Economy
Ikeja Electric Customers Demand Debt Forgiveness
By Dipo Olowookere
An appeal has been made to the management of Ikeja Electric by customers in the Shomolu area of Lagos for a debt forgiveness on their accumulated outstanding bills.
This followed the deployment of thousands of prepaid meters by the electricity firm to consumers in the area to further close the metering gap.
Shomolu area of Lagos State is noted for its huge concentration of printers and other heavy electricity consumers.
It was discovered that out of all the customers meter, about 660 are yet to migrate and utilize the new prepaid meters due to their inability to meet the demands of the disco in offsetting their previous accumulated bills.
The customers therefore seek a percentage discount on their huge outstanding debt.
Hitherto, the customers had lamented the burden of excessive and outrageous billing by the company, hence sought for pre-paid meters.
This made IE to deploy over 1,500 prepaid meters to the community recently. However, some communities in Shomolu are yet to migrate from the analogue meters or estimated billing to the prepaid meters.
Speaking on the issue, Chairman of Shomolu Community Development Committee (CDC), Mr Adedapo Oduguwa, commended Ikeja Electric for the massive deployment of meters to the area and environs, but advised the firm to ensure that migration of customers to the prepayment metering is made a lot easier by looking into the contentious issues relating to outstanding electricity bills.
He said, “This will enable customers migrate immediately to recharge after exhausting the initial token installed in the meter.
“We request for debt forgiveness. So many properties are abandoned and not occupied but are still served bills which is mounting.
“It is not easy for some people to clear the backlog because it was previous occupiers of the buildings that accumulated the bills passed down for so many years.
“If the company makes the migration easy for us, we will be in a position to spread the gospel that meter is free just as the police will say bail is free.”
In similar vein, president of the co-operative society of the association of printers in Shomolu, Mr Babajide Mark Anthony, expressed his joy at the new development and confirmed that the association is ready to cooperate with the DisCo to ensure smooth operation.
He further advised the firm to fast-track the installation of meters and also attend to minor complaints on time, in order to build more trust and instil confidence in its customers.
The Business Manager of IE in charge of Shomolu, Engr. Taofeek Basanya, when contacted, said the company has made migration easy for customers.
According to him, “we want consumers to come forward with their bills and pay 30 percent of their outstanding, the rest can be spread out over a long period of time as long as they recharge their prepaid meters.
“Customers should not hide under the guise of community associations to frustrate the company’s efforts of metering more people, but should on individual basis come to our office to make their claims and dispute about their bills.”
In his reaction, IE’s Head of Corporate Communications, Mr Felix Ofulue, reiterated IE’s position to sustain the metering exercise in an equitable manner such that all category of customers that are yet to be metered will definitely benefit from the roll-out plan.
However, the company spokesman expressed concerns about the trend of asset compromise being witnessed in some the areas that have already been metered.
According to him, “our records reveal that a lot of customers who were recently metered, especially in Shomolu and environs have not vended or purchased units on their meters several weeks after exhausting the initial token. Typically, this is the process that should follow after the complimentary units on the prepaid meter have been exhausted.”
He called on metered customers to resist the urge to bypass meters, rather urging them to manage their energy consumption prudently. He also warned that IE would apply the authorized sanctions against any customer who engages in the act of meter bypassing.
By Adedapo Adesanya
Market bellwethers, Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc, lifted the NASD Over-the-Counter (OTC) Securities Exchange by 2.08 per cent on Monday, August 3.
CSCS Plc, the Nigerian securities depository company, gained N10.00 to close at N112.00 per share compared with the previous session’s N102.00 per share, and FrieslandCampina Wamco Nigeria Plc advanced by N4.71 to quote at N152.64 per unit versus last Friday’s N147.93 per unit.
As a result, the NASD Security Index (NSI) added 92.14 points to finish at 4,523.85 points compared with the preceding session’s 4,431.71 points, and the market capitalisation appreciated by N55.31 billion to N2.715 trillion from N2.659 trillion.
Business Post reports that the price of MRS Oil Plc crashed during the trading day by N12.00 to N120.00 per share from N132.00 per share, and UBN Property Plc dipped by 3 Kobo to N1.90 per unit from N1.93 per unit.
Trading data showed that the volume of securities exchanged rose by 113.1 per cent to 1.5 million units from 690,990 units, and the number of deals climbed by 19.2 per cent to 31 deals from 26 deals, while the value of securities slid by 13.1 per cent to N65.2 million from N75.0 million.
