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NANS vows showdown with varsities over planned N80,000 electricity bill
The National Association of Nigerian Students has opposed the proposed electricity tariff of N80,000 per student by the Committee of Vice-Chancellors of Nigerian Universities.
The proposed hike is seen as a response to the surging costs of electricity in the country, which universities claim they can no longer afford to cover without passing the burden onto students.
Recall that Secretary-General of the CVCNU, Professor Yakubu Ochefu, recently revealed that university students might be required to pay as much as N80,000 each to help manage the escalating electricity costs.
Ochefu noted that each universities which was previously charged N61m monthly, was now paying above N200m due to the introduction of the Band A system and the subsequent hike in electricity tariffs.
In April 2024, the Nigerian Electricity Regulatory Commission raised the electricity tariff for Band A customers from N68/KWh to N225/KWh, marking a staggering 300 per cent increase.
Band A customers are those who receive electricity for at least 20 hours per day.
Reacting to this development, NANS National President, Lucky Emonefe, in an interview with Saturday PUNCH, opposed the idea of transferring the electricity costs to students.
“It is not possible. Nigerian students cannot pay such exorbitant fees. While we understand there has been hike in electricity tariffs, the burden cannot be put on the students,” Emonefe stated.
He emphasised that NANS’ commitment to resisting any attempt to increase electricity tariffs for students across the institutions.
He said, “The electricity tariff hike is one of the issues we are engaging the government on. It is not the fault of the Vice Chancellors, but we agree that the government should remove our institutions from Band A and place them in Band B. No Nigerian student will pay that N80,000; we will reject it.”
The Academic Staff Union of Universities also weighed in on the issue, calling for increased government funding for universities.
ASUU National President, Prof. Emmanuel Osodeke, stressed that improved funding would enable universities to operate independently and potentially generate their power.
He further elaborated on the need for universities to receive adequate funding to explore self-sufficient energy solutions.
He said, “There are several issues wrong with the system. The funding is poor, and given the current environment, there is no way students can handle such a bill.
“There is no justification for this electricity hike in universities. You cannot charge them at a different rate. By right, everybody should be getting equal electricity, whether you are in Band A or Band B.
“If you fund the universities very well, every university can generate its electricity. If the universities are challenged to do that, we will. But now, universities cannot award contracts without going through the ministries.
“It is so sad because the universities are not allowed to operate on their own. If they are, they can do the necessary research to generate electricity on their own.”
On the other hand, the Association of Nigerian Electricity Distributors has advised universities to adapt to the current realities of increased electricity costs.
The Executive Director of Research & Advocacy at Discos, Sunday Oduntan, stated that reversing the tariff increase was not feasible.
“That is the reality of our time. If the businesses apply it, it is fixed by the regulator and not by the discos using realistic economic realities. If they say we should not consider the cost of production, that means all the businesses will fold up, and there will not be light,” Oduntan explained.
Nigeria’s Super Eagles on Thursday failed to beat Benin Republic in their 2025 Africa Cup of Nations, AFCON, qualifier as two West African neighbours settled for a 1-1 draw in Abidjan
With the results, Nigeria officially qualified for the TotalEnergies CAF AFCON, securing a top-two finish in Group D,
Benin opened the scoring in the 16th minute when Mohamed Tijani capitalized on a corner delivery from Junior Olaïtan, heading the ball into the center of the net.
The Super Eagles found themselves trailing despite creating opportunities, with Victor Osimhen and Moses Simon both testing Benin’s defence.
In the second half, Nigeria intensified their attack and were rewarded in the 81st minute when Osimhen met Simon’s cross with a precise header to level the score.
Benin fought hard to reclaim the lead, but Nigeria’s defence held firm, preserving the draw.
Nigeria’s qualification for TotalEnergies CAF AFCON marks a relief for fans and sets the stage for their preparations for the tournament. Benin, meanwhile, remains in contention but will need positive results in their final game to have any chance of progressing.
The Minister of the Federal Capital Territory, Nyesom Wike, has suspended, with immediate effect, the Executive Secretary of the Federal Capital Development Agency, Shehu Hadi Ahmad, indefinitely.
This was made known in a statement by the Senior Special Adviser to the Minister of Public Communication and Social Media, Olalere Olayinka, on Thursday.
Circumstances leading to or surrounding the suspension of the secretary were, however, undisclosed as of the time of filing this report.
According to the statement, the suspended Executive Secretary has been consequently directed to hand over to the Director of Engineering Services in the FCDA.
United Bank for Africa Plc has issued 6,839,884,274 ordinary shares of 50 kobo each at N35 per share in a rights issue to raise N239.4bn in a bid to meet the fresh capital requirements of the Central Bank of Nigeria.
The rights issue which opened on Friday (today) allows existing shareholders to purchase one new ordinary share for every five existing ordinary shares held by shareholders as of November 05, 2024.
In late March, the CBN announced an upward review of the minimum capital requirement for banks in the country.
In a letter to the shareholders informing them of the rights issue, the Group Chairman of United Bank for Africa, Tony Elumelu, noted that following the resolution of the Group’s shareholders at the Annual General Meeting held in May 2024, authorising the establishment of the N400bn Equity Shelf Programme, UBA will embark on a Rights Issue, as the first step in its broader capital raising programme.
“UBA’s Rights Issue aims to raise N239.4bn, through the issuance of new ordinary shares to our shareholders. The primary objective of this rights Issue is to further strengthen our capacity to take advantage of growth opportunities and sustain our leadership in the banking industry,” Elumelu said in the letter.
On the use of proceeds, Elumelu noted that, beyond regulatory compliance, the funds will expand the Group’s lending capacity, invest in digital infrastructure, support sustainable business practices, and expand the group’s African operations.
Elumelu also highlighted how UBA is driving economic growth across Africa, saying “Our historic partnership with the Africa Continental Free Trade Area Secretariat, where UBA pledged up to $6bn in financing over the next three years to support eligible SMEs across Africa underscores our commitment to fostering economic development.”
It was revealed that application for the provisional allotment of the Rights to the new ordinary Shares will be made exclusively through the NGX e-offer portal, during the offer period, while existing shareholders may also apply for additional shares above their provisional allotment as described in the Provisional Allotment Letter. Shareholders who are customers of the Bank are also encouraged to access their Rights through UBA’s internet banking and mobile banking channels.
At the end of the third quarter, the gross earnings of UBA appreciated by 83.2 per cent year-on-year to N2.39tn from N1.31tn in the same period of 2023. Its profit before tax went up by 20.2 per cent to N603.48bn from N502.09bn in Q3 2023, while profit after tax also rose by 16.9 per cent to N525.31bn from N449.26bn recorded a year earlier.
The lender’s total assets rose to N31.80tn, representing a 54.0 per cent increase over the N20.65tn recorded at the end of December 2023.
In the 2023/2024 report year, UBA won ‘Bank of the Year’ awards in eight of its subsidiaries – Cameroon, Chad, Ghana, Cote d’Ivoire, Mozambique, Republic of Congo; Sierra Leone; Tanzania, as well as the Regional Award for Africa and in 2024 has won World Best Frontier Markets Bank and Best SME Bank Africa.
UBA Plc offers banking services to more than 45 million customers, across 1,000 business offices and customer touch points in 20 African countries.
AFCONQ 2025: Nigeria’s Super Eagles fail to beat Benin Republic in Abidjan
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UBA to raise N239bn via rights issue
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