases have surged, affecting thousands of…
First City Monument Bank (FCMB) has emerged as the recipient of the prestigious Best SME Bank award, recognising the institution’s consistent efforts in supporting small and medium-sized enterprises across Nigeria. The accolade, presented at a national awards ceremony, highlights FCMB’s commitment to providing innovative financial solutions, accessible credit facilities, and advisory services that empower entrepreneurs and stimulate business growth. The bank was commended for its comprehensive approach to SME banking, which combines tailored loan products, flexible repayment structures, and capacity-building initiatives aimed at enhancing the operational and financial capabilities of small businesses. According to industry observers, FCMB’s success in this…
Nigeria’s economy recorded a solid improvement as the nation’s Gross Domestic Product (GDP) expanded by 3.98 percent, driven largely by stronger performances in the services and agriculture sectors. The latest figures reflect a rebound in key non-oil industries and a gradual stabilisation of economic activities following months of policy adjustments, foreign exchange reforms, and shifting global market conditions. Analysts say the growth marks one of the country’s most encouraging quarterly performances in recent years, signalling improving resilience in the face of persistent structural challenges. The services sector, which continues to be the backbone of Nigeria’s economic activity, contributed significantly to…
Nigeria’s currency recorded another moment of relief as the naira appreciated to 1,446.74 per dollar, buoyed by a sustained rise in capital inflows and improving investor confidence. The stronger position of the currency comes amid renewed monetary tightening, increased foreign exchange liquidity and greater oversight by financial regulators, all of which have helped create a more stable environment in recent weeks. The latest figures on foreign capital inflows, which reached $20.98 billion in the first ten months of the year, have further strengthened Nigeria’s external balance sheet and supported the upward movement of the naira. The appreciation reflects the Central…
Ondo State is set for a major transformation in its agricultural sector as Governor Lucky Aiyedatiwa has approved a $42 million Agric City project aimed at accelerating food production, boosting employment and expanding the state’s agro-industrial capacity. The initiative, which forms part of the administration’s long-term economic diversification agenda, is expected to serve as a hub for processing, research, mechanised farming and value-chain development across multiple agricultural commodities. Officials describe the project as one of the state’s most ambitious agro-investment programmes in recent years, with the potential to reposition Ondo as a leading food and agribusiness destination in Nigeria. According…
Kano State and the Dangote Group have intensified collaboration on large-scale industrial projects as both partners used the ongoing trade fair in Kano to showcase new investments aimed at reviving manufacturing, boosting employment and strengthening the region’s economic profile. The trade fair, which has become one of Nigeria’s most prominent platforms for commercial engagement, provided an opportunity for government officials, investors and business leaders to highlight progress on several initiatives designed to elevate Kano’s status as a leading industrial hub. Officials from the state government noted that Kano has entered a new phase of industrial expansion with projects focused on…
The Federal Airports Authority of Nigeria has begun a comprehensive review of alleged irregular recruitments carried out in recent months, signalling a renewed effort to strengthen transparency, accountability and professionalism within the agency. The decision follows rising concerns about the influx of personnel reportedly employed without adherence to due process, statutory approval or alignment with the organisation’s manpower needs. FAAN’s management said the review aims to verify the legitimacy of recent appointments, streamline staffing levels and ensure that only properly recruited and qualified individuals remain on the authority’s payroll. According to senior officials, the agency’s leadership initiated the review after…
Nigeria has moved to prevent a looming fuel scarcity by bringing in 828 million litres of petrol, a major intervention aimed at stabilising supply across the country and ensuring uninterrupted distribution during the festive and early-year consumption spikes. Officials confirmed that the massive importation was undertaken to avert disruptions caused by logistical delays, vessel scheduling issues and challenges associated with maintaining adequate national reserves. The intervention comes at a time when the energy market is experiencing significant pressure, with rising costs, foreign exchange constraints and seasonal demand fluctuations threatening to strain supply chains. According to industry insiders, the petrol importation…
The Dangote Petroleum Refinery has committed to supplying 1.5 billion litres of petrol every month as part of efforts to stabilise Nigeria’s fuel market, reduce dependence on imports and ensure consistent nationwide availability. The pledge marks a major milestone in the refinery’s operational rollout and signals its intention to play a central role in reshaping the country’s energy landscape. With Nigeria historically reliant on imported fuel despite being a leading crude oil producer, the refinery’s promise represents a significant shift in supply dynamics and a potential turning point for the downstream sector. Officials of the refinery disclosed that the monthly…
Nigeria’s oil-dependent economy is once again in the spotlight as fresh disclosures reveal that the Nigerian National Petroleum Company Limited (NNPCL) is grappling with an outstanding crude-for-loan debt of approximately N8.07 trillion. The financial strain, stemming from long-standing crude repayment deals with international lenders and commodity traders, has raised new questions about transparency, fiscal sustainability, and the long-term impact on Nigeria’s oil revenue. The crude-for-loan model, which allows the national oil company to secure cash advances in exchange for future crude oil deliveries, has been a recurring strategy for NNPCL whenever liquidity becomes tight. While it provides short-term financial relief,…
