Business
Consumers Condemn Power Sector Privatisation As FG Hikes Electricity Tariff
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The Federal Government through its Nigerian Electricity Regulatory Commission on Thursday officially released different documents indicating the approved power tariff increase payable by consumers to various electricity distribution companies in Nigeria.
In different orders to the 11 Discos operating in Nigeria, the commission stated that the tariff hike was based on the extraordinary review of the Multi-Year Tariff Order, as it explained that the order took effect from January 1, 2022.
It further noted that the order shall only be subordinated to a new tariff review order as might be issued periodically by the NERC, but this hike in tariff by NERC was kicked against by different power consumer groups, as they called for the complete reversal of the sector’s privatisation.
The NERC provided myriads of reasons why it had to effect an upward review of the tariff payable to Discos, as figures from the individual approvals for each Disco showed that the commission hiked the amount to be paid by consumers for electricity beginning from February 2022.
In the Abuja Electricity Distribution Company, for instance, non-Maximum Demand power users in Band A had their tariff increased from N51.75/kWh in January this year to N56.28/kWh from February to December 2022.
Also, non-MD consumers in Band B had their tariff increased from N49.72/kWh to N54.13kWh, while the non-MD power users in Bands C and D had their tariff raised from N45.65/kWh to N50.65/kWh, and N29.70/kWh to N33.20/kWh respectively, under Abuja Disco.
For non-MD customers of AEDC in Band E, their tariff was raised from N29.38/kWh to N32.88/kWh.
In the service bands, the NERC explained that customers in Band A were those receiving a minimum of 20 hours of electricity daily, while those in Bands B, C, D and E include power users receiving 16 hours, 12 hours, eight hours, and four hours of power supply daily, respectively.
The documents for each Disco also showed that aside from non-MD customers, there were other categories of maximum demand power users classified as MD1 and MD2, but most of the tariffs of these categories of power users were also raised.
It was observed that aside from the AEDC, the tariff hike played out in other Discos, as the regulator raised the tariffs payable by consumers in the various franchise areas of the power distribution companies.
For Eko Electricity Distribution Company, it was observed that there was a marginal decrease in the amount payable by non-MD consumers in Band A, those in Band B had their tariff unchanged, while others in Bands C, D and E had their tariffs hiked.
Under Eko Disco, non-MD customers in Band A had their tariff reduced from N56.08/kWh in January to N55.55/kWh from February to December, while non-MD customers in Band B had theirs unchanged at N51.81/kWh.
For non-MD customers in Band C, D and E, their tariffs were raised from N42.44/kWh to N47.44/kWh, N28.63/kWh to N31.75/kWh, and N28.63/kWh to N31.71/kWh, respectively.
Taking the Port Harcourt Electricity Distribution Company as another example, it was observed that the approved end-user tariffs for all the bands for non-MD customers from A to E were hiked by the NERC.
Non-MD Band A customers of PHED had their tariff raised from N57.16/kWh in January to N60.67/kWh from February to December 2022, while the tariff of non-MD Band B customers was increased from N56.79/kWh to N59.64/kWh.
Non-MD customers in Bands C, D and E had their tariffs raised from N50.15/kWh to N55.15/kWh, N35.31/kWh to N38.81/kWh, and N35.08/kWh to N38.58/kWh, respectively.
It was also observed that customers in MD1 and MD2 in the various bands under the PHED had their tariffs also raised by the NERC, as similar scenarios played out in other Discos.
This came as power consumer groups condemned the hike in tariff by the NERC, describing it as unfortunate considering the fact that power supply had failed to improve across the country amidst the hardship nationwide.
An industry expert and legal practitioner, who doubles as President of the Nigeria Consumer Protection Network, Kunle Olubiyo, stated that the increase should be resisted and the privatisation of the sector reversed.
He said, “They did it in January and gave the licensees permission to surreptitiously increase the tariff and do mechanical configurations such that we are being shortchanged.
“The key performance indicators that they put forward which have to do with supply being contractual and service-based have not been met, they have failed on that. Yes, if they say inflation is high, do we get commensurate service as per what we pay?
“I was at Aso Drive on Monday here in the capital city of Abuja, they get supply for just three hours in a day. The supply to areas outside the city centre has been bad too. So if we can’t get power and there is a lot of blame game, what is the justification for tariff increase?”
