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DisCos Generate N291.62bn Revenue in Q1 2024

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By Adedapo Adesanya

The Nigerian Electricity Regulatory Commission (NERC) has indicated that power Distribution Companies (Discos) in the country made N291.62 billion in revenue in the first quarter of 2024.

The newly-released data showed that the N291.2 billion was from the N368.65 billion billed to customers, translating to a collection efficiency of 79.11 per cent, which represents an increase of over 5.32 per cent when compared with the 73.79 per cent recorded in the fourth quarter of 2023.

Aggregate Technical, Commercial and Collection (ATC&C) Loss in the period under review was 36.36 per cent comprising technical and commercial loss of 19.55 per cent and collection loss of 20.83 per cent, the report indicated.

This showed that the ATC&C loss improved by 5.75 per cent compared to the 42.11 per cent achieved in the preceding quarter.

The ATC&C loss provides a consolidated report of how much revenue a Disco can collect relative to how much it should have collected based on the volume of energy it received and sold to customers. It is the indicator that evaluates the actual energy and revenue loss in electricity distribution systems.

During the quarter, Ikeja was the only Disco that recorded a lower ATC&C of 15.81 per cent than its target of 18.73 per cent, the report added.

The inability of Discos to achieve their respective ATC&C targets meant that they were not able to recover the full revenues required to provide returns to investors.

In Q1 of 2024, the cumulative upstream invoice payable by Discos was N114.12 billion, consisting of N65.96 billion for adjusted generation costs from the Nigerian Bulk Electricity Trading Plc (NBET) and 448.16 billion for transmission and administrative services by the Market Operator (MO), the report stressed.

Out of this amount, the Discos collectively remitted a total of N110.62 billion, that is N65.52 billion for NBET and N45.10 billion for MO, with an outstanding balance of N3.50 billion.

According to NERC, this translates to a remittance performance of 96.93 per cent in the first three months of 2024 versus the 69.88 per cent recorded in the last three months of 2023.

The average energy offtake by Discos at their trading points during the period under review was 3,283.87MWh/h, which was a decrease of -429.29MWh/h (11.56 per cent) compared to the 3,713.16MWh/h recorded in the previous quarter.

In addition, the total energy received by all Discos in 2024/Q1 was 7,171.93GWh, while the energy billed to end-use customers was 5,769.52GWh, translating into an overall billing efficiency of 80.45 per cent, representing an increase of 2 per cent relative to the 78.45 per cent recorded in Q4 of last year.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Yuno, Onafriq to Unlock Pan-African Payments for Global Merchants

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By Modupe Gbadeyanka

A partnership for the integration of Onafriq’s leading pan-African payment network into Yuno’s orchestration platform has been entered into between the two organisations.

This collaboration gives merchants a single connection to Africa’s most expansive payments infrastructure, bringing the continent’s most expansive payments infrastructure to merchants worldwide.

Through this integration, Yuno’s clients gain instant access to Onafriq’s network spanning 43 African markets, nearly one billion mobile wallets, 500 million bank accounts, and 2,000 cross-border payment corridors, all through Yuno’s single, developer-friendly API.

The partnership is part of Yuno’s broader strategy to build a truly global platform that connects merchants to every meaningful payment method and network, regardless of geography. Following successful expansion in the Middle East, Europe, and Asia, Africa is a key pillar of Yuno’s next phase of growth.

For Onafriq, the integration with Yuno extends its reach to an entirely new segment of global merchants who now benefit from a streamlined entry point into African markets. The partnership reinforces Onafriq’s mission of making borders matter less, bringing together mobile money operators, banks, fintechs, and enterprises into one connected payment ecosystem.

“Africa represents one of the most exciting growth opportunities in global commerce, and yet too many merchants are still locked out by payment infrastructure that wasn’t built for scale.

“Our partnership with Onafriq changes that. By bringing their unmatched African network into our infrastructure layer, we’re giving our clients a single path to a continent-wide ecosystem with the reliability, compliance, and local depth they need to grow with confidence,” the chief executive of Yuno, Mr Juan Pablo Ortega, stated.

Also commenting, the chief executive of Onafriq, Mr Dare Okoudjou, said, “Africa’s payment landscape has never lacked ambition or momentum; what it needed is the right infrastructure that matches its pace.

“Our partnership with Yuno changes the equation for global merchants who want to be part of this growth story. Through a single connection, global merchants can reach consumers and businesses across Africa more seamlessly than ever before, while more people across the continent gain access to the digital economy on their own terms. For us, this is what making borders matter less looks like in practice.”

Onafriq’s infrastructure supports the full payment lifecycle, from real-time disbursements and omnichannel collections to card issuance, treasury management, and stablecoin settlement, all underpinned by local regulatory licences and ISO 27001 and CMML3-certified security.

For Yuno’s merchant base, this means the ability to pay out to mobile wallets, bank accounts, or cash pickup points, and accept payments across channels, without managing multiple integrations or compliance frameworks independently.

