Connect with us

NEWS

Tariff Hike Only For 20-Hour Power Users – NERC

Published

on

The Nigeria Electricity Regulatory Commission (NERC) has explained that the recent tariff hike would solely impact customers receiving 20-hour power supply nationwide, exempting those in Bands B, C, and D.

Vice Chairman Musliu Oseni revealed this information during a press briefing in Abuja on Wednesday.

He stated that the approved increase, from N68/KWh to N225/KWh, exclusively applies to Band A customers, with Bands B and C remaining unaffected.

Oseni emphasized that only approximately 15% of electricity consumers enjoying consistent 20-hour daily power supply would be affected by the tariff adjustment.

Additionally, he emphasized that customers unaffected by the tariff adjustment will continue to receive uninterrupted service.

Vice Chairman Oseni further disclosed that the commission had downgraded certain customers from Band A to Band B due to the failure to meet the stipulated hours of electricity provision by the distribution companies.

He said “We currently have over 800 feeders that are categorised as Band A, but it will now be reduced to under 500. This means that 17 per cent of the feeder now qualifies as Band A.”

NEWS

“I’m Deeply Sorry Sir” — Desmond Elliot Kneels Before Gbajabiamila [Video]

Published

on

Lagos State House of Assembly member and Nollywood actor, Desmond Elliot, has been captured on video kneeling before the Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, while pleading for forgiveness.

In the video circulating on social media, Elliot is seen on his knees before Gbajabiamila and other individuals as he apologises for an undisclosed matter.

SEE MORE: EndSARS: I read it, I knew there was a calamity, chaos – Desmond Elliot

Speaking during the encounter, Elliot said, “I am sorry, I have no excuse. I have nothing other than to say I am deeply sorry. I’m deeply sorry, sir. And I am hoping… to be cultured… I am sorry, sir?

The exact reason for Elliot’s apology was not known as of the time of filing this report.

The video has nevertheless generated reactions online, particularly because of the political relationship between Elliot and Gbajabiamila, who has been a prominent figure in Lagos politics and a political mentor to the lawmaker.

See video below

Continue Reading

NEWS

Dangote Refinery Opens Landmark IPO Today

Published

on

The Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) today announced the commencement of its Initial Public Offering (IPO), marking a historic milestone in Nigeria’s economic development and the evolution of Africa’s capital markets.

The offer will be formally launched at a ceremony on the trading floor of the Nigerian Exchange (NGX) in Lagos, bringing to the public, for the first time, an opportunity to own a stake in Africa’s largest refinery and one of the world’s most significant industrial projects.

The IPO, which opens today, September 14, 2026, consists of 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250. The offer is expected to remain open until October 13, 2026, subject to the terms outlined in the Prospectus. The transaction is targeted at retail, institutional, and eligible African investors, reinforcing Dangote Refinery’s commitment to broadening ownership and deepening participation in Nigeria’s capital market.

READ ALSO: Nigeria Meets OPEC Quota for Fourth Consecutive Month

The public offer is expected to raise approximately N2.15 trillion, making it one of the largest equity offerings ever undertaken in Africa. The proceeds will support the Refinery’s long-term growth plans, operational expansion, strategic investments, and the creation of additional value for shareholders and stakeholders alike.

Speaking on the significance of the IPO, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said:” Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation. This offering is about more than raising capital; it is about creating an opportunity for ordinary Nigerians, Africans, and investors across the globe to participate directly in one of the most transformative industrial projects ever built on the continent.

We established this refinery to transform Africa’s energy landscape, create jobs, conserve foreign exchange, and unlock shared prosperity. With this IPO, we are extending that vision by democratising ownership and ensuring that millions of people can benefit from the value being created.

We believe that broad-based ownership is one of the most effective ways to build wealth, strengthen the capital market, and accelerate economic inclusion. We invite investors to join us as partners in building a globally competitive enterprise that will continue to shape the future of energy, manufacturing, and economic development in Africa.”

According to Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group: “The launch of the Dangote Petroleum Refinery IPO is an important moment for Nigeria’s capital market, not simply because of the scale of the transaction, but because of what it represents.

Our capital market must increasingly become a place where Nigerians can participate in the value created by our country’s most important businesses. That means broadening ownership, expanding access and creating stronger connections between Nigerian enterprise and Nigerian capital.

