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Global financial institutions lost $12bn to cyberattacks – IMF

AFOLABI

The International Monetary Fund, IMF, has revealed that financial institutions worldwide lost $12 billion to cyberattacks in the last 20 years.

IMF disclosed this in its recent April 2024 Global Financial Stability Report.

The report stated that out of the $12 billion, a whopping $2.5 billion was lost between 2020 and the first quarter of 2024.

Accordingly, the IMF raised concern over the rising incidents of cyberattacks on financial institutions globally, which may affect confidence in the economic system and destabilize economies.

“Financial firms have reported significant direct losses, totalling almost $12 billion since 2004 and $2.5 billion since 2020,” the IMF stated.

“Attacks on financial firms account for nearly one-fifth of the total, of which banks are the most exposed. Incidents in the financial sector could threaten financial and economic stability if they erode confidence in the financial system, disrupt critical services, or cause spillovers to other institutions.

“Cyber incidents that disrupt critical services like payment networks could also severely affect economic activity.

“For example, a December attack at the Central Bank of Lesotho disrupted the national payment system, preventing transactions by domestic banks,” IMF stated.

“Financial institutions in advanced economies, particularly in the United States, have been more exposed to cyber incidents than firms in emerging markets and developing economies,” it added.

Citing JPMorgan Chase as an example, the IMF said the largest US bank recently reported experiencing 45 billion cyber events daily, while spending $15 billion on technology every year and employing 62,000 technologists – many focused on cybersecurity.

IMF added that cyber incidents are a key operational risk that could threaten financial institutions’ operational resilience and adversely affect overall macro-financial stability.

ADC, others to form new party ahead of 2027 elections

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The Africa Democratic Congress is planning a merger with other political parties in the country with a view to creating a formidable front to dislodge the ruling All Progressives Congress, APC, from power in 2027.

The National Chairman of the ADC, Chief Ralphs Nwosu, made the disclosure at a press conference in Abuja on Wednesday.

Nwosu said the APC had failed Nigerians and rated the government low on all fronts.

He added that the opposition would not sit idle and watch the downward spiral of the nation.

“The state of the nation is nothing to talk about. It is saddening and arouses morbid fear.

“Therefore, instead of wasting our time engaging in futile debates with those in government, we should continue to strategise on ways to develop a new political system and come together to create a collaborative, value-driven ecosystem that prioritises our people and country.

“We certainly need a new beginning. Pointing fingers of recrimination is not what transformational leaders do,” he said, adding that 22 political parties had joined hands with the ADC to build a new mega party.

“We have resolved to work with all political leaders that appreciate the need for coming together for a new Nigeria.

We discriminate against none; our commitment is a new Nigeria that will lead our dear continent out of its present abyss,” he said.

He pointed out that the APC, which dislodged the Peoples Democratic Party, PDP, from power in 2015, is a product of a merger of opposition forces.

Following the notable impact of major opposition parties like the Peoples Democratic Party, Labour Party, and the New Nigeria People’s Party in the last election, observers contend that a united opposition before the election could have ousted the APC.

Consequently, Prof. Pat Utomi, and more recently, the ADC, had contemplated the formation of a mega party to dislodge the APC in 2027.

Reduction of diesel price to N1,200 will lower Nigeria’s inflation rate – Dangote

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The Chairman of Dangote Group, Alhaji Aliko Dangote, has said that the significant cut in the diesel price to N1,200 will have a positive effect on inflation in Nigeria.

He disclosed this during a Wednesday briefing with journalists following his homage visit to President Bola Tinubu for Eid-el-Fitr in Lagos.

According to Dangote, there has been considerable economic progress recently, indicating that the country is on the right path.

Dangote stated that his refinery is offering diesel at N1,200, below the market rate of N1,650, and he believes this will contribute to lowering inflation in the country.

