Spiro’s electric mobility expansion rides into Ogun State
Post AMUGE
August 2, 2024
Business a.m. Spiro, Africa’s largest electric vehicle (EV) player has officially launched its operations in Ogun State, marking a pivotal moment in the electric mobility landscape of the continent’s largest economy. In an ambitious drive to electrify the nation’s transportation ecosystem, Spiro has set its sights on extending its operations across up to eight of […]
NERC strips NBET of middleman role in DisCo-GenCo transactions
Post AMUGEJuly 29, 2024
Onome Amuge In a recent move to shake up Nigeria’s electricity market, the Nigerian Electricity Regulatory Commission (NERC) said it has eliminated the role of the Nigerian Bulk Electricity Trading Plc (NBET) as a middleman between power generators (GenCos) and power distributors (DisCos). The NERC, in the newly released order on “Transition of Bilateral Trading […]
DisCos net N291bn, 79.11% billing efficiency amid 673 megawatts loss in Q1’24
Post AMUGEJuly 24, 2024
Business a.m. Nigerian Electricity Distribution Companies (DisCos) surpassed their revenue collection targets in the first quarter of 2024, generating N291.62 billion in revenue out of a total of N368.65 billion billed to customers. According to a recent report by the Nigerian Electricity Regulatory Commission (NERC), this translates to a collection efficiency of 79.11 percent, reflecting […]
eTranzact brings convenience to Northern Nigeria with Powercode expansion
Post AMUGEJuly 4, 2024
Business a.m. eTranzact Plc, a leading e-payment gateway company, has launched its utility bill payment service in the northern region of Nigeria, bringing convenience and efficiency to the electricity bill payment process in Jos, Bauchi, and Kaduna. Through the Powercode service, residents in these regions can now effortlessly top up their electricity bills by simply […]
Nigeria votes N21bn for free electricity metres to citizens
Post AMUGEJune 24, 2024
Business a.m. Nigeria’s central government in Abuja, the country’s political capital, has taken a significant step in addressing the country’s long-standing electricity metering issues by allocating N21 billion for the Presidential Metering Initiative. The initiative aims to bridge the nation’s vast metering gap by providing electricity metres at no cost to unmetered power users across […]
World Bank, AfDB strike partnership to boost electricity access for 300 million Africans
Post AMUGEApril 19, 2024
Business a.m. The World Bank and the African Development Bank (AfDB) have joined forces in an initiative to combat Africa’s energy poverty crisis by increasing access to electricity across the continent. The landmark partnership aims to empower at least 300 million people with reliable and affordable power supply by 2030, improving living standards and boosting […]
Nigerians muster robust outcries against new electricity tariff hike
Post AMUGEApril 9, 2024
ONOME AMUGE As the Naira continues to gain ground in the parallel market, it would be easy to assume that things are getting better for Nigerians. However, this is far from the reality for many who are still grappling with the effects of rising inflation and a weakened economy. The latest news to hit the […]
NERC says new electricity tariff will cut 2024 subsidies by N1.14trn
Post AMUGEApril 4, 2024
Business a.m. The Nigerian Electricity Regulatory Commission (NERC) has announced that the newly approved electricity tariffs for 2024, particularly the 245 per cent increase in tariffs for Band A customers, are expected to result in a reduction of subsidies by approximately N1.14 trillion. Musliu Oseni, the vice chairman of the NERC, who announced the increase […]
NERC ups tariffs to N225/KWh for Band A electricity consumers
Post AMUGEApril 3, 2024
Business a.m. The Nigerian Electricity Regulatory Commission (NERC), with the backing of the federal government, has approved a 245 per cent increase in electricity tariffs for Band A customers. Under the new policy, customers in this category will now pay N225 per kilowatt hour, a significant increase from the previous rate of N66. Musliu Oseni, […]
Geregu Power closes N40.1bn corporate bond issuance, Nigeria’s largest by a GenCo
Habeeb AdamuJuly 29, 2022
By Habeeb Adamu. Geregu Power Plc, a power company primarily engaged in the generation and sale of electric power in Nigeria, has announced its successful issuance of a N40.085 billion Senior Unsecured Bonds under its N100 billion multi-instrument issuance programme. The transaction, which represents Geregu’s debut bond issuance in the debt market, is the largest […]