Ibadan Electricity Distribution Company Plc has announced an upward review of the electricity tariff for Band A customers.

The Acting Managing Director, IBEDC, Francis Agoha, stated that the Nigerian Electricity Regulatory Commission has approved the tariff increase from N206.80/kWh to N209.50/kWh for users in the category.

According to a public notice signed by Agoha on Wednesday, the tariffs for Bands B, C, D, and E remain unchanged.

The statement read, “Effective immediately, the tariff will be adjusted from N206.80/kWh to N209.50/kWh. This review has been duly approved by the Nigerian Electricity Regulatory Commission (NERC) as captured in the multi-year tariff supplementary order.

“The adjustment is necessitated by several key economic indices, including fluctuations in the exchange rate, the current inflation rate, available generation capacity, and the cost of gas. These factors have significantly impacted operational costs, and the new tariff will mitigate these financial pressures while continuing to deliver high-quality electricity services.

“It is important to note that this adjustment affects only our Band A customers. The tariffs for Bands B, C, D, and E remain unchanged. We remain committed to providing reliable and efficient electricity services to all our customers across different bands.

“We understand that any change in tariffs can be a concern for our customers, and we assure you that this adjustment is necessary to maintain and improve the quality of our services. Our goal is to ensure that you receive the best possible value for your money,” Agoha said.

The Central Bank of Nigeria has warned against the continued rejection of old series and lower denominations of the United States of American dollars by its regulated entities in Nigeria.

The bank threatened to sanction lenders that rejected the currencies.

This was contained in a circular dated June 27, signed by the acting director of the currency operations department, Solaja Olayemi, which was recently released on the website of the apex bank.

The circular directed at Deposit Money Banks, Bureau De Change operators and the general public cautioned against the continued rejection of the old series and lower denomination of the American greenback.

CBN said the fresh circular followed the outcome of its consumer market intelligence, which revealed the continued rejection of old/lower denominations of dollar bills by banks and other authorised forex dealers.

“Kindly be reminded that the Central Bank of Nigeria circular referenced COD/DIR/INT/CIR/001/002 and dated 9th April 2021, which explicitly frowned at this selective acceptance of deposit, is still in force and must be adhered to and complied with by all relevant parties.

“For the avoidance of doubt and further guidance on the circular, the content is hereby reissued as follows for strict compliance: All DMBs /authorized forex dealers should henceforth accept both old series and lower denominations of United States Dollars that are legal tender for deposit from their customers. The CBN will not hesitate to sanction any DMB or authorised forex dealers who refuse to accept old series/lower denominations of US Dollar bills from their customers,” the circular partly read.

The circular also warned authorised forex dealers against defacing/stamping US Dollar banknotes as such notes always fail authentication tests during processing/sorting.

CBN first issued the warning in a circular signed by then director of the currency operations department, Ahmed Umar, on April 9, 2021.

President Bola Tinubu has appointed new board members for Family Homes Funds Limited (FHFL).

Ajuri Ngelale, special adviser to the president on media and publicity, in a statement on Tuesday, said the appointment is in furtherance of efforts by the federal government to energise growth opportunities within the real estate sector.

Ngelale said the newly appointed members of the board include Demola Adebise — former chief executive officer (CEO) of Wema Bank — who will serve as chairman of the board, Abdul Muttalab, CEO and managing director, as well as Abdullahi Musa, executive director (finance).

“Others are: Emeka Henry Inegbu – Executive Director (Operations), Representative of the Ministry of Finance Incorporated – (Non-Executive Director) and Representative of the Nigeria Sovereign Investment Authority (NSIA) – (Non-Executive Director),” Ngelale said.

“The appointees also include Sam Okagbue – (Non-Executive Director), Musa Ahmed – (Non-Executive Director), Eniang Nkang – (Non-Executive Director) and Bilkisu Usman – (Non-Executive Director).”

Ngelale said the president expects the new board members to deploy their expertise, experience, and commitment to steer the Family Homes Funds towards achieving its mandate of driving growth and development in the real estate sector.