Business

Electricity Consumers Knock PHED Over Poor Services

Published

10 years ago

October 19, 2016

Electricity consumers in
Akwa Ibom State have accused the Port Harcourt Electricity Distribution Company (PHED) of fraudulently extorting unsuspecting consumers without corresponding power supply.
The consumers said the power company has completely neglected their responsibilities to members of the public, and made circulation of outrageous bills the most regular and visible aspect of their services to the people.
Speaking with our correspondent in Uyo, the Akwa Ibom State capital, a resident of Anwa Nsa Street, Uyo, Mr. Idongesit Ekpenyong, expressed disappointment that such alleged fraudulent activities could be allowed to go unabated in the state.
Ekpenyong alleged that the entire PHED team in Akwa Ibom has displayed high sense of irresponsibility and fraud against members of the public by forcefully and constantly placing charges for services not rendered.
He said the policy of estimated billing system was the company’s calculated plan to maximise profit at the expense of the public, as any appropriate billing system would have revealed the true state of services rendered.
Citing his street’s experience, for instance, the consumer expressed disappointment that after one year of total blackout due to faulty transformer, PHED, after installation of a new transformer, facilitated by one of the residents, sent in bills covering the one year period of the total blackout.
His words: “Imagine a situation where you had no light in your area, not even a flash for one full year, and for this reason, there was absolutely no point bringing in any bill, but after one year, one of the residents of the area facilitated installation of a new transformer, and two weeks after the new transformer was installed, they brought in bills covering the entire period of total blackout.
“So ridiculous it was that some flats were receiving bills of N150,000, and single rooms N50,000 to N70,000.
“As though such daylight robbery was not enough, PHED team came after a month to disconnect cables from virtually every building because no one agreed to succumb to that high level of fraud.
“Some of us had to go to their office to complain about the one full year of blackout, and the illegality of the bills, and they advised us to apply, which we did. Till this moment, our bills are still coming with the backlog of charges for power not supplied,” he added.
Ekpenyong, therefore, called on the Akwa Ibom State Government to call PHED to order, and desist from extorting members of the public for services not rendered.
Another consumer and resident of Akpan Ukpo, of Esuene Street, Mr Isaiah Udofia, criticised PHED for defiling every sense of responsibility and duty owed members of the public with its intolerable activities.
According to Udofia, the company has adopted a strategy of supplying electricity to most streets in Uyo just within 48 hours to enable its team conclude the distribution of bills.
He said: “If you are resident in Uyo, observe these people closely, you would notice that they usually bring light two days to the 15th day of every month, within which they usually circulate bills, and the moment they are done with that, the light cut off till same time next month.
“In addition to poor electricity power, the bills have also become so high that one is left to wonder if power bill is the only thing one should be paying with his monthly income. While some apartments are receiving bills of between N8,000 and N12,000 every month, single bedrooms are charged as high as N5,000 every month. I honestly do not understand what these people are up to Udofia said.”
This followed a notice of motion brought before the House by member representing Ibesikpo Asutan State Constituency, Mr. Aniekan Uko, during one of its plenary sessions.
The motion was titled: “The unwholesome and alleged fraudulent charges on electricity consumers in Akwa Ibom State by PHED”.
Uko frowned at a situation where electricity consumers, particularly in rural communities, were made to pay accumulated tariff even when they never consumed or had power supply within the period.
He prayed the House to urge the management of PHED to be responsible for the repairs, replacement and purchase of broken down electricity equipment as stipulated by Nigerian Electricity Regulatory Commission (NERC).
“A situation where electricity consumers, including unmetered houses and communities neither enjoy quality electricity supply nor see light for months due to prolonged breakdown of electricity equipment like the transformer but made to replace, repair or buy the transformer is far from being transparent”, he said
Lawmakers who spoke on the matter, including Leader of the House and member representing Oruk Anam State Constituency, Udo Kierian Akpan, and member representing Mbo, Samuel Ufuo, stressed the need for the House to interface with the management of the PHED and other institutions, especially affected by the situation.
This, they submitted would help them come up with a lasting solution to the lingering problem.
The Speaker, Hon Onofiok Luke, after listening to the submissions, urged the House Committee on Rural Development and Public Utilities as well as the Committee on Commerce, Industry and Tourism, to harmonize the two motions and submit report to the House within two weeks.
Efforts to reach the state Public Affairs Manager of PHED, Mr John Onyi, proved abortive as he neither picked his calls nor replied text messages sent to his phone.

Imah Utip

Business

Wigwe’s Luxury Yacht Goes For N8.74 Billion After Legal Proceedings

Published

6 days ago

October 30, 2026

The Tide

The daughter of late Nigerian banking executive, Herbert Wigwe has sold her father’s luxury yacht for $6.5 million which is the equivalent of N8.74 Billion following legal proceedings involving her, Otutochi Wigwe, and the company holding the vessel, Grosvenor Marine Ventures Limited.

