Economy
Electricity Tariff Hike Not Good for Business Environment—MAN
By Adedapo Adesanya
The Manufacturers Association of Nigeria (MAN) has described the plans to increase the electricity tariff from July 1 as another bad policy that could threaten businesses in the country.
The association, through its Director General, Mr Segun Ajayi-Kadi, said the real sector was currently uncompetitive due to high energy costs, especially at a time alternative energy sources were also very expensive.
The Nigerian Electricity Regulatory Commission (NERC) said the electricity tariff hike was in response to the rise of the pump price of premium motor spirit (PMS), the inflation rate at 22.41 per cent, and the devaluation of the Naira from N465/$1 to N750/$1.
Mr Ajayi-Kadir said a 40 per cent tariff increase at this time would engender higher production costs, lower profit margins, manufacturing activities paralysis, and lower revenue remittances to the government, among others.
He stated that the absence of a stable, effective and fairly priced electricity supply in Nigeria had been a long-standing challenge for manufacturers, which compelled them to supplement with alternative energy sources.
Regrettably, he noted that the available alternative energy sources, such as diesel, had become exorbitantly expensive.
The MAN DG said that manufacturers spent at least N144.5 billion on alternative energy in 2022, up from N77.22 billion in 2021, translating to an 87 per cent increase.
He said the fact that the government itself owned N75 billion in unpaid electricity bills was an indication of how burdensome the cost of electricity had become.
“Already, we have power constituting between 28-40 per cent in the cost structure of manufacturing industries.
“You can imagine the impact on manufacturing industries that are energy-intensive such as metal processing, heavy machinery, and chemicals manufacturing.
“A spike in the electricity tariff will erode the profit margin of the manufacturers and reduce their ability to expand operations and create new jobs.
“Manufacturers will ultimately pass on the additional cost to the consumers of their products, and this will increase the cost of the products in the market and complicate the rising inflation rate in the country.
“Also, the sector’s competitiveness will definitely worsen as the high cost of the products will make locally produced items less competitive when compared with imported alternatives,” he told the News Agency of Nigeria (NAN) in an interview in Lagos on Friday.
Mr Ajayi-Kadir advised the federal government and Nigerian Electricity Regulatory Commission (NERC) to instead ensure improved electricity generation, transmission and distribution to meet the revenue needs of the electricity supply industry stakeholders.
He stressed that government should ensure that at least 90 per cent of electricity consumers were metered to ensure consumption-reflective electricity bill payment.
He also tasked the government to formulate electricity policies that would aid investments in the energy industry to increase generation capacities and usher in large-scale production of electricity.
“There is an urgent need for diversification of energy sources and intensifying infrastructure investment in the power sector.
“As it is today, the manufacturing sector, which is the engine of growth, is still struggling as a result of the inclement production environment in Nigeria.
“The expectation is that government will engage in extensive and intensive consultations with the manufacturers, focus on measures that will salvage the sector and halt the trend of the shutdown of factories, knowing the implications and the multiplier effects on employment and the economy.
“Care should be taken to avoid introducing burdensome measures that will further strangulate the manufacturing sector and the whole economy,” he said.
Recall that the association also kicked against the planned increase of the excise duty for beer and tobacco for the 2023 fiscal year.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn