General
Bill to Stop Annual Rents in FCT Passes Second Reading at Senate
By Modupe Gbadeyanka
A bill to regulate payment mode for rents in the Federal Capital Territory (FCT) Abuja on Tuesday scaled the second reading at the Senate.
The upper chamber of the National Assembly wants to make it illegal for property owners to collect annual rents from tenants but on a monthly basis.
The sponsor of the bill tagged A Bill for the Regulation of Advanced Rent on Residential Apartments, Office Space, Mr Smart Adeyemi, argued that it would make life less stressful for residents of the city.
He explained that the bill seeks to regulate the mode of payment of rent on residential apartments, office space, rooms and accommodation in the FCT.
“If passed, this bill will improve the well-being and standard of living of residents and minimise corruption and immorality emanating from the oppressive tenancy system in the Federal Capital Territory.
“This bill will make life less stressful and less painful for the majority of the down-trodden and low-income earners in the Federal Territory,” Mr Adeyemi said.
He explained further that due to the global economic recession, life has become very challenging and almost unbearable for the low-income earners despite the huge palliative measures by the federal government through the N-POWER traders money.
He noted that in the FCT, landlords demand between one to three years of advanced rent, a situation which he pointed “automatically adds a huge burden on the masses, subsequently giving rise to desperation and corruption.”
The lawmaker lamented that the “tenancy system has continuously impoverished Nigerians who are salaried employees that can only pay rent after haven received their first remuneration.”
“This tenancy system is un-African, unIslamic and indeed unbiblical,” he added, expressing concerns that many residents of the FCT are finding it difficult to cope with huge rent payment, adding that, “many houses built within the city centre for such purposes are empty.”
He said that yearly tenancy has continued to breed corruption, moral decadence and huge inequality as low-income earners cannot afford to continually pay their rent.
According to him, some tenants now engage in corrupt practices, immorality, and even criminal acts to meet the pressing need for shelter.
He underscored the need for Legislation aimed towards justice, fairness, equity and improved standard of living.
He noted that in the FCT, a single one-room apartment ranges from N1 million to N2 million within the city, noting that in the satellite towns such as Kubwa, Nyanya, Kuje, Lugbe, rents are still not affordable for the common man as it ranges from N350,000 to N500,000.
He stated that the bill, therefore, seeks to reduce advance payment for new tenants to three months and, thereafter, proceed with the monthly payment scheme.
“It also seeks to protect low-income earners from any form of oppression by homeowners.
“The bill also seeks to provide a window for legal action for any form of oppression.
“Importantly, it will also serve as a safety net for Landlords against erring tenants,” he added.
Contributing to the debate, Mr Aliyu Sabi Abdullahi, while supporting the bill, described the piece of legislation as “people-centred.”
He said, “The truth is out there, many residents in the FCT are groaning under this very difficult system where people are expected to pay house rent in advance.
“With the policy where the government has withdrawn participation in providing official quarters with demonetization, we are all aware, young Nigerians who are gaining employment within the precinct of the FCT for example, majority of them are actually in the outskirts.
“This is because it is extremely difficult for most of these young Nigerians to get the quantum of money that represents two years rent.
“[And] so, Mr President, I think we are doing the right thing if we look at the intendment of this bill.
“If there is a good system as this, where on a monthly basis as the man receives his salary, he is making payment for what he has consumed, I think it will be a very good and welfare-oriented system, one that is friendly to those that do not have.”
The Deputy Senate President, Mr Ovie Omo-Agege, who presided over the plenary, described the bill as “popular” owing to the number of Nigerians who have shown interest in it.
However, Mr Chimaroke Nnamani, the only lawmaker in the chamber who spoke against the bill, argued the issue of rent payment should be driven by market forces.
“The issue of rental payment, either in advance or instalments is purely economical and should be driven by market forces.
“Such market forces as availability of land, cost of building materials and income.
“If the government wants to ameliorate the sufferings of the masses, the government can go into housing schemes, mortgage schemes, housing credit facilities, not control the business of private individuals in an emerging African democracy.
“I, therefore, oppose, and oppose vigorously this bill”, he said.
Senators, however, voted overwhelmingly in support of the bill when the Deputy Senate President put the question for it to be read a second time.
The bill was subsequently referred by Mr Omo-Agege to the Committee on Housing and Urban Development for further inputs.
The committee was given four weeks to report back to the Senate in plenary.
By Adedapo Adesanya
Nigeria’s electricity distribution companies (DisCos) generated N196.13 billion in revenue in March 2026, despite billing customers a total of N246.43 billion during the month, according to the latest commercial performance report released by the Nigerian Electricity Regulatory Commission (NERC).
The figure represents a slight decline from the N196.68 billion collected in February, highlighting persistent challenges in revenue recovery across the power distribution segment, even as energy supplied to the grid continued to improve.
NERC’s March 2026 fact sheet showed that electricity billing rose by 1.71 per cent from N242.29 billion recorded in February, reflecting increased energy deliveries and customer charges. However, collection efficiency declined to 79.59 per cent from 81.17 per cent in the previous month, indicating that a significant portion of billed revenue remained uncollected.
The regulator disclosed that DisCos received 293.76 million kilowatt-hours of electricity during the review period, representing a 6.02 per cent increase compared to February. The development suggests a modest improvement in power availability across the distribution network.