At NGX Group, we have been deliberately building the infrastructure to make that possible. Through NGX Invest and connectivity across more than 50 distribution channels, including stockbrokers, banks and fintechs, we are making participation in the public market more accessible.

This is how we build an ownership economy: strong Nigerian businesses accessing long-term capital, and more Nigerians having the opportunity to participate in their growth.”

Dangote Refinery has emerged as a strategic national asset, helping to strengthen energy security, reduce dependence on imported refined products, conserve foreign exchange, and position Nigeria as a major exporter of petroleum products. Since commencing commercial operations, the Refinery has supplied premium-quality petroleum products to domestic and international markets while supporting industrial growth and economic transformation across the region.
The Company emphasized that participation in the offer has been designed to be accessible, transparent, and technology enabled. Eligible investors can subscribe through approved distribution channels, including NGX Invest, designated commercial banks, and authorized investment platforms, subject to the provisions contained in the Prospectus.

As the commencement ceremony takes place on the floor of the Nigerian Exchange today, Dangote Refinery reaffirmed its commitment to operational excellence, corporate governance, sustainable growth, and long-term value creation for shareholders.

Continue Reading

NEWS

‘80% of PHCs Not Functioning’ — Peter Obi Raises Fresh Health Sector Concern

Published

on

#NigeriaDecides: Obi Leads With 6 Of 8 LGs Declared In Plateau

Former Anambra State Governor and NDC presidential candidate, Peter Obi, has raised fresh concerns over the state of Nigeria’s Primary Healthcare Centres (PHCs), warning that a large number of the facilities may not be functioning effectively.

Obi made the remarks in a post on his X account on Monday morning while reacting to a recent report that 97 per cent of assessed Primary Healthcare Centres across 16 states failed to meet the national staffing standard.

According to Obi, the situation goes beyond the figures contained in the report, as he argued that the findings could be extrapolated nationwide.

SEE MORE: Fresh Legal Battle Over Peter Obi’s Credentials as LP Chieftain Sues Three Institutions

“The recent report that 97% of assessed Primary Healthcare Centres across 16 states failed to meet the national staffing standard is not merely a statistic; it can be extrapolated nationwide, where about 80% of PHCs are not functioning. It reflects a serious risk,” Obi wrote.

He described health as the primary measure of development in any nation, stressing that it forms the foundation of an effective healthcare system.

“A country cannot build a healthy, productive population if its Primary Healthcare Centres lack the necessary staff to care for the people,” he said.

Obi highlighted the potential consequences of poorly staffed healthcare centres, particularly for pregnant women and children.

“Behind every understaffed PHC is a pregnant woman who might not receive timely care, and a child who could die from a preventable illness,” he stated.

He further argued that the challenges confronting Nigeria’s healthcare system contribute to the difficult living conditions faced by citizens.

“That is why Nigeria is currently classified among the most challenging and poorest places to be born and to live,” Obi said.

The former presidential candidate maintained that access to healthcare should not be determined by a person’s financial status.

“Healthcare should not be a privilege reserved for the wealthy. It is a basic responsibility of government,” he wrote.
Obi also questioned the way development is measured in the country, arguing that physical infrastructure alone should not be the primary yardstick for assessing progress.

“Progress is not best measured by flyovers, new bus stops, or airports that are rarely used. Instead, we should measure it by the number of lives saved, the number of operational health centres, the availability of qualified health workers, and the quality of care provided to ordinary Nigerians,” he said.

He warned that Nigeria could not achieve the transformation he described as a “New Nigeria” while citizens continued to die from preventable health conditions.

“We cannot create a New Nigeria while allowing our people to die from issues that a functioning Primary Healthcare system should prevent,” Obi stated.

He called for increased investment in Nigerians, stronger Primary Healthcare Centres, and the recruitment and retention of essential health workers.

“Our priorities must be clear: invest in our people, strengthen Primary Healthcare, recruit and retain essential health workers, and ensure every Nigerian, regardless of location or income, has access to quality, affordable healthcare,” he added.

For further call for national transformation, saying, “A New Nigeria is POssible.”

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

0
Would love your thoughts, please comment.x
()
x