Business
PDP, Others Condemn Increase in Electricity Tariff as NERC Denies Increment
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The Peoples Democratic Party (PDP) and other stakeholders have rejected the alleged rise in electricity tariff, even as the regulatory agency denied approving any increase.
There were reports at the weekend indicating that electricity consumers in the country would pay more tariff from April this year, based on a minor review of the Multi Year Tariff Order (MYTO) 2015 and the Minimum Remittance Order (MRO) for 2020 published by Nigerian Electricity Regulatory Commission (NERC).
NERC has the mandate to implement the Electric Power Sector Reform (EPSR) Act 2005, especially Section 32, which allows it to ensure prices charged by licensees (distribution companies) are fair to customers and sufficient to allow the licensees finance their activities and make reasonable profit for efficient operations.
In August last year, NERC published a minor review of tariff order indicating that from 2020 consumers would pay a maximum N14 addition for every kilowatt-hour of energy, depending on their status and their distribution companies.
While the increase was expected to start from this month, the new order has suspended the directive till April, stating that “the Federal Government’s updated Power Sector Recovery Programme (PSPRP) does not envisage an immediate increase in end-users tariffs until 1st April 2020 and a transition to full cost reflectivity by end of 2021.”
In its reaction yesterday, the PDP described the planned increase as draconian and completely against the interest and wellbeing of Nigerians.
The party charged the Federal Government to immediately rescind what it called “the obnoxious and provocative policy and consult further with Nigerians before any such tariff hike.” It also urged the National Assembly to rescue Nigerians from such a draconian policy by deploying its statutory legislative instruments to call the Federal Government to order in the interest of the nation.
The PDP, in a statement by its National Publicity Secretary, Kola Ologbondiyan, described the alleged increase in electricity tariff as an attempt to worsen “the fleecing of Nigerians, who are already overburdened and groaning under the weight of high costs, economic repression and heavy taxes foisted by the insensitive APC administration.”
According to the opposition party, “It is lamentable that Nigerians, who are already suffering the devastating negative impact of the recent increase in the Value Added Tax (VAT) from five per cent to 7.5 by the APC administration, are now being further suppressed with increased electricity tariff.
“Our party holds that the increase in electricity tariff, under the prevailing harsh economic conditions, is injurious to the wellbeing of Nigerians as it will further stress the productive sector and lead to an upsurge in the cost of regular and essential goods and services, including food, medicine, housing, education and other critical needs.”
It declared that “the APC policy, if allowed, will worsen the suffering of Nigerians as it will put more stress on already overburdened families, cripple businesses, result in job losses and exacerbate the prevailing frightening unemployment rate under the Buhari administration.”
The National Coordinator of the Human Rights Writers Association of Nigeria (HURIWA), Emmanuel Onwubiko and the National Media Affairs Director Miss Zainab Yusuf, said the focus of the Federal Government in the beginning phase of the year should not be to impose grave hardship on the populace just coming out of the seasonal festivities of Christmas and New Year but on how quality education could be delivered to millions of the children of Nigerian suffering families that would be returning to schools in the next few days.
“The government should be focused in this New Year on how to improve health care and on how to curb the internal corruption that has destroyed the so-called schools feeding programme instead of President Muhammadu Buhari working day and night to unleash devastating economic strangulation through unsustainable reviewed electricity power tariffs on millions of Nigerians most of whom are unemployed, hungry, sick and poor.
“The Buhari-led administration should be focused on restoring security of lives and property which is the primary duty of government and for which it has failed to discharge instead of rushing to introduce the wicked policy of electricity power hike in January of a fresh decade.”
But the Coordinator of Electricity Consumer Advocacy Network, AbdulHakim Balogun, said that the increase was expected, as provision had been made for such under the law. He, however, stated that the timing might not be appropriate, considering the state of the economy, increase in VAT and pressure on consumers’ disposable incomes.
