NERC fines Abuja DisCo ₦200m for tariff order violation The Nigerian Electricity Regulatory Commission (NERC) has slammed Abuja Electricity Distribution Plc (AEDC) with a fine of ₦200 million for failing to adhere to its tariff guidelines, creating a stir among consumers and industry stakeholders alike. The fine comes in[Read More…]
NERC says new tariff will reduce electricity subsidy by N1.14 Following the approval of new increased electricity tariff on Wednesday, the Nigerian Electricity Regulatory Commission (NERC) has said it is expected to reduce subsidy for the 2024 fiscal year by about N1.14 trillion. In a statement on Wednesday,[Read More…]
Diesel price drops as Dangote sells N1,225/litre, supplies petrol May The pump price of Automotive Gas Oil, popularly called diesel, has dropped from about N1,700/litre which it sold for a few weeks ago, to around N1,350/litre in some locations across the country following the sale of the commodity by[Read More…]
Access Bank to boost financial inclusion with offline platform Access Bank Plc has unveiled an offline banking platform, 901.ng to provide customers with an additional channel to carry out their transactions and boost financial inclusion in the country, Punch reports. Financial inclusion in Nigeria has increased to 74 per cent[Read More…]
FG increases electricity tariff by more than 300% The Nigerian Electricity Regulatory Commission (NERC) has approved the increase of electricity tariff for customers under the Band A classification. At a press briefing in Abuja on Wednesday, NERC’s Vice Chairman, Musliu Oseni, said the increase will see customers pay N225 kilowatt[Read More…]
FG approves 300% hike in electricity tariff The federal government is set to increase energy rates by 300 per cent to reduce government spending since it can no longer afford the huge amount it pays to subsidise electricity yearly. According to a report by Bloomberg on Tuesday, electricity companies[Read More…]
Naira appreciates to N1,250/$ at parallel market The naira, on Monday, appreciated to N1,250 per dollar at the parallel section of the foreign exchange (FX) market. The FX rate is a 0.43 percent increase from the N1,280 recorded on March 29. Currency traders in Lagos, also known as bureau[Read More…]
CPPE back CBN’S Recapitalisation move The Centre for the Promotion of Private Enterprise (CPPE) has said banks’ recapitalisation would ensure the safety of depositors’ funds. Muda Yusuf, chief executive officer (CEO) of CPPE, made this known in a statement on Monday. The apex bank, on March 29, increased the minimum[Read More…]
Banks are in good stead to meet CBN’s recapitalisation target – ACAMB The Association of Corporate & Marketing Communication Professionals of Banks (ACAMB) has assured the banking public that banks in the country have the wherewithal to meet the Central Bank of Nigeria (CBN) recent directives on recapilitalisation[Read More…]
TotalEnergies promises sustainable energy As TotalEnergies clocked 100 years, the company has promised to continue to adjust and adapt to be part of the story of energy for another 100 years. On March 28, 1924, Compagnie Française des Pétroles was founded in France, a country without any[Read More…]
