News

Nigerians To Enjoy Improved Power Supply From July – NERC

Published

4 years ago

June 15, 2022

Editor

Mr Sanusi Garba, Chairman, Nigerian Electricity Regulatory Commission (NERC), says Nigerians will witness improved power supply from July 1 following renewed efforts by industry stakeholders.

Garba gave the assurance at an interactive session with newsmen after the Second Nigerian Electricity Supply Industry (NESI) meeting on Wednesday in Lagos.

The News Agency of Nigeria (NAN) reports that the meeting was attended by top officials of NERC, Transmission Company of Nigeria (TCN), Generation Companies as well electricity Distribution Companies.

He said NERC had facilitated a contractual agreement between the Gencos, TCN and the 11 DisCos that would guarantee the generation, transmission and distribution of an average of 5,000MW of electricity daily to customers effective July 1.

According to him, the contract is binding on all the players across the sector’s value chain and stipulates penalties for any party that defaults on the arrangement under the new regime.

Garba said: “Yes, we have had discussions with the gas suppliers within our regulatory space. We have them on board to ensure that once we made the commercial requirements, gas was going to flow.

“Now, for transmission, we have heard of figures well in excess of 5,000MW and clearly TCN will be able to deliver that.

“I recall clearly in March last year we had 5,400MW. So, it means it is quite possible based on signed commitments.”

He said all the stakeholders across the value chain had obligations and there would be consequences if they failed to deliver.

“So, in a situation where Gencos are able to deliver 5,000MW but TCN is unable to do so, they’ll pay the penalty to the generation company and so on.

“And whenever the power is available and DisCos do not take the power; then they will pay liquidated damages that will compensate other market participants.

“We might not have 24/7 power supply from July 1 but Nigerians will see the trajectory because the target is to have an average of 5,000MW daily for transmission and distribution,” said Garba.

He also blamed the recent collapse of the national grid on inadequate gas supply, maintenance of some thermal stations as well as vandalism of power infrastructure and gas pipelines.

“The challenges of today are very clear. In the past, it used to be weak infrastructure and so on and so forth. Now we have certain external factors contributing to these events.

“Obviously, it’s not common around the world to see people coming down, pulling down transmission towers for no reason; or blowing up crude oil lines.

“In a number of instances, most of the gas we have today is associated gas and because of that when crude lines are disrupted it also affects the supply of gas to the thermal stations,” he said.

Garba commended the Federal Government and the Central Bank of Nigeria (CBN) for the interventions in the power sector, adding that country would soon start feeling the impact of the investments positively.

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

4 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

4 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

6 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.