Economy
Expect Chaos if you Criminalise Estimated Billing–NERC Warns Reps
By Modupe Gbadeyanka
The National Assembly has been warned of an imminent danger in the power sector if it attempts to criminalise the issuance of estimated bills by power distribution companies, fondly called discos, to unmetered customers.
At the moment, consumers of electricity in the country, who have not been metered by their discos, pay huge amount of money for their monthly power consumption as a result of the estimated billing system currently in operation.
This week, a bill sponsored by a lawmaker from lagos, Mr Femi Gbajabiamila, seeking a law to criminalise estimated billing for electricity consumers in the country, passed second reading on the floor of the House of Representatives.
Reacting to this development, the Nigerian Electricity Regulatory Commission (NERC) said passing this bill could spell doom on the struggling power sector in Nigeria.
Commissioner for Finance and Management Services at NERC, Mr Nathan Shatti, emphasised that a regulation that deals with estimated billing already exists in the power sector, stressing further that another law on the same matter may lead to a complete disorder in the industry.
Mr Shatti disclosed that the commission had met with the lawmaker, who sponsored the bill, to explain why it would not be right to have such a law at the moment.
“Few weeks ago, a bill was presented on the floor of the House of Representatives about criminalising estimated billing and ensuring prepaid meters supply. We went to meet the main sponsor of the bill and we told him that we already have a regulation on this to address the issues. And we told him that you should go by that rule, there would be chaos in this industry.
“‘And even if this is for one week, it will be in his record and he will not be able to contest in an election. That is the kind of law we want.’ And honestly, he (lawmaker) was happy with our submissions and he said they were going to look into it,” he added.
He stated that the commission was pleased with the concern of the House of Representatives, but stressed that one of the major challenges in the power sector was energy theft.
“So, we really like what they (lawmakers) are doing and this is because they are bringing to the fore the sufferings of people for all Nigerians to know. They do this because they have the voice and they have constituencies to go back to. Also, remember that 2019 is by the corner; they have to show their people that they are doing something,” he added.
The commissioner also stated that meter bypass was beyond what NERC regulations could address, adding that those involved in energy theft were usually people who could be classified as senior citizens.
He, however, noted that the commission would send a team to Ghana to visit a company that claimed to be manufacturing meters that could detect energy theft.
“Next week, a team from NERC is going to Ghana, because we got a company that is actually devising a kind of meter that can detect energy theft. They came, made a presentation and we felt what they are showing is good and so, our team is going to Ghana to look at it.
“But let me just explain something about meter bypass or energy theft; it is beyond regulation and it is beyond enforcing the regulation. It is also beyond technology. There is no amount of technology or checks that you will do to eliminate energy theft.
“However, there are things you can do and it has to do with our moral psyche as Nigerians. If you check properly, the calibre of people who steal energy are the top guys. They are those people who you think will never do such things, not the small people in the society. So, it is a problem of a society and we all have a responsibility to stop it,” Punch quoted the senior official of NERC as saying.
By Adedapo Adesanya
A 10 per cent equity stake has been acquired by Odu’a Investment Company Limited in a subsidiary of FCMB Group Plc, FCMB Pensions Limited.
The move is aimed at strengthening its presence in Nigeria’s growing pension industry.
The company disclosed that the transaction was completed after receiving all required regulatory approvals from the National Pension Commission (PenCom) and the Central Bank of Nigeria (CBN), while the Securities and Exchange Commission (SEC) has also been duly notified.
Odu’a Investment said the acquisition represents a strategic investment in a resilient and steadily expanding segment of Nigeria’s financial services sector.
The company added that the deal also reinforces FCMB Pensions’ shareholder base through the entry of a long-term institutional investor.
Chairman of Odu’a Investment Company Limited, Mr Bimbo Ashiru, said the investment aligns with the organisation’s strategy of partnering with strong institutions operating in sectors critical to Nigeria’s long-term economic stability.
“This investment reflects Odu’a’s strategy of partnering with strong institutions operating in sectors that are central to Nigeria’s long-term economic stability and growth,” he said in a statement.
“The pension industry plays a critical role in mobilising long-term savings and strengthening the financial system. FCMB Pensions has built a solid platform serving contributors across Nigeria, and we see a significant opportunity to support its continued growth and impact,” he added.
Also commenting on the transaction, the Managing Director of Odu’a Investment Company Limited, Mr Abdulrahman Yinusa, described the deal as a vote of confidence in FCMB Pensions’ leadership and long-term prospects.
“Our partnership with FCMB Group Plc reflects confidence in FCMB Pensions’ strategy, leadership, and long-term potential. Together, we will work to expand its reach, support its strategic objectives, and deliver sustained value to contributors and other stakeholders,” Mr Yinusa said.
The investment brings together two established institutions with complementary strengths and a shared focus on long-term value creation. According to the company, the partnership positions FCMB Pensions to deepen market penetration and enhance service delivery within Nigeria’s contributory pension scheme.