“I believe that we are on the right track. I believe Nigerians have been patient and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about N1,900.
“But right now, we’re back to almost N1,250, N1,300, which is a good reprieve. Quite a lot of commodities went up. When you go to the market, for example, something that we produce locally like flour, people will charge you more. Why? Because they’re paying very high diesel prices.
“Now, in our refinery, we started selling diesel at about N1,200 instead of N1,650 and I’m sure as we go along, things will continue to improve quite a lot.
“If you look at it now, when you are buying N1,650 or N1,700 for a litre of diesel, and that one has been cut off by almost two-thirds, you are now paying N1,200 for diesel.
“This can help to bring inflation down immediately. And I’m sure when the inflation figures are out for the next month, you’ll see that there’s quite a lot of improvement in the inflation rate,” Dangote said.

What you should know

Nigeria’s inflation rate currently remains very high, standing at 31.70 as of February 2024, according to the National Bureau of Statistics (NBS).

The inflation was driven mainly by rising food prices and the removal of petrol subsidy by President Bola Tinubu in May 2023.

In response, the Central Bank of Nigeria (CBN) has rolled out multiple monetary measures to reduce inflationary pressure in the country, including raising the Monetary Policy Rate (MPR) – the benchmark interest rate – to 24.75%, the highest in decades.

Nairametrics reported that the newly launched Dangote refinery has begun to distribute diesel and aviation jet fuel to domestic marketers in the country, a move many believe will reduce inflation as well as Nigeria’s dependence on imported petroleum products.

According to Dangote, the reduction in the price of diesel from N1,650 to N1,200 will have a positive effect on the cost of goods and services in the country.

[Nairametrics]

Nigerians will pay minimum of 3,000 per toll gate to use Lagos-Calabar coastal road, says FG

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The Federal Government has disclosed that Nigerians who plan to ply the Lagos-Calabar coastal road when completed will have to pay N3,000 on average per toll gate.

Nigeria’s Minister of Works Dave Umahi made the disclosure on Thursday when he was featured on Channels Television’s The Morning Brief.

Umahi stated that an average of 50,000 vehicles were expected to use the road daily and pass through the toll gate when the monumental project was completed.

He explained that tolling the road was a way of recouping the money spent the project in the shortest possible time.

“Let me leave out the infrastructure along the corridor. Let me just concentrate on the tolls and I put 50,000 vehicles as an average passage on these toll points per day,” Umahi said on the breakfast show.

“I put N3,000 as an average cost. N3,000 because the cars could be like N1,500, and the big trucks could be like N5,000,” he said. “So, we put an average”.

“In 15 years, you make back the money,” he said, dismissing calls that the cost budgeted for the road was high

The road project has sparked controversy in some quarter, with many saying the details of the project, especially how the contract was awarded, are shrouded in secrecy.

Former Vice president, Atiku Abubakar, had called out the federal government and presidency on the vagueness and opaqueness of the contractual agreement of the project, saying important information regarding such project of national significance shouldn’t be shrouded in secrecy.

He implored the Tinubu government to be transparent, forthright and come clean to Nigerians on the cost, design, contractor and other sundry details of the road construction.

Sack: We’re Living In Fear – CBN Staff

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Members of staff of the Central Bank of Nigeria (CBN) have disclosed they are living in constant fear over the ongoing sacking since the appointment of Dr Olayemi Cardoso as the Governor.

The CBN workers who spoke with Daily Trust said no department can be spared in the continued sacking ravaging the apex bank.

The country’s apex bank staff said this in reaction to disengagement of another 50 of their colleagues on Monday.

Daily Trust reliably learnt that about 117 people have been shown the way out in the last 20 days, cutting across 29 departments.

The termination of appointments affects directors, deputy directors, assistant directors, principal managers, senior managers and lower ranking staff.

Speaking about the disturbing development, one of the staff said, “We have seen indiscriminate sacking in procurement, development finance and the medical services department. What it means is that other departments will follow soon.

“I am worried that they will come for all those that worked closely with the sacked directors. The apprehension is not good for productivity and it is also bad for the system.

Another senior staff member said: “A lot of people who received their sack letter just kept quiet and left their various offices. They feel helpless by the way the system is structured.”

The CBN under Cardoso has witnessed many changes but in policies and personnel directly away from what his embattled predecessor, Godwin Emefiele, had.

Even the vendors have been grumbling as some who completed their contract to the CBN since last June have their payment kept perpetually in view by the new management.

This has persisted over suspicion that they might have benefitted from the management of Emefiele.

