AEDC shakes up leadership team, names Chijoke Okwuokenye acting MD/CEO

Business a.m. The Abuja Electricity Distribution Company (AEDC) has announced the appointment of Chijioke Okwuokenye as the acting managing director, with immediate effect.  The company, in a statement signed by Adefisayo Akinsanya, the head of marketing and corporate communications, AEDC, stated that the appointment, which is part of the transformation agenda of the company, will […]

Minimum wage:NLC, TUC tug Nigeria’s economic crisis edge with nationwide strike 

ONOME AMUGE IN LAGOS, NIGERIA With a resolute commitment to achieving the goal of a substantial minimum wage for Nigeria’s working populace, the organised labour movement, consisting of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), have initiated a nationwide strike action that has already begun to reverberate throughout the Nigerian economy. […]

Nigeria secures $500m World Bank loan to fund DisCos

Commodity prices to fall in 2023 amid slow global growth,says World Bank

Business a.m. The federal government has secured a $500 million loan from the World Bank to finance the country’s electricity Distribution Companies (DisCos). The Bureau of Public Enterprises (BPE), which announced the development in a statement issued recently  in Abuja, stated that the loan would help alleviate financing gaps in the distribution segment, which has […]

Wärtsilä of Finland runs 400+MW plants for Nigerian cement industry 

  Gets new 50MW deal with Mangal in  Kogi Ben Eguzozie Technology group Wärtsilä, which is listed on NASDAQ Helsinki, has signed a 10-year operations and maintenance (O&M) agreement for a captive power plant providing the energy for the Nigerian cement producing facility located in Kogi State. The new cement plant is owned by Mangal […]

Nigerians muster robust outcries against new electricity tariff hike

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

NERC highlights conditions for purchasing transformers, meters, other assets

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 […]

Transcorp Power’s FY 2023 gross earnings up 57.30% to N142bn

Business a.m. Transcorp Power Plc, one of the power subsidiaries of Nigeria’s leading listed conglomerate Transnational Corporation Plc, recorded gross earnings of N142.1 billion for the full year 2023, indicating a significant increase of 57.30 per cent compared to the same period in 2022, when the company reported gross earnings of N90.34 billion. Transcorp Power’s […]