Odu’a Investment Company Limited is an investment holding company jointly owned by the governments of the six South-West states of Nigeria.
The firm manages a diversified portfolio spanning real estate, financial services, hospitality, agriculture, and industrial investments, with a mandate to generate sustainable economic value and support regional development.
By Aduragbemi Omiyale
The chief executive of the Nigerian Exchange (NGX) Group Plc, Mr Temi Popoola, has said Nigeria’s capital market is undergoing a re-rating as global investors begin to reassess the country’s economic trajectory and investment potential.
“What we are seeing is a gradual re-rating of Nigeria. investors are beginning to look at the data more closely, the returns, the reforms, and the improving macroeconomic direction, and that is changing sentiment,” he said during a live interview on BBC Newsday in London.
He is in the United Kingdom as part of broader investor and stakeholder engagements during President Bola Tinubu’s state visit to Buckingham Palace.
Mr Popoola explained that Nigeria’s equity market has delivered strong returns in recent months, positioning it more competitively among emerging and frontier markets. According to him, this performance is helping to recalibrate long-held risk perceptions and attract renewed interest from international investors.
He added that improvements in Nigeria’s energy landscape, including increased domestic refining capacity and ongoing sector reforms, are helping to reduce the economy’s exposure to external oil price shocks, further strengthening investor confidence.
Mr Popoola emphasised that beyond short-term market movements, consistency in policy implementation will be critical in sustaining this shift in perception. “Global capital responds to clarity and consistency. As those elements become more evident, Nigeria naturally becomes more investable.”
He also highlighted the importance of sustained engagement with global financial centres, noting that platforms such as London play a key role in connecting Nigeria’s capital market to international pools of capital.
According to him, Nigeria’s evolving market structure, combined with ongoing reforms, is strengthening its position as a viable destination for long-term investment. “There is a broader recognition that Nigeria offers significant opportunities. The focus now is ensuring that this recognition translates into sustained capital flows.”
The NGX group chief concluded that Nigeria’s capital market is increasingly being viewed through a more balanced and data-driven lens, reflecting both its resilience and its long-term growth potential.
By Adedapo Adesanya
Global cryptocurrency platform, Luno, has launched a structured crypto prediction markets product in Nigeria, which will enable customers to apply their market knowledge to short-term crypto price events and earn USDC when their insights are correct.
The prediction market allows customers to express a view on whether the price of selected crypto assets, being BTC, ETH, SOL, DOGE, and XRP, will be above or below the daily price event. The market operates daily with clearly defined rules and settlement periods, offering customers structured, time-bound opportunities to act on their conviction.
Nigeria remains one of the most active crypto markets globally, with increasing demand for tools that combine simplicity and transparency. By introducing Prediction Markets focused solely on price levels, Luno aims to provide a fast, confident, and opportunity-forward format for market engagement.
Unlike traditional gaming or prediction firms like Polymarket and Kalshi, in which the odds are set by the company, Luno’s Prediction Market, powered by Limitless, is focused exclusively on crypto asset price movements within the Luno platform.
This means customers are not purchasing the underlying asset, but participating in a defined, outcome-based market that settles transparently based on real-time price data.
According to a statement, the launch reflects a broader shift in how customer behaviour is evolving in Nigeria’s growing crypto asset ecosystem, particularly as crypto asset adoption matures, many users are seeking more flexible and responsive ways to engage with markets beyond long-term holding or traditional spot trading.
Luno’s Prediction Markets product is designed to meet this demand within a familiar and regulated platform environment. The feature builds on how customers already interact with crypto asset prices – analysing charts, following market news, and forming views- and provides a structured framework for expressing those views.
According to Mr Ayotunde Alabi, chief executive of Luno Nigeria, the company is combining crypto education with a secure platform to help Nigerians confidently apply their market knowledge in a responsible and practical way.
“We are seeing a clear shift in how Nigerians want to engage with crypto assets. Many already follow price movements closely and form strong market views; we want to lead with education as well as provide a safe and secure platform to help them apply that knowledge. This feature is designed to be a natural extension for those who enjoy forecasting.
“By tying this to our ongoing educational initiatives, such as our scholarships with AltSchool, we are encouraging users to apply what they have learned about market analysis into a practical, responsible framework. Our priority is ensuring that where confidence meets opportunity, it is supported by the standards of trust our customers expect.”
Luno said it will further support the rollout with Learn & Earn educational content and tutorials explaining market mechanics and price determination. To promote informed decision-making and ensure the product is used responsibly,
Luno has embedded specific controls, including customers reading and acknowledging a risk disclosure before participating, as well as moving funds from their ordinary USDC wallet to a separate prediction wallet, which will be used to participate in prediction markets.
The firm also said that customers cannot hold both sides of the same market, in this case, Above and Below at the same time.
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