Economy
AEDC Deploys 65,000 Meters in Niger, Kogi
By Modupe Gbadeyanka
The management of Abuja Electricity Distribution Company (AEDC) has announced preparations for the installation of 65,000 meters in Niger and Kogi states in line with its commitment to metering all its customers across its area of operation.
This announcement is coming just as the company explained that the load shedding currently being experienced in its franchise area was as a result of the drop in load allocated to it by the System Operator.
The AEDC said in a statement issued today in Abuja that while the installation of 5,000 meters for its customers in Lokoja, the Kogi State capital is scheduled to commence before the end of this month, preparations are at an advanced stage for the flag off of connection of 60,000 meters for customers in various parts of Niger State, by the end of January, 2017.
Reiterating its commitment to metering all its customers in the Federal Capital Territory (FCT), Kogi, Nasarawa and Niger states, the Company said it was optimistic that providing such meters will address most misunderstandings associated billing issues and reinforce customers’ confidence in its services.
In the meantime, the AEDC has blamed the rising load shedding of electricity in its franchise area to the recent drop in electricity generation, saying that the quantum of energy allocated to it from the national grid fell far short of what it had been receiving some months ago.
While urging its customers in Kogi, Nasarawa and Niger states to discountenance insinuations that it was deliberately starving them of electricity, the Company’s management stressed that when there is limited power available to it, load shedding to its customers in the FCT and the three states becomes inevitable.
It, therefore, appealed for the understanding of its customers over the recent developments, assuring that it had never failed to distribute the load allocated to it by the System Operator since November 2013 when the current Management took over the Company.
The AEDC explained further that it had over time taken load in excess of its allocation in order to meet customers’ demand. “When there is extra load in the system, we have always taken it in order to ensure that we meet the demands of our customers”, the AEDC management stressed.
Reiterating its appeal to the customers, the Company assured that it would continue to optimise its load shedding to ensure that all its customers are given fair consideration in the distribution of energy allocated to it.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