[DailyTrust]

I may win Grammy next year – Asake

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Afrobeats superstar Ahmed Ololade aka Asake said he is not sad over his Grammy loss to South Africa’s Tyla.

The Nation reported that Tyla’s ‘Water’ defeated Asake’s ‘Amapiano’ and other Nigerian songs to win the maiden Best African Music Performance category at the 66th Grammys.

However, speaking in a recent interview with GQ magazine, the ‘Mr Money With The Vibe’ crooner said he doesn’t take it as a loss.

According to him, he is upbeat that he might get more Grammy nominations and probably win next year.

“It [Grammy loss] is not a loss for me. I might just get more next year. In my head, I was not even taking it too seriously,” he said.

On his mind space for his sophomore album, ‘Work Of Art,’ Asake said: “People don’t really know me because I’m quiet.

“So everybody started seeing me as a mystery. ‘Work of Art’ is just for them to know me. You have to understand I’m human, but you can’t just deny the heart in me.”

Paris 2024: Amusan, Brume may each win amazing N62.2 million

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Ex-quarter miler Ogunkoya hails World Athletics’ initiative

Team Nigeria’s A-list athletes in the track & field event including the likes of Tobi Amusan, the world record holder in the 100m women’s hurdles event and current Commonwealth gold medallist in the women’s long jump event , Ese Brume and amongst others , will each have a rare opportunity of winning a staggering US$50,000 (approximately sixty-two million, two hundred ninety-seven thousand and five hundred naira) should they scoop a gold medal at the Paris 2024 Olympics.

This remains a distinct possibility after the World Athletics ‘in a landmark decision’ announced yesterday (April 10) that it will become the first international federation to award prize money at an Olympic Games by ‘financially rewarding athletes for achieving the pinnacle of sporting success’ starting at this summer’s Olympic Games in Paris. “Each individual Olympic champion will receive US$50,000,” the governing body of athletics noted in a statement sent to NationSport .“ Relay teams will receive the same amount, to be shared among the team.”

Altogether , there will 48 athletics events at this summer’s Olympics with each gold medallist guaranteed the sum of US$50,000 as such , the World Athletics will be committing a hard-to-believe US$2.4 million(conservatively about two billion, nine hundred seventy-five million and six hundred sixty-four thousand) at Paris 2024.

Even at that, it was noted that ‘the payment of prize money will depend upon the World Athletics ratification process, including athletes undergoing and clearing the usual anti-doping procedures’.

Speaking on this development, the first Nigerian to win an individual track and field medal at the Olympic Games, Falilat Ogunkoya , has lauded World Athletics , adding Nigeria’s contingent in athletics to Paris 2024 must gird their loins to win a slice of the prize money earmarked for the track & field events.

The former Nigeria quarter-miler who won a bronze medal in the 400 m event at Atlanta 1996 Olympics behind Marie-José Pérec of France and Cathy Freeman of Australia in a personal best and African record of 49.10, described the gesture by World Athletics as a milestone and laudable.

“ For the World Athletics to give as much as US$50,000 to each of the gold medallist in the track and field events at Paris 2024 is laudable and a step in the right direction and it will certainly be a big boost to the athletics events as well as our (Team Nigeria) athletes to compete for the gold medal,” Ogunkoya who was also a member of the silver medal-winning 4×400 m relay team at the 1996 Atlanta Games, told NationSports. “ The Olympic Games is certainly the biggest and that means any of our athletes desirous to win this money must work very hard, no short cut (to win a gold medal.”

While only gold medallists would partake in the financial booty at Paris 2024 , the World Athletics yesterday further affirmed its ‘commitment to extend the prize money at a tiered level to Olympic silver and bronze medal winners at the LA 2028 Olympic Games’ saying : “The format and structure of the LA28 Olympic bonuses will be announced nearer the time.”

Athletics at Paris 2024 featuring a total of 48 medal events across three distinct sets namely track and field, road running, and race-walking will run between August 1 and 11 across four venues.

[TheNation]

Natural gas crucial in fueling Nigeria’s economic growth – Kyari

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The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mr Mele Kyari, has said that harnessing natural gas resources in Nigeria is crucial in fuelling economic growth and industrial development.

