General
Prepaid Meter Prices May Rise as Ikeja Electric Suspends Online Payments
By Aduragbemi Omiyale
There are strong indications that electricity consumers in the country may be forced to pay more to purchase prepaid meters due to the rising costs of goods and services in the country.
Business Post gathered that one of the electricity distribution companies in Nigeria, Ikeja Electric Plc, has already announced the suspension of online payments for prepaid meters.
The company confirmed this development in a message sent to its customers within its coverage areas on Wednesday.
Ikeja Electric explained that it took this action because of the fluctuating foreign exchange (FX) rates at the forex market as well as the stubborn inflation, which has refused to slow down.
About two weeks ago, the National Bureau of Statistics (NBS) revealed that inflation in Nigeria for July 2023 increased by 24.08 per cent on a year-on-year basis from 22.79 per cent in June 2023.
As for the forex market, the Naira has failed to gain weight against the United States Dollar despite the unification of the rates by the Central Bank of Nigeria (CBN).
At the close of business on Tuesday, the Naira was traded at N775.34/$1 at the official window, N915/$1 at the Peer-to-Peer (P2P) segment, and N905/$1 at the parallel market.
The FX market in Nigeria has been constrained by a significant shortfall in the flow of forex into the country, especially due to low exports and a decline in the sale of crude oil, which the country has in abundance.
The twin forex crisis and rising inflation have put the Naira under pressure, further weakening its value and pushing the prices of goods and services higher.
This has taken its toll on several businesses, including importers of prepaid meters, who have to source FX from the black market.
DisCos in the country are already feeling the heat, and to cut down its losses, especially due to higher operational costs, Ikeja Electric has suspended the payments for prepaid meters via its online platforms.
In the message obtained by Business Post, the energy firm disclosed that this action would affect its metering process, though it promised to make efforts to resolve the issues.
“We apologize for the recent delay in metering due to low stock from our Meter Asset Providers (MAPs) caused by exchange rate and inflation challenges.
“As a result, online meter payments are temporarily suspended.
“We are actively working with our MAPs to swiftly resolve this and resume the metering process. Thank you for your understanding,” the message disclosed.
A senior staff of Ikeja Electric, who begged for anonymity, confided in this newspaper that customers may have to pay more for prepaid meters because the current prices are no longer sustainable.
At the moment, the single-phase prepaid meter sells at about N64,000, while the three-phase meter goes for about N120,000.
General
Church Confirms Release Of 151 Abducted Members in Kaduna
By Adedapo Adesanya
The Cherubim and Seraphim Movement Church Worldwide, Ayo Ni O, has confirmed the release and safe return of 151 of its members abducted from Iburu community in Kajuru Local Government Area of Kaduna State.
The abduction, which affected about 177 people, occurred on January 18, 2026. It was initially denied by the Nigeria Police Force and other government agencies, but was later confirmed.
In a statement issued by the Conference Secretary General of the church, Mr Anthony Olusesan Samaiye, it was disclosed that the release of the abducted persons was confirmed through reports from its liaison officers in Kaduna.
According to the statement, Mr Emmanuel Abiodun Adewale Alogbo (JP), described the release as a victory for faith, prayer and dialogue, noting that the breakthrough followed an emergency visit to Kaduna by its leadership and a series of high-level engagements aimed at securing the freedom of the abducted worshippers.
The Cherubim and Seraphim Church expressed gratitude to the Kaduna State government, particularly Governor Uba Sani, for what it described as his commitment to dialogue and the coordination of state resources that contributed to the successful outcome.
Special appreciation was also extended to the Governor’s Chief of Staff, Mr Sani Liman Kila, and the Senior Special Assistant on Religious Affairs (Christian Matters), Mr Ishaya Jangado, for facilitating engagement between the church and the state government.
The church noted that the incident demonstrated the importance of cooperation between religious leaders and government authorities in addressing security challenges and protecting citizens.
It also acknowledged prayers and support from the Christian Association of Nigeria (CAN), the Organisation of African Instituted Churches (OAIC), the international community and Christians worldwide.
While celebrating the release, the church said it was mindful of the trauma experienced by the victims and disclosed that its welfare and medical teams had been mobilised to provide psychosocial support and care to the affected members and their families.
