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Prepaid Meter Prices May Rise as Ikeja Electric Suspends Online Payments

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Prepaid Meters DisCos

By Aduragbemi Omiyale

There are strong indications that electricity consumers in the country may be forced to pay more to purchase prepaid meters due to the rising costs of goods and services in the country.

Business Post gathered that one of the electricity distribution companies in Nigeria, Ikeja Electric Plc, has already announced the suspension of online payments for prepaid meters.

The company confirmed this development in a message sent to its customers within its coverage areas on Wednesday.

Ikeja Electric explained that it took this action because of the fluctuating foreign exchange (FX) rates at the forex market as well as the stubborn inflation, which has refused to slow down.

About two weeks ago, the National Bureau of Statistics (NBS) revealed that inflation in Nigeria for July 2023 increased by 24.08 per cent on a year-on-year basis from 22.79 per cent in June 2023.

As for the forex market, the Naira has failed to gain weight against the United States Dollar despite the unification of the rates by the Central Bank of Nigeria (CBN).

At the close of business on Tuesday, the Naira was traded at N775.34/$1 at the official window, N915/$1 at the Peer-to-Peer (P2P) segment, and N905/$1 at the parallel market.

The FX market in Nigeria has been constrained by a significant shortfall in the flow of forex into the country, especially due to low exports and a decline in the sale of crude oil, which the country has in abundance.

The twin forex crisis and rising inflation have put the Naira under pressure, further weakening its value and pushing the prices of goods and services higher.

This has taken its toll on several businesses, including importers of prepaid meters, who have to source FX from the black market.

DisCos in the country are already feeling the heat, and to cut down its losses, especially due to higher operational costs, Ikeja Electric has suspended the payments for prepaid meters via its online platforms.

In the message obtained by Business Post, the energy firm disclosed that this action would affect its metering process, though it promised to make efforts to resolve the issues.

“We apologize for the recent delay in metering due to low stock from our Meter Asset Providers (MAPs) caused by exchange rate and inflation challenges.

“As a result, online meter payments are temporarily suspended.

“We are actively working with our MAPs to swiftly resolve this and resume the metering process. Thank you for your understanding,” the message disclosed.

A senior staff of Ikeja Electric, who begged for anonymity, confided in this newspaper that customers may have to pay more for prepaid meters because the current prices are no longer sustainable.

At the moment, the single-phase prepaid meter sells at about N64,000, while the three-phase meter goes for about N120,000.

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FG Backs US Sanctions on Three BDC Operators Linked to Terror Financing

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bdc operator

By Adedapo Adesanya

The federal government has hailed the recent sanctioning of three Nigerian bureau de change (BDC) operators by the United States’ Office of Foreign Assets Control (OFAC) for alleged terrorism financing.

“The Nigeria Sanctions Committee welcomes the recent inclusion of Mukthar Muhammad Adamu, Nine to Nine BDC, and Generation BDC Limited by the United States Office of Foreign Assets Control (OFAC).

“These designations follow the inclusion of Adamu and his companies as part of a broader update to the Nigeria Sanctions List approved and published on 18th June 2026,” it disclosed in a statement.

It said that the naming of the three companies and six people followed extensive intelligence gathering, financial investigations, and inter-agency assessments, which established reasonable grounds to believe that the affected individuals and entities facilitated, financed, supported, or otherwise contributed to the activities of the Islamic State West Africa Province (ISWAP) and associated terrorist networks.

“The individuals and entities added to the Nigeria Sanctions List on 18th June 2026 are Ibrahim Yakubu Ogirima (NLISWi.19), Muktar Muhammad Adamu (NLISWi.20), Adamu Chiroma (NLISWi.21), Ibrahim Abubakar (NLISWi.22), Abdullahi Umar Usman (NLISWi.23), Babangida Muhammed Adamu Hammajam (NLISWi.24), Abbal Bako & Sons Bureau De Change Limited (NLISWe.25), Generation Currency BDC Limited (NLISWe.26), Nine to Nine BDC Limited (NLISWe.27),” the statement read in part.

The federal government reiterated its directive to all financial institutions and designated non-financial businesses and professions to continue to comply with all sanctions obligations, including asset-freezing requirements, the filing of suspicious transaction reports, and the reporting of all relevant matches to the appropriate authorities.