Kyari spoke on Wednesday at the public presentation of a book, ‘The Rise of Gas: From Gaslink to the Decade of Gas’, authored by Charles Osezua.

The GCEO highlighted gas as a crucial energy source that sustains economic growth and drives industrial activities.

Represented by the company’s Head of Relationship and Stakeholder Management, Mrs Oluwakemi Olumuyiwa, Kyari also emphasised the importance of documenting Nigeria’s gas sector.

He underscored the significance of prioritising natural gas production and supply, particularly in the context of geopolitical dynamics and energy security in the global economy.

“With Nigeria boasting substantial gas reserves exceeding 200 trillion cubic feet and a potential to reach 600 tcf, the GCEO said it is pertinent Nigeria leverages the gas resource for sustainable development, energy security, and job creation,” a statement by the NNPCL spokesperson, Olufemi Soneye, said on Wednesday.

According to Kyari, the book aligns with the Federal Government’s ‘Decade of Gas’ initiative, which he said aimed to optimise Nigeria’s abundant gas reserves for domestic consumption and international export.

The NNPCL boss added that the energy firm has been leading in advancing the ‘Decade of Gas’ agenda as a key stakeholder through strategic investments in critical gas infrastructure such as pipelines and processing facilities.

Northern Labour Party Chairmen Pass Confidence Vote On Obi

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The 19 chairmen of the Labour Party (LP) in the northern states have passed a vote of confidence on the 2023 presidential candidate of the party, Mr Peter Obi.

The northern zone chairman of the party, Muhammad Abdullahi Lawal, disclosed this to reporters after their meeting in Bauchi.

He said, “Sequel to this, we reaffirmed our unwavering support for Peter Obi, who embodies character and distinguished principles that define the Labour Party and the great future of our country’s unity.

“We stand in solidarity with him, the Nigeria Labour Congress (NLC), the Obedient movement groups and all other stakeholders who are committed to uniting the party and upholding its integrity,” he said.
Lawal said it was unequivocally clear that there was no longer any faction of the LP anywhere, insisting that the party had only a unilateral centre of command and control.

“However, in the interest of party unity and progression, we have collectively agreed today to disband these factions and move forward as one cohesive party,” he said.

Lawal also warned Dr Arabambi to cease from making derogatory remarks against the person of Mr Obi, saying such behaviour was unacceptable within the ranks of the LP.

Defend Nigeria, Support Leaders, Tinubu, Buhari Urges Citizens

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Let’s protect Nigeria’s integrity, Tinubu appeals to Nigerians

Support for leaders, a vote for better tomorrow, says Buhari

President Bola Tinubu and his predecessor, Muhammadu Buhari, at their separate praying grounds on Wednesday in Lagos and Katsina states respectively, rejoiced with the Muslim faithful on the celebration of the Eid El-Fitri.

Tinubu and his predecessor called on Nigerians to love the country and support leaders.

Tinubu, who was present at the Dodan Barracks in Ikoyi, Lagos, to observe the Eid prayer, urged Nigerians to defend the integrity of the country.

“The kind of resilience, sacrifice, endurance that we have, we should preserve that for the country. Be a kind and cheerful giver, love our country better than any other country – that is the only one that we have.

“And we must continue to protect the integrity of our government and leadership. The new hope is alive, well and fine and Nigerians should continue to be very hopeful. Without hope there is no salvation, without hope, there is no development, without hope, there is no life,” Tinubu told journalists on his way out of the prayer ground.

Also, speaking to journalists in Daura shortly after observing the Eid prayer, Buhari congratulated fellow Muslims on the successful completion of the 30-day Ramadan fasting, urging “all citizens to support our leaders from the local government level to the highest level, in their efforts to transform and develop the landscape of the nation.”

He urged “Support for our leaders,” saying, “(It) is a vote for a better tomorrow.”

Buhari further said, “It is imperative that we stand united in safeguarding the sovereignty and integrity of our nation.”

He called on contestants of political offices “to always ensure a smooth succession from one administration to another without stoking communal tensions and obstructing development, irrespective of political party affiliation.”

