Business
Electricity Consumers Knock PHED Over Poor Services
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
Wealth Creation: GCPBS Convenes Strategic Investment Workshop In PH
Banking/ Finance
Ripple Survey Reveals Appetite for Digital Assets
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
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