Business
Transmission Company of Nigeria (TCN) says 60 percent of metered customers bypass meters.

Transmission Company of Nigeria (TCN) says 60 percent of metered customers bypass meters.
Ali Ahmad, TCN’s general manager (GM) made this known at the National Institute of Physics’ webinar series 2.0 on Thursday.
The webinar series was titled “Policy, Regulatory and Technical Constraints in Achieving Energy Security in Nigeria: The Way Forward”.
Ahmad said out of an estimated population of 230 million, only 13,112,134 Nigerians are officially registered to use electricity.
According to him, only 44.23 percent of the 13.11 million customers have meters, highlighting the limited reach of metering in the country.
He also said with 230 million population, only 2.52 percent have been metered.
The GM said the meter bypass is contributing to the nation’s energy poverty, as the country is energy-poor and deficient in energy security.
According to Ahmad, energy security means having a reliable and affordable energy source, while energy poverty refers to the lack of access to good quality, affordable, and reliable energy.
“For a country to be truly independent politically and economically in the 21st century, is to have energy sovereignty and energy independence, and for the sovereignty and independence to be secured at all times and to be backed by the relevant geopolitics,” he said.
“In Nigeria, we have four types of energy poverty; the unserved, the underserved, the poor quality of supply and the served.
“Energy security in turn is the bedrock for the sustainable development and the attainment of it should leave no one, no citizen behind.”
Ahmad said Nigeria’s energy vulnerability is rooted in multiple factors, such as heavy reliance on gas, which limits diversification, and insufficient production capacity, leading to dependence on imports, and unreliable and high-cost gas supply, that further hinders energy security.
Business
NUPENG: ‘Call Dangote to order’ – Falana tells Nigerian Govt

Human rights lawyer, Femi Falana, SAN, has called on the Federal Government to intervene and address the allegation that the owner of Dangote Refinery, Aliko Dangote is planning to force newly hired drivers to sign contracts that restrain them from joining established unions within the oil and gas sector.
Business
Naira records highest single-day appreciation against dollar ahead of public holiday

The Naira recorded its highest single-day gain against the dollar at the official foreign exchange market on Thursday ahead of Friday’s public holiday to mark Eid-ul-Mawlid, the birth of the Holy Prophet Muhammad.
Exchange data from the Central Bank of Nigeria showed that it appreciated significantly to N1,514.87 on Thursday, up from N 1,521.46 traded on Wednesday.
This means that the Naira strengthened by N6.59 against the dollar on a day-to-day basis to end the official trading week.
Ekwutosblog reports that Thursday’s gain is the highest uptrend of the country’s in the last three days this week.
Meanwhile at the black market, the Naira dropped to N1,539 per dollar, down from N1,533 traded the previous day.
Accordingly, analysis of both foreign exchange markets indicated that the most populous country in Africa’s currency recorded mixed sentiments in the week under review.
This comes as Nigeria’s external debt continued to rise to hit N41.49 billion on Wednesday, up from $41.46 recorded the previous day, according to the apex bank.
Business
Ponzi scheme: Umuahia investors beg EFCC to recover trapped funds from arrested businessman

Many subscribers in Abia State, who invested huge money in a “50% Return on Investment”, ROI, in Garvice Logistics Limited, Umuahia, have appealed to the Economic and Financial Crimes Commission, EFCC, to help them in recovering their money.
The investors, while thanking the EFCC for arresting the promoter of the investment company, said their major concern was for the EFCC to recover their trapped money from the arrested Chief Executive Officer of the company, Mr Ahamba Tochukwu.
EFCC had on Wednesday, announced the arrest of Mr Ahamba for allegedly defrauding several investors in his logistics investment schemes to the tune of N2,000,000,000 (Two billion Naira only).
Tochukwu, through Garvice Logistics Limited, allegedly rolled out investment opportunities in haulage, courier and e-commerce services and offered his subscribers a fifty percent jump in their investment, an offer that attracted many investors, particularly the youths and students.
He was alleged to have raked-in over N2 billion from about 400 investors in the last quarter of 2024 but allegedly disappeared with the investors’ funds, until his arrest by the EFCC.
Reacting to the development, some Abia residents, who claimed that their huge capital and the advertised interests were not paid to them, begged the EFCC to go beyond the arrest of the company Chief Executive Officer but to recover their money from him.
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