This was contained in an online report obtained by The Tide Source in Port Harcourt recently.

The Source further clarified that $6. 5 Million dollars or N8.74 Billion was the asking price as at March this year but was unable to prove, if the said amount was exactly what the vessel went for.

The yacht, known as Chitochi, is a 2016 Custom Line 108 superyacht measuring approximately 33 metres (108 feet) in length. The transaction was handled by international yacht brokerage firm IYC, with its sales and charter consultant, Mark Elliott, overseeing the sale.

The disposal of the high-value vessel followed legal steps taken to address the corporate status of Grosvenor Marine Ventures Ltd., the company through which the yacht was held.

Otutochi Wigwe reportedly approached a court in the British Virgin Islands (BVI) to secure the restoration of the company to the corporate register, a move that enabled the necessary legal steps towards the sale of the vessel.

The proceedings were central to resolving the corporate issues affecting the company and facilitating the transaction, underscoring the legal complexities that may arise when valuable assets are held through corporate entities in foreign jurisdictions.

The sale is also significant in the context of estate administration, as luxury yachts require substantial financial commitments to maintain, even when they are no longer actively used by their owners or beneficiaries.

Such vessels typically attract considerable expenses, including crew salaries, insurance premiums, berthing charges, routine servicing and other maintenance costs, making their continued ownership a major financial responsibility.

Beyond the recurring expenses, luxury yachts are depreciating assets that may lose value over time. Their disposal can therefore form part of a strategy to preserve estate value, reduce liabilities and convert an expensive asset into liquid funds.

Wigwe, who was the former Group Chief Executive Officer of Access Holdings, died on February 9, 2024, in a helicopter crash in California, United States, alongside his wife, Chizoba; their son, Chizi; and former Nigerian Exchange Group chairman, Abimbola Ogunbanjo.

His death was widely mourned across Nigeria’s banking and business communities, where he was recognised for his contributions to the financial services industry, entrepreneurship and philanthropy.

Wigwe’s passing left behind an estate whose administration involves the management of assets and other financial interests, a process that can require legal and financial decisions to protect the interests of the estate and its beneficiaries.

The sale of Chitochi highlights the challenges associated with managing high-value assets held through corporate structures, particularly where the relevant companies and legal proceedings fall under different jurisdictions.

The $6.5 million transaction brings the yacht’s ownership chapter to a close while illustrating how legal procedures, financial considerations and estate management can intersect in the administration of the assets of a prominent business figure.

‘’We determined to get all our equipments and machinery functioning as we progress. For now we’ve about 105 workers, comprising daily paid harvesters and regular staffs. But aside these 105 staffs we also employ daily slashers who for now are about 100.

“During peak periods, hopefully on or before January 2026 we hope to increase our work force for maximum production”, the firm’s management Stated.

King Onunwor

Business

Firm Mulls Crash Down On Vegetable Oil Price …Targets Revenue Boost, Job Creation

Published

6 days ago

October 30, 2026

The Tide

A firm, Kompetenz Investment Zentrum Ltd, has said it would crash down the cost of vegetable oil in the market through adequate production and milling of its product for large scale sales in and around the State.

The Head, Human Resource Management of the firm, Mrs Amina Shehu said this in Yenagoa, the State capital, Wednesday while speaking with newsmen on an inspection tour of the company.

She noted that while other firms have previously managed the Palm farm, her company which she described as an experienced manager of palm farms recently acquired right of management of the Bayelsa Government-own palm plantation in September, 2026.

“We inherited a poorly managed farm and machineries from our predecessors, and so we’re working assiduously to overhaul the mills in this firm, more especially the biggest one.

”Today we’ve been able to put the small one into use, and it’s functioning well. Some engineering contractors have also came around with their various interest in bidding for the repair and overhaul of the ailing big mill we inherited, but surely the cost of repairs shown to us by the engineers run into billions.We’re however determined to get all our equipments and machinery functioning soon”, she said.

Mrs Shehu bemoaned the dysfunctional State of the farm facilities prior to its acquisition, adding however that there were plans by the company to get all moribund machinery functioning and put them to maximum utilisation and production capacity, while also working towards ensuring revenue boost for the firm and the State in the future.

Speaking on manpower and employment generation, the company’s HRM emphasised that at low peaks, the firm has employed no fewer than 200 staffers, comprising regular, casuals and workers on its daily payroll.

“At peak periods of harvest, more hands would be employed and production and milling capacity will be increased to 10 tons of palm oil per day in order to gradually crash down the soaring price of red oil in and around this State.

