News

NERC Explains Which Customers Will Experience Electricity Tariff Price Increase

Published

9 months ago

April 4, 2024

The Nigerian Electricity Regulatory Commission (NERC) has clarified that the recently announced increase in electricity tariff by the government will not affect all Nigerians.

According to Musiliu Oseni, the Vice Chairman of NERC, only a specific category of customers will be impacted by the tariff hike.

Under the new arrangement, power distribution companies (DisCos) are permitted to raise electricity prices to N225 ($0.15) per kilowatt-hour from N68 for consumers enjoying up to 20 hours of daily power supply, categorized under Band A. This adjustment is effective from April 1, 2024.

Oseni emphasized that the tariff increase will not apply to customers in Bands B, C, and D, thereby excluding a significant portion of electricity consumers from the hike. He noted that approximately 15% of electricity consumers nationwide fall under the category affected by the price adjustment.

Furthermore, Oseni disclosed that some customers previously classified under Band A have been downgraded to Band B due to their failure to meet the required hours of electricity provision by the distribution companies. This measure aims to protect consumers and ensure accountability from the DisCos.

To enforce the commitment to providing 20 hours of power supply to affected areas, DisCos are mandated to establish rapid response teams and publish their contact information for accessibility. Failure to meet this commitment for seven consecutive days will result in the immediate downgrade of the feeder’s service level.

Additionally, if a DisCo fails to fulfill its commitment for two days, it must provide an explanation to affected consumers via bulk SMS and submit the explanation to the commission for review.

These enforcement mechanisms are intended to hold DisCos accountable and ensure transparency in service delivery, thereby safeguarding consumers’ interests amidst the tariff adjustment.

News

2.1 tons cocaine seizure: 4 drug barons get 28yrs in jail, forfeit VGC houses, N67m, $50,000+Photos

Published

17 minutes ago

December 26, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

. Their conviction and forfeiture of their assets a historical blow to illicit drug trade, says Marwa

Four drug kingpins arrested in connection with the historic seizure of 2,139.55 kilograms of cocaine at an Ikorodu residential estate in 2022 have been convicted by a Federal High Court, Lagos, presided over by Justice Yellim Bogoro who sentenced them to various jail terms totaling twenty-eight (28) years with hard labour.

The convicts: Soji Jubril Oke, 71; Wasiu Akinade, 55; Emmanuel Arinze Chukwu, 67; and Kelvin Christopher Smith, 44, a Jamaican, were charged with six counts in charge number: FHC/L/607C/2022 in October and December 2022, while the trial of the fifth suspect, Oguntolure Sunday arraigned along with them is still ongoing in court. The charges border on conspiracy to form and operate a drug trafficking organization (DTO); management and financing of a DTO; importation and possession of 2,139.55 kilograms of cocaine, among others.

Operatives of a special operations unit of NDLEA had in a well-coordinated and intelligence-led operation on Sunday 18th September, 2022 raided a house located at 6 Olukuola crescent, Solebo estate, Ikorodu, Lagos where the over 2.1 tons of cocaine were seized, the largest singular cocaine seizure in the history of Nigeria’s anti-narcotic operations. The drug kingpins were picked from hotels and their hideouts in different parts of Lagos between the night of Sunday 18th and Monday 19th September, 2022.

After over two years of diligent prosecution, the trial judge handed the Jamaican, Kelvin Christopher Smith four years imprisonment with hard labour; Emmanuel Arinze Chukwu got a total of 16 years; Soji Jubril Oke got five years with hard labour and Wasiu Akinade three years with hard labour. The trial judge however gave the convicts varying options of fine with the exception of one of them who will serve his full jail term without an option of fine.

They were also to forfeit a grey colour Toyota Tacoma SUV marked AAA-734HT registered in the name of Emmanuel Chukwu; $50,000:00 USD (Fifty Thousand US Dollars) belonging to Chukwu; N55,099,509.50 (Fifty-Five Million, Ninety-Nine Thousand, Five Hundred and Nine Naira, Fifty Kobo only) also belonging to Chukwu; the sum of N9,003,168.06 (Nine Million Three Thousand, One Hundred and Sixty Eight Naira Six Kobo only) belonging to Wasiu Akinade and N3,052,295.20 (Three Million, Fifty Two Thousand, Two Hundred and Ninety Five Naira Twenty Kobo only), also belonging to Akinade.

The Agency also in another suit marked FHC/L/MISC/672/2024 and filed before Justice Bogoro on 9th December 2024 after an initial interim forfeiture order, secured the final forfeiture of two houses linked to members of the drug cartel.

According to the trial court: “That an Order of final forfeiture and confiscation is granted in favour of the Federal
Government of Nigeria, Landed Property/House Number 6 Olokunola Street,
Sholebo Estate, Ikorodu Lagos, Lagos State, as contained in Exhibit NDLEA 2A, 2B,
and 2C attached to this application used for the storage and concealment of 2,139.55kg (More Than Two Tons) Cocaine, an illicit substance similar to Heroin and LSD.

“That an Order of final forfeiture and confiscation is granted in favour of the Federal Government of Nigeria, Landed Property/House Number J9, Road 3, Close 1,
Victoria Garden City (VGC) Estate, Lagos, Lagos State, as contained in Exhibit NDLEA 3
attached to this application reasonably believed to be bought with proceeds derived
from trafficking in illicit drug substances (proceeds of crime) as in relief 1 of this Motion.