Olubiyo stated that many customers on estimated billing had received up to 300 per cent hike in their electricity bills, as the capping methodology approved by the NERC had not been effective.
He wondered why the commission would be bold enough to release documents showing the approved tariff hike payable by customers to the Discos, as he called for the complete reversal of the power sector privatisation.
He said, “The NERC we have today is NERC for the Discos. We’ve reached a crossroads now and the next thing we expect from the Federal Government is to go for all the credit lines and clean up their books, those who are owing Nigerian banks or so, and make sure that this privatisation exercise is reversed.
“This is because this is not the end of it. Their new MYTO under the service-based tariff has given the Discos an open cheque to continue to increase tariffs without the basic principles of equity. We have two parties to this contract, the demand, and the supply sides.
“But NERC that we have is on the side of the market. They are not taking the demand side, but you must have demand for you to maintain supply. So for us what we want is an outright reversal of the privatisation, we are not saying review.”
Also speaking on the development, the National Secretary, Network of Electricity Consumers Advocacy of Nigeria, Uket Obonga, regretted that the tariff hike was approved by NERC despite the hardship in Nigeria.
“We are going to bombard them. It is official now that they have increased the electricity tariff even in this hardship. This is unacceptable. We cannot continue like this,” he stated.
Meanwhile, the NERC explained that pursuant to the Extraordinary Tariff Review Application and Performance Improvement Plan filed by Discos, the commission approved the MYTO 2020 Serviced Based Tariff effective from September 1, 2020.
It said this was to ensure that rates paid by customers were in alignment with the quality of service to customer clusters as measured by the daily average availability of power supply.
It said the objectives of the latest order on tariff hike were to reflect the impact of changes in the projected minor review variables for the period January to December 2021 for the determination of Cost-Reflective Tariffs, adjust the Discos’ capital expenditure for the years 2021 to 2026 in consideration of the approved PIP.
The commission said it was to ensure sustained improvement in reliability and quality of supply in line with Discos’ capital expenditures proposal and PIP commitment.
It said the order would ensure that tariffs payable by customers were commensurate and aligned with the quality and availability of power supply committed to customer clusters by Discos.
The NERC said the tariff order would ensure that prices charged by Discos were fair to customers and were sufficient to allow Discos to fully recover the efficient cost of operation, including a reasonable return on the capital invested in the business, pursuant to the provisions of sections 32(d) and 76 2(a) of Electric Power Sector Reform Act.
It further said the order would provide appropriate incentives to ensure continuous improvement in the performance of the Transmission Company of Nigeria Plc in reducing its network technical losses, among others.
The Punch
Business
Access Bank, Fifth Chukker, UNICEF Partner to Expand Educational Opportunities for Vulnerable Children
The transformative power of collective action in expanding access to education took centre stage in London as Access Bank UK, Fifth Chukker, UNICEF and the Kaduna State Government reaffirmed their shared commitment to creating brighter futures for Nigeria’s most vulnerable children.
Hosted by Access Bank UK, Access UK Polo Day celebrated more than 15 years of impact driven by a shared vision to expand educational opportunities for underserved children. What began as a modest initiative has evolved into one of Africa’s most impactful education programmes, with the Access Bank Fifth Chukker School in Kaduna State and its associated interventions positively impacting more than 14,000 children across underserved communities in Northern Nigeria.
At the heart of this transformation is the Access Bank Fifth Chukker School, where investments in educational infrastructure, learning resources and student support have created lasting opportunities for thousands of children. Between 2018 and 2026 alone, the school recorded 2,538 graduates, with female pupils accounting for more than 54 per cent of the total, underscoring the programme’s contribution to advancing girls’ education and promoting inclusive access to learning.
More than 1,000 pupils benefit from the school’s internationally recognised foundational learning programme each year, contributing to improved literacy and numeracy outcomes and a reported 15 per cent increase in learning performance. Students continue to secure admission into leading secondary schools, while teachers receive ongoing professional development and digital learning support. Enhanced infrastructural facilities and expanded learning resources have further strengthened the overall learning environment, helping to sustain the programme’s long-term impact.
This year’s event reinforced a compelling message: Every pledge should lead to a classroom, every classroom should empower a child, and every child should have the opportunity to shape a brighter future.
