Economy
Kaduna Electric Assures Customers Improved Services
By Dipo Olowookere
Customers of Kaduna Electric have been assured improved services as the firm holds its maiden Annual General Meeting (AGM).
The meeting had in attendance all the shareholders and the representative of the Federal Government and it considered and unanimously re-elected the six non-Executive Directors and reconstituted the Audit Committee for the company.
Chairman of the firm, Mr Yusuf Hamisu Abubakar, who briefed shareholders, identified certain macro-economic, regulatory and operational constraints that hindered the performance of the company during the period under review.
He promised that the company will double its efforts in delivering efficient power to its customers despite the harsh economic challenges in the country.
According him, the country “is in the midst of macro-economic head winds; oil prices fell from over $108.40 per barrel in May 2014 to $52.85 per barrel in April 2017, resulting in severe downward pressure on the Naira as the Naira devaluated from about N220 to over N400 against the US Dollar at the parallel market over the same period.
“In addition to this, Nigeria continues to have one of the highest rate of inflation with a year on year increase in the price of goods and services of 18.72 percent as at January 2017, a metric which Kaduna Electric must bear without a transfer of a burden to customers as a result of the regulated pricing in the form of tariff.”
Other challenges faced by the company since taking over as enumerated by the Board’s Chairman includes unfulfilled promises made to prospective investors during the bidding process, regulatory interference, non-cost reflective tariff, MDAs debt, capital expenditure limits, low electricity generation, failure of NERC to implement subsidy through the administration of Power Consumer Assistance Fund, non-availability of low interest credit facilities and frequent government intervention in the electricity market.
Despite the numerous challenges, Kaduna Electric, Mr Abubakar announced, is being re-positioned for improved performance.
He enumerated some of the achievements recorded by Kaduna Electric during the period under review to include the stabilization of the distribution network operations, increasing the distribution capacity by over 1500MVA, supply and installation of 25,000 smart meters and expansion of the network to underserved areas in the company’s franchise area.
In his speech, Managing Director/Chief Executive Officer of Kaduna Electric, Mr Garba Haruna, assured the shareholders that, in spite of the regulatory, network disruption and liquidity risks which the company has to contend with, Kaduna Electric has commenced the mapping of the 33KV, 11KV and the LT networks which has so far yielded positive result.
According to him, the networks mapping has “provided clarity of the actual company’s network, while also increasing customers’ population from less than 300,000 to about 435,000 presently in the system. At conclusion of the programme in2017, we hope to achieve customers’ enumeration and capturing of about 750,000 while making consistent growth to about 1,000,000 by 2018”.
The firm had earlier received a clean bill of health from the External Auditors, Messrs. Ahmed Zakari & Co. In the Independent Auditors
Report presented at the AGM and signed by Mr Najib Imam for Ahmed Zakari & Co., the audit firm affirmed that they have audited the accounts of Kaduna Electric and found same to be in full compliance with all financial reporting standards.
By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has said ongoing reforms and strategic policy implementation in Nigeria’s petroleum sector are driving significant investments and strengthening the country’s position as a leading energy destination in Africa.
Mr Lokpobiri stated this at the Management Retreat of the Ministry of Petroleum Resources, where he stressed the need for improved institutional performance and accountability to sustain growth in the sector.
According to the Minister, the federal government has deliberately pursued far-reaching reforms aimed at creating a stable and investor-friendly environment capable of attracting local and foreign capital into the oil and gas industry.
“From far-reaching institutional reforms to the effective implementation of strategic policies, we have remained committed to carrying all stakeholders along, fostering a conducive environment for investments to flourish,” Mr Lokpobiri said.
“As a result, our petroleum sector has witnessed significant investments that continue to strengthen Nigeria’s position as a leading energy destination.”
The Minister noted that the gains recorded in the sector were the product of collective efforts across the Ministry and its agencies, commending staff for their dedication and professionalism.
“The Management Retreat of the Ministry of Petroleum Resources provided an important platform to reiterate that these accomplishments would not have been possible without the collective dedication, professionalism and teamwork of every staff member across the Ministry and its agencies,” he stated.
Mr Lokpobiri said the retreat, themed Driving Institutional Performance and Accountability in the Petroleum Sector for Sustainable National Development, underscored the importance of continuous improvement in service delivery and operational efficiency.