“That an Order is granted directing the sale or disposal by any other means provided by law of the forfeited House/Landed Property by the Applicant and the payment of the proceeds
therefrom to the Federal Government of Nigeria.”

While commending all the officers and men of the Agency involved in the extensive investigation and prosecution of members of the drug cartel, Chairman/Chief Executive of NDLEA, Brig. Gen. Mohamed Buba Marwa (Rtd) said the case is a historical blow to the drug cartels and a strong warning that they’ll not only go to jail but will equally lose all their investments in illicit drug consignments including all the properties and wealth acquired through the criminal trade.

News

Arewa Christians Association Salutes Nigerians At Christmas

Published

3 hours ago

December 26, 2024

Gloria Ikibah

…urge President Tinubu, governors to be more humane in their policies

By Gloria Ikibah

The Arewa Christians and Indigenous Pastors Association (ACIPA) has congratulated Nigerians as they mark the birth of Jesus Christ, Saviour of the world.

In a statement by ACIPA Chairman, Rev. (Dr) Luke Shehu, on Wednesday, he urged President Bola Tinubu and state governors to be more compassionate and humane in their policies, decisions and utterances.

The statement reads: “Ours is a faith beyond hope or religion. A faith for fulfilled individual and corporate destiny fulfillment. Therefore, with the audacity of our faith we wish ALL a Merry Christmas and prosperous New year.

“As we celebrate Christmas and mark the New year with an audacious faith working to make Nigeria greater, we call on Mr. President, Bola Ahmed Tinubu and our governors to be more compassionate and humane in their policies, decisions and utterance.

“ACIPA is aware that the removal of subsidy was a necessity that was long overdue in view of the corruption surrounding the oil industry in Nigeria.

“While appreciating the President, that for the first time in years, Nigerians have not experienced the hardships associated to petroleum scarcity associated to Christmas and the Muslim Sallah celebrations. We therefore commend the President and call on him to sustain the tempo while maintaining the momentum at the war against corruption and total annihilation of terrorist so that our soldiers can go back to their barracks.

“As we journey in the path to fulfillment of our destiny, we wish to draw attention of Mr President and all governors as captains of the ship to be aware of many Jonahs that may lead to the capsizing of the nation or states ship. If the Jonahs’ in our ship(s) can not recuse themselves or asked to be thrown out, then certainly the captains, crew and passengers need to take a lot and throw the Jonahs out.

“In the years ahead as we journey along our path to destiny as a great nation on earth, we can not afford backlog of liabilities who are often political croonies in governance as a result of personal allegiances or family ties. This is unacceptable especially where such croonies are counter productive or a cog in the the wheel of our nation and states. Leadership requires courage and audacious pragmatism.

“Once more, ACIPA wishes ALL Nigerians a secured, blessed Merry Christmas and a prosperous New year”, he added.

News

Access Bank Becomes First to Meet CBN’s Minimum Capital Requirement with N351bn Rights Issue

Published

3 hours ago

December 26, 2024

Gloria Ikibah

By Gloria Ikibah

Access Holdings Plc has announced the successful completion of its Rights Issue, raising N351,009,103,017.25 through the issuance of 17,772,612,811 ordinary shares at N19.75 per share.

This achievement follows full regulatory approvals from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

With this milestone, Access Bank Plc, the flagship subsidiary of Access Holdings, is the first bank to meet the CBN’s N500 billion minimum capital requirement for banks with international authorisation, well ahead of the March 2026 deadline. The bank’s share capital now stands at N600 billion, exceeding the regulatory threshold by N100 billion.

This marks a significant achievement as Access Holdings is the first CBN-licensed financial holding company to execute a fully digital Rights Issue. The process utilised the Nigerian Exchange Group’s E-offer platform to provide shareholders with a seamless and efficient subscription experience, enhancing accessibility and participation.

Speaker on the development, the Holding Company’s Chairman, Aigboje Aig-Imoukhuede, highlighted the innovation and leadership demonstrated by the institution. Further details from the statement emphasize the bank’s commitment to leveraging technology to drive growth and improve shareholder value.

He said: “The Access brand has always resonated strongly with local and international capital markets. Since 2004, Access Bank has raised billions of dollars in capital to meet successive CBN recapitaliation directives. We are pleased that this time, we are the first to cross the finish line.

“The success of the Rights Issue demonstrates the resilience of Nigeria’s capital market and reinforces our shareholders’ confidence in the present value and potential of our company.

“We deeply acknowledge the invaluable and strong support of the Central Bank of Nigeria and the Securities and Exchange Commission, who both played crucial roles in ensuring the integrity and efficacy of our Rights Issue exercise.

“We are also grateful to our valued shareholders, whose loyalty to the Access brand and vision for over 22 years has been most inspiring and unwavering. As we enter the new year, we are well-positioned to leverage our enhanced capital base to deliver sustainable value for our stakeholders.”

Access Holdings Plc operates through a network of more than 700 branches and service outlets, spanning three continents, 23 countries, and over 60 million customers.

The company serves its markets through four subsidiaries in banking, payment, pension administration, and insurance sectors: Access Bank Plc, Hydrogen Payment Services Company Limited, Access Pensions Limited, and Access Insurance Brokers Limited.

Access Bank Plc serves its markets through three business segments—Corporate and Investment, Commercial, and Retail—and has enjoyed Africa’s most successful banking growth trajectory in the last 22 years.

Following its merger with Diamond Bank in March 2019, Access Bank Plc became one of Africa’s largest retail banks by customer base and Nigeria’s largest bank by total assets.