WAFFI TV | Business

NERC Fines 8 DisCos N628m For Estimated Billing Infractions

The Nigerian Electricity Regulatory Commission (NERC) has fined eight electricity distribution companies (DisCos) a total of N628 million for not adhering to monthly energy limits for unmetered customers between July and September 2024. In a statement released on Thursday, NERC identified the impacted DisCos as Abuja, Eko, Enugu, Ikeja, Jos, Kaduna, Kano, and Yola. The Commission has mandated that these DisCos provide credit adjustments to the affected customers by May 15, 2025.

4/10/2025, 3:32:44 PM

JUST IN: Dangote Refinery Slashes Petrol Price To N865

Dangote Refinery has notified marketers and customers of a downward revision in its ex-gantry loading price to N865 per litre. This represents a N15 reduction from the previous price of N880 per litre recorded on Wednesday. According to information obtained by our correspondent, the refinery communicated the new price in a notice issued Thursday morning. A Pro forma invoice seen by our correspondent, as well as verification from *petroleumprice.ng*, confirmed the price change. Earlier, marketers had exclusively disclosed that the 650,000-barrels-per-day facility was expected to reduce its petrol loading cost before the end of the week, potentially easing pump prices further. Commenting on the development, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), assured Nigerians of a continuous price drop. He also referenced the Federal Executive Council’s directive to resume the suspended Naira-for-Crude exchange with local refiners. The directive, issued on Wednesday after previous delays, mandates the full implementation of the policy aimed at strengthening local supply chains and reducing dependence on imported petroleum products.

4/10/2025, 1:21:04 PM

Nigeria’s Oil Revenue Faces Threat as Prices Plunge Below $60

Nigeria's oil revenue is under pressure following a sharp decline in global oil prices, dropping below $60 per barrel — levels last seen during the height of the COVID-19 pandemic downturn. At 12:30 PM WAT on Wednesday, Brent crude, the global oil benchmark, fell by 5.09% to $59.62 per barrel, while U.S. West Texas Intermediate slid by 5.54% to $56.28 per barrel. The drop is partly attributed to China’s decision to raise tariffs on U.S. goods to 84% from 34%, effective April 10, in retaliation to President Donald Trump’s imposition of 104% tariffs on Chinese imports. However, prices rebounded to $65.13 per barrel on Thursday morning following Trump's move to pause retaliatory tariffs and reduce them to 10%. The tariff dispute is also affecting natural gas markets, as several retaliatory tariffs target key Southeast Asian economies. This has amplified concerns for Nigeria, which earns about 90% of its foreign exchange from oil exports—making any drop in prices a significant blow to national income. Compounding the situation is Nigeria’s 2025 national budget of $37 billion, which was predicated on an oil price benchmark of $75 per barrel and carries an $8 billion deficit. Efforts by past Nigerian administrations to diversify the economy and reduce dependence on oil have yielded limited success. With current global trade tensions, there is renewed urgency for Nigeria to strengthen its quality control and traceability standards to gain broader access to international markets. Finance Minister Wale Edun, speaking at an event hosted by the Ministry of Finance Incorporated, said the government is focused on boosting non-oil revenue to cushion the impact of recent tariffs and oil market shocks. He confirmed that the Economic Management Team (EMT) will convene to evaluate the implications of a 14% tariff on Nigerian exports to the U.S., introduced by the Trump administration. Edun also emphasized that recommendations will be made to mitigate the impact on the nation’s economy, while efforts are underway to ramp up oil production, which fell to 1.46 million barrels per day in February—below Nigeria's OPEC quota of 1.5 million bpd.

