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BIG STORY

DisCos Generated N431bn Revenue In Q2 2024, Up By 47% — NERC

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The Nigerian Electricity Regulatory Commission (NERC) reported that distribution companies (DisCos) generated N431.16 billion between April and June of 2024.

According to its latest report for the second quarter (Q2) of 2024, NERC stated that revenues from customers in Q2 2024 rose by 47.84 percent from N291.62 billion recorded in Q1.

“The total revenue collected by all DisCos in 2024/Q2 was ₦431.16 billion out of ₦543.64 billion billed to customers,” NERC said. “This translates to a collection efficiency of 79.31% which represents an increase of +0.20pp when compared to 2024/Q1 (79.11%).”

NERC highlighted that Ikeja and Eko DisCos achieved the highest collection efficiencies of 94.67 percent (N87.36 billion) and 88.03 percent (N75.33 billion), respectively.

“Conversely, Yola DisCo recorded the lowest collection efficiency of 55.67% (N4.78 billion),” NERC added. “A comparison of DisCos performance in 2024/Q1 and 2024/Q2 showed that six (6) DisCos recorded improvements in collection efficiency in 2024/Q2 when compared to 2024/Q1 with Yola DisCo recording the highest increase of +12.64pp.”

“Conversely, five (5) DisCos recorded declines in collection efficiency with Kaduna having the most significant decrease (-10.04pp) during the period.

NERC disclosed that the total upstream invoice payable by DisCos amounted to N399.53 billion, which included N343.76 billion for DisCos remittance obligations (DRO)-adjusted generation costs from Nigerian Bulk Electricity Trading (NBET) and N55.77 billion for transmission and administrative services by the market operator (MO).

“Out of this amount, the DisCos collectively remitted a total sum of ₦318.65 billion (₦271.87 billion for NBET and ₦46.78 billion for MO) with an outstanding balance of ₦80.88 billion,” the commission said.

“This translates to a remittance performance of 79.76% in 2024/Q2 compared to the 96.93% recorded in 2024/Q1.”

On April 3, NERC approved an increase in electricity tariffs for customers under the Band A classification.

The commission noted that customers in this classification, who receive 20 hours of electricity supply daily, would pay N225 per kilowatt (kW) starting from April 3, up from N66.

As a result, NERC estimated that the approved tariff would reduce electricity subsidy for the 2024 fiscal year by around N1.14 trillion.

BIG STORY

BREAKING: Tinubu Suspends Emergency Rule In Rivers, Asks Fubara To Resume Tomorrow

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President Bola Tinubu has lifted the emergency rule imposed in Rivers State.

In a statement released on Wednesday, the president directed Siminalayi Fubara, the suspended governor, to return to office on Thursday, September 18.

Tinubu also instructed Ngozi Nma Odu, the deputy governor, along with members of the Rivers State House of Assembly, to resume their official responsibilities.

The state had been under emergency rule for the past six months.

More to come…

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BIG STORY

Elumelu Mourns Colleagues Who Died In Afriland Fire Incident, Cuts Short US Trip

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Chairman’s Speech

I am shattered by yesterday’s devastating incident at Afriland Towers that took the lives of our dear colleagues.

No words can capture the magnitude of this loss — not for their families who loved them, not for the friends who valued them, and not for those of us who worked beside them.

Yesterday was a stark reminder of what truly matters: our irreplaceable people, those who walk through our doors each day and share our mission.

I learnt of this on my way to the US, enroute to New York for UNGA. I have cut short my trip to return to Lagos as a mark of respect to our lost colleagues.

As we navigate this grief, I urge you all to reach out to those who are receiving care.

In the coming days, we will convene colleagues in a memorial to honour the memories of the departed, as we provide support to their families.

I also want to thank all those who supported in one way or the other, from emergency responders and first aid workers to members of the public who showed courage and compassion.

A minute’s silence will be observed today at12:00 noon, WAT, across all our group companies.

May this never happen again in our Group. May the souls of the departed rest in perfect peace.

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BIG STORY

Saudi Arabia Frees Three Nigerian Pilgrims Detained For Alleged Drug Trafficking After FG Intervention

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Three Nigerian pilgrims arrested in Saudi Arabia over alleged drug trafficking have been released following high-level intervention by Nigerian authorities.

The National Drug Law Enforcement Agency (NDLEA) confirmed their release at a press briefing on Wednesday.

Femi Babafemi, NDLEA’s Director of Media and Advocacy, said the freedom of the detainees came after engagements between the agency and Saudi authorities. He disclosed that the pilgrims — Mrs Maryam Hussain Abdullahi, Mrs Abdullahi Bahijja Aminu, and Mr Abdulhamid Saddieq — were held in Jeddah for four weeks before being cleared.

Babafemi advised passengers to ensure proper luggage tagging to avoid falling victim to drug trafficking syndicates that manipulate baggage handling systems.

In August, the NDLEA had arrested a suspected drug kingpin, Mohammed Abubakar, also known as Bello Karama, and five members of his syndicate, accused of planting narcotics in the luggage of unsuspecting pilgrims at the Malam Aminu Kano International Airport (MAKIA).

According to investigations, the syndicate — in collusion with staff of the Skyway Aviation Handling Company (SAHCOL) — secretly tagged six additional bags to the names of the pilgrims, three of which contained illicit substances.

While the suspects checked in the drug-laden luggage on Ethiopian Airlines flight ET940 from Kano to Jeddah via Addis Ababa, Karama himself travelled separately on Egypt Air. Other accomplices identified include Abdulbasit Adamu, Murtala Olalekan, Celestina Yayock, and Jazuli Kabir. NDLEA said evidence of payments linked to the scheme had been traced to them.

Babafemi noted that NDLEA Chairman, Brig Gen. Buba Marwa (rtd.), personally engaged officials of Saudi Arabia’s General Directorate of Narcotics Control (GDNC), armed with Nigeria’s investigation report and charges filed against the syndicate. The discussions, he said, were held at multiple levels, both in Nigeria and Saudi Arabia, in line with President Bola Tinubu’s directive that no Nigerian should suffer unjustly abroad.

“One of the pilgrims was freed on September 14, and the remaining two were released on September 15, 2025,” Babafemi said.

Marwa expressed gratitude to Saudi authorities for their cooperation, stressing that the release reflected the spirit of the Memorandum of Understanding (MoU) between NDLEA and the GDNC. He also commended President Tinubu for backing the efforts, alongside Attorney General Lateef Fagbemi, Foreign Affairs Minister Yusuf Tuggar, Aviation Minister Festus Keyamo, and National Security Adviser Nuhu Ribadu.

He said: “The biggest support came from President Tinubu, who is committed to ensuring that every Nigerian receives fair treatment globally. This case demonstrates that no Nigerian will be unjustly punished for crimes they know nothing about.”

The incident, however, reignited concerns about airport security in Nigeria, with authorities pledging stricter checks at Kano airport to curb similar criminal practices.

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