The Director General of Lagos Chamber of Commerce and Industry (LCCI), Dr. Muda Yusuf, said the power sector problem was multifaceted, adding that the approach to addressing it should be holistic, otherwise the consumers would be vulnerable.
“The tariff question is no doubt one of the problems. But what is NERC doing about the issues of the capacity of the Discos, estimated billing, technical and commercial losses, metering problem, quality and adequacy of investment by the Discos, transmission, proposal on the decentralisation of the sector, promotion of off grid solutions and incentives for renewable energy solutions? All of these need to be addressed in order to inspire the confidence of consumers.
“NERC should protect the interests of consumers as well as those of the investors. There is also the social dimension of electricity provision to those at the bottom of the pyramid. It is also critical to disaggregate and interrogate the components of cost being claimed by the Discos. Already, many small businesses have complained about prohibitive tariffs by Discos following the last review. What is needed is a holistic reform rather than the simplistic solution of tariff review,” he stated.
But the regulatory agency, NERC, said it had not approved any tariff increase yet.
The General Manager, Public Affairs, Mr. Usman Arabi, made the clarification in a statement issued on the agency’s website and obtained by the News Agency of Nigeria (NAN) in Lagos yesterday.
Arabi said: “The attention of the NERC has been drawn to the publication in several electronic and print media that end-user electricity tariffs have been increased following the approval of the minor review (2016 – 2018) of the 2015 Multi Year Tariff Order on August 21, 2019.
“We wish to provide guidance that the minor review implemented by the commission was a retrospective adjustment of the tariff regime released in 2015.
“This is to account for changes in macro-economic indices for the years 2016, 2017 and 2018 thus providing certainty about revenue shortfall that may have arisen due to the differential between tariffs approved by the regulator and actual end-user tariffs.
“The commission therefore wishes to notify the general public that no tariff increase has been approved vide the order.”
He said, however, NERC, in the discharge of its statutory responsibilities enshrined under the Electric Power Sector Reform Act, would continue to undertake periodic reviews of electricity tariffs in accordance with the prevailing tariff methodology.
According to him, in all instances of such reviews and rule making, the commission will widely consult with stakeholders and a final decision will take due regard of all contributions.
The Guardian
Business
AD Consulting, Ecobank Partner to Host Art and Architecture Icons in “The Convergence”
Nigeria’s leading voices in art and architecture will converge in Lagos as AD Consulting partners Ecobank Nigeria to present The Convergence: The Iconic Architect & the Icons of Art, a landmark cultural experience celebrating Nigeria’s creative excellence, heritage and legacy.
Scheduled to run from October 1 to 7, 2026, at the Ecobank Pan African Centre (EPAC), Ozumba Mbadiwe Avenue, Victoria Island, Lagos, the event will bring together internationally acclaimed architect Olajumoke Adenowo, Founder of AD Consulting, and some of Nigeria’s most distinguished visual artists for an immersive exploration of the relationship between architecture, art and African heritage.
Among the artists whose works will feature are Abiodun Olaku, Bunmi Babatunde, Kehinde Adewuyi, Tayo Quaye, Mufu Onifade, Alex Nwokolo, Fidelis Odogwu, Kassi Nathalie, Dotun Popoola, Steve Ekpenisi, Collins Abinoro and Joshua Nmesirionye among others.
Speaking on the concept behind The Convergence, Olajumoke Adenowo, Founder, AD Consulting, said: “Architecture and art are two of the most enduring expressions of who we are as a people. They tell our stories, preserve our heritage and give form to the values we want to pass on to future generations. The Convergence brings these two powerful voices together to celebrate Nigeria’s extraordinary creative heritage while creating a space for new conversations about identity, beauty, ownership and legacy.”
She added: “This is not simply an exhibition. It is an intentional meeting of architecture, art and people who understand that some of the most valuable things we can leave behind are not merely possessions, but ideas, culture and a sense of who we are. Through NeoHeritage, The Convergence creates a contemporary expression of our heritage while looking confidently towards the future.”