Earlier, while leading the prayer session at the Dodan barracks praying ground, the Grand Chief Imam of Lagos, Sheik Sulaiman Nolla, said fasting had great blessings.

First Lady preaches compassion

The wife of the President, Senator Oluremi Tinubu, enjoined Muslims across the country to exercise moderation and not discard the lessons of Ramadan on the altar of celebrations.

Urging compassion, Mrs Tinubu, in a statement by her Senior Special Assistant on Media, Busola Kukoy, said, “We should be modest in our celebration and continue to extend love to others. Our kindness to one another and service to humanity should extend beyond the month of Ramadan.

“Let us sustain those virtues of self-purification, sacrifice, self-discipline, and being compassionate to fellow Nigerians. Our priority as a people should include praying for our nation.”

Pray for leaders – Sultan

The Sultan of Sokoto and President-General of the National Supreme Council for Islamic Affairs, Alhaji Sa’ad Abubakar, has encouraged the Muslim Ummah to actively pursue knowledge to strengthen their faith.

In the Sultan’s Eid message on Wednesday, he emphasised the importance of continuing to pray for leaders and the prosperity of the country.

“We should express gratitude to Almighty Allah for granting us the gift of life and good health, allowing us to observe the 30 days of fasting and celebrate Eid-el-Fitr.

“Today marks a significant day in Islam as Muslims worldwide commemorate the conclusion of Ramadan and the Eid-el-Fitr festivities.

“Moreover, let us perpetuate the spirit of compassion and support for one another, as demonstrated during the month of Ramadan, and extend assistance to those in need,” he appealed.

Govs seek peace

The Kogi State Governor, Usman Ododo, enjoined the people of the state to work together to ensure peaceful coexistence among diverse interests in the state.

Speaking at the Okene Central Eid Prayer ground, Governor Ododo said, “Let us cherish the spirit of unity and compassion that defines this day and let it inspire us to continue working together towards a brighter future for our people and our state.

“Let us use this period to reflect on our shared values of love, compassion, and solidarity, and to renew our commitment to building a stronger and more vibrant Kogi State together. “

Also, Governor Ahmed Aliyu of Sokoto State urged the Muslim community in the state to uphold the virtues of Ramadan to attract Allah’s abundant mercy and forgiveness.

“I am aware of the numerous acts of assistance provided by some of our affluent citizens to the needy in our society, which is truly commendable.

“On our part, the government has allocated significant resources to aid the less privileged and vulnerable groups throughout the state,” he stated.

Similarly, Kano State Governor, Abba Yusuf, implored Nigerians to uphold patriotism and the spirit of tranquility while entreating for peace and prosperity of Kano State and Nigeria at large.

Also, Governor Inuwa Yahaya of Gombe State said, “The current difficulties are transient and better days lie ahead. Nigeria will emerge stronger.”

Support Tinubu , says Emir

The Emir of Ilorin and Chairman Kwara State Traditional Rulers Council, Alhaji Ibrahim Sulu-Gambari, sued for support for President Tinubu and Governor AbdulRaman AbdulRazaq of Kwara state.

The monarch stated this in his Sallah message to the people of Ilorin Emirate and beyond delivered at the Ilorin Central Eid praying ground marking the 2024 Eid-el-Fitr celebration.

He noted that despite all the challenges facing the nation, the people of Ilorin Emirate were living in peace and harmony without rancour “which necessitates us to remain grateful and prayerful always.”

Saraki prays for Nigeria

Former Senate President, Dr Bukola Saraki, prayed for Nigeria and Kwara and preached continued righteousness among the citizens.

According to the statement signed by his Press Officer on Local Matters, Abdulganiyu Abdulqadir, Saraki urged the Muslim faithful to strive for harmony and peace, noting that the month of Ramadan was a month of reorientation for Muslims towards discipline, modesty, and self-restraint.

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Lower Diesel Pump Price Will Drastically Reduce Inflation — Dangote

AFOLABI

Billionaire industrialist Aliko Dangote has said his refinery’s ability to sell diesel at significantly discounted prices will provide immediate relief to Nigeria’s inflation woes.

Dangote disclosed this to newsmen on Wednesday after visiting President Bola Tinubu to celebrate Eid-El-Fitr in Lagos.

