Economy

Kaduna Electric Assures Customers Improved Services

Published

9 years ago

23/04/2017

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.

Economy

NGX RegCo Delists ASO Savings from Stock Exchange

Published

1 hour ago

16/01/2026

Dipo Olowookere

By Dipo Olowookere

ASO Savings and Loans Plc has been delisted from the daily official list of the Nigerian Exchange (NGX) Limited.

This action followed the revocation of the operating licence of the company by the Central Bank of Nigeria (CBN) in December 2025.

In a circular on behalf of the NGX Regulation (NGX RegCo) by Ugochi Eke, it was disclosed that the effective date of the delisting is today, Friday, January 16, 2026.

Already, the company has been notified of this development, according to the notice obtained by Business Post.

Before ASO Savings lost its operating licence, it had failed to meet some post-listing requirements, a part of the disclosure from the NGX RegCo stated.

“The board of NGX Regulation Limited via its decision dated January 1, 2026, approved that the step below should be taken pursuant to the process for regulatory delisting of issuers.

“The board has approved the delisting of ASO Savings and Loans Plc from the Nigerian Exchange Limited’s daily official list effective January 16, 2026.

“ASO Savings is hereby notified of this enforcement action and is advised to direct any communication in respect of the foregoing to [email protected].

“NGX RegCo was engaging the listed entity, concerning its outstanding post-listing obligations. However, due to the revocation of the operating license of ASO Savings by its primary regulator, the Central Bank of Nigeria (CBN) effective December 16, 2025; NGX RegCo will delist the entity from the daily official list effective January 16, 2026.

“In view of the foregoing, NGX RegCo has proceeded with publishing the name of the Company in the national dailies.

“The company has been duly notified of this enforcement action, and this publication serves as notification to the investing public, particularly shareholders of the company and investors in the Nigerian capital market,” the statement read.

Economy

Lokpobiri Warns Oil License Bidders Against Hoarding

Published

3 hours ago

16/01/2026

Adedapo Adesanya

By Adedapo Adesanya

The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has issued a stern warning to oil and gas investors that petroleum licences in Nigeria are strictly for active development, not asset hoarding or speculative holding, declaring that operators must drill or risk losing their rights.

He made this admonition while delivering his message at the 2025 Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Licensing Bid Round Conference in Lagos, where he outlined the government’s hardline stance on asset utilisation and investor accountability.

“The oil assets in portfolio are not mere symbols or souvenirs,” Mr Lokpobiri said, adding that, “Holders of licences are obligated to drill, drill and drill for a shared benefit for the Government, Nigerians and the operators.”

He stressed that the administration is determined to ensure petroleum assets are translated into tangible economic value, noting that licences are time-bound rights granted solely for productive use.

“These assets belong to the Federal Government, and licences are granted strictly for a defined period for productive use, not passive ownership,” the minister said. “Our licensing framework is designed to eliminate speculation and ensure that only serious, capable investors participate.”

Mr Lokpobiri also issued a strong caution to bidders seeking to participate in the 2025 licensing round, urging them to fully understand the process and obligations before submitting bids.

“As prospects take part in this bid round, a clear understanding of the modus operandi guiding the process is essential,” he said, recalling previous bid rounds where some winners attempted to reverse their commitments.

“Past experiences have shown instances where some winning bidders sought refunds based on unmet expectations or perceived asset limitations,” Lokpobiri stated. “Such actions are untenable, as there is no provision in law for the refund of a bid already won.”

According to him, the conference was convened to remove ambiguity and protect the integrity of the licensing system, stressing that the government would strictly enforce all contractual obligations arising from the process.

“This conference serves to provide clarity upfront,” he said. “Participants must be fully informed, deliberate and committed, as the Government will uphold the sanctity of the process and enforce all obligations.”

The minister’s remarks reinforce the Federal Government’s broader push to accelerate upstream development, boost production and attract only technically and financially capable investors into Nigeria’s oil and gas sector, amid renewed licensing activity under the Petroleum Industry Act (PIA).

Economy

NGX Removes Embargo on Trading in Premier Paints Stocks After Four Years

Published

3 hours ago

16/01/2026

Dipo Olowookere

By Dipo Olowookere

The suspension earlier placed on Premier Paints Plc, preventing investors from buying and selling its stocks on the Nigerian Exchange (NGX) Limited, has now been lifted.

The embargo was removed on Wednesday, a notice from the stock exchange, seen by Business Post, disclosed.

Almost four years ago, Premier Paints was suspended from the bourse due to the inability of its board to file the company’s financial results.

The NGX had on July 1, 2022, informed the investing community it had prohibited the trading of the organisation’s securities “in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules).

The part of the rules provides that: “If an Issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will; a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period, b) suspend trading in the issuer’s securities, and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.”

In the latest disclosure dated Wednesday, January 14, 2026, and signed by the Head of Issuer Regulation Department of the NGX, Mr Godstime Iwenekhai, it was revealed that Premier Paints has now done the needful.

“The company has now filed all outstanding financial statements to Nigerian Exchange Limited.

“In view of the company’s submission of its outstanding financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which states that; The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The exchange is satisfied that the accounts comply with all applicable rules of the exchange. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted, trading license holders and the investing public are hereby notified that the suspension placed on trading on the shares of Premier Paints Plc was lifted (on) Wednesday, January 14, 2026,” the circular stated.