Also speaking, Austen Osokpor, Head, Marketing & Corporate Communications, Ecobank Nigeria, said the partnership represents an opportunity to support African creative excellence while creating a platform where culture, creativity, private wealth and enterprise intersect.
According to Osokpor, “Africa’s wealth is not defined by financial capital alone. Our culture, creativity, intellectual capital and heritage are equally important assets that must be preserved, celebrated and passed on to future generations. The Convergence gives us an opportunity to support this broader definition of African wealth by bringing together exceptional artists, architects, collectors and cultural patrons in one powerful experience.”
He added: “For Ecobank, this is more than an event. It is about creating meaningful platforms that connect people, ideas and opportunities, while reinforcing our commitment to African excellence. We are delighted to partner with AD Consulting and Olajumoke Adenowo on an initiative that places Nigerian creativity firmly within the wider African and global cultural conversation.”
Unlike a conventional exhibition or art fair, The Convergence has been conceived as a platform for dialogue, exploring how art and architecture shape identity, preserve cultural memory and create enduring legacies.
At its heart is Adenowo’s Neo Heritage philosophy, which connects Africa’s rich cultural inheritance with contemporary creative expression.
The experience is built around three design pillars: Light, Zeitgeist and The 4th Dimension.
The Convergence will open on October 1 with an exclusive Collectors & Patrons evening curated for invited collectors, patrons, high-net-worth individuals and distinguished guests.
The opening will provide an intimate opportunity to experience the exhibition, engage with participating artists and explore the works within a setting centred on art, architecture, ownership, cultural stewardship and legacy.
The programme will include curated viewing opportunities, conversations with artists and creative leaders, and experiences designed to foster meaningful connections among collectors, patrons, architects and cultural leaders.
The wider exhibition will continue from October 2 to 7, giving a broader audience the opportunity to experience the works and engage with the ideas underpinning The Convergence.
The programme will also feature a Patron’s Preview, Founders’ Cocktail featuring an Architecture Salon by AD Consulting, and a Collectors’ Circle, offering opportunities for private viewings and deeper engagement with the artists and their work.
Business
Zenith Bank Opens Digital, Branch Channels for Dangote Refinery Share Subscription
Nigerians at home and in the Diaspora seeking to participate in the landmark Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals can subscribe conveniently through Zenith Bank, a receiving bank for the historic transaction and a designated electronic application channel for the offer. Subscription is open through the Zenith Bank website, the Zenith mobile app, internet banking, USSD, corporate internet banking and any Zenith Bank branch nationwide.
Across all of these channels, anchored by Zenith Bank’s network of 456 branches and 84 cash centres, investors enjoy a secure, fast and reliable route into the offer from anywhere in the world, at any hour. Whether the application begins on a phone in London, a laptop in Houston or across the counter of a Zenith banking hall in Lokoja, the path to ownership opens with a few taps and carries the investor smoothly through to completion.
Every subscription is linked to the investor’s Bank Verification Number, a seal of identity and security that accompanies each application from submission to allotment.
It is service the Zenith way: first-time and seasoned investors alike enjoy a straightforward and fully protected process, and the quiet confidence that their stake in history is processed through Zenith Bank.
Applications open on Monday, 14 September 2026 and run for 30 days, closing on Tuesday, 13 October 2026. According to the prospectus, the shares are offered at ₦525 each, with a minimum subscription of 10 shares, or ₦5,250. The offer seeks to raise ₦2.15 trillion, the largest equity offering ever undertaken on the African continent, and the prospectus further provides that retail investors who subscribe and hold their shares may qualify for bonus shares under the Retail Investor Incentive Programme, subject to regulatory approvals.
Zenith Bank stands ready to make participation effortless for investors who choose to take part. Nigeria’s largest bank by Tier-1 capital and the country’s most profitable bank, Zenith has built its reputation on combining scale with innovation, and that strength is now at the service of every investor in this offer. This is proven ground for the bank: Zenith Bank’s own most recent public offering was executed mainly through digital channels, a demonstration of digital readiness built on the bank’s robust digital infrastructure. That infrastructure has since been strengthened further through a comprehensive technological overhaul, positioning Zenith to serve its retail customers with the same excellence long enjoyed by its corporate clients, precisely the capability an offer of this scale demands.