4/10/2025, 11:48:41 AM

FG Signs $329m Deal With Chinese Firm To Boost Power Supply

The Federal Government has entered into a $328.8 million agreement with China Machinery Engineering Corporation (CMEC) to rehabilitate and expand Nigeria’s electricity transmission infrastructure under Phase 1 of the Presidential Power Initiative (PPI). The contract encompasses Engineering, Procurement, Construction, and Financing (EPC+F) for the development of 330kV and 132kV transmission lines across the nation, aimed at enhancing grid reliability and reducing stranded power generation. FGN Power Company, a special purpose vehicle established to manage the PPI, will coordinate the implementation of the project. Speaking at the signing ceremony in Abuja, Minister of Power Adebayo Adelabu disclosed that the project will involve 544 kilometres of transmission lines with a total load capacity of 7,140 megawatts, covering both existing (brownfield) and new (greenfield) sites. He stated that the infrastructure would serve as crucial channels for distributing increased power from the transmission network to homes, businesses, and industries, thereby boosting economic development. Adelabu described the initiative as a significant step toward resolving long-standing challenges in Nigeria’s power sector, stressing that strengthening the transmission network is key to ensuring efficient electricity delivery to consumers. He added that the agreement reflects the federal government’s commitment, under President Bola Tinubu’s administration, to ensuring stable and reliable electricity supply for all Nigerians.

4/10/2025, 11:12:37 AM

Naira Down To N1,620 In Parallel Market

The naira weakened to N1,620 per dollar in the parallel market yesterday, down from N1,575 on Tuesday. However, it gained slightly in the Nigerian Foreign Exchange Market (NFEM), appreciating to N1,611.55 per dollar. According to data from FMDQ, the indicative exchange rate fell from N1,612.24 on Tuesday, reflecting a 69 kobo gain. As a result, the gap between the parallel market and NFEM rates narrowed significantly to N8.45 per dollar from N37.24 previously. Currency dealers attributed the naira’s drop in the parallel market to rising demand and limited supply.

4/10/2025, 7:58:13 AM

NDIC To Pay 100 Percent Liquidation Dividend To Depositors Of 20 Failed Banks

The Nigeria Deposit Insurance Corporation (NDIC) has revealed plans to pay a 100% liquidation dividend to depositors of 20 defunct banks—an important step in its drive to safeguard financial stability and protect depositors. This disclosure was made by the NDIC’s Managing Director/Chief Executive, Mr. Bello Hassan, represented by the South-East Zonal Coordinator, Pamela Robert, during the NDIC Special Day at the 36th Enugu International Trade Fair. Robert stated that preparations are underway for the first tranche of liquidation dividend payments, set to begin in April 2025. She reaffirmed that the NDIC, as mandated by law, is tasked with liquidating failed banks, reimbursing insured depositors, recovering debts, and selling assets to facilitate payments to depositors and other eligible claimants. “For over three decades, the NDIC has played a vital role in safeguarding depositors and fortifying the financial system. Our primary responsibilities include deposit insurance, supervision of financial institutions, resolution of failing banks, and managing liquidations,” Robert stated. She reiterated the Corporation’s commitment to advancing financial inclusion and reinforcing public trust in the banking system, highlighting its close collaboration with the Central Bank of Nigeria (CBN) to uphold sector stability and enforce banking regulations. As a clear example of the NDIC’s swift response, she cited the revocation of Heritage Bank’s license by the CBN on June 3, 2024. In response, the NDIC promptly began the liquidation process, carrying out verification and ensuring the payment of insured deposits—up to ₦5 million per depositor—within just four days. “Most depositors have already received their insured funds through alternate bank accounts linked via Bank Verification Numbers (BVN),” she explained. “Those yet to be paid are largely individuals without BVNs, with restricted accounts, or with Know-Your-Customer (KYC) issues such as mismatched names or Tier 1 limitations.” Robert encouraged affected depositors to visit the NDIC’s website, contact the Corporation via email or social media, or visit any of its zonal offices with relevant documentation to facilitate payment.

4/9/2025, 4:55:06 PM

China Retaliates With 84% Tariffs On US Products From Thursday

China will raise tariffs on US imports to 84 percent from the previous 34 percent, the finance ministry announced Wednesday—just hours after the United States imposed similar duties. US President Donald Trump’s latest round of tariffs took effect the same day, targeting multiple trading partners with measures including a steep 104 percent duty on Chinese goods. Beijing, which has consistently opposed such tariff hikes, vowed Wednesday to take “firm and forceful” actions to defend its interests. Its finance ministry later said in a statement that “additional tariff rates” on imports originating in the United States would “rise from 34 percent to 84 percent”, effective from 12:01 pm on Thursday. “The tariff escalation against China by the United States simply piles mistakes on top of mistakes (and) severely infringes on China’s legitimate rights and interests,” the ministry said. Washington’s moves “severely damage the multilateral rules-based trade system”, it added. In a separate announcement, Beijing’s commerce ministry revealed plans to blacklist six U.S. artificial intelligence companies, including Shield AI Inc. and Sierra Nevada Corp. According to the ministry, these firms had either supplied weapons to Taiwan or worked with the island on “military technology” projects.

