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2023: Emefiele to Consult God for Direction

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Godwin Emefiele Exchange Rate

By Aduragbemi Omiyale

Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has said he will seek the face of God concerning calls from different quarters to contest for the number one position of the country next year.

Nigeria prepares to go to the polls in 2023 to elect a president to govern its affairs for the next four years as President Muhammadu Buhari ends his eight-year tenure on May 29, 2023.

One of the names flying around to succeed Mr Buhari is Mr Emefiele, who presently is in charge of the nation’s monetary policies.

Normally, he is supposed not to belong to any political party and if he must seek an elective position, he is required by law to resign from office.

On Friday, he was reported to have picked the presidential nomination form of the ruling All Progressives Congress (APC), which costs N100 billion. It was also reported that the form was purchased for him by his associates, who include rice farmers in the country.

The news generated reactions, including from the Governor of Ondo State, Mr Rotimi Akeredolu, who joined others to ask the President to sack him if he does not resign from office immediately.

Reacting to the issue on Saturday, the CBN Governor said he is overwhelmed by the love shown to him by his associates, promising to let Nigerians know if he will bow to pressure to throw his hat in the ring in the coming days.

“I am humbled by the growing interest of those asking that I run for the Office of President in the 2023 general elections: I have not come to that decision.

“I note and salute the sacrifices of those farmers and patriots going as far as raising personal funds and offering me Presidential Nomination Forms: I thank them most profusely.

“However, should I answer their calls and decide to seek presidential nomination, I will use my own hard-earned savings from over 35 years of banking leadership to buy my own Nomination Forms, without proxies in an open and transparent manner in full compliance with the laws and Constitution of the Federal Republic of Nigeria. And should I not run for elected office, I will continue to serve and sacrifice for the good people of Nigeria under the able leadership of President Muhammadu Buhari.

“This is a serious decision that requires God’s divine intervention: in the next few days, the Almighty will so direct,” the central banker posted via his verified Twitter handle.

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

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FCCPC Seals Premises of Solar Battery Importer at Alaba International Market

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Solar Battery Importer

By Adedapo Adesanya

The Federal Competition and Consumer Protection Commission (FCCPC) has sealed the premises of a major importer at the Alaba International Market, Lagos, over its alleged refusal to comply with regulatory directives relating to the sale of a defective solar battery to customers.

The Southwest Zonal Coordinator of the FCCPC, Mrs Olubunmi Otti, who led the enforcement team and security operatives to the market on Tuesday, said the commission sealed the company’s premises under Section 150(4)(a) of the Federal Competition and Consumer Protection Act (FCCPA), 2018.

According to her, the action followed the company’s failure to comply with a compliance notice issued by the agency after an investigation into a consumer complaint.

Mrs Otti explained that the matter originated from a complaint involving a defective solar battery purchased and fully paid for in February 2025.

Following the complaint, she said the organisation commenced an investigation and invited the importer and the company on several occasions to appear before the commission, but they allegedly failed to honour the invitations.

She further stated that the FCCPC subsequently issued a summons compelling the importer and the company to appear, but they again failed to comply.

As part of its regulatory process, Mrs Otti said the commission later served the company with a Compliance Notice under Section 150(1) of the FCCPA, outlining the nature of the alleged violation, the remedial actions required, the deadline for compliance, and the consequences of non-compliance.

She noted that despite being duly served and granted what the commission described as a reasonable period to remedy the breach, the importer and the company allegedly failed to comply with the notice.

“Consequently, and in direct exercise of FCCPC powers under Section 150(4)(a) of the FCCPA, 2018, the Commission has today proceeded to seal these premises,” she said.

Mrs Otti explained that the law empowers the commission to shut down or close any premises where a compliance notice continues to be breached until the violation is remedied.

She emphasised that the action was not intended as a punitive measure but rather as a protective and corrective intervention aimed at ensuring compliance with consumer protection laws.

According to her, the premises will remain sealed until the commission is satisfied that the breach has been fully addressed, after which a compliance certificate will be issued in accordance with Section 150(3) of the Act.

Otti urged importers and businesses to take compliance notices seriously, warning that the law leaves little room for discretion where violations persist after regulatory directives have been ignored.

Reacting to the enforcement action, President of the Industrial Material Dealers Association, Alaba International Market, Mr Opara Martins, said officials of the commission visited his office before carrying out the enforcement exercise, which he advised them to proceed with in line with their lawful duties.

He said while he was unaware of the specific circumstances that led to the commission’s action, he could not fault the agency for carrying out its statutory responsibilities.

Mr Martins, however, described the company as reputable, adding that the importer is a key stakeholder within the Alaba business community.

He further stated that the market had not been known for practices that undermine consumer protection.

He expressed optimism that the dispute would be resolved amicably in due course.

On his part, the General Manager of the firm, Mr Tochukwu Munachukwu, insisted the company did not receive the series of letters and notices the FCCPC claimed to have served.

He described the dispute as a civil commercial matter that should be resolved through engagement and dialogue rather than public enforcement action, noting that the incident has caused embarrassment to both the company and its management.

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Dangote Cement Host Communities in Ogun Receive Rice

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Dangote cement host communities

By Modupe Gbadeyanka

Some vulnerable households around host communities of Dangote Cement Plc in Ogun State recently received bags of rice from the Aliko Dangote Foundation (ADF) to alleviate the burden of rising food costs on them.

Beneficiaries were mainly low-income families, elderly residents, and other vulnerable groups within 17 communities in Ibese and 36 others in Itori and Ijebu-Igbo.

The organisation distributed thousands of 10kg bags of rice to residents of the communities, who could not hide their joy at the gesture.

At several distribution points, orderly processes were put in place to ensure transparency and equitable access. Local coordinators, in collaboration with community representatives, supervised the exercise to guarantee that the items reached intended beneficiaries.

At the Ibese distribution centre, the Aboro of Ibeseland, Mr Rotimi Oluseyi Mulero, thanked Mr Dangote for the gift, describing the rice distribution as operation feed the families.

“On behalf of our people, I extend our profound gratitude to the Aliko Dangote Foundation for this timely and commendable gesture. At a time when many families are facing economic challenges, this distribution of food items will go a long way in alleviating hardship within our communities.

“We appreciate Dangote Group not only as a business partner but as a responsible corporate citizen that continues to demonstrate genuine concern for the well-being of its host communities. We pray that this partnership continues to flourish for the benefit of all.

“Today, our hearts are filled with appreciation. This support has come at a very critical time for our people. Many households are under pressure, and this intervention will bring relief and hope to families,” the traditional ruler enthused.

Also, at Itori, the Olu of Itori, Mr Abdulfatai Akorede Akamo, said his people’s hearts were filled with appreciation, saying, “This support has come at a very critical time for our people. Many households are under pressure, and this intervention will bring relief and hope to families.

“We thank Mr Aliko Dangote and his Foundation for remembering the grassroots and standing by us in times of need. We are deeply grateful for this act of kindness. May the Almighty bless the Dangote Group and increase its capacity to continue doing good for humanity.”

Speaking on the initiative, the chief executive of ADF, Ms Zouera Youssoufou, represented by the ADF Head of Operations, Mr Victor Ejiro, reaffirmed that the food intervention programme reflects the organisation’s long-standing dedication to food security and poverty alleviation, particularly during periods of economic strain.

“This intervention is designed to provide immediate relief to households grappling with high food prices. As a socially responsible organisation, we recognise the importance of supporting our host communities beyond business operations.

“At the Aliko Dangote Foundation, we recognise the current economic realities facing many Nigerian households. This intervention is aimed at providing immediate relief while reinforcing our long-standing commitment to the well-being of our host communities.

“We understand the difficulties families are facing at this time. This support is our way of standing with our communities and ensuring that no household is left behind during these challenging times. Sustainable development goes beyond business operations. Through this programme, we are strengthening community resilience and contributing to national efforts to improve food access and social stability,” she stated, adding that the intervention is focused on delivering real, immediate support to vulnerable households, promising to expand it to more families.

The initiative forms part of the foundation’s National Food Intervention Programme aimed at cushioning the effects of prevailing economic challenges on ordinary Nigerians.

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NERC to Allow Solar Power Users, Others Earn from Surplus Electricity

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Solar Power Project

By Adedapo Adesanya

The Nigerian Electricity Regulatory Commission (NERC) has commenced implementation of the Net Billing Regulations 2026, opening the electricity market to qualified consumers who generate renewable energy and supply excess power to the national distribution network.

The new framework is expected to accelerate solar energy adoption, deepen private sector participation in power generation, and provide businesses and large consumers with additional opportunities to reduce energy costs while earning credits for surplus electricity exported to the grid.

Announcing the commencement of the regulations, NERC said the framework establishes a formal mechanism that allows eligible electricity customers, known as “Prosumers,” to generate electricity from renewable energy sources, primarily solar photovoltaic systems, for their own use and export excess energy to distribution companies under a Net Billing Arrangement.

According to a statement issued by the commission, the regulations are designed to promote cleaner energy sources and strengthen Nigeria’s electricity supply system.

“The Regulations establish a framework that enables eligible electricity customers (Prosumers) to generate electricity from renewable energy sources, primarily solar photovoltaic systems, for their own consumption and export surplus energy to the distribution network under a Net Billing Arrangement,” NERC stated.

The commission explained that the scheme seeks to stimulate investments in distributed generation and improve power reliability for consumers.

Among the objectives of the regulations are to “promote the adoption of renewable energy technologies, enhance energy security and reliability for electricity consumers, encourage private sector participation in distributed generation, support the reduction of greenhouse gas emissions, and facilitate efficient integration of renewable energy systems into distribution networks.”

Under the framework, only customers connected to a distribution company’s network and operating approved renewable energy systems will be eligible to participate.

NERC stated that participating customers must install renewable energy systems that comply with technical and regulatory standards, obtain approval from the relevant Distribution Licensee, execute a Net Billing Agreement, and register with the Commission.

The regulations specify that eligible Renewable Energy Systems must have a minimum installed capacity of 50 kilowatt peak (kWp) and a maximum capacity of 1.5 megawatt peak (MWp).

“Customers seeking to participate in the Net Billing Scheme must be connected to a Distribution Licensee’s network, install renewable energy systems that comply with applicable technical standards and regulatory requirements, obtain approval from the relevant Distribution Licensee, execute a Net Billing Agreement and register with the Commission,” NERC said.

The commission further explained that prospective participants would first undergo a technical feasibility assessment by their respective distribution companies before being admitted into the programme.

“Interested customers are required to apply to their Distribution Licensee for a technical feasibility assessment. Upon approval and execution of a Net Billing Agreement, the applicant shall register with NERC in accordance with the provisions of the Regulations,” it stated.

To ensure accurate accounting of energy flows, NERC said approved participants would be equipped with bidirectional net meters capable of measuring electricity imported from and exported to the distribution network.

“Approved participants shall be provided with appropriate bidirectional net metering facilities to measure electricity imported from and exported to the distribution network. Exported energy shall be credited in accordance with the export tariff approved by the Commission,” NERC added.

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