Four electricity distribution companies have announced a price hike for their premium customers in the Band A category, increasing the tariff from N206.80 to N209.50 per kilowatt-hour (kWh).

The DisCos, in separate statements on Wednesday, said the increase took effect from July 1 and applies to prepaid and postpaid customers.

Kaduna DisCo, in a notice posted on X, assured its customers on Band A feeders of continued availability of 20-24 hours supply daily as stipulated in the service-based tariff regime.

The firm also said Bands B, C, D, and E tariff remains unchanged.

Similarly, the Port Harcourt DisCo said the guaranteed availability of a minimum of 20 hours per day still stands, adding that tariff for Bands B, C, D, and E remains unchanged.

“While tariffs for Bands B, C, D, and E remain unchanged, we remain steadfast in our drive to serve all our customers efficiently,” the Kano Electricity Distribution Company (KEDCO) Plc said.

Speaking on the rationale for the hike, Ikeja Electric said the increase aligns with the service-based tariff regime.

“Kindly note the review in tariff of Band “A” feeders from N206.80/kWh to N209.5/kWh effective 1st July 2024 in line with the service-based tariff regime,” the statement reads.

“The tariff for Bands B, C, D and E remains unchanged.”

The Ikeja DisCo said the development will further sustain the improved service delivery currently being experienced across all feeder bands within its network.

On May 6, DisCos announced a reduction in the tariff of customers under the Band A classification to N206.80 per kilowatt-hour (kwh).

The slash came over a month after the Nigerian Electricity Regulatory Commission (NERC) approved an increase in electricity tariff for customers under Band A to N225 per kwh — from N66 — on April 3.

Customers under this classification receive 20 hours of electricity supply daily.

• Introduces ‘PHYGITAL’ – a cutting edge technology to Increase Customer Experience

NOVA Bank, formerly known as NOVA Merchant Bank, has officially commenced operations as a National Commercial Bank, as the bank opened its first commercial banking branch at 18, Kofo Abayomi Street, Victoria Island.

This follows the Central Bank of Nigeria’s (CBN) approval of the final license for the Bank to commence operations as a National Commercial Bank.

Apart from the newly opened branch in VI, the Bank announced that additional branches in Lagos, Abuja, Port Harcourt, and Kano, will follow shortly.

Speaking on the commencement of its commercial banking operations, Chairman and Founder of NOVA Bank, Mr. Phillips Oduoza, emphasised the Bank’s unwavering commitment to customer focus and delivering exceptional service.

He also seized the opportunity to introduce the innovative “PHYGITAL” model, which according to him, is a trademark of NOVA.

He said, “We are pleased to continue our tradition of excellence established as a merchant bank and further extend the banking experience to the retail end of the market. As we expand our services, we remain dedicated to delivering an unparalleled banking experience that seamlessly integrates the physical and digital realms.

“Our trademarked PHYGITAL experience combines a select number of strategically located physical branches with high-tech, seamless digital banking capabilities, ensuring that our customers receive the best of both worlds. This approach allows us to provide personalised, in-person service where it is most needed, while also offering the convenience and efficiency of cutting-edge digital solutions.”

The Managing Director/CEO of NOVA Bank, Wale Oyedeji, said, “For over half a decade, NOVA has been instrumental to the success of leading corporates and high-net-worth individuals, delivering tailored solutions to meet the unique needs of their businesses. As we evolve to serve a broader customer base, we remain committed to delivering innovative services, building on our legacy as a leading Merchant Bank.

“Through disruptive seamless digital products and services, we are poised to deepen financial inclusion, provide convenient and secure banking solutions, and elevate the SME market as a key economic driver”.

The Bank’s Group Head, Retail and Digital Banking, Mrs. Esther Adino, highlighted the innovative financial solutions that NOVA Bank offers, adding, “At NOVA Bank, we provide a comprehensive suite of banking services tailored to meet the diverse needs of individuals, SMEs, and large corporations. Our card solutions ensure convenience and security for everyday transactions. Our state-of-the-art mobile app empowers customers to manage their accounts, transfer funds, pay bills, and do much more, all from the convenience of their mobile devices. Additionally, we offer quick and efficient POS solutions that facilitate seamless transactions for SMEs and large businesses, along with flexible account options designed to cater to the varied financial needs of our customers.”

Since its inception in 2018, NOVA Bank has firmly established its presence in Nigeria’s banking landscape and beyond. Despite its relatively young presence in the industry, spanning just over five years, NOVA has consistently surpassed market expectations, posting profits and strengthening its position as an investment grade leading financial institution both domestically and globally.

The issuance of the national commercial banking license underscores CBN’s confidence in the strength of the Bank and, reflecting its robust financial health, good governance, and commitment to excellence.

Lagos State Government on Wednesday called for calm from residents over the flash flood which the incessant rainfalls experienced throughout the state since the early hours of the day had caused.

In a statement signed by the State Commissioner for the Environment and Water Resources Tokunbo Wahab, he explained that Lagos has experienced about 9 hours of non stop rainfall since the early hours of today.

He added that this is coupled with heavy rainfall which the state has been experienced on a daily basis since last week resulting in the level rise of the Lagos lagoon.

Wahab explained that the flash floods which inundated areas like Iyana Oworo linking the Third Mainland and several other areas will recede once the rains abate and the level of the lagoon goes down.

The Commissioner added that the State has also deployed officials of the Emergency Flood Abatement Gang to major black spots including Iyana Oworo which has been cleared of all blockages.

He urged all those in low lying areas to as a matter of necessity relocate to higher grounds at this period to safeguard lives and properties.

He also urged residents to desist from wading through floods with their vehicles as it takes only a feet of flowing water with high tide to sweep away a vehicle irrespective of the number of occupants.

The Commissioner also urged all residents to avail themselves of daily weather reports as issued by the State Ministry of the Environment and Water Resources as it serves as a guide to daily itinerary.

He reminded that Lagos is a coastal city with almost one third of its landmass under water, as such necessitating a genuine reason for every resident to be more responsive to the state of the environment.

He reiterated that the State Government on its part has embarked upon a year long maintenance and cleaning of all its secondary and primary collectors to be able to contain runoffs that may come from heavy rainfalls.

He added that residents on their parts are expected to regularly clean and maintain the tertiary drains in front of their tenements and refrain from dumping refuse in the drains for the collective good of everyone .