Speaking at the event, the Managing Director and Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, reflected on the remarkable growth of the initiative and the unwavering commitment of its supporters.
“What began as a dream to transform the lives of 100 children has grown into a movement that has positively impacted more than 14,000 young people. We want to return next year talking about 28,000 children. Education remains the greatest leveller, giving every child a genuine opportunity to realise their potential and contribute meaningfully to society.”
Ogbonna expressed appreciation to donors and partners whose support has sustained the initiative, noting that investment in education creates lasting intergenerational impact.
Kaduna State Governor Uba Sani described education as one of the most valuable investments any society can make. He praised the longstanding alliance between Access Bank, Fifth Chukker and UNICEF, noting that it has restored hope and opportunity to thousands of children from underserved communities.
Highlighting Kaduna State’s ongoing education reforms, the Governor revealed that approximately 300,000 out-of-school children had been returned to classrooms over the past year through partnerships with organisations including UNICEF and other development partners. He also announced plans to construct an additional 120 classrooms at the Fifth Chukker Access Bank UNICEF School, enabling even more children to access quality education.
“What we are doing here is about humanity. By giving children access to quality education, we are empowering them to dream, to lead and to build a better future for themselves and their communities.”
Governor Sani also paid tribute to the late Herbert Wigwe, acknowledging his vision, leadership and enduring commitment to improving educational outcomes for underserved populations.
For Aigboje Aig-Imoukhuede, Chairman of Access Holdings, the true success of the initiative is reflected in the lives being transformed.
“The most meaningful measure of success is not the number of buildings we construct, but the opportunities we create. Every child who receives an education, every young person who discovers their potential, and every community strengthened through learning represents the lasting impact of this partnership. Together, we are proving that when purpose meets collaboration, we can create opportunities that change lives for generations.”
Welcoming guests, Jamie Simmonds, Chief Executive Officer of The Access Bank UK, described the gathering as polo with purpose, a celebration not only of sport but of a shared mission to create opportunity through education. He highlighted the institution’s commitment to supporting initiatives that deliver sustainable social impact and broaden access to learning for underserved children.
The event concluded with a renewed commitment from all stakeholders to deepen investment in education as a catalyst for national development and social progress. The Access Bank Fifth Chukker School continues to demonstrate the impact of sustained collaboration among the private sector, government and development partners, delivering measurable outcomes for vulnerable children in Northern Nigeria.
Ecobank Nigeria, a subsidiary of the leading pan-African financial services group Ecobank Group, has been awarded the Client Excellence Award by Deutsche Bank in recognition of its outstanding performance, operational excellence, and commitment to delivering superior Institutional Cash and Trade Finance services.
The award recognises Ecobank Nigeria’s consistent achievement of high standards in transaction processing, service delivery, operational efficiency, and collaboration within the global trade finance ecosystem. It further reinforces the Bank’s position as a leading financial institution providing innovative financial solutions that support corporates, financial institutions, and businesses engaged in domestic and international trade.
Receiving the award on behalf of Ecobank Nigeria, Segun Anjorin, Coverage Head, Corporate and Investment Bank, Ecobank Nigeria, expressed appreciation to Deutsche Bank for the recognition, noting that the award reflects the Bank’s unwavering commitment to excellence, innovation, and customer-centric service delivery.
“We are honoured to receive the Deutsche Bank Client Excellence Award. This recognition is a testament to our commitment to delivering seamless and innovative solutions that enable our clients to thrive in an increasingly interconnected global marketplace.”
“At Ecobank Nigeria, we remain focused on leveraging our extensive pan-African network, digital capabilities, and strategic partnerships to facilitate trade, improve transaction efficiency, and support economic growth across Nigeria and the African continent. We value our longstanding relationship with Deutsche Bank and look forward to further strengthening our collaboration in the years ahead,” Anjorin said.
Commenting on the award, Anand Jha, Managing Director, Global Head of TFFI and Regional Head, Trade & Lending, Middle East and Africa (MEA), Deutsche Bank, commended Ecobank Nigeria for its exceptional service standards and operational excellence.
“The Client Excellence Award recognises institutions that consistently demonstrate outstanding quality, efficiency, and reliability in transaction banking operations. Ecobank Nigeria distinguished itself through its commitment to excellence, strong operational controls, and customer-focused service delivery that has created measurable value for clients and counterparties alike.”
