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Ikeja Electric Lists Achievements in 2019, Promises More in 2020

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Ikeja Electric Licence

By Modupe Gbadeyanka

Leading electricity distribution company in Nigeria, Ikeja Electric Plc, has taken time to roll out its achievements despite challenges that characterised the power sector in 2019.

In a statement, the energy firm said during the year, it recorded several milestones including the reduction in ATC&C losses, introduction of e-billing system and improved sustainable power through its bilateral agreements.

Chief Operating Officer (COO) of IE, Ms Folake Soetan, was quoted as saying while giving highlights of the firm’s performance that a bold step was taken towards improved sustainable power through the bilateral initiative.

According to her, the company had successfully reduced her ATC&C losses from about 31.3 percent last year to 24.5 percent presently.

ATC & C refers to Aggregated Technical and Commercial Loss reduction, which is the difference between the amount of electricity received by a distribution company from the transmission company and the amount of electricity for which it invoices its customers plus the adjusted collections loss.

She said, “2019 was a phenomenal year for us at Ikeja Electric. Despite the huge challenges we thrived and flourished. We tested new waters, learnt amazing lessons and set the pace in the Nigerian power industry.”

“We were able to reduce our ATC&C losses from 31.3 percent to 24.5 percent, introduced e-billing, started the experiment towards improved sustainable power through the bilateral initiative and optimized our existing systems through innovations,” she added.

Speaking further, she said, “We are committed to providing access to affordable and reliable power supply in line with the SDG 7 as we pursue our vision of being the provider of choice where energy is consumed.”

“In 2020 we will deliver exceptional service to our customers, improve the quality of power supply and partner with the key industry players to build a sustainable power sector in Nigeria. ‘We are Ikeja Electric, we bring Energy to Live’,” she assured.

Ms Soetan said the company was committed to providing access to affordable and reliable power supply in line with the Sustainable Development Goal (SDG 7) in pursuance of its vision of being the provider of choice where ever energy is consumed.

The disco has continued to demonstrate its commitment to improved service delivery by working in line with Meter Asset Provider (MAP) scheme to close the metering gap.

It introduced E-billing (electronic billing) system which enables effective delivery of bills to customers via SMS, email and USSD platforms. And recently announced the IE Mobile App which allows customers to view their bills, make complaints, request connection, check supply availability and chat live.

With its customers spread across the northern part of Lagos State and parts of Ogun State, Ikeja Electric operates through the six Business Units located in Ikeja, Oshodi, Akowonjo, Ikorodu, Shomolu and Abule-Egba.

IE is the largest Nigerian electricity distribution company. The company came into being on November 1, 2013 following the handover of the defunct Power Holding Company of Nigeria to NEDC/KEPCO Consortium under the privatization scheme.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Young Professionals for Tinubu Group Attracts Over 3,000 Nigerians

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Young Professionals for Tinubu

By Aduragbemi Omiyale

No fewer than 3,000 Nigerians have joined a dynamic and fast-growing youth-driven group known as the Young Professionals for Tinubu (YP4T).

The organisation is dedicated to leadership, policy engagement, and economic empowerment. It was established to support President Bola Tinubu’s vision for economic transformation.

Since its inception, YP4T has quickly established itself as a mobilising force for young professionals who see themselves not just as beneficiaries of development but as key drivers of it.

Across multiple states, its members are actively working to strengthen Nigeria’s economic, technological, and entrepreneurial landscape, ensuring that young people are not left behind in the country’s evolving growth story.

With an economy valued at over $440 billion and a youth population that makes up more than 60 per cent of Nigeria’s 200 million citizens, the impact of an organized and engaged professional youth network cannot be overstated.

“We are building a generation that is ready to lead, innovate, and contribute meaningfully to national growth. The rapid expansion of our network is proof that young Nigerians want to be involved in shaping the country’s future.

“The best way to honour the administration’s vision for national development is not just to support it but to become part of the execution—ensuring that policies translate into opportunities for people across the country,” the Regional Director of YP4T, Mr Alex Oware.

Another member of the movement, Mr Raphael Utoku, said, “I joined YP4T because I wanted to be part of something bigger than myself. Beyond the leadership discussions and the networking, I gained practical mentorship that has completely transformed my career path. It’s the kind of community that young professionals in Nigeria have needed for a long time.”

It was learned that through direct interventions in education, career development, and entrepreneurship, YP4T has already begun making a tangible impact.

In the past six months, the movement has facilitated over N50 million in small business support, connected more than 1,200 young Nigerians to industry mentors across finance, technology, and governance, and provided professional development training to over 800 early-career professionals.

Its education-focused initiatives have also led to the launch of the YP4T Scholarship and Skills Fund, which has supported university students and technical training beneficiaries in multiple states, ensuring that economic hardship does not derail potential.

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Customs Suspends 4% FOB Levy on Imports for Wider Deliberations

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By Adedapo Adesanya

The Nigeria Customs Service has suspended the implementation of the 4 per cent Free-on-Board (FOB) value on imports following a series of blowbacks from key stakeholders.

According to a statement signed by the Customs’ spokesman, Mr Abdullahi Maiwada, the suspension will enable comprehensive engagement and consultations between the Minister of Finance, Mr Wale Edun and other stakeholders.

The FOB, which is a 4 per cent charge on imported goods, was meant to replace an older system where companies like Webb Fontaine handled import inspections for a 1 per cent fee. The move sparked heavy criticism from stakeholders like the Nigeria Employers’  Consultative Association (NECA).

According to NECA, the Nigerian business environment already struggles with multiple taxes, unpredictable policies, and economic challenges coupled with unsold inventories and growing unemployment, pleading that policies should “support businesses, not further suffocate them.”

“The timing of this suspension aligns with the exit of the contract agreement with the Service providers, including Webb Fontaine, which were previously funded through the 1% Comprehensive Import Supervision Scheme (CISS). This presents an opportunity to review our revenue framework holistically,” Mr Maiwada said.

“Under the previous funding arrangement repealed by the Nigeria Customs Service Act (NCSA) 2023, separating the 1% CISS and 7% cost of collection created operational inefficiencies and funding gaps in customs modernisation efforts.

“The new Act addresses these challenges by consolidating “not less than 4% of the Free-on-Board value of imports,” designed to ensure sustainable funding for critical customs operations and modernisation initiatives. This transition period will allow the Service to optimise the management of these frameworks to serve our stakeholders and the nation’s interests better,” he added.

“The suspension period will allow the Service to further engage with stakeholders while ensuring proper alignment with the Act’s provisions for sustainable funding of these modernisation initiatives.

“We will communicate the revised implementation timeline following the conclusion of stakeholder consultations,” he said.

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National Grid Collapse Leaves Abuja, Lagos Residents in Darkness

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Mini Grids Programme

By Dipo Olowookere

Residents of Abuja and Lagos are currently experiencing blackouts after the national grid collapsed on Wednesday morning.

Electricity in two of the biggest cities in Nigeria went off a few minutes before noon on Wednesday, information gathered by Business Post showed.

This was confirmed by one of the energy distribution companies in the country in a message to customers within its franchise areas.

“Please be informed that we experienced a system outage today, February 12, 2025, at 11:34 am affecting all our feeders.

“Restoration of supply is ongoing in collaboration with our critical stakeholders. Kindly bear with us,” the message from Ikeja Electric said.

As of the time of filing this report, power had yet to be restored by the Disco, as electricity consumers switched to alternative power sources amid the scorching heat.

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