The chairman of Dangote Group expressed optimism about the economy, noting that the naira exchange rate has improved significantly in recent months, dropping from around N1,900 to the dollar to the current level of 1,250-1,300.

This, he said, is already having a positive impact, with the price of locally-produced goods like flour starting to come down as businesses pay less for diesel fuel.

The entrepreneur revealed that his own refinery has been selling diesel at 1,200 naira per liter, compared to the previous market price of between N1,650 and N1,700.

He expects this dramatic reduction in fuel costs to help drive down inflation in the coming months.

He said “but there’s quite a lot of improvement because if you look at it here, one of the major issues that we’ve had was the narrow devaluation that has gone very aggressively up to about N1,900. But right now we’re back to almost N1,250 to N1,300, which is a good improvement.

“And you can see quite a lot of things have actually gone. Even people now when you go to the market, for example, something that will produce locally like flour or whatever, people will charge you more because they’re paying very high prices on diesel. And what we did, for example, in our refinery, we started selling even diesel at about N1,200 for N1,650. And I’m sure, you know, as we go along, things will continue to improve quite a lot.

“Well, even now it’s a lot of impact. If you look at it now, when you are buying N1,650, N1,700 for a liter of diesel, and that one has been cut off by almost one third to now be paying diesel at 1,200.

“And maybe eventually going forward, even though the crude prices are going up, even with that, I believe people will not get it much higher than what it is today.

“It might be even a little bit lower. But that can help quite a lot. Because if you are transporting locally produced goods, rice and other stuff, you are paying N1,650.

“Now you are paying two thirds of that amount, 1,200. It’s a lot. It’s a lot of difference. People don’t know.

“That can actually help to bring inflation down immediately. And I’m sure when the inflation figures are out for the next month, you see that there’s quite a lot of improvement in the inflation rate.

“So, a step at a time. And I’m sure the government is working around the clock to make sure that things get much better.

Because it’s in their own interest. It’s in the interest of everybody, it’s in our own interest, and I just want to thank everybody for the Nigerians to get things better.”

Dangote urged captains of industry to partner with the government to improve the lives of Nigerian citizens. “You can’t clap with one hand,” he said.

“So both the entrepreneurs and the government, they need to clap together and make sure that it is in the best interest of everybody,” Dangote said.

Wigwe: Ogunbanjo’s family sues charter company over California helicopter crash

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The family of the late former Chairman of the Nigerian Exchange Group, Abimbola Ogunbanjo, who was killed in a Southern California helicopter crash in February filed a lawsuit on Wednesday, against the US helicopter company.

The former Chief Executive Officer of Access Holdings, Dr Herbert Wigwe, his wife and son were also onboard the ill-fated helicopter.

The Ogunbanjo family stated that the flight should have been grounded because of treacherous weather.

In February, Wigwe, his wife and son died following a helicopter crash in California near the Nevada border, United States of America, The Will reports.

Relatives of Ogunbanjo in the court filing on Wednesday claimed that the charter company, Orbic Air, improperly flew the helicopter despite a “wintry mix” of snowy and rainy conditions in the Mojave Desert where the crash occurred on Feb. 9, the Press Enterprise reports.

One of the attorneys who filed the lawsuit, Andrew C. Robb, noted Ogunbanjo’s family is seeking “answers and accountability.”

“Helicopters do not do very well in snow and ice,” Robb told The Associated Press. “This flight was entirely preventable, and we don’t know why they took off.”

Ogunbanjo’s wife and two children have filed a lawsuit in San Bernardino County Superior Court against Orbic Air and its CEO, Brady Bowers, alleging wrongful death and negligence.

The suit also includes the unidentified successors of Pettingill and Hansen, whom Ogunbanjo’s family holds responsible. Orbic Air did not provide any comment on the matter.

The National Transportation Safety Board is currently investigating the crash.

A preliminary investigation report released by the agency in February revealed details about the helicopter’s flight path and wreckage.

Witnesses reported observing a “fireball” during rainy and snowy conditions at the time of the crash.