The integration is now live and available across Egypt, Ghana, Kenya, Nigeria, Cameroon, Côte d’Ivoire, and Uganda. Yuno’s clients can access Onafriq’s capabilities, including mobile money disbursements and collections, card issuance, and FX treasury services, directly from the Yuno dashboard with no additional contract or integration required.

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SERAP Sues NNPC Over Alleged N5.9bn Rebranding Expenditure

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By Adedapo Adesanya

The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Nigerian National Petroleum Company (NNPC) Limited to court over its alleged failure to account for N5.9 billion reportedly spent on its rebranding and transitioning from a corporation to a liability company.

In the suit filed at the Federal High Court in Abuja, SERAP is seeking an order compelling the national oil firm to explain how the funds were spent and disclose the officials and contractors involved in the process.

According to the organisation, the NNPC allegedly spent N2.9 billion from petroleum product proceeds on incorporation expenses, while the National Petroleum Investment Management Services (NAPIMS) reportedly charged another N2.9 billion to crude oil revenue for the same purpose, bringing the total expenditure to about N5.9 billion.

SERAP said it is seeking “an order of mandamus to direct and compel the NNPCL to account for about N5.9 billion allegedly spent on the rebranding of the NNPC to the NNPCL.”

The group also asked the court to compel the company to provide “a comprehensive reconciliation statement detailing the specific financial transactions relating to the N5.9 billion expenditure, including the identities of the contractors involved and how the funds were utilised.”

It further requested the disclosure of the names and official positions of government officials who authorised and approved the expenditure, as well as clarification on whether the spending complied with procurement laws and due-process requirements.

The suit, marked FHC/ABJ/CS/1248/2026, was disclosed in a statement issued on Sunday by SERAP Deputy Director, Kolawole Oluwadare.

The legal action was filed on behalf of SERAP by lawyers, Ms Oluwakemi Agunbiade, Ms Kehinde Oyewumi and Mr Andrew Nwankwo.

According to SERAP, the Senate Committee on Public Accounts had reportedly raised concerns over the expenditure categorised as incorporation and transition costs during the transformation process.

“The Committee described the spending of the ₦5.9 billion as excessive, unjustifiable and deserving of further explanation, investigation and legislative scrutiny in the public interest,” the organisation stated.

SERAP argued that the public has a right to know how the funds were spent, insisting that transparency and accountability must guide the operations of the state-owned oil company.

“The NNPCL has a legal responsibility to explain whether the ₦5.9 billion expenditure represents value for money, constitutes lawful spending of public funds, and complies with applicable due-process requirements,” SERAP said.

“There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL. Nigerians have the right to know who approved the expenditure, who received the funds, the nature of the services rendered, and whether due process and procurement requirements were strictly followed.”

The organisation added that disclosing the identities of the officials involved and the approval process would enable Nigerians to assess whether the expenditure was properly authorised and in line with extant laws.

SERAP further argued that the alleged failure to account for the funds reflects broader accountability concerns within the NNPCL.

“The failure to account for the spending of the ₦5.9 billion on the rebranding from NNPC to NNPCL reflects a broader failure of accountability and is directly linked to the institution’s continuing inability to uphold transparency and accountability principles,” it stated.

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Makinde Reassures Safe Return of Abducted Oriire Pupils, Teachers

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By Adedapo Adesanya

The Governor of Oyo State, Mr Seyi Makinde, has reassured residents that his administration remains committed to securing the safe release of the pupils and teachers abducted from schools in Oriire Local Government Area about a month ago.

In a message contained in his monthly newsletter, the governor acknowledged the pain and anxiety experienced by families and communities since the victims were abducted from schools in the Yawota and Ahoro-Esinle communities almost 30 days ago.

He described the incident as a difficult period for the state, noting that many families have continued to endure uncertainty over the fate of their loved ones.

According to the governor, although repeated assurances may have left some residents doubtful, efforts to rescue the victims have not relented, stressing that security agencies are pursuing every credible lead and deploying all lawful means necessary to secure the release of the abducted pupils and teachers.

Mr Makinde explained that intelligence reports indicate the victims are still within the wider Old Oyo National Park axis, a vast terrain stretching across about 10 local government areas and covering approximately 2,500 square kilometres.

He noted that the difficult terrain poses operational challenges for security agencies, requiring patience, coordination and sustained efforts to ensure a successful rescue mission.

The governor urged residents to remain vigilant and report suspicious activities through the state’s toll-free emergency line, 615, while also cautioning against the spread of unverified information that could undermine ongoing security operations.

Mr Makinde assured families that their loved ones have not been forgotten, stressing that the safe return of the victims remains a top priority for both the state government and security agencies.

“We are doing everything within our power to bring them home safely,” the governor said, while calling on residents to continue praying for the safe return of the abducted pupils and teachers,” he promised.

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