Business

SEE FULL LIST: NERC unveils Lagos areas enjoying 20-24 hours power supply

Published

4 weeks ago

April 4, 2024 2:01 pm

BodexNG

The Nigerian Electricity Regulatory Commission, on Wednesday, approved an increase in electricity tariff for customers under the Band A classification.

The Vice Chairman, NERC, Musliu Oseni, said the increase will see the customers paying N225 kilowatt per hour (KW/h) from the current N66.

It was noted that customers under Band A are those who enjoy 20-24 hours of electricity supply daily while those in Band B are subscribers who enjoy 16 to 20 hours. Those in Band C enjoy 12 to 16 hours daily.

Also, Band D subscribers are beneficiaries of eight to 12 hours daily and Band E subscribers only enjoy four to eight hours of electricity consumption everyday.

Speaking at a press conference in Abuja, Oseni said customers in Band A represent a 15 per cent of the 12 million electricity customers in the country which is about 1.8 million subscribers.

He added that the review will not affect customers on the other bands.

Citing sources, Bloomberg had on Tuesday reported that power companies will be allowed to raise electricity prices to N200 ($0.15) per KW/h from N68 for urban consumers.

It quoted people in the presidency with knowledge of the matter saying this was in a bid to attract new investment and slash about $2.3 billion spent to cap tariffs.

In this report, PUNCH Online highlights the Lagos State subscribers of the Band A tariff plan who benefit from the 20 to 24 hours of Ikeja Electricity Distribution Company daily consumption in a document prepared by NERC.