The lawsuit seeks a jury trial for Ogunbanjo’s burial expenses, funeral expenses, and other damages. Robb & Robb, the law firm representing Ogunbanjo’s family, previously represented Vanessa Bryant in her lawsuit following Kobe Bryant’s fatal helicopter crash in 2020.

[Punch]

Tariff hike: 20 hrs supply for Band A customers under threat

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Barely one week after the new tariff regime which increased electricity tariff by 231 per cent for category A consumers, there are indications that the electricity supply capacity is grossly inadequate to meet the 20 hours per day minimum benchmark for the new tariff while accommodating another category of consumers.

The 11 Electricity Distribution Companies, DisCos, operating in the electricity sector were yesterday, allocated just 3,236 megawatts, MW, thus constraining them from delivering a minimum of 20 hours of power supply to consumers under ban A nationwide.

Vanguard findings show that this has been the average supply before the tariff jerk-up and no improvement has been made since the new tariff came into force last week.

The new Multi-Year Tariff Order, MYTO, that raised electricity rates for about two million customers by 231 percent to N255 per kilowatt, from N68 per kilowatt, Vanguard findings further show, is running under power generation stranded at 4,200 Megawatts in the past seven days.

Information in the data supplied by Independent System Operator, ISO, showed that as at 3pm, yesterday, load allocation to the eleven DisCos which stood at 3,236 Megawatts, gave Abuja Disco the highest allocation at 611MW, followed by Ikeja Electric (603MW), Eko DisCo (513MW), Ibadan DisCo (323MW), Benin DisCo (219MW), and Enugu DisCo (193MW).

Others were Port Harcourt DisCo (191MW), Kano DisCo (181MW), Kaduna Electric (174MW), Jos DisCo (152MW) and Yola DisCo (76MW).

The shortfall in supply has prompted some DisCos to appease their customers with Port Harcourt DisCo issuing public apologies.

PHEDC apologises for shortfall

The PHEDC in a statement titled ‘Service shortfall’ said: “Kindly note the current service shortfall experienced in areas where we did not meet up with the contractual supply hours on 8th of April, 2024”.

The company listed the affected feeders as Amika and Refinery lines with areas such MM Highway, Mariam road, Rumukwurushi, Aweto Guest House, Atali, Igwuruta Road, Rumuibekwe-Bori road, Ahoada road, Ogbonda, Aba-Road, Eleme Junction, Eneka, New-layout Eneka road, Igwuruta-Ali, affected.

The utility blamed load shedding by the Transmission Company of Nigeria, TCN, as well as “preventive maintenance and line vegetation control”, for the shortage in supply.

Also, to ensure that it does not fall short of the standard required by the new tariff, Kaduna Electric has disclosed that it has set up teams to rapidly respond to downtime for Band A feeders.

Kaduna DisCo sets up response teams

A statement issued by the company’s Head of Corporate Communication, Abdulazeez Abdullahi, said setting up the rapid response team is part of Kaduna Electric’s efforts to ensure uninterrupted power supply to the Band A customers whose tariff has just been adjusted.

It called on customers to contact the teams to report faults for prompt response. The company said, “The four-member team set up to cover Doka, Zaria, Rigasa and Barnawa regions each in Kaduna state where majority of the Band A feeders are located are to operate round the clock to ensure speedy clearance of faults and restoration of supply whenever there is a downtime”.

No transparency, fairness in billing — CPPE

Meanwhile, making his observations on the electricity tariff development, the Founder/CEO, Centre for the Promotion of Private Enterprise, CPPE, Muda Yusuf, said: “Some of the DisCos have issues that could be traced back to the privatisation era. Some of them did not have the required technical and financial capacity to buy or run the DisCos and add much value to deliver adequate and stable power to consumers.

“Also, millions of consumers have not been metered. So, how do you accurately bill someone that doesn’t have meter? It is not fair to bill someone that has no meter.”

Businesses will pay heavily for the services they don’t enjoy — LCCI

Commenting also, the Director General, Lagos Chamber of Commerce and Industry, LCCI, Chinyere Almona, said: “Our major concern is seeing our members pay heavily for the services that they may eventually not enjoy optimally. It is a grave concern that with a higher cost of power, companies are still not having access to the services.