4/9/2025, 1:48:45 PM

NCC Proposes 12~Month Grace To Reclaim Airtime On Deactivated Lines

The Nigerian Communications Commission (NCC) has proposed a 12-month grace period for subscribers to reclaim unused airtime on deactivated lines. This proposal was revealed during a virtual stakeholder engagement forum in Abuja on Tuesday. Dr. Aminu Maida, the Executive Vice Chairman/CEO of the NCC, represented by Rimini Makama, the Executive Commissioner for Stakeholder Management, stated that the initiative aims to balance consumer rights with the operational realities of the telecommunications sector. Maida highlighted the significant role the telecommunications industry has played in driving Nigeria’s economic growth, financial inclusion, and digital transformation. He pointed out that mobile services and the flexibility of prepaid plans have greatly benefited millions of Nigerians. However, with the industry’s evolving landscape, it has become crucial to address emerging challenges that may threaten consumer rights. Maida explained that the proposed framework targets unclaimed recharges from inactive accounts. The Quality-of-Service Business Rules 2024 require that a prepaid line without any revenue-generating activity for six months be deactivated. If inactivity persists for another six months, the line may be recycled. Under the new proposal, subscribers whose lines have been deactivated will have one year to reclaim their unused airtime, provided they can verify ownership. Maida emphasized that the initiative seeks to protect consumers while ensuring the telecommunications industry remains efficient and sustainable. He said, “The debate remains whether operators should be required to refund unused airtime or whether the principle of ‘use it or lose it’ should prevail. Our goal is to establish a framework that protects consumers while ensuring the continued efficiency and competitiveness of the industry.”

4/9/2025, 8:31:42 AM

US Criticises Nigeria’s Import Ban On Agricultural, Pharmaceutical Goods

On Monday, the United States Trade Representative (USTR) criticized Nigeria’s import ban on 25 product categories, arguing that the policy restricts market access for American exporters. This criticism followed President Donald Trump’s imposition of a 14% tariff on imports into the US, including goods from Nigeria. The USTR emphasized that Nigeria’s import restrictions impact multiple sectors—especially agriculture, pharmaceuticals, beverages, and consumer goods. Products such as beef, pork, poultry, fruit juices, medicaments, and alcoholic drinks are among the banned items. The USTR views these restrictions as major trade barriers that limit export opportunities for American businesses and result in lost revenue. “Nigeria’s import ban on 25 different product categories impacts U.S. exporters, particularly in agriculture, pharmaceuticals, beverages, and consumer goods. “Restrictions on items like beef, pork, poultry, fruit juices, medicaments, and spirits limit U.S. market access and reduce export opportunities. “These policies create significant trade barriers that lead to lost revenue for U.S. businesses looking to expand in the Nigerian market,” the agency said via its X handle. In 2016, Nigeria introduced a ban on 25 items to curb imports and boost domestic production. The list includes products like poultry, pork, refined vegetable oil, sugar, cocoa-based goods, spaghetti, beer, and select pharmaceuticals. Additionally, on March 26, 2025, the Federal Government revealed plans to stop solar panel imports in a bid to promote local manufacturing and support its clean energy agenda.

4/8/2025, 3:02:00 PM

Naira Depreciates N1,629/$ In Official Market

The naira weakened to N1,629 per dollar yesterday in the Nigerian Foreign Exchange Market (NFEM), according to data from the Central Bank of Nigeria (CBN). This marks a N29 drop from the N1,600 rate recorded last Friday. Similarly, the naira fell in the parallel market, exchanging at N1,570 per dollar compared to N1,565 last weekend. As a result, the gap between the parallel market and the NFEM widened to N59 per dollar from N35.

4/8/2025, 7:02:12 AM

Subscribe to our newsletter

advertisement