“We have just acquired the right of management of the Bayelsa Palm estate in September, 2026. We’re barely two months old as new management of this farm. As you can see for yourselves, a lot of work is currently ongoing in this farm.

“We have borrowed loans to run this farm, and so a lot of work; slashing of the palm fruits and clearing of the farm is ongoing. But upon what we have done which amounts to millions, it’s like we have not yet started because the Bayelsa Palm estate is really big” Mrs Shehu added.

She noted that during the world food day the company “showcased some of our produce and as we speak calls are coming in from far and near placing orders and showing interest in doing business with us.

“Our Director (our boss), has the requisite experience in this business. He has reinvigorated and invested in similar Palm farm businesses in other parts of this country.

“Some contractors have also came around with their various interest in bidding for the repair and overhaul of the ailing machinery we inherited, but surely the cost of repairs shown to us by the engineers run into billions.

‘We determined to get all our equipments and machinery functioning as we progress. For now we have about 105 workers, comprising daily paid harvesters and regular staffs. But aside these 105 staffs we also employ daily slashers who for now are about 100.

“During peak periods, hopefully on or before January 2026 we hope to increase our work force for maximum production”.

The Tide gathered that the firm is the new operator of the Bayelsa Palm estate and managers of the state’s Palm tree plantation.

The Tide spoke with a cross section of traders and consumers in major markets of the State and reports said the price of Palm oil which is botanically referred to as ‘elaeis guineensis’ has increased astronomically in recent months, due to general inflation in prices of commodities.

Ariwera Ibibo-Howells, Yenagoa

Business

Traders Decry Continuous Increase In Prices Of Foodstuffs

Published

6 days ago

October 30, 2026

The Tide

Some traders at the Rumuwoji Market popularly known as Mile 1 Market have decried the continuous increase in the prices of food stuffs and other items in the ember season.

This was made known by the traders when The Tide visited the market recently.

The traders revealed varying changes in the prices of foodstuffs, with some commodities recording higher increase than others .

A trader Mrs Charity Obinna, at the market, said the price of yam remained the same last week and this week compared to the prices from last month to this month, adding that only a difference of about N100 to N200 was seen.

Another trader, Chukwuebuka Livinus who deals on garri, reported that the prices of some food commodities had been changing frequently.

According to him, the price of a bag of garri increased from N45,000 last week to N58,000 this week, representing an increase of N13,000.

Livinus described the increase as scary and called on the government to do something about it, especially as we get closer to the festive period.

A trader that deals on vegetables, Mrs Joy reported that a significant increase in the prices of pepper rose from N20,000 last week to N40,000 this week.

Similarly, the price of a bag of melon (egusi) increased from N420,000 toN490,000 this week.

In a separate report, Mrs Charity Obinna said that foodstuffs were generally cheaper last month than this month, with price differences ranging from N150 to N200 for some items.

Meanwhile, Giff Okoro reported a decrease in the price of tomatoes. According to her, a quantity of tomatoes that cost N45,000 last month now sells for N25,000, indicating a reduction of N20,000.

Another trader, Usman Ibrahim said the cost of transporting goods from the communities to urban areas where they are sold is one of the major reasons for high cost of goods.

He said transport cost has doubled due to the cost of petroleum products in Nigeria, adding the whole cost is part of the goods because “entrepreneurs must cover their cost and make their gains .

Ibrahim called on the government to help farmers and traders even with little capitals to expand and sustain their business.

Another trader, Mrs Choice Promise a fish retailer said a cartoon which sold at #35,000 last week now sells at #50,000 .

Promise complained that there is no gain or profit because the price has drastically increase and most people cannot afford to buy fish again.

“Mr. President’s Renewed Hope Agenda recognizes that economic ambition requires dependable infrastructure,” Tegbe said.

He added that investments in electricity infrastructure would strengthen the foundations for business expansion, employment and economic growth.

The Kankia substations comprise two 60 MVA, 132/33 kilovolt (kV) facilities designed to strengthen the transmission network serving Katsina State and neighbouring areas.

Tegbe said the infrastructure would improve the network’s ability to distribute available electricity, supporting commercial activities and household welfare.

He also urged residents to protect the facilities against vandalism and other activities that could disrupt electricity infrastructure, asking them to report suspicious activities to TCN or security agencies.

Katsina State Governor, Dikko Umaru Radda, described the project as a significant investment in the state’s electricity infrastructure.

Radda stated that improved electricity supply could support industrial development, economic growth and public service delivery.

He further commended the President, the Federal Ministry of Power and TCN for completing the project.

It would be noted that the latest projects come amid a broader government’s drive to address bottlenecks in Nigeria’s electricity transmission network, which has constrained the amount of electricity that can be delivered to distribution companies and end users.

Wali Chioma, Obasi Chidinma & Amarachi Uche