Despite the increase in energy supplied, revenue recovery remains uneven across the industry. NERC reported that the average approved tariff for March stood at N124.30 per kilowatt-hour, while actual collections averaged ₦100.75 per kilowatt-hour, resulting in an overall revenue recovery efficiency of 81.05 per cent.
Among the eleven DisCos, Ikeja Electric emerged as the strongest performer, posting a revenue recovery efficiency of 99.30 per cent. Eko Electricity Distribution Company followed with 95.73 per cent, while Benin DisCo recorded 85.18 per cent.
At the lower end of the performance table, Kaduna Electric recorded the weakest recovery rate at 35.65 per cent. Jos DisCo and Yola DisCo also struggled, achieving recovery efficiencies of 53.53 per cent and 58.58 per cent, respectively.
Ikeja Electric also led in collection efficiency with 96.38 per cent, ahead of Benin DisCo at 90.97 per cent and Eko DisCo at 87.68 per cent. Kaduna, Jos and Yola remained the poorest performers in this category, underlining the persistent commercial and operational challenges facing power distributors in parts of northern Nigeria.
In terms of billing efficiency, Eko DisCo ranked first with 92.30 per cent, followed by Port Harcourt DisCo at 90.36 per cent and Ikeja Electric at 87.76 per cent. Yola DisCo recorded the lowest billing efficiency at 58.68 per cent.
The latest figures underscore the mixed realities within Nigeria’s power sector. While electricity supply and customer billing continue to improve, revenue collection remains a major obstacle to the financial sustainability of the industry.
Analysts note that stronger metering penetration, improved customer confidence, reduction in energy theft and more efficient collection systems will be critical if DisCos are to close the widening gap between electricity supplied, billed revenue and actual collections.
The March performance report comes as regulators and industry stakeholders intensify efforts to strengthen the commercial viability of the electricity market, attract fresh investment and improve service delivery across the country.
By Adedapo Adesanya
Interswitch has entered into a partnership with Geneva-headquartered banking software provider Temenos to offer managed banking services to financial institutions across the continent, deepening its push into banking technology.
The partnership will see Interswitch adopt Temenos’ banking technology across core banking, digital banking, payments, wealth management, and financial crime management.
This will enable the firm to provide cloud-hosted and on-premises managed services to lenders on the continent. The service will initially target Nigeria, Ghana, Côte d’Ivoire, Kenya, and other African markets.
“This is a pivotal moment for Interswitch as we accelerate our expansion beyond payments and reimagine digital banking for Africa,” Mr Jonah Adams, managing director for Digital Infrastructure and Managed Services at Interswitch, said in a statement.
By combining Temenos’ software with its existing footprint across the continent, Interswitch is positioning itself as a technology partner that can help banks upgrade critical systems without having to manage the complexity of large-scale technology deployments.
“By adopting Temenos’ cloud-native, composable platform, Interswitch gains the flexibility and scalability to accelerate its next phase of growth and deliver banking services that meet the needs of African markets,” Mr Adams added.
For Temenos, the deal strengthens its presence in Africa through a partner with deep relationships across the banking sector. It lost one of its banking customers, Sterling Bank, in 2024 after the tier-2 Nigerian bank switched to SEABaaS, a new custom-built core banking application.
“Interswitch is an important new customer and partner for Temenos in Africa,” said Mr William Moroney, Chief Revenue Officer at Temenos. “Interswitch’s strong presence across the continent also extends our reach and further strengthens our ecosystem and partner network.”
Founded in 2002, Interswitch built its reputation as one of Africa’s largest payments companies through products such as Quickteller and Verve, its domestic card scheme.
By Adedapo Adesanya
Tropical General Investments (TGI) Group and Singapore-based Wilmar International have agreed to combine their Nigeria and Republic of Benin operations into a 50:50 joint venture aimed at building a dominant integrated food and agribusiness platform across West Africa, targeting a market estimated at $12 billion.
The proposed merger will consolidate operations across several value chains, including agriculture, oil palm plantations, edible oils, edible nuts, rice, food manufacturing, and distribution, creating one of the region’s largest end-to-end food production and supply chains.
Under the arrangement, both firms will integrate their complementary strengths, with Wilmar contributing global expertise in palm oil, speciality fats, and large-scale agribusiness operations, while TGI brings established local manufacturing capacity, consumer brands, and an extensive distribution network across Nigeria and neighbouring markets.
Chairman and Chief Executive Officer of Wilmar International, Mr Kuok Hong, said the partnership would enhance both firms’ ability to serve Africa’s expanding consumer base, describing Nigeria and Benin as strategic growth markets.
“For more than four decades, TGI Group has built a leading position in Nigerian food manufacturing and distribution. This partnership will leverage Wilmar’s global scale and expertise as well as TGI’s local knowledge to deliver innovative food solutions across Africa,” added TGI Group founder and chairman, Mr Cornelis Vink.
On his part, Vice Chairman of TGI Group, Mr Farouk Gumel, said the deal reflects confidence in Nigeria’s long-term economic prospects, adding that it would deepen domestic value addition, strengthen food security, support smallholder farmers, and create jobs.
Adding his input, Wilmar’s Africa Head, Mr Santosh Pillai, described the transaction as a strategic fit, noting that the combined entity would have the scale, local insight, and operational depth needed to better serve consumers in the region.
The companies said the transaction is expected to be completed in the 2026 financial year, subject to regulatory approvals and other customary conditions.
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