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Boosting Local Capacity In Meter Production: How MOJEC Encourages Local Content Capacity

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By Segun Olabode, Lagos

The Ministry of Power has become the latest key sector of the economy to work towards replicating the success achieved with the implementation of Nigerian Content in the oil and gas industry to ensure that ongoing transformation in the sector and massive investments by governments and private sector entities are steered to develop the local supply chain and encourage indigenous manufacturing.

According to Section 3(2) of the Act, exclusive consideration is given to indigenous Nigerian service companies that demonstrate ownership of equipment, Nigerian personnel, and the ability to execute work on land and swamp.

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Indigenous meter manufacturers have not been able to produce adequate meters, which indicates the current production capacity in this sector, thereby placing unmetered Nigerians in perpetual wait to possibly no end. Meter manufacturers, like other industrial manufacturers, have faced challenges ranging from retrogressive port systems, foreign energy crises, multiple taxations, and high energy costs.

In its bid to mollify these challenges, MOJEC International Limited, Nigeria’s leading manufacturing company and the largest meter manufacturer in Sub-Sahara Africa, moved into boosting the local capacity of meter production.

The organization is putting a lot of effort into place to bridge the metering gap of over six million unmetered consumers by expanding and boosting its capacity in metering production, leveraging on its wealth of technical and financial experience in the local production of electric meters, thereby demonstrating its robust contribution to the development of local content in the Nigerian power sector.

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Metering requires a significant amount of effort in both production and logistics; it is not as simple as purchasing a mobile phone and having it work as soon as a sim card is inserted. Metering the Nigerian populace has been an upheaval in the National Electricity Supply Industry (NES). There have been several mass metering intervention programmes by the Federal government and the Nigerian Electricity Regulatory Commission (NERC) since the inception of the electricity sector reform under the administration of former President Olusegun Obasanjo to bridge the metering gap.

READ ALSO: How MOJEC Is Facilitating Federal Government’s Mass Metering Agenda

The majority of these interventions were funded by the Federal Government, which provided direct funding to selected meter companies to import and roll out prepayment meters to electricity consumers. Also provided by the Federal Government were monetary and fiscal incentives such as duty waivers, tax waivers, duty reductions, and concessional funding to local meter assemblers to stimulate the assembling of meters in Nigeria.

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Before this time, there were huge factors affecting the local production of meters, as all the components for metering were imported and importation logistics were a major challenge. Getting cargo across the ports comes with challenges. Also, the lack of patronage by distribution companies was a challenge to local manufacturers.

Currently, MOJEC meters are smart and low-voltage city-operated meters, ranging from single-phase to three-phase meters. They are for personal and industrial use. They could be post-paid or pre-paid.

In order to reduce metering gap in Nigeria, MOJEC under its Mobile MAP initiative has continued to push to get more Nigerians metered through its meter penetration and partnership with DisCos across regional areas in the country.

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This move would see customers provided with meters within 24 hours, also preventing them to fall prey of extortion from installers in the bid of helping them secure a meter.

MOJEC, as an industry leader in metering technology development, has reached a significant milestone in the local production of smart meters. Apart from manufacturing electricity meters, MOJEC is also in the business of manufacturing water and gas meters.

It is worthy of note that MOJEC’s painstaking effort in meter production has been able to help propagate the objectives of the FGN’s agenda, which include: increasing

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Nigeria’s metering rate; increasing local meter manufacturing capacity to strengthen the local meter value chain; creating jobs in the local meter value chain, and supporting Nigeria’s economy by eliminating erratic billings.

In 2020, the Federal Government initiated the National Mass Metering Program in partnership with indigenous meter manufacturers, including MOJEC, following its demonstrated ability to boost the capacity and production of meters locally while hiring and equipping Nigerians with the requisite skills required in the electricity sector.

The government, through NERC, has commended MOJEC for the quality of infrastructure and facilities put in place to support the Federal Government’s intervention Initiative.

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The NERC chairman, Professor James Momoh, stated that MOJEC has demonstrated the capacity to support the effort in bridging the metering gap and urged the company to keep working to support the Federal Government and NERC in providing best-in-class smart meters for consumers.

READ ALSO: Precise Platforms Launches Research, Intelligence Outfit

The meter asset provider program is an initiative of the Federal Government under the Ministry of Power and the Nigerian Electricity Regulatory Commission to bridge the metering gap to track the supply of meters to distribution companies and other customers.

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MOJEC Meter Company pioneered the concept of smart metering technology in Nigeria by setting up a state-of-the-art electricity meter plant in the country with a production capacity of over 3million meters annually designed to handle the demands of energy customers.

MOJEC manufactures and supplies different types of meter ranging from single-phase meters, three-phase pre-payment meters, whole current meters, low voltage city-operated meters, credit meter/Pre-payment meters to HT metering Panel

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JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000

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The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000.

The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department.

Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.

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According to her, it will also curb money laundering risks associated with heavy reliance on cash.

She said that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.

READ ALSO:CBN Directs Nigerian Banks To Withdraw Misleading Advertisement

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However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.

She said that with effect from Jan. 1, 2026, the cumulative deposit limit would be removed and the fee previously charged on excess deposits would no longer apply.

The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.

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READ ALSO:CBN Issues Directive Clarifying Holding Companies’ Minimum Capital

Withdrawals above these thresholds will attract excess withdrawal charges as specified,” she said. “The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished.”

She said that for Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly.

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She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

Sike said that excess withdrawals above the stipulated limits would attract three per cent for individuals and five per cent for corporate customers.

READ ALSO:Court Convicts Two National Assembly Staff Over CBN, FIRS Job Scam

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According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.

She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.

Sike said that such withdrawals would be counted as part of the cumulative weekly limit.

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The director said that banks were also required to render monthly returns to the relevant supervisory departments.

READ ALSO:CBN Sets POS Maximum Transactions In Fresh Guidelines

She listed the departments to include the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.

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Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.

She said that accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks are also exempted from the new rules.

She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.

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Naira Records Depreciation Against US Dollar Across Official, Black Markets

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The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.

Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.

READ ALSO:Naira Records First Depreciation Against US Dollar Across Official, Black FX Markets

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This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.

Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.

The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.

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NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

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The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

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READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

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Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

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