The church called for sustained peace in Kaduna State and across Nigeria, urging authorities to continue efforts to ensure the safety of all citizens, regardless of religious affiliation.
General
2027 Elections: I Won’t be Vice Presidential Candidate—Peter Obi Insists
By Adedapo Adesanya
As activities for the 2027 general elections begin to take shape, the former presidential candidate of the Labour Party in the 2023 presidential poll, Mr Peter Obi, has again ruled out the possibility of contesting as a vice presidential candidate next year, saying he is contesting to be on the ballot.
Speaking ahead of the Abuja Municipal Area Council (AMAC) election in the Federal Capital Territory, he said, “You see this coming election, support us in AMAC; it will help me. Your support in AMAC is critical to our journey. I am involved and contesting the coming election as number one. When I come back, you will see. I assure you.”
Mr Obi vied for the 2023 presidency on the LP platform, emerging third overall behind Mr Atiku Abubakar and President Bola Tinubu.
In December 2025, he defected to the African Democratic Congress (ADC), where his teeming supporters popularly known as Obidients have urged him to only pursue the presidential ticket.
Mr Abubakar, who chose Mr Obi as his vice presidential candidate in the 2019 polls, is also a member of the ADC. The men finished in second and third places, respectively in the last presidential election, which President Tinubu won with 37 per cent of the votes.
Speaking at the campaign venue, Mr Obi emphasised to his supporters the importance of backing the ADC candidate in the AMAC election, noting that their support at the grassroots would go a long way in bolstering his national political journey.
The ADC coalition includes many former allies of Mr Tinubu, including Mr Nasir El Rufai, the former governor of Kaduna State; Mr David Mark, a former Senate President who is serving as the National Chairman of the party, and Mr Rauf Aregbesola, a former Osun Governor and currently the National Secretary of ADC.
The party will be hoping to emulate the success of the ruling All Progressives Congress (APC), which was formed by an alliance of opposition politicians (including Mr Abubakar) in 2013 and caused the ouster of former President Goodluck Jonathan, the first-ever defeat of an incumbent Nigerian president in 2015.
General
CPPE Urges FG to Create Farm Price Stabilisation Plan for Food Security
By Adedapo Adesanya
The Centre for the Promotion of Private Enterprise (CPPE) has called on the federal government to urgently establish a National Farm Price Stabilisation and Farmer Income Protection Framework to safeguard Nigeria’s long-term food security.
This was contained in a policy brief signed by the chief executive of the think tank, Mr Muda Yusuf, on Sunday.
The group warned that while recent import surges have lowered food prices to the delight of consumers, they have simultaneously inflicted severe financial losses on farmers and agricultural investors, creating what it described as “troubling trade-offs and unintended consequences.”
He advised that Nigeria cannot afford a policy regime that undermines confidence in agriculture, one of the country’s most strategic sectors and largest employers of labour.
“The welfare gains from cheaper food have been profound and should be acknowledged. However, the cost to farmers and other investors across the agricultural value chain is equally high and cannot be ignored,” Mr Yusuf stated.
The CPPE boss emphasised the urgent need to strike a sustainable balance between keeping food affordable for consumers and protecting farmers’ incomes, while safeguarding agricultural investment.
According to the policy document, recent import surges of staples such as rice, maize and soybeans have caused serious dislocations in the agricultural investment ecosystem, inflicting severe hardship on farmers and weakening production incentives.
“Although consumers have welcomed the decline in food prices, the long-term consequences are adverse: farmer incomes fall, production declines over time, investment confidence weakens, and the country risks returning to cycles of scarcity and higher prices,” the document warned.
The CPPE identified several structural factors driving recurring farm price collapses in Nigeria, beyond the immediate impact of food imports.
The think tank warned that harvest glut remains a major challenge, with many farmers harvesting the same crops within the same period, causing sudden oversupply. This is compounded by the limited availability of storage facilities, drying centres and cold-chain systems, which forces farmers to sell immediately regardless of market conditions.
The organisation said this is also affected by weak rural logistics, characterised by poor roads, insecurity, high transport costs, and limited aggregation hubs, which make it difficult to move produce efficiently from production zones to high-demand markets.
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