Great Nigeria Insurance (GNI) Plc remained the most traded 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 sold for N6.5 billion, and CSCS Plc with 76.8 million units traded for N5.5 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 worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has introduced a 1.5 per cent stamp duty on eligible virtual asset transactions, with the tax deducted directly from the cryptocurrency purchased before it is credited to the buyer’s wallet.
According to the new guidelines issued on Monday, anyone buying Bitcoin (BTC), USDT or other cryptocurrencies in Nigeria will receive fewer digital assets due to the deduction.
This requires registered crypto exchanges and other Virtual Asset Service Providers (VASPs) to withhold the levy in the digital asset being traded and remit it to the government, marking Nigeria’s most comprehensive move yet to bring cryptocurrency transactions into the country’s tax net.
Unlike traditional taxes deducted from a customer’s bank account, the 1.5 per cent charge will be taken from the cryptocurrency itself, meaning buyers will receive less Bitcoin, USDT or other tokens than they paid for.
The tax body stated that “income tax deducted at source and stamp duty shall be remitted to the service in the originating token of the transaction.”
Besides the new stamp duty, the guidelines also clarify how income tax, Value Added Tax (VAT) and other tax obligations will apply to virtual asset activities such as trading, staking, mining and other crypto-related transactions.
To illustrate the new rule, the tax authority said a buyer who pays N1 million for one Bitcoin will receive only 0.985 BTC after 0.015 BTC is deducted as stamp duty and remitted to the government. When that Bitcoin is later sold, the next buyer will also have 1.5 per cent deducted from the cryptocurrency credited to their wallet.
The NRS said the guidelines are intended to provide clarity for taxpayers, crypto exchanges, peer-to-peer (P2P) marketplace operators, financial institutions, tax consultants and all participants in Nigeria’s virtual asset ecosystem.
According to the guidelines, the 1.5 per cent duty applies to eligible virtual asset transactions facilitated through registered exchanges and other recognised intermediaries. Where a cryptocurrency is used to complete a transaction that already attracts stamp duty under the law, the applicable duty on the underlying instrument will also be payable.
For crypto users, the implication is higher transaction costs, as eligible purchases will attract the 1.5 per cent stamp duty, while VAT on exchange service fees and income tax on taxable gains may also apply, depending on the nature of the transaction.
By Adedapo Adesanya
The Naira opened the week on a positive note, as it appreciated against the US Dollar by N3.39 or 0.25 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, August 3, to N1,364.83/$1 from N1,368.22/$1 last Friday.
However, it suffered a marginal decline against the Pound Sterling in the official market during the session by 10 Kobo to close at N1,837.89/£1 compared with the preceding session’s N1,837.79/£1, and lost 6 Kobo on the Euro to sell at N1,573.93/€1, in contrast to the previous trading day’s N1,573.87/€1.
At the black market segment, the Nigerian currency traded flat against the Dollar yesterday at N1,405/$1, and at the GTBank forex counter, it was unchanged at N1,374/$1.
Interbank FX transactions increased sharply as market makers’ activities raised total Dollar volume exchanged to $137.048 million, more than 132 per cent above $58.990 million in turnover at the previous close. The surge in turnover was driven by increased deals at the NFEM window. The central bank reported that deal count at the interbank FX window rose to 138 from 67 on Friday.
As for the cryptocurrency market, major tokens advanced despite ongoing uncertainty around unresolved Coldcard wallet sweeps that have drained hundreds of Bitcoin (BTC), while traders are watching whether bitcoin can hold above $63,000 through the US session. BTC rose by 1.70 per cent to $63,765.88.
Bitcoin treasury firm Strategy disclosed Monday it sold 1,638 bitcoin for about $105 million between July 27 and Aug. 2, its third sale of 2026, per an SEC filing.
Also, an attacker has moved about 1,816 bitcoins, or roughly $114 million, from more than 5,200 addresses since July 30 in a fourth wave of sweeps targeting BTC in Coldcard-generated addresses.
Cardano (ADA) appreciated by 6.7 per cent to $0.1959, Binance Coin (BNB) gained 1.5 per cent to sell for $590.82, Solana (SOL) jumped by 1.3 per cent to $73.72, TRON (TRX) soared by 0.9 per cent to $0.3286, Dogecoin (DOGE) also grew by 0.9 per cent to $0.0703, Ripple (XRP) advanced by 0.5 per cent to $1.07, and Ethereum (ETH) rose by 0.4 per cent to $1,863.33, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
