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.
Economy
46 Stocks Gain Weight, 53 Equities Lose on NGX in One Week
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was bullish last week despite investors’ mood swing, triggered by happenings in the country and across the globe, especially the Middle East crisis.
The All-Share Index (ASI) and the market capitalisation appreciated week-on-week by 3.94 per cent to 225,722.49 points and N145.335 trillion, respectively.
Similarly, all other indices finished higher with the exception of the growth and commodity indices, which depreciated by 0.02 per cent and 0.41 per cent, respectively, while the sovereign bond index closed flat.
A look at the price changes of shares in the five-day trading week showed that
46 stocks gained weight versus 61 stocks of the previous week, 53 equities shed weight compared with 36 equities a week earlier, and 47 shares closed flat, in contrast to 49 shares of the preceding week.
UAC Nigeria led the gainers’ chart after it chalked up 42.00 per cent to trade at N142.00, Union Dicon appreciated by 32.73 per cent to N21.90, NASCON expanded by 32.63 per cent to N206.90, Trans-Nationwide Express rose by 30.58 per cent to N7.90, and Zichis improved by 25.71 per cent to N15.60.
On the flip side, Infinity Trust Mortgage Bank led the losers’ group after it gave up 50.79 per cent to close at N9.35, Abbey Mortgage Bank declined by 33.33 per cent to N5.40, Guinea Insurance slipped by 15.20 per cent to N1.06, Stanbic IBTC lost 13.82 per cent to settle at N162.50, and Living Trust Mortgage Bank slumped by 10.98 per cent to N3.65.
As for the activity log, Customs Street recorded a turnover of 3.805 billion shares worth N213.955 billion in 297,202 deals in the week compared with 3.588 billion shares valued at N195.313 billion transacted in 254,553 deals in the previous week.
Financial stocks led the activity chart with 2.739 billion units sold for N106.269 billion in 135,101 deals, contributing 71.99 per cent and 49.67 per cent to the total trading volume and value, respectively.
Services equities traded 212.324 million units worth N4.024 billion in 17,042 deals, and consumer goods shares exchanged 180.076 million units valued at N13.269 billion in 32,457 deals.
Access Holdings, UBA, and First Holdco were the busiest with 814.060 million units traded for N39.032 billion in 37,195 deals, contributing 21.40 per cent and 18.24 per cent to the total equity turnover volume and value, respectively.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
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