1. Ijaiye (33-Ota TCN-AMJE) in Abule-Egba Business Unit enjoys 998 KW/h

2. Ijaiye (33-Ota TCN-Abeokuta Expressway) in Abule-Egba Business Unit enjoys 930KW/h

3. Able-Taylor (11-EkoroINJ-T1-Ekoro) in Akowonjo Business Unit enjoys 920KW/h

4. Egbeda (11-AlimoshoINJ-T8-Alimosho) in Akowonjo Business Unit enjoys 889KW/h

5. Anifowoshe (11-New AlausaINJ-T4-Siyanbola) in Akowonjo Business Unit enjoys 929KW/h

6. Anifowoshe (11-Adeniyi JonesINJ-T1-Ajao) in Akowonjo Business Unit enjoys 941KW/h

7. Anifowoshe (11-New AlausaINJ-T6-Awolowo) in Akowonjo Business Unit enjoys 889KW/h

8. Anifowoshe (11-Adeniyi JonesINJ-T1-Adeniyi Jones) in Akowonjo Business Unit enjoys 982KW/h

9. Ogba (11-OgbaINJ-T3-Oba Akran) in Akowonjo Business Unit enjoys 888KW/h

10. Ogba (11-Oke IraINJ-T2-Kayode) in Akowonjo Business Unit enjoys 867KW/h

11. Ogba (11-Oke IraINJ-T2-Mangoro) in Akowonjo Business Unit enjoys 943KW/h

12. Ojodu (11-OjoduINJ-T2-River Valley) in Akowonjo Business Unit enjoys 910KW/h

13. Oregun (11-MarylandINJ-T2-Ojota) in Akowonjo Business Unit enjoys 973KW/h

14. Oregun (11-OpebiINJ-T1-Olusosun) in Akowonjo Business Unit enjoys 924KW/h

15. Oregun (11-New AlausaINJ-T5-Kudirat) in Akowonjo Business Unit enjoys 977KW/h

16. Oregun (11-New AlausaINJ-T6-Ogundana) in Akowonjo Business Unit enjoys 981KW/h

17. Oregun (11-New AlausaINJ-T4-Allen) in Akowonjo Business Unit enjoys 989KW/h

18. Oregun (11-New AlausaINJ-T5-Alausa) in Akowonjo Business Unit enjoys 945KW/h

19. Oregun (11-New AlausaINJ-T4-Oregun) in Akowonjo Business Unit enjoys 980KW/h

20. Oregun (11-New AlausaINJ-T5-Morrison) in Akowonjo Business Unit enjoys 950KW/h

21. PTC (11-IlupejuIJN-T4-Ikorodu) in Akowonjo Business Unit enjoys 892KW/h

22. PTC (11-MarylandIJN-T1-PTC) in Akowonjo Business Unit enjoys 858KW/h

23. PTC (11-IlupejuIJN-T1-Bhojson) in Akowonjo Business Unit enjoys 923KW/h

24. PTC (11-PTCIJN-T2-Awuse) in Akowonjo Business Unit enjoys 991KW/h

25. PTC (11-IlupejuIJN-T3-General Hospital) in Akowonjo Business Unit enjoys 892KW/h

26. Lasunwon (33-IkoroduTCN-Fakale Source) in Ikorodu Business Unit enjoys 890KW/h

27. Odogunyan (11-OdogunyanINJ-T2-Centex) in Ikorodu Business Unit enjoys 854KW/h

28. Ago (11-ItireINJ-T3-Ago) in Oshodi Business Unit enjoys 851KW/h

29. Ago (33-ItireTCN-Ago 1) in Oshodi Business Unit enjoys 933KW/h

30. Ajao (11-AjaoINJ-T2-New Estate) in Oshodi Business Unit enjoys 906KW/h

31. Idimu (33-EjigboTCN-AGODO) in Oshodi Business Unit enjoys 956KW/h

32. Ikosi (11-MarylandINJ-T3-Demurin) in Shomolu Business Unit enjoys 947KW/h

33. Ilupeju (11-IlupejuINJ-T3-Coker) in Shomolu Business Unit enjoys 960KW/h

34. Ilupeju (11-IlupejuINJ-T3-Palmgroove) in Shomolu Business Unit enjoys 960KW/h

35. Magodo (11-MagodoINJ-T2-Bashiru) in Shomolu Business Unit enjoys 939KW/h

36. Magodo (11-MagodoINJ-T1-Emmanuel Keshi) in Shomolu Business Unit enjoys 998KW/h

37. Mende (11-MarylandINJ-T3-Sylvia) in Shomolu Business Unit enjoys 944KW/h

38. Mende (11-MarylandINJ-T2-Westex) in Shomolu Business Unit enjoys 981KW/h

39. Olateju (11-IlupejuLocal-T1-Industrial) in Shomolu Business Unit enjoys 982KW/h

40. Oworonshoki (11-OworoINJ-T1-Hospital) in Shomolu Business Unit enjoys 985KW/h

41. Oworonshoki (11-OworoINJ-T1-Anthony) in Shomolu Business Unit enjoys 965KW/h.

Business

NIN-SIM linkage: MTN bars 8.6 million lines as NCC extends deadline

Published

46 mins ago

May 2, 2024 2:54 pm

BodexNG

MTN Nigeria says it has fully barred a total of 8.6 million lines from the network in line with the directive of the Nigerian Communications Commission (NCC) on SIMs not linked to the National Identification Number (NIN) of the users.

The company disclosed this in its first quarter (Q1) 2024 financial report, noting that this impacted its business in the quarter.

However, to provide more time for the subscribers with less than five lines linked to an unverified NIN to complete the necessary verification exercise, MTN disclosed that the NCC has extended the 15 April deadline to 31 July 2024.

According to MTN, the lines that have been fully barred are those of subscribers who did not submit their NIN and those with more than five lines linked to an unverified NIN.

Highlighting the impact of the NIN-SIM linkage exercise and the regulatory directive, MTN Nigeria’s CEO, Karl Toriola, said:

“During the quarter, we also continued to manage the effects on our business of the industry-wide directive of the Nigerian Communications Commission (NCC) for a full barring of subscriber lines not linked to their National Identity Number (NIN) – the NIN-SIM directive.

“This impacted the development of our user base across all of our key business units (voice, data, and fintech) in Q1 2024.

“Although we had to fully bar 8.6 million subscribers in line with the directive, we minimised the net effect of the barred subscribers, and our total number of subscribers only decreased by 2 million in Q1, closing with a total of 77.7 million subscribers.”

Toriola said this demonstrated the effectiveness of the company’s customer value management (CVM) initiatives, which helped it to retain affected customers and reduce churn, as well as to drive gross connections.

Meanwhile, the company also reported a decline in its data subscribers in the quarter under review. According to the MTN’s CEO, active data subscribers declined marginally by approximately 78,000 to 44.5 million.

“Notwithstanding these headwinds, we recorded increased activity within the base, with voice traffic rising by 5.1% and data traffic by 40.6%.

“This is a result of the consistent growth in demand for data and voice, supported by our attractive offers to customers and continuous investment in network quality and coverage,” Toriola stated.

Data from the NCC show that total active mobile subscriptions in Nigeria across the networks of MTN, Airtel, Globacom and 9mobile, which stood at 224.4 million in December 2023 had declined to 219 million as of March 2024 as all the telecom operators implemented the policy on the mandatory NIN-SIM linkage.

Business

NDIC increases banks’ deposit insurance coverage from N500k to N5m

Published

3 hours ago

May 2, 2024 12:27 pm

BodexNG

The Nigeria Deposit Insurance Corporation (NDIC) has increased deposit insurance coverage for all licensed deposit-taking financial institutions.

NDIC disclosed this in a post on its Facebook page on Thursday.

Deposit insurance protects depositors’ funds in the event of a bank failure.

Bello Hassan, NDIC managing director and chief executive officer (CEO), said the deposit insurance coverage for commercial banks was increased from N500,000 to N5 million.

Hassan said the increase provides coverage for 98.98 percent of depositors in Nigeria.

Business

Naira drops to N1,370/$ at parallel market, gains marginally at official window

Published

7 hours ago

May 2, 2024 8:57 am

BodexNG

The naira declined to N1,370 against the dollar at the parallel section of the foreign exchange (FX) market on Wednesday.

This represents a 1.48 percent depreciation from N1,350 traded on April 29.

Currency traders, also known as bureau de change (BDC) operators, put the buying rate of the greenback at N1,330 and the selling price at N1,370 — leaving a profit margin of N40.

At the official window, the local currency appreciated by 1.98 percent to N1,390 on April 30 — from N1,419.11 on April 29.

During trading, the exchange rate rose as high as N1,450 and as low as N1,200 according to data from FMDQ Exchange, a platform that oversees FX trading in Nigeria.

The naira devaluation has continued to pose significant challenges to firms, cutting deep into profit margins and eroding shareholders’ dividends.

On April 30, Aliko Dangote, chairman of Dangote Industries Limited, said the devaluation of naira created the “biggest mess” for the company in 2023.

“We are doing whatever it takes to make sure that at the end of the day, we will be paying dividends because if you look at our dividends last year, it was almost 50 percent more so we will try and get out of the mess,” Dangote said.

“The biggest mess created was actually the devaluation of the naira from N460 to N1,400.”

He said almost 97 percent of the companies, especially in food and beverages businesses, will not pay dividends this year due to the FX constraints.

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others