Drawing lessons from the theme, he urged officials of the Ministry and regulatory agencies to intensify efforts toward enhancing institutional effectiveness and strengthening governance frameworks.
“I encouraged that we must redouble our efforts, continuously improve the quality of our services, and strengthen institutional performance,” he said.
The Minister further emphasised the continued relevance of fossil fuels in the global energy mix, stressing that Nigeria must leverage its hydrocarbon resources to drive economic growth while ensuring citizens benefit from ongoing reforms.
“With fossil fuel as the dominant source of energy, we must ensure that Nigerians experience the benefits of our progress and that Nigeria remains the preferred investment destination in Africa and a globally competitive hub for energy investments,” Mr Lokpobiri added.
By Aduragbemi Omiyale
The N3.2 billion rights issue of Universal Insurance Plc has been extended by almost two weeks after securing regulatory approval.
The exercise was earlier scheduled to close on June 10, 2026, but will now close on Monday, June 22, 2026.
The extension was granted by the Securities and Exchange Commission (SEC) after a request from the underwriting organisation.
In the rights issue, Universal Insurance is offering to shareholders 2,666,666,667 ordinary shares of 50 Kobo each at N1.20 per share on the basis of one new ordinary share for every existing six ordinary shares held as of the close of business on Monday, March 30, 2026.
Subscription for the acquisition of the company’s extra shares opened on Wednesday, May 13, 2026.
The extension gives investors more time to increase their stake in the insurance firm, which intends to use proceeds from the exercise to boost its capital base, as mandated by the National Insurance Commission (NAICOM).
Insurance companies operating in Nigeria have been given till July 31, 2026, to shore up their capital base or pack up. Operators can also explore a merger if they wish.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited opened its doors to market participants in four days last week as a result of a public holiday observed on Friday, June 12, for 2026 Democracy Day in the country.
In the week, investors bought and sold 4.964 billion shares worth N207.521 billion in 235,966 deals, as against the 3.966 billion shares valued at N175.659 billion that exchanged hands in 343,587 deals a week earlier.
Analysis showed that the financial services industry led the activity chart with 4.116 billion shares valued at N84.607 billion in 96,165 deals, contributing 82.92 per cent and 40.77 per cent to the total trading volume and value, respectively.
The services sector transacted 232.479 million shares worth N4.955 billion in 17,614 deals, while the industrial goods segment exchanged 144.988 million shares worth N39.077 billion in 24,775 deals.
Sterling Holdings, FCMB, and Access Holdings were the most traded stocks with 2.883 billion units sold for N36.188 billion in 15,533 deals, accounting for 58.09 per cent and 17.44 per cent of the total trading volume and value, respectively.
A total of 40 equities appreciated in the week versus 23 equities in the previous week, 53 equities depreciated versus 65 equities a week earlier, and 53 equities remained unchanged versus 58 equities in the preceding week.
ABC Transport was the best-performing equity for the week after it gained 25.60 per cent to trade at N7.80, Consolidated Hallmark appreciated by 23.13 per cent to N8.25, Abbey Mortgage Bank rose by 21.93 per cent to N11.40, Infinity Trust Mortgage Bank grew by 20.32 per cent to N11.25, and Austin Laz soared by 15.16 per cent to N4.33.
The worst-performing equity last week was Fidson Healthcare because of its 25.86 per cent loss, closing at N101.20. Neimeth declined by 19.14 per cent to N8.55, Union Homes REIT shed 17.36 per cent to close at N70.00, SUNU Assurances slipped by 11.38 per cent to N3.97, and Unilever Nigeria dropped 10.26 per cent to trade at N140.00.
As for the index movement, the All-Share Index (ASI) and the market capitalisation chalked up 0.88 per cent each to settle at 244,738.74 points and N156.970 trillion, respectively.
Similarly, all other indices finished higher apart from the pension, AFR Bank Value, MERI Growth, MERI Value, consumer goods, Lotus II, industrial goods, sovereign bond and commodity indices, which fell by 0.03 per cent, 1.20 per cent, 0.21 per cent, 1.61 per cent, 0.54 per cent, 0.51 per cent, 1.00 per cent, 2.04 per cent and 0.34 per cent, respectively.
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