The Ibadan Electricity Distribution Company (IBEDC) has announced the resumption of its mass rollout of over 55,000 free prepaid meters, reaffirming its commitment to improving metering coverage, reducing estimated billing controversies, and enhancing customer satisfaction across its franchise areas. This renewed metering drive, implemented under the Federal Government–backed National Mass Metering Programme (NMMP), is expected to accelerate the transition to more transparent and efficient energy consumption accounting. In a statement, the utility company explained that the fresh phase of meter distribution would prioritise communities and business clusters with high levels of customer complaints, especially those long affected by estimated billing…
MTN Nigeria has called for deeper collaboration among government agencies, private investors, technology companies, incubators, and the broader innovation community to accelerate the growth of Nigeria’s startup ecosystem. The company said the country possesses one of Africa’s most dynamic pools of young innovators, but noted that sustained progress depends on building a more coordinated environment that supports ideas, funding, and long-term business development. Speaking at a recent industry forum devoted to digital innovation and entrepreneurship, MTN executives stressed that startups remain essential to Nigeria’s economic transformation, particularly in areas such as fintech, health technology, agritech, e-commerce, and artificial intelligence. The…
The Nigeria Customs Service (NCS) has introduced a one-stop-shop initiative aimed at reducing demurrage charges and shortening cargo dwell time at the nation’s seaports, a move designed to improve efficiency in port operations and facilitate trade. The initiative seeks to streamline processes by consolidating multiple clearance procedures into a single point of contact, thereby addressing longstanding bottlenecks that have delayed cargo release and increased costs for importers and exporters. According to Customs officials, the one-stop-shop system integrates key port services, including customs inspection, documentation verification, payment of duties, and coordination with other regulatory agencies, within a unified framework. By centralising…
The Schneider Electric Foundation has donated state-of-the-art training equipment to students in Nigerian universities, reinforcing its commitment to advancing education and technical skills development in the country. The donation is aimed at equipping students with practical knowledge and hands-on experience in electrical engineering, energy management, and related technical fields, preparing them for careers in a rapidly evolving industrial and technological environment. Speaking during the presentation ceremony, a representative of the foundation emphasized that the initiative aligns with its global mission to foster energy access, sustainability, and workforce development. The foundation explained that providing students with modern equipment helps bridge the…
Lagos State government has earmarked N245 billion through bond issuance to finance key infrastructure projects aimed at enhancing transportation networks, improving urban development, and boosting the state’s economic capacity. The allocation forms part of the government’s broader strategy to leverage capital markets in funding high-impact projects that address the city’s growing population needs and support sustainable economic growth. According to state officials, the bond proceeds will be directed towards roads, bridges, drainage systems, public transportation, and other critical social and economic infrastructure. The government highlighted that prioritising such projects is crucial for easing traffic congestion, improving connectivity, and creating an…
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has urged African nations to embrace bold, coordinated, and transformative economic reforms as a necessary pathway to unlocking sustainable growth across the continent. Speaking at a high-level continental forum focused on economic transformation, Edun stressed that Africa’s current pace of development is insufficient to meet the needs of its fast-growing population, and that governments must adopt policy measures capable of boosting productivity, improving revenue, and expanding investment opportunities. According to Edun, the continent stands at a defining moment where strategic policy choices will determine whether African economies can…
The Niger Delta Development Commission (NDDC) has extended relief materials and humanitarian support to victims of a recent fire outbreak in a Niger Delta community, reaffirming its commitment to assisting vulnerable residents affected by emergencies across the region. The intervention followed a devastating fire incident that destroyed homes, businesses, and properties worth millions of naira, leaving many families displaced and struggling to recover from the sudden loss. According to the Commission, the relief effort was initiated immediately after an assessment team visited the affected area to evaluate the scale of destruction and identify the immediate needs of the victims. The…
The Dangote Group has issued a strong warning to petroleum marketers over the growing use of leaking and poorly maintained tankers for the transportation of refined petroleum products across the country, describing the trend as dangerous and capable of triggering large-scale fire disasters, environmental contamination and loss of lives. The company said the increasing reports of product spillages from tankers belonging to some independent marketers have raised safety concerns, especially as more trucks now load products from the Dangote Refinery for nationwide distribution. According to the organisation, the warnings followed several incidents in which some marketers’ trucks were found to…