Olusola Blessing, Author at MSME Africa

September 15, 2024

Nigeria’s external reserves surged by $424.68 million between August 30 and September 10, signaling an improved financial outlook for the...

The Nigerian Electricity Regulatory Commission (NERC) has imposed a fine of N1.69 billion on Abuja Electricity Distribution Company (AEDC) for overbilling its customers. The penalty, outlined in Order NERC/2024/114, was issued as part of NERC’s September 2024 Supplementary Order. According to the regulatory document, published on NERC’s website, the fine was levied after an investigation revealed that AEDC had failed to comply with the commission’s rules on capping estimated bills for electricity consumers. The investigation found that the company overcharged its customers between January and September 2023. As a result, NERC imposed a fine equivalent to 10% of the overbilled amount. The order, signed by NERC Vice Chairman Musiliu Oseni and Commissioner Dafe Akpeneye, stated, “The commission has approved the deduction of N1.69bn from AEDC’s annual operating expenditure as a penalty for non-compliance with the order on capping estimated bills.” The regulatory body highlighted that the penalty would be deducted from AEDC’s total annual operational expenses starting in September 2024. In addition to the fine, NERC directed AEDC to improve its service delivery and closely monitor its compliance with service-based tariffs, particularly for customers on Band A feeders. NERC also instructed AEDC to explain any service interruptions lasting more than two consecutive days by publishing reasons on its website. Furthermore, AEDC is required to procure a minimum of 61MW of embedded generation, with at least 30MW sourced from renewable energy, to enhance electricity supply reliability in its franchise area. This procurement must be completed by April 2025. To compensate for service failures, the commission mandated that AEDC provide compensation to customers in Band A feeders who receive less than 20 hours but more than 18 hours of electricity supply. NERC Fines Abuja Electricity Distribution Company N1.69bn for Overbilling Customers

NERC Fines Abuja Electricity Distribution Company N1.69bn for Overbilling Customers

The Nigerian Electricity Regulatory Commission (NERC) has imposed a fine of N1.69 billion on Abuja Electricity Distribution Company (AEDC) for...

UBA Foundation, the Corporate Social Responsibility (CSR) arm of United Bank for Africa (UBA) Plc, is taking bold strides to lead Africa’s green revolution and combat climate change. Through its 2024 Tree Planting Campaign, themed *“Our Land: Grooming a Greener Future,”* the foundation aims to plant one million trees across Africa by 2025 as part of a broader commitment to environmental sustainability. Speaking at the launch of the campaign, UBA Group Managing Director/Chief Executive Officer Oliver Alawuba reaffirmed the bank’s strong dedication to sustainability and the well-being of the planet. During a symbolic tree planting ceremony at the UBA Foundation Garden in Marina, Lagos, Alawuba stated, “We must work to save the planet, and we commit that UBA will plant one million trees across Africa by the end of 2024. Trees are essential not only for carbon reduction but also for lowering urban temperatures by at least 12 degrees Celsius, reducing the risk of heat-related crises.” Alawuba emphasized the simplicity of tree planting as a tool for driving the United Nations' Sustainable Development Goals (SDGs), particularly SDG 11, which focuses on sustainable cities and communities. He highlighted that recent flooding in Nigeria is a consequence of global warming, stressing that planting trees is a small yet impactful action everyone can take to create a healthier environment. Bola Atta, Managing Director/CEO of UBA Foundation, noted that the tree planting initiative goes beyond symbolism. "These trees are powerful agents of change in our fight against climate change," she said. Atta stressed the need to return to healthier living environments for future generations, explaining that trees play a vital role in purifying the air, reducing the impact of floods, and preventing the displacement of communities. Also in attendance was Mrs. Funto Aina, representing Lagos State Parks and Gardens Agency (LASPARK), who commended UBA Foundation’s commitment to environmental conservation. Aina acknowledged that UBA’s efforts align with the Lagos State Government's objectives of nurturing the future through tree planting, praising the foundation’s collaboration with LASPARK in recent years. UBA Foundation has long been dedicated to improving the socio-economic conditions of the communities in which it operates, with a particular focus on education, environment, economic empowerment, and special projects. Through initiatives like the Tree Planting Campaign, UBA is actively contributing to the fight against climate change while fostering a greener future for Africa.

UBA Foundation’s Ambitious Push for Africa’s Green Revolution, Pledges 1million Tree in One year

UBA Foundation, the Corporate Social Responsibility (CSR) arm of United Bank for Africa (UBA) Plc, is taking bold strides to...

Gov. Lawal disburses N11.7bn grants for Zamfara girls’ education, empowerment

Gov. Lawal Launches N11.7bn grants for Zamfara girls’ education, empowerment

Zamfara State Governor, Dauda Lawal, has officially launched the disbursement of Small and Medium School Improvement Grants (SIGs) under the...

Governor Umo Eno to Empower 100,000 Akwa Ibom Youths with Employment and Entrepreneurial Support

Akwa Ibom State Governor, Umo Eno, has announced a comprehensive youth empowerment initiative to support 100,000 youths across the state’s...

Ekiti State Launches N100m Innovation Support Fund to Boost Digital Startups

The Ekiti State Government has approved the creation of a N100 million Innovation Enterprise Support Fund aimed at fostering digital...

Nigerians Still Struggle with Cash Scarcity Despite CBN’s Ultimatum

Central Bank of Nigeria Mandates All POS Operators to Go Through One Month Licensed Aggregators

September 13, 2024

The Central Bank of Nigeria (CBN) has introduced a new directive requiring all Point of Sale (PoS) transactions to be...

Nigeria Aims to Generate $100bn and Create 2 Million Jobs from Creative Economy

September 13, 2024

The Federal Government has announced a bold strategy to transform Nigeria’s creative economy, targeting $100 billion in annual revenue and...

Global Leaders Unveil Initiatives to End Energy Poverty and Promote Sustainable Energy at UN Assembly

Allison and BHM to Host Africa Business Leaders at UNGA79, Highlighting Africa’s Economic Potential

September 13, 2024