Business – Page 11 – Platformsafrica

Metering: EKEDC Issues 2,000 Minimum Stock Mandate Order To MAP Vendors

May 10, 2024 ADEOLA YUSUF

. ‘Reopening Metering portal, 4G-enabled meters for all.’ Full details of templates the utility firm released to customers on how prepaid meter backlog will be cleared Ahead of the plan to re-launch its prepaid meter portal within the Meter Assets Providers (MAP) scheme, Eko Electricity Distribution Company (EKEDC) has implemented a new prerequisite stipulating that MAP vendors must have a minimum stock of 2,000 smart prepaid meters on hand before being authorized to sell and install meters for new customers. Mrs Rekhiat Momoh, Acting Managing Director/Chief Executive Officer of…

‘Done Deal;’ Shell To Exit South Africa, Gives Reason

May 7, 2024May 7, 2024 ADEOLA YUSUF

Energy company, Shell Plc, has announced its decision to sell off its majority stake in the South African downstream subsidiary, Shell Downstream SA (SDSA). The decision comes after conducting a thorough evaluation of its global operations. Shell Downstream SA (SDSA) was established a decade ago when Shell South Africa and Thebe Investment Corporation, a black empowerment firm, decided to merge Shell South Africa Marketing and Shell South Refining businesses. Thebe Investment Corporation acquired a 28% equity share in the venture. READ ALSO CBN Issues July 7 Deadline For PoS Operators’…

See Exemptions To CBN’s Cybersecurity Levy

May 7, 2024 ADEOLA YUSUF

Central Bank of Nigeria (CBN) has mandated all banks to begin charging a cybersecurity levy on transactions. The levy is to be implemented in two weeks and is a follow-up on earlier letters emphasizing compliance with Cybercrimes (Prohibition, Prevention, Etc.) Act 2015. The Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024 has provided for the levy of 0.5 per cent (0.005) equivalent to a half per cent of all electronic transactions value by the business specified in the Second Schedule of the Act. READ ALSO Takeaways From Tinubu’s Trip to Riyadh…

N225/kWh To N206.80/kWh: Ikeja DisCo Slashes Tariff For Band A Customers

May 6, 2024 ADEOLA YUSUF

Ikeja Electric Distribution Company (IE) has announced the reduction of its electricity tariff for customers under Band A from N225/kWh to N206.80/kWh. In a circular signed by the management of the company on Monday, IE said the customers will now pay N206.80/kwh, rather than the stipulated N225/kwh ordered by the Nigeria Electricity Regulatory Commission (NERC). According to the statement, IE guaranteed to provide 20 to 24 hours of electricity to users under this Band, adding that the tariff for customers under other categories will remain the same. READ ALSO Viral…

NISO Assumes National Grid Control, Operations As NERC Unbundles TCN

May 4, 2024May 4, 2024 ADEOLA YUSUF

▪️ What becomes the date of all staff under defunct System Operator The Nigerian Electricity Regulatory Commission (NERC) has issued a new Order for the establishment of the Nigerian Independent System Operator Limited (“NISo”) effective from 1 May 2024, to hold and manage all assets and liabilities pertaining to market and system operation on behalf of market participants and consumer groups or such stakeholders as NERC may specify. This was contained in the Commission’s order, tagged ORDER NO: NERC/2024/45, İssued on April 30, 2024, jointly signed by Sanusi Garba,…

Major Marketers Supply 300m Litres, Plot End To Fuel Queues Nationwide

May 1, 2024May 1, 2024 ADEOLA YUSUF

The Major Energies Marketers Association of Nigeria (MEMAN) has revealed that the association’s members in Apapa and other locations in Lagos are currently taking delivery of Premium Motor Spirit (petrol) from 8 vessels this week, totaling over 300 million liters – well above the normal levels. He has emphatically assured that the ongoing fuel scarcity and queues in Nigeria will not last more than two weeks, contrary to speculations, and has assured the public that there is an adequate supply of the product. Mr. Huub Stokman, the Chairman of MEMAN, speaks during…

N58k To N81k: NERC Hikes Prepaid Meter Price

May 1, 2024 ADEOLA YUSUF

The Nigerian Electricity Regulatory Commission (NERC) has approved the deregulation of prices of meters deployed under the Meter Asset Provider (MAP) scheme, effective from May 1, 2024. This is coming on the sideline of the requests from Meter Asset Providers (MAPs) and Local Meter Manufacturers and Assemblers (LMMAs) seeking a review of meter prices due to significant changes in the NGN/USD foreign exchange rate and inflation rate since the last price review in September 2023. This was contained in the Commission’s order number “NERC 2024/040”, on the deregulation of the…

N5k To N12k/Bag: We Raked In N166bn Profit In 3 Months – Dangote Cement

April 28, 2024 ADEOLA YUSUF

Dangote Cement, Africa’s biggest cement maker, hit its all-time peak for quarterly revenue in the year to March as the price of the binder nearly doubled year-on-year. In February, the retail price of cement rose to between N10,000 and N12,000 across many parts of Nigeria, weeks after it was sold for prices ranging between N5,000 and N6,000 earlier in January. Dangote Cement’s turnover is now N817.4 billion, according to its latest earnings report. Revenue received a boost from an output expansion of 26.1 per cent in Nigeria, its home operation,…

Cause Of Tightness In Fuel Supply Resolved – NNPCL

April 25, 2024 ADEOLA YUSUF

…. says there were no impending changes to petroleum product prices The Nigerian National Petroleum Company Limited said it has addressed concerns that surround the current scarcity of Premium Motor Spirit commonly known as petrol. NNPCL said the scarcity in certain regions of the country stems from logistical challenges, which have since been resolved. In a statement issued by Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye on Thursday emphasised that there were no impending changes to petroleum product prices. Soneye, in the statement, reassured Nigerians of an ample…