“With higher tariffs and without the power supplied, our members will still have to invest in generating plants to provide power to run their businesses. We call for an aggressive metering programme that leads to 100 percent coverage of electricity consumers. This guarantees liquidity for the distribution companies and gives more satisfaction to consumers with a feeling of paying for what they consume. Earlier in the year, a global business media,

“Bloomberg, reported that ‘Nigeria has a woeful lack of generating capacity and part of the energy that is produced goes to waste because it can’t be distributed through the dilapidated grid. Electricity suppliers aren’t allowed to charge cost-reflective tariffs and struggle to collect revenue due to inadequate metering, deterring new investment’.

“Beyond the provision of infrastructure, we need to have a sound regulatory and policy environment to attract more foreign investment into the power sector. The higher tariffs will add to the cost of production, which translates to higher prices of goods, making Nigerian products less competitive in the international export market

“We are concerned that businesses will face a double whammy of paying a higher electricity tariff and another cost to provide private electricity supply. We urge the Federal Government to invest more in the power sector to guarantee power supply to businesses and other consumers.”

Expert expects improvement

However, in a note to Vanguard from Port Harcourt, the Founder, Spark Nigeria, Mr. Chinedu Amah expressed optimism that the initial challenges faced by the utilities in meeting the 20-hour minimum requirement would be resolved.
According to him, “Service optimization starts from a place of design. Several persons who I’ve spoken to that are serviced on Band A have had improved supplies while some others have some issues, it’s a learning period I’m positive it will get better”.

He pointed out that “Subsidy removal for the identified and most efficient feeders is a good step as it will unlock improved revenue that will increase access to investment capital for the DisCos and possibly open them up to viable investors”.

On challenges faced by customers in Band A without meters, he wrote: “Metering isn’t a big deal, with improved revenue and revenue assurance backed by policy DisCos can invest to close that metering gap. DisCos are in this for business, they know NERC will not hesitate to penalise them if they do not deliver”.

Giving some clarifications on the new tariff regime recently Vice Chairman, NERC, Mr. Musiliu Oseni insisted that the Commission has all it takes to enforce the 20 hours minimum supply for Band A customers, pointing out that DisCos who failed to meet their obligations would be sanctioned.

According to the NERC, Band A customers are those electricity users who enjoy power supply for a minimum of 20 hours daily.

Salary Arrears: SSANU, NASU Members To Get Half Of Withheld Pay - FG

AFOLABI

The Federal Government says members of the Senior Staff Association of Nigerian Universities, SSANU, and the Non-Academic Staff Union, NASU, will get half of their withheld salaries should President Bola Tinubu approve the payment of their salary arrears.

The Minister of Education, Tahir Mamman, revealed this on Channels Television’s Politics Today on Wednesday monitored by DAILY POST.

The minister said the non-academic staff members of universities were not on strike for the same period in 2022 as their academic counterparts.

He stated that the government has been doing everything possible to get a relief for them.

Asked what has delayed the payment to NASU and SSANU members, Mamman said, “No, it has not been approved.

“There is a court judgement on no work, no pay. ASUU getting four months’ pay was actually a discretion and decision on the part of the President. So, it doesn’t automatically transfer (to NASU and SSANU) but the matter is under consideration.

“I don’t think it is safe to put a time on it but it’s safer to say that we are on it and we are pushing.

While speaking on the claim of discrimination by NASU and SSANU, the minister said, “That cannot be right, there is no rating. These are people working in the same terrain, they are doing different things but all working towards the same goal.

DAILY POST reports that in March, SSANU and NASU members embarked on a one-week warning strike to protest their withheld salaries by the Federal Government.

The two unions criticized the Federal Government for paying withheld salaries to the Academic Staff Union of Universities, ASUU, while neglecting the non-academic unions.

All the unions had embarked on an eight-month strike in 2022 to press home some of their demands including a better welfare package.

DAILY POST recalls that the immediate past administration of President Muhammadu Buhari subsequently invoked a ‘No Work, No Pay policy’ against the unions but President Bola Tinubu last October approved the release of four of the eight months withheld salaries.

SSANU and NASU accused the Federal Government of unfair treatment and discrimination by failing to pay them like their academic counterparts.