Within the wider transaction, Quantum Zenith Capital & Investments Limited serves among the joint issuing houses, while Zenith Bank itself provides the secure and dependable channels through which applications are received and processed. Having successfully taken its own landmark offer to the market through digital channels, Zenith brings that same tested infrastructure and experience to the largest equity offering in African history. It is the same combination of financial strength, digital excellence and customer devotion that has earned Zenith Bank recognition year after year as one of Africa’s foremost financial institutions, trusted by millions of customers and by the corporates and governments behind the continent’s biggest transactions.
For over three decades, Zenith Bank has been the trusted gateway to Nigeria’s defining financial moments, and its channels are open for this one. Investors who wish to participate can fund their Zenith Bank account and subscribe through any of the bank’s platforms before the offer closes on 13 October 2026.
Please note that the details of the offer are provided in the prospectus and guided by extant regulations. Zenith Bank serves as a Receiving Bank and electronic application channel for this offer. Investors are advised to carefully read the Prospectus and, where appropriate, seek independent professional advice before making any investment decision.
Business
Ecobank Urges Young Nigerian Creatives to Seize ₦20m InnovateX 2026 Opportunity
Ecobank Nigeria has called on young Nigerians, particularly students, innovators, entrepreneurs, and creatives aged 16 to 25, to take advantage of the ongoing registration for InnovateX 2026, the Bank’s flagship youth innovation challenge offering ₦20 million in prizes, mentorship, business development support, and access to industry experts.
Powered by Blaze by Ecobank in partnership with Verve, InnovateX 2026 is designed to identify and support the next generation of innovators and creators developing solutions across inclusive finance, as well as the creative economy.
Beyond the financial support, participants will benefit from an intensive innovation journey featuring hybrid bootcamps, expert-led workshops, mentorship sessions, networking opportunities, and a grand finale pitch competition where finalists will showcase their ideas before a panel of industry leaders and investors.
The competition is open to young Nigerians working on innovative projects in technology, engineering, science, product design, content creation, digital media, entertainment, fashion, and other creative disciplines.
Encouraging young Nigerians to register, Victor Yalokwu, Head, Products & Analytics, Ecobank Nigeria, said: “Nigeria is blessed with an abundance of young talent, creativity, and entrepreneurial energy. Through InnovateX, we are providing a platform for young people to transform bold ideas into impactful solutions and sustainable businesses. We encourage students, innovators, tech enthusiasts, creators, and entrepreneurs across the country to seize this opportunity and take their ambitions to the next level.”
He added: “The future belongs to young people who are willing to innovate, solve problems, and create value. InnovateX is designed to equip participants with the knowledge, mentorship, exposure, and resources they need to succeed in today’s highly competitive and technology-driven world.”
Yalokwu further explained that InnovateX is not just about rewarding great ideas, but also about building confidence, nurturing talent, and connecting young people to opportunities that can help them grow personally and professionally. “Whether you are developing a tech solution, building a creative brand, or working on an innovation that can improve lives, InnovateX provides a valuable platform to showcase your potential and accelerate your journey towards success,” he said.
As part of its commitment to youth empowerment, Ecobank continues to provide innovative banking solutions through the Blaze Account, a youth-focused offering that gives customers access to exclusive opportunities, a uniquely designed debit card, free monthly transfers, and participation in initiatives such as InnovateX.
Young Nigerians interested in participating are encouraged to submit their applications through www.innovatex.africa before the registration deadline.
With ₦20 million up for grabs and a unique opportunity to gain mentorship, skills, exposure, and industry recognition, InnovateX 2026 is poised to become one of Nigeria’s most impactful youth innovation and entrepreneurship programmes.