The sanctions committee commended the work of the Federal Ministry of Justice, Office of the National Security Adviser (ONSA), Central Bank of Nigeria (CBN), Department of State Services, Economic and Financial Crimes Commission, and the Nigerian Financial Intelligence Unit for their actions to ensure that terrorist groups are denied the resources that sustain their activities.

It stated that Nigeria remains resolute in its commitment to ensuring that terrorists and their financiers find no safe haven within the country’s financial system.

The committee also said that the Federal Government would continue to work closely with domestic stakeholders and international partners to protect national security, strengthen financial integrity, and contribute to global efforts to combat terrorism and its financing.

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Lagos Seals Radio Station, Others for Noise Pollution

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Wise FM Lagos

By Aduragbemi Omiyale

A radio station, Wise FM, has been sealed by officials of the Lagos State Environmental Protection Agency (LASEPA).

The premises of the broadcast media platform, located on Ogabi Street, Meiran, Ile-Iwe Bus Stop, were shut by the state government on Tuesday, June 23, 2026, alongside other establishments across different parts of Lagos State for alleged persistent violations of environmental regulations despite repeated warnings, abatement notices, and opportunities provided for compliance.

In a statement by LASEPA, it was disclosed that the enforcement exercise was carried out in response to various environmental infractions, including noise pollution, air pollution, obstruction of official duties, and failure to comply with its directives.

As regards Wise FM, it was said that it was sealed for noise and air pollution as well as non-compliance with the Agency’s directives.

Another organisation affected, Star-View Terrace, located in Amuwo Odofin, Lagos, was shut down for noise pollution and non-compliance with the agency’s directives, while Premiership Suites, located at Akin Osiyemi Street, Off Allen Avenue, Ikeja, was sealed for non-compliance with the agency’s directives.

Speaking on the enforcement operation, the General Manager of LASEPA, Mr Babatunde Ajayi, reiterated the organisation’s unwavering commitment to safeguarding public health and ensuring a cleaner, safer, and more sustainable environment across Lagos State.

He stressed that both individuals and corporate organisations have a responsibility to comply with environmental laws and regulations, stressing that environmental protection remains a collective duty that requires the cooperation of all stakeholders.

The LASEPA boss warned that the agency would continue to intensify enforcement actions against violators in order to curb environmental nuisances and protect residents from the harmful effects of pollution.

Mr Ajayi urged residents, business owners, and operators of commercial establishments to adopt environmentally responsible practices and cooperate with regulatory authorities in promoting a healthier, cleaner, and more livable Lagos.

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LPPC Temporarily Strips Mike Ozekhome of SAN Title

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By Aduragbemi Omiyale

Renowned legal practitioner, Mr Mike Ozekhome, has been directed to desist from using the prestigious title of the Senior Advocate of Nigeria (SAN) for now pending the outcome of disciplinary proceedings against him.

He is being investigated by the Legal Practitioners’ Privileges Committee (LPPC), a body which looks into complaints against lawyers in Nigeria.

Announcing the suspension of the prominent lawyer’s SAN rank on Thursday, the Chief Registrar of the Supreme Court, Mr Kabir Akanbi, said the disciplinary action was taken at the committee’s 173rd general meeting on Tuesday, June 23, 2026.

Mr Akanbi, who doubles as the Secretary of the LPPC, stated in the statement that the temporary ban is intended to safeguard the integrity, dignity, and prestige of the SAN rank while the matters under review are being considered.

It was explained that the suspension was pursuant to Paragraph 26(6) of the Guidelines for the Conferment of the Rank of Senior Advocate of Nigeria and all Matters Pertaining to the Rank, adding that it is tied to disciplinary proceedings currently before the Disciplinary and Ethics Sub-Committee of the LPPC and other related proceedings.

“The LPPC remains committed to upholding the highest standards of professional ethics, integrity, and discipline within the legal profession and to ensuring that the Rank of Senior Advocate of Nigeria continues to command public confidence and respect,” a part of the notice disclosed.

It stressed that, “Mike Ozekhome shall refrain from parading himself, presenting himself, or otherwise holding himself out as a Senior Advocate of Nigeria pending the final determination of the disciplinary proceedings.”

The title of Senior Advocate of Nigeria (SAN) is the highest honour bestowed upon legal practitioners in the country, recognising excellence and long-standing contributions to the legal profession. The LPPC is the statutory body empowered to award and withdraw the rank.

Mr Ozekhome is one of Nigeria’s famous constitutional lawyers, human rights activists, and public commentators, but lately, his name was mentioned in an alleged forgery in the United Kingdom.

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