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FG Approves 75% Hike In Electricity Tariff From January 1 [ See All DisCos New Rates]

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The Nigerian Electricity Regulatory Commission has approved an increase in electricity tariff by the 11 Electricity Distribution Companies in the country.

The News Agency of Nigeria reports the directive of the new tariff regime for different DisCos and category of customers was published on NERC website on Saturday.

The directive was signed by the NERC Chairman, Prof. James Momoh, and Secretary, Dafe Akpedeye.

The commission said the order superseded the earlier one issued on the subject matter and the new tariff regime takes effect from January 1, 2020.

NERC noted that the order had taken into consideration other actual changes in relevant macroeconomic variables and available generation capacity as of October 31, 2019.

The commission said the order was in line with updating the Multi-Year Tariff Order operating 2015 Tariff Order for 2019 in line with the provisions of the amended MYTO Methodology.

It said: “Projections are made for the variables for the year 2020 and beyond based on the best available information.

“The commission, however, based adjustments in the tariff, on the relevant data obtained from the Central Bank of Nigeria (CBN) and National Bureau of Statistics (NBS) such as average monthly inflation rate of 11.3 percent, exchange rate of N309.97.”

According to the publication, for the Abuja Electricity Distribution Company, residential customers R3 that were paying N27.20 per unit are to now pay N47.09.

NERC said the customers are now to pay N19.89 more per unit.

The commercial customers C3 that paid N27.20 per unit in 2015, when the tariff was last adjusted and implemented, are now to pay N47.09 in 2020.

The commission said that for the Ikeja Electricity Distribution Company’s customers, the R3 category that was formerly paying N26.50 per unit is to pay N36.92 per unit now.

The customers are, therefore, to pay an additional N10.02 per unit.

The commercial customers C3 that paid N24.63 per unit in 2015 are to now pay N38.14 per unit.

The customers are to pay an additional N13.51 per unit.

The industrial customers of the IKEDC D3 that paid N25.82 per unit are now to pay N35.85 per unit.

The difference is now the additional 10.03 per unit.

NERC said that Enugu Electricity Distribution Company residential (R3) customers that were paying N27.11 per unit in 2015 are to now pay N48.12 per unit.

The customers are to pay an additional N21.01 per unit.

The commission directed that “all DisCos are obligated to settle their market invoices in full as adjusted and netted off by the applicable tariff shortfall.

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Nigeria Immigration Service Places Yahaya Bello On Watchlist As IGP Withdraws Officers Attached To Him [PHOTO]

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Yahaya Bello, the immediate former governor of Kogi State, was placed on a watchlist by the Nigerian Immigration Service (NIS) on Thursday. This occurred just hours after Bello was listed as wanted by the Economic and Financial Crimes Commission over allegations that he had laundered N80.2 billion in money.

The April 18, 2024, circular was signed by DS Umar, Assistant Comptroller of Immigration, on behalf of Comptroller-General Kemi Nandap.

The service provided information about the former governor, including his name, nationality, and passport number (B50083321). It further stated, “I am directed to inform you that the above-named person has been placed on the watch list.”

“Suffice to mention that the subject is being prosecuted before the Federal High Court Abuja for conspiracy, breach of trust, and money laundering vide letter Ref; CR; 3000/EFCC/LS/EGCS.1/ TE/Vide/1/279 dated April 18, 2024.

“If seen at any entry or exit point, he should be arrested and referred to the Director of Investigation or contact 08036226329/07039617304 for further action.”

Earlier, the EFCC declared Bello wanted, asking members of the public with useful information about the former governor’s whereabouts to contact any of the commission’s offices across the country.

The anti-graft commission had earlier stated that it would arraign the former governor before a Federal High Court sitting in Abuja on Thursday.

This came after the EFCC was granted a warrant of arrest by the Federal High Court in Abuja to apprehend Bello.

Bello, alongside three other suspects, Ali Bello, Dauda Suliman, and Abdulsalam Hudu, were to be arraigned before Justice Emeka Nwite on 19 counts related to money laundering.

But drama ensued when officers of the Nigeria Police Force foiled the EFCC’s attempt to arrest Bello at his Abuja residence on Wednesday.

A group of armed men, identified as “Special Forces,” along with officers from the Nigeria Police Force, intervened to prevent the EFCC operatives from apprehending him.

It was earlier reported that Usman Ododo, the incumbent governor of Kogi State, had interfered to prevent the arrest of his predecessor.

Ododo’s security team reportedly escorted Bello out of the location in the governor’s vehicle.

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BREAKING: EFCC Declares Yahaya Bello Wanted [PHOTO]

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Yahaya Bello, the former governor of Kogi state, has been declared wanted by the EFCC.

He reportedly evaded arrest yesterday when the commission visited his home to enforce arrest.

More to come…

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Hydrogen, CCHub Partner To Encourage Fintech Startup Success

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As the country faces economic challenges, the need for adaptive strategies in the fintech industry becomes paramount. In line with this, leading fintech startup Hydrogen Payment Services Limited (‘Hydrogen’) has teamed up with Co-creation Hub (‘CcHub’) to host an insightful event themed ‘Adapting Fintech Business Models to Economic Climates’.

The event is set to take place on Thursday, April 18, 2024, from 12:00 a.m. WAT at the CCHub office in Sabo, Lagos, will delve deep into the intricacies of Nigerian economic challenges and how these influence the fintech ecosystem. Participants will gain actionable insights on how to adapt fintech business models to volatile economic conditions by prioritising flexibility, agility, and customer-centricity.

This collaboration underscores the shared commitment of both entities to empower aspiring founders venturing into the fintech space amidst economic uncertainties. By leveraging their respective expertise and resources, Hydrogen and CcHub aim to equip
emerging entrepreneurs with the knowledge, tools, and support needed to thrive in today’s dynamic economic conditions.

Emeka Awagu, Chief Technology Officer at Hydrogen, commented on the strategic partnership with CcHUB: “Our alliance with CcHUB amplifies our shared commitment to pioneering transformative solutions in the Nigerian fintech sector. By leveraging Hydrogen’s technological expertise alongside CcHU’s innovative approach, we are primed to set a new standard for fintech excellence and drive impactful change across the industry.”

The event will feature a distinguished panel of industry experts and thought leaders. including Ina Alogwu, Group Director, Digital Transformation, ARM HoldCo; Emeka Awagu, Chief Technology Officer, Hydrogen; and Miracle Ezechi, Digital Marketing Manager, Hydrogen.

The panel discussion will be moderated to encourage an engaging and insightful conversation on the strategies and innovations required to thrive in the Nigerian fintech landscape amidst economic challenges.

Interested attendees are encouraged to register here and reserve a spot.

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