“We are pleased to recognise Ecobank Nigeria’s achievements and appreciate the strong partnership we have built over the years. We look forward to continuing our collaboration in supporting trade, payments, and financial flows that drive economic development across Africa and beyond,” Jha said.
The recognition underscores Ecobank Nigeria’s continued investment in world-class banking solutions and reinforces its role as a trusted financial partner for businesses seeking efficient cash management, trade finance, and cross-border banking services. It also highlights the Bank’s commitment to supporting economic development by facilitating seamless trade and financial transactions across Africa and the global marketplace.
About Ecobank Nigeria
Ecobank Nigeria is a member of the Ecobank Group, the leading pan-African banking institution with operations in 33 African countries and international offices in London, Paris, Beijing, and Dubai. With over 220 branches, more than 36,000 agency banking locations, and robust digital platforms, Ecobank delivers accessible, affordable, and instant banking services. The Bank is strategically positioned to support pan-African trade, particularly under the African Continental Free Trade Area (AfCFTA).
Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, Wema Bank, on Wednesday, announced the 7th edition of its flagship innovation initiative, Hackaholics.
Launched in 2019, Hackaholics is Wema Bank’s youth and tech-focused initiative designed to serve as a platform for young Africans with creative, game changing, tech-driven ideas and products, to bring their ideas to life. Since its launch, Hackaholics has discovered thousands of groundbreaking solutions, supported over 10,000 startups, engaged 50,000 participants, developed over 100 solutions from scratch and disbursed $500,000,000 in grant prizes to dozens of winners whose remarkable solutions have earned a top spot in the past 6 editions. With the launch of Hackaholics 7.0, Wema Bank is set to execute the biggest Hackaholics edition yet.
Themed “Powering Possibilities”, Hackaholics 7.0 will kick off with an open call for applications, calling on all young Africans with creative tech-driven solutions across any of the 7 verticals: Financial Inclusion, Healthcare, Digital Transformation, Education, Sustainability, Social Impact and Future of Work. Each application is to be made via the portal at hackaholics.wemabank.com, under one of three tracks: The Startup Pitch Competition, Hackathon and the newly introduced Social Impact track.
Following the application window, Hackaholics 7.0 will then proceed on a national tour which will touch 10 pitch centres across the six geopolitical zones of Nigeria. Each pitch centre will serve as a hub for innovators within the region to pitch their creative solutions and get the opportunity to secure the top spot in their pitch centre, and ultimately, proceed to the grand finale where the winners of Hackaholics 7.0 will be announced.
Speaking on the inspiration behind Hackaholics’ exceptional seven-year journey, Wema Bank’s MD/CEO, Moruf Oseni, reiterated the Bank’s commitment to powering innovation, empowering youth and promoting economic growth in Africa.
“At Wema Bank, we believe that institutions have a responsibility that extends beyond providing commercial services. We have a responsibility to create meaningful opportunities, provide the right resources, enable innovation to thrive, and support the ecosystems that will shape today’s youth as well as tomorrow’s economy. This sense of responsibility is what has driven the evolution of Hackaholics from inception till date. With Hackaholics, we have, and we are investing in the next generation of innovators, inspiring innovation that will impact lives, strengthening Nigeria’s innovation ecosystem and giving youth a platform to make meaningful use of their creativity; and the numbers continue to speak volumes,” Oseni said.
While performing the function of declaring the application window open, Tajudeen Bakare, Wema Bank’s Divisional Executive, Business Support, noted that “As we launch Hackaholics 7.0 today, we are opening up a new phase of opportunities for more Nigerian youth to challenge themselves, explore their creativity and become startup founders. I encourage every young Nigerian with a passion for innovation to leverage the opportunity that we have carefully curated through Hackaholics and get ahead of the curve in today’s dynamic work landscape. Together, we can continue to build an ecosystem where innovation flourishes, opportunities expand, and young people are empowered to create solutions that shape the future”.
Hackaholics 7.0 is free, and open to any Nigerian youth who has innovative ideas and solutions to pitch. Interested startups and innovators can apply at hackaholics.wemabank.com. All updates on the Hackaholics 7.0 journey will be made available on the Bank’s website @wemabank.com as well as its social media platforms @wemabank and @alat_ng.
