Business

Power Supply To Drop Again, TCN Alerts Nigerians

Published

3 years ago

July 19, 2022

Power supply will drop by 50 megawatts on Wednesday, The PUNCH reports.

The Transmission Company of Nigeria, in a statement on Monday, said the drop would be as a result of planned annual “preventive maintenance” on the line bay at Lekki Transmission Substation in Lagos.

During the maintenance period, about 50MW will be interrupted, affecting power supply to Lekki phase 1, Oniru, Elegushi, Waterfront, Igbo Efon and Twenty-first Century Estate in Lagos state.

“TCN regrets all inconvenience this might cause electricity consumers in the affected area,” the statement said.

The announcement came on the heels of a promise by the Nigerian electricity Regulatory Commission to deliver atleast 5000MW of electricity to Nigerians starting from July 1.

Checks by The PUNCH showed that peak generation as of 3:24 PM on Monday was put at 3, 967MW, while the lowest generation was 3, 539MW, according to statistics from the Nigerian Electricity System Operator, NESO.

The NERC had responded to a widespread public clamour following consistent system collapsing of the power grid, over four incidents recorded so far this year.

According to the commission, all hands are on deck to ensure boost in power generation and supply to electricity consumers, adding that all stakeholders, including gas firms had signed binding contracts to the effect.

“Although there have been contracts in the past, they were not binding and the parties could decide not to honour them. But with the new agreement, we would make sure no party defaults once the contracts are signed. Whoever defaults will be held responsible and will be sanctioned”, NERC Chairman, Garba Sanusi had said during a media parley in Lagos.

However, a metering expert, Sesan Okunade, had told The PUNCH that power generation was not what Nigeria should be battling to solve at the moment.

“We have generated more than this before that have been sold to neighboring countries. Our problem is transmission and the Disco whose infrastructure is not capable of withholding the supply if more power is transmitted from the Genco. Some of the reasons for system collapse is the excess kilowatt not being collected by Disco due the technical and commercial loss.”

He said NERC should mandate the Disco on good connection policy devoid of the curweb currently in the network so that energy will be well accounted for; adding that this will assist in knowing if more is to be transmitted to such Disco.

“Good connection policy and investment in transformers to replace the obsolete one will assist in what is being generated to be effectively received by Discos”, he added.

Experts say Nigeria needs atleast 30, 000MW to attain power sufficiency.

National President, Electricity Consumers Association of Nigeria, Barr. Chijioke James, questioned why NERC should still set a target of 5000MW when Nigerian consumers were told years ago that the generation capacity was over 6000MW.

“We are therefore surprised that in 2022 NERC is promising delivery of 5000MW.

This does not give consumers confidence that the current situation will change for the better soonest”, he said.

Business

Tinubu Approves 15% Import Duty On Petrol, Diesel

Published

5 days ago

October 30, 2025

Editor

President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), also known as petrol.

This was announced in a letter dated October 21, 2025, where the private secretary to the president, Damilotun Aderemi, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Tinubu gave his approval, following a request by the FIRS to apply the 15 percent duty on the cost, insurance and freight (CIF) to align import costs to domestic realities.

With the approval, the implementation of the import duty will increase a litre of petrol by an estimated N99.72 kobo.

The latest development has led to the Nigerian National Petroleum Company Limited (NNPCL) announcing that it has begun a detailed review of the country’s three petroleum refineries, with a view to bringing them back online.

NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, made the announcement in a post on his official X handle on Wednesday night.

According to Ojulari, one of the options being explored by the NNPCL is to search for technical equity partners to ‘high-grade or repurpose’ the facilities.

Tagged: “Update on Our Refineries”, Ojulari said: “The NNPCL continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.”

It can be recalled that despite spending about $3 billion on revamping the refineries, only the 60,000 barrels per day portion of the facility worked skeletally for just a few months before packing up.

The Warri refinery has remained ineffective weeks after it was gleefully announced to have returned to production, while the one situated in Kaduna State never took off at all.

Business

NNPCL Raises Fuel Price

Published

